The financial reporting system still harbors problems that could explode, says PCAOB member Charles Niemeier.
The players in the U.S. financial reporting system are driving while looking in the rearview mirror, says one regulator.
Speaking at a conference on Sarbanes-Oxley Tuesday in New York, Charles Niemeier, board member of the Public Company Accounting Oversight Board (PCAOB), reiterated much of a speech he presented at Baruch College in May on the statistical evidence of benefits from the 2002 legislation. However, Niemeier advised professionals in the auditing industry and the U.S. financial system as a whole to move past their lingering focus on internal controls and look at new issues coming down the road that he believes will help improve the financial reporting system — particularly lease and pension accounting.
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