The accounting watchdog on Sarbanes-Oxley, excessive auditing, and investor trust
After two years as chairman of the Public Company Accounting Oversight Board, William J. McDonough is feeling the heat. Corporate executives fume that the board's rules on testing internal financial controls -- required by Section 404 of the Sarbanes-Oxley Act -- are too costly and cumbersome. Auditors want McDonough to defend them more vigorously. McDonough, 71, joined the board in June, 2003, after a decade as president of the Federal Reserve Bank of New York. On July 15, he met with BusinessWeek editors. Here are excerpts.
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