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7 J. Bus. & Sec. L. 1 (2007)

handle is hein.journals/bussecul7 and id is 1 raw text is: AUDITING UNDER SARBANES-OXLEY: AN INTERIM REPORT * Daniel L. Goelzer' 7 J. BUS. & SEC. L. 1 TABLE OF CONTENTS I. AUDITING UNDER SOX: AN INTERIM REPORT ................................................................. 2 A. The Pre-SOX Breakdown in Confidence in Auditing ............................................... 2 B . The Return of the A uditor ......................................................................................... 3 C. Has Sarbanes-Oxley Weakened the Competitvenes of the U.S. Capital Markets? ..... 6 II. C ON CLU SION ..................................................................................................................... 8 * Note from the Editor and Disclaimer: The following is a minimally-edited transcript of Daniel L. Goelzer's keynote address from the 2006 Midwest Securities Law Institute (MWSLI) Symposium, an annual one-day gathering of securities lawyers held at Michigan State University College of Law on October 20, 2006. Readers Interested in attending next year's event and finding additional information on the MWSLI can visit http://www. mwsli. org. The views expressed herein are solely those of the speaker and are not necessarily those of the Public Company Accounting Oversight Board or any of its other members or staff They are not to be used nor will they be able to be used for any legally binding purpose regarding the speaker or any agency. 1 Mr. Daniel L. Goelzer is a Board Member of the Public Company Accounting Oversight Board (PCAOB). From 1983 to 1990, Mr. Goelzer served as General Counsel of the Securities and Exchange Commission, making him the longest serving general counsel in Commission history. Before his appointment as General Counsel, Goelzer was Executive Assistant to the Commission's Chairman, and, prior to that, Special Counsel in the Commission's Office of General Counsel. Before Joining the Commission's staff in 1974, he was law clerk to Judge Thomas E. Fairchild of the U.S. Court of Appeals for the Seventh Circuit. From 1990 until joining the Board, Mr. Goelzer was a partner in the Washington D.C, office of the law firm of Baker & McKenzie. He practiced in the areas of securities and corporate law, specializing in matters involving representation before the SEC and in advice concerning SEC regulation. Mr. Goelzer is also a Certified Public Accountant and a member of the American Institute of Certified Public Accountants and the Wisconsin Institute of Certified Public Accountants. From 1969 to 1970, he was employed in the Milwaukee, Wis. office of a predecessor to Deloitte & Touche. Mr. Goelzer received his B.B.A. (Accounting) degree in 1969 from the University of Wisconsin, his J.D. degree in 1973 from the University of Wisconsin School of Law, and his L.L.M. degree in 1979 from the National Law Center at George Washington University.

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