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April 15, 2010


David Albrecht


As you are well aware, your early arguments on this subject have profoundly affected me.

My take is because auditors do not serve the public interest, and there is great need for the public interest to be served, then we need to "fire" the auditors and hire someone who will serve the public.

Currently, my thinking is that government agencies should provide the auditing services. I could be wrong.

David Albrecht


Dave -- Thanks. Agreeing that fundamental re-engineering is both necessary and inevitable, I can't get my mind around audit by government agency. Think of the manifold shortcomings of the postal service, the TSA, the IRS and indeed the PCAOB itself. Regulatory compliance would be achieved, ipso facto -- but that solipsistic outcome would deliver no value at all to private users or the capital markets in general, which would find other solutions.

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