Carmichael

In: Business and Management

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1. Who is the author of this paper and what is his position (give description of responsibilities) with the PCAOB at the time of this article?

The author of the article titled, “The PCAOB and the Social Responsibility of the Independent Auditor” is Douglas R. Carmichael. At the time of this article Douglas Carmichael was the Chief Auditor of the Public Company Accounting Oversight Board. His responsibility as Chief Auditor was to advise the Board and the head of the PCAOB’s professional standard-setting division on matters of policy and technical issues relating to the auditing of public companies as well as what the auditor’s role was. His role of advisor helped keep the PCAOB from being influenced by the accounting industry and their standards.

2. What does Carmichael see as the underlying mission of the PCAOB?

Carmichael sees the underlying mission of the PCOAB is to restore the confidence of investors in the independent auditors of public companies by registering public accounting firms that prepare the financial statements of public companies, inspecting the audit practices of the registered accounting firms, enforcement of compliance with professional standards and securities laws by the registered accounting firms, investigation, discipline and imposition of sanctions on firms and associated persons, as well as establishing or adopting auditing, quality control, ethics, independence, and other standards related to the preparation of financial statements of public companies.

3. According to Carmichael, why is it so important that the public have confidence in the independent auditors of public companies?

Dr. Carmichael states that it is important to have confidence in the independent auditors of public companies because if that confidence is lost the public will ultimately suffer. If there is no confidence in the opinion of the independent…...

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