Does public accounting mean public disclosure?
Barry Melancon, president and chief executive officer of the American Institute of Certified Public Accountants and a member of the Paulson advisory committee, thinks some public disclosure of revenues and partner pay policies “seems to be an appropriate first step.” (At CFO.com)
Auditing geek Mike Ramos at TheEyeShade.com says:
Not sure where I come down on this.I think I need to look at the issue a little more. On one hand, my instinct is for greater transparency in general. But I definitely sympathize with the firms’ presumed argument that they are a partnership, and why should they have to submit audited financials.
My question for Mr. Melancon and others who are pushing for accounting firms to file audited financials with the PCAOB: how does this serve the public interest? Convince me.
