Magazine

Table: This Watchdog Could Use More Bite


BOARD MAKEUP

Pitt's proposed nine-member board would be unwieldy and unlikely to attract top talent, and it is unclear who would appoint members. A smaller board, named by financial regulators, would be more effective and independent.

INVESTIGATIVE POWERS

Pitt's scheme to obtain documents from companies with failed audits isn't likely to survive court challenges. Subpoena power is needed.

AUDIT STANDARDS

Under the plan, the CPAs' professional organization may retain power to write rules for how auditors do their work. The new board should establish its own standard-setting group.


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