|Sent:||Tuesday, July 16, 2002 5:21 PM|
|Subject:||Public Accountability Board (s7-24-02)|
Public Accountability Board
I am writing in response to the formation of the Public Accountability Board. I think it is extremely important to increase investors' confidence in the business community as a whole. The proposal of the PAB is an attempt to restore faith in the accounting profession as well as the confidence of the investing world, but I don't think it is a final answer.
Implementation of the PAB assures investors that accountants will not only be regulated by their peers, but by professional outside the field as well. This assurance will provide investors with a false sense of security. This is a concerning factor from an accounting perspective. How will the non-accounting professionals elected to the PAB understand the processes they are regulating if they are not in the accounting field?
This makes me think the board was formed so it appears the SEC is taking action to prevent additional occurrences of the previous months, but I feel this will be an unsuccessful attempt.