WHAT IT HAS...
A disciplinary board would be funded by accountants, stock exchanges, and others
The SEC would review each case and step up enforcement efforts against financial fraud
Pitt would suspend accountants from practice while charges are pending
...AND WHAT IT LACKS
Pitt's board couldn't compel documents or testimony from auditors and companies
While critics want Pitt to block the Big Five from consulting for audit clients, he isn't likely to go that far
Because of their expertise, CPAs on the board could soon dominate it