NEWS & INFORMATION
Marmann & Associates Makes PCAOB List of Approved Firms
Sheffield, Ala. — October 28, 2003 — Marmann & Associates, P.C., a certified public accounting firm headquartered in Sheffield, Alabama, announced today that it met the deadline for registration with the new Public Company Accounting Oversight Board (PCAOB) created by the Sarbanes-Oxley Act. Only 598 accounting firms in the nation were approved to provide accounting services for over 17,000 publicly held corporations.
"We are pleased to have been approved by the Board," said Fred Marmann, managing partner of Marmann
& Associates. "In order for a firm's registration to be approved, the PCAOB must determine that the firm acts in the interests of investors and to further the public interest in the preparation of informative, accurate and independent audit reports for publicly traded companies," he said.
Marmann said compliance with the Sarbanes-Oxley Act might not be as burdensome for larger public companies, as it will for smaller ones. Many large companies already have sophisticated reporting and internal control systems.
"Disclosure and certification requirements on internal controls for financial reporting are going to be costly and time consuming for public companies with limited resources, Marmann said. "Our Sarbanes-Oxley compliance program was designed for smaller to medium size public companies."
"As we move forward in this new environment, it will be up to the registered accounting firms to help public companies, companies contemplating an IPO and companies looking to be acquired by a public firm to comply with the provisions of Sarbanes-Oxley. The PCAOB's role is to make sure that we are doing that with our public company clients," Marmann noted.
The PCAOB is a private sector, non-profit corporation, created by the Sarbanes-Oxley Act of 2002, to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports. The Sarbanes-Oxley Act of 2002 and the Board's rules require the registration of all public accounting firms that issue or prepare audit reports on U.S. public companies, or that play a substantial role in the preparation of such audit reports. U.S. public accounting firms must be registered with the Board in order to engage in that work. The PCAOB said it reviewed and approved registration applications from 598 firms by the October 22 deadline.
"Registration is a prerequisite for accounting firms to continue their work as auditors of public companies," said PCAOB Chairman William J. McDonough in recent remarks about the list of approved accounting firms. "It is also the foundation, established in the Sarbanes-Oxley Act, for the PCAOB to perform its important functions of inspection and enforcement. Inspection is one of the strongest tools we have to see that accounting firms fulfill the expectations of the Sarbanes-Oxley Act," McDonough said.
In recent testimony before a Senate committee, McDonough noted that registration of a public accounting firm is not automatic upon application. In order to approve an application, the Board must determine that registration of the applicant is consistent with the Board's responsibilities under the Sarbanes-Oxley Act to protect investors and to further the public interest in the preparation of informative, fair and independent audit reports for public companies.
"We studied the new rules and developed programs to help small and medium size firms implement them successfully," Marmann said. "And, we will be monitoring any changes or additional requirements on public companies and the accounting profession. We will help our clients meet the letter and the intent of the new law. We will make sure that our standards meet the Board's requirements," he said.
Marmann & Associates, P.C., is a full service certified public accounting and consulting firm with particular expertise in SEC filings, Sarbanes-Oxley consulting services, financial audits, merger and acquisition planning, financial institution analysis and corporate profitability management. The CPA firm is one of a handful of Alabama accounting firms registered with the Public Company Accounting Oversight Board and approved to provide accounting for publicly held firms through the Center for Public Company Audit Firms.
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