According to James R. Doty, Chairman of the PCAOB:
"The current PCAOB standards include both interim standards (the "AU" standards, which have accreted over time, as written by the profession) and 16 additional standards, promulgated by the PCAOB (the "AS" standards). As printed, these standards run to over 2,000 pages. To navigate these standards can, we are told, prove daunting."
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Life is becoming more complex for risk managers. We must have a "forward-looking perspective", remember?We have all these new laws and regulations ...... but we also have rules, proposals and reports to consider.Have you ever discovered the common elements of the various initiatives, including the Volcker rule in the United…
Oh, no. They are not serious. The AU and AS standards ... to restore investor confidence.
James R. Doty also said:
"I shall stop there, and won't suggest this reorganization project will rival the Code of Hammurabi or Charlemagne's codifications"
Look at the picture. The Code of Hammurabi is a well-preserved Babylonian law code, dating back to about 1772 BC.
It is one of the oldest deciphered writings of significant length in the world.
The sixth Babylonian king, Hammurabi, enacted the code, and partial copies exist on a human-sized stone stele and various clay tablets.
At least we have the Top 10 list in adobe acrobat format.
Can you imagine receiving "copies" similar to the picture?
Provisions of the Code of Hammurabi address issues concerning relationships such as inheritance, divorce, paternity and behavior.
There is nothing about corporate governance. Enron collapsed in 2001 (way later).
One of the most well-known of Hammurabi's laws is:
If a man put out the eye of another man, his eye shall be put out.
It is more like Sarbanes-Oxley, than Basel III.