The primary challenge I see internally for the PCAOB is moving from a startup to a more steady-state organization. The PCAOB ramped up quickly when it opened its doors in January 2003. Now, we're going to have to continue to adapt.

Other challenges include the continuing recruitment of talented professionals and working with firms to improve auditors' implementation of the internal control reporting provisions in a more cost-effective way.

Treasury & Risk: The PCAOB was set up to oversee potential conflicts of interest between accounting firms and corporate clients. Five years after the implosion of Enron Corp., do you feel current regulation is sufficient, or is more oversight necessary?

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