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William McDonough, the first chairman of the audit industry's federal watchdog, stepped down from the Public Company Accounting Oversight Board Wednesday, acknowledging that his agency still has a way to go before it can accurately gauge the effectiveness of public companies' internal controls. A PCAOB report issued the same day found that in 2004 some audits of public companies' internal controls were not as effective or efficient as expected, but that many of the problems can be corrected with experience.
December 02, 2005 at 12:00 AM
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The original version of this story was published on Law.Com
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