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Each household member records spending for the same two diary weeks, so we must pool observations across households to study expenditures over an entire month. Given that distance from payday is orthogonal to household characteristics, this pooling should not bias our estimate of the relationship between distance and spending.8 We impose a number of sample restrictions. People paid weekly are excluded, because every diary week includes a payday for these individuals.9 If there is more than one paycheck received by the household, on different paydays, this would tend to obscure the relationship of interest, so we drop households where there is any secondary earner whose paycheck is greater. | United States General Accounting Office GAO Report to the Senate Committee on Banking Housing and Urban Affairs and the House Committee on Financial Services November 2003 PUBLIC ACCOUNTING FIRMS Required Study on the Potential Effects of Mandatory Audit Firm Rotation . GAO. Accountability .Integrity . Reliability GAO-04-216 November 2003 PUBLIC ACCOUNTING FIRMS A GAO _ _ Accountability Integrity Reliability Highlights Highlights of GAO-04-216 a report to Senate Committee on Banking Housing and Urban Affairs and House Committee on Financial Services Why GAO Did This Study Following major failures in corporate financial reporting the Sarbanes-Oxley Act of 2002 was enacted to protect investors through requirements intended to improve the accuracy and reliability of corporate disclosures and to restore investor confidence. The act included reforms intended to strengthen auditor independence and to improve audit quality. Mandatory audit firm rotation setting a limit on the period of years a public accounting firm may audit a particular company s financial statements was considered as a reform to enhance auditor independence and audit quality during the congressional hearings that preceded the act but it was not included in the act. The Congress decided that mandatory audit firm rotation needed further study and required GAO to study the potential effects of requiring rotation of the public accounting firms that audit public companies registered with the Securities and Exchange Commission. www.gao.gov cgi -bin getrpt GAO-04-216. To view the full product including the scope and methodology click on the link above. For more information contact Jeanette M. Franzel at 202 512-9471 or franzelj@gao.gov. Required Study on the Potential Effects of Mandatory Audit Firm Rotation What GAO Found The arguments for and against mandatory audit firm rotation concern whether the independence of a public accounting firm auditing a company s financial statements is adversely affected by a
