Some of these companies in emerging markets who wish to raise capital on international markets are practicing accounting techniques that simply don't measure up. If we want investors to have confidence in the numbers on a global basis, then auditors need to ensure that the highest quality independent audits are being conducted everywhere and anywhere. I couldn't agree more that reputation is an important asset. But it is a fragile asset that can be dissipated if the public trust is lost. Let us never forget that.
Confidence is too precious a value to sacrifice for short-term market focus.
Our markets enjoy a level of confidence that is based, in large part, on the sanctity of the numbers. That sanctity has been cultivated and strengthened through decades of partnership in effort. And, those efforts were born out of the foresight of James Landis and the public accounting industry. Together, they knew we had to work together to create a financial reporting system that would bring back confidence and stability to a country that sorely needed it in the midst of the Great Depression. While others rightfully serve the bottom line, you and I bring other priorities to the table.