Legislation sign of the transformation of the accounts of reform
Memo on the profession of auditor firms: Welcome to the World Government in charge of surveillance.As the Securities and Exchange Commission and the Senate Banking Committee has recently published his fourth versions of the reform of the accounting legislation, the profession began a purchased’s death the date for the beginning of the century process of self-regulation.
These legislative measures following the reform of the House Financial Services Committee, a body in April.
After the verdict of guilt of the company Big Five Andersen obstruction to the destruction of fees allowed e-mails and documents in connection with its consideration of Enron, coupled with recent scandals, WorldCom, Adelphia, ImClone Systems, Tyco International and the Rite Aid drugstore - Chain, regulators and legislators are preparing the epitaph for self-regulation.
The SEC proposal, which is currently open for a period of 60 days, a comment “Public Accountability Board, nine bodies of people, of which no more than three members from the profession of auditor.
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