Does the chief accountant have different responsibilities for preparers and auditors?
Nicolaisen: I have high expectation of both, and, although their roles differ, both groups have a duty to investors and can significantly contribute to quality financial reporting. OCA is at the hub of lots of activity within the SEC, much of which includes the preparer community. We also advance the Commission’s interests with the Public Company Accounting Oversight Board [PCAOB], FASB, IASB, and others in the international arena. FASB sets GAAP for preparers, and the PCAOB standards serve the auditor community. The PCAOB is a brand-new organization, for which the SEC has oversight responsibility, as it does for FASB. As a practical matter, the SEC coordinates its oversight of both organizations through OCA. The PCAOB, under Chairman Bill McDonough’s leadership, has it exactly right: It will hold firms and individuals to the highest level of professional and ethical standards. Enhancing the audit process and ensuring that firms are independent in fact and appearance is extremely impor
