67% of CFO's Believe That the SEC Should Revise 8-K Rules.CHICAGO -- In a national survey of CFO's and senior comptrollers COMPTROLLERS. There are officers who bear this name, in the treasury depart @ment of the United States. 2. There are two comptrollers. It is the duty of the first to examine all accounts settled by the first and fifth auditors, and certify the balances arising conducted by Grant Thornton LLP  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . , the U.S. member firm of Grant Thornton International, 67 percent believe that the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission (SEC) should revise 8-K rules to require reasons for all company dismissals of auditors, for all auditor resignations and for all instances in which the auditor chooses not to stand for re-election. Last spring, Grant Thornton called on the SEC to amend outdated policies regulating form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. required disclosures and communications related to audit firm changes. Speaking at the Outstanding Directors Exchange (ODX ODX Olympic Dam Expansion Project ), Cono Fusco, managing partner of strategic relationships at Grant Thornton LLP, explained that the current 8-K regulations require companies to give a reason for changing auditors only when there is a disagreement between the company and the external auditors The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , or when one of four "reportable events" occur. He noted that some companies voluntarily report other reasons, but there is no standard for such reporting. "The lack of required transparency perpetuates old thinking that an auditor change signals a negative event, thus concealing many other beneficial reasons for changing audit firms," Fusco said. "The SEC and the capital markets need to recognize the reality that more companies are changing audit firms over the past five years - seeking a better combination of quality, service, value and reach," he said. "There are many legitimate business reasons motivating audit firm changes, and these reasons must be communicated to investors." About Grant Thornton LLP Grant Thornton LLP is the U.S. member firm of Grant Thornton International, one of the leading global accounting, tax and business advisory organizations. Through member firms in more than 110 countries, including 50 offices in the United States, the partners and employees of Grant Thornton member firms provide personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. attention and the highest quality service to public and private clients around the globe. Visit Grant Thornton LLP at www.GrantThornton.com. |
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