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First of all, I think that people rely upon the system in terms of audit independence

We heard Mr. Biggs earlier today talk about all the companies that he gets and how they have to rely on the financial statements and how they assume that the auditor who audits those financial statements is independent, and I think that’s true. They assume. What is he assuming? He is relying upon an overall system. He’s relying upon the integrity of this Commission. He’s relying upon the integrity of the audit firms. He’s relying upon the enforcement proceedings brought by this Commission and by state accountancy boards. Continue reading