Naked Capitalism Link of the Day

Today's link: How Secrecy Undermines Audit Reform, at the New York Times:

In 2002, when the auditing firms had been humiliated by audit failures, their efforts to prevent any regulation failed, but they did win one crucial victory in the details of the Sarbanes-Oxley law. The oversight board must keep secret its most critical assessments of audits unless a firm fails to respond to the criticism. And the board’s disciplinary actions remain secret until they are resolved by the board and the Securities and Exchange Commission has ruled on any appeal.
It is as if the fact a man was suspected of robbing a bank had to be kept secret until after he was not only convicted but failed in his appeal.
That secrecy was justified as necessary to protect reputations that could be tarnished by charges that might later be disproved. In practice, board officials complain, it has led to stalling tactics by firms that figure they can avoid negative publicity indefinitely. The board has asked Congress to change the law, but that seems unlikely.

Exactly what is the point if the findings are kept secret.  Must be a cover-my-ass provision.