WSJ.com Interviews Grumet on Friehling and Reform Law

Dow Jones newswires interviewed Lou Grumet, NYSSCPA executive director, following the announcement that Bernard Madoff’s auditor David Friehling pleaded guilty.
The article points out that background checks on an auditor may not always be effective in protecting investors. Friehling appeared to have a strong record of professional service as a member of the AICPA and NYSSCPA. Grumet described Friehling, a former Rockland chapter president and executive board member who was terminated from the Society in the wake of the scandal, as a “small town CPA who was respected in his community” in the article published on the Wall Street Journal’s website.
The article also discusses “one positive development to come out of the Madoff scandal”-- New York’s accounting reform law. “The law is the biggest thing in the history of the New York accounting profession in over a century, and affects thousands of tax advisers, from chief financial officers and treasurers at investment banks to certified public accountants at firms around the state,” according to the article.