Bill Would Boost Accounting Watchdog's Transparency

Law360, New York (November 21, 2011, 3:13 PM EST) -- U.S. Sens. Jack Reed and Chuck Grassley on Friday unveiled a bill that would open up a watchdog's confidential disciplinary proceedings against auditors of public companies to boost transparency for the investing public and deter violators.

The senators contend that the secretive nature of the Public Company Accounting Oversight Board's disciplinary system allows firms accused of misconduct to drag out the process and leaves investors in the dark. Their bill, the PCAOB Enforcement Transparency Act of 2011, would make those proceedings public.

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