In a bid to restore their tarnished image with the American public following a recent spate of corporate scandals, Chairman of the Public Company Accounting Oversight Board William McDonough, has urged accountants to refrain from selling tax shelters to US corporations.
"They realize, as a profession, that they have lost the faith of the American people and they are very anxious to get it back,” the PCAOB chief told reporters during a conference on governance last Thursday.
“If an accounting firm engages in tax shelter creation and marketing, the American people will not like that," he warned.
McDonough added that the Oversight Board is contemplating whether additional regulation is needed to better police the area of taxation in relation to corporate governance.
"What I am doing is using the bully pulpit and saying 'use your heads and if you really want to restore the name of your firm, you shouldn't be doing that'...I believe that is being listened to rather carefully," he noted.
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