Article1 Carmichael Assignment

Article1 Carmichael Assignment - Article 1: Carmichael...

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Article 1: Carmichael Assignment Group Members: Dean Halvatzis, Lindsay Rowley, and Julio Garcia Class Period: ACG 4651 Sec 003 6:00 PM – 8:50 PM January 26, 2009
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1. Who is the author of this paper and what is his position (give description of responsibilities) with the PCAOB at the time of this article? The name of the author of this paper is Douglas R. Carmichael. He was the first Chief Auditor of the PCAOB. Mr. Carmichael was the primary advisor to the Board on policy and technical issues related to the auditing of public companies, including auditing standards, and the head of the PCAOB’s professional division in charge of setting standards. 2. What does Carmichael see as the underlying mission of the PCAOB? Carmichael sees that the underlying mission of the PCAOB is to restore the recently damaged confidence that investors and society have in independent auditors. He states that “there is no doubt that the repeated revelations of accounting scandals and audit failures that led to the creation of the PCAOB have seriously damaged public confidence. 3. According to Carmichael, why is it so important that the public have confidence in the independent auditors of public companies? According to Carmichael, it is important that the public have confidence in the independent auditors of public companies because it is the “essence of the function, its very reason for existing.” If the public does not have confidence in independent auditors, then there is no need for them at all, and their function is destroyed. 4. What is Professor Theodore Limperg’s basic theory of the auditor’s function? (Briefly explain the theory). According to Limpberg, the function of the auditor has come to be known as
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Article1 Carmichael Assignment - Article 1: Carmichael...

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