Accountants might be cleaning up big time from Sarbanes-Oxley and all the other corporate governance regimes around the world, but the ghost of Andersen lingers. Increased scrutiny and threats of litigation are taking their toll.
That's why they have created a new non-profit organisation to look after their interests, according to news reports.
The new Centre for Audit Quality has been set up in response to the purported loss of confidence in accountants since the big scandals. It will also look at how to protect auditors from lawsuits and managing internal financial-reporting controls at public companies in the wake of Sarbanes-Oxley.
The new body might have its work cut out with a survey showing that fewer than half the US population think accountants have any prestige.
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