Compliance Weekly Quotes Michael W. Tankersley

February 1, 2007

Bracewell & Giuliani Partner Michael W. Tankersley was quoted in Compliance Weekly's article "Will Better Definitions Lead to Better AS2?" Under the reforms proposed last month by the Public Company Accounting Oversight Board, the vague definitions currently in Auditing Standard No. 2 would be replaced by new ones, giving auditors more room to exercise professional judgment about whether a control deficiency exists. That would mean continued demand for ample documentation to support audit conclusions, which Tankersley cautions will drive up audit costs. And he says it’s not clear whether auditors will find the leeway in the new language that they are seeking.