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From "With New, United Voice, Auditors Stand Ground On How to Treat Crunch"
by David Reilly - The Wall Street Journal (Subscription required for full article)
October 17, 2007
The Wall Street Journal reports that "...accounting firms are taking a hard line when it comes to questions that have arisen from the credit crunch." According to the newspaper, "The firms have also taken a new approach to thorny questions like those they have recently tackled -- issuing guidance through the newly formed Center for Audit Quality. The industry group was formed earlier this year and has emerged as the voice of [public company auditors]." The CAQ's executive director, Cindy Fornelli, told the Journal's David Reilly, "We can speak for the profession, and there's strength in that." Referring to the CAQ's white papers on the illiquidity crisis, Fornelli said the papers "were not forging new ground" in terms of accounting standards. "It was a reminder of what the current literature stated at an important time and at a time that the marketplace needed reminding," she said.
