Auditing and Its Regulators: Reforms After Enron

Description:

Auditors are regulated by both governmental agencies and professional organizations, though many now question whether this oversight is adequate. Enron’s auditor, Arthur Andersen, has been investigated by the U.S. Securities and Exchange Commission (SEC), several congressional committees, and other agencies, and it is facing numerous law suits. A federal jury convicted the firm on obstruction of justice charges on June 15, 2002. Other corporations and their auditors are also under scrutiny.
Numerous accounting and audit reforms have been proposed, including some by the accounting industry. The House passed an audit reform bill (H.R. 3763) on April 24, 2002. The Senate passed an amended version of its bill (S. 2673) on July 15th. The SEC published proposed reform rules June 26th; on the 28th it required top executives in companies with revenues exceeding $1.2 billion to personally certify that filed reports are complete and accurate

Creator(s):
Creation Date: February 3, 2003
Partner(s):
UNT Libraries Government Documents Department
Collection(s):
Congressional Research Service Reports
Usage:
Total Uses: 46
Past 30 days: 0
Yesterday: 0
Creator (Author):
Creator (Author):
Publisher Info:
Place of Publication: Washington D.C., USA
Date(s):
  • Creation: February 3, 2003
Description:

Auditors are regulated by both governmental agencies and professional organizations, though many now question whether this oversight is adequate. Enron’s auditor, Arthur Andersen, has been investigated by the U.S. Securities and Exchange Commission (SEC), several congressional committees, and other agencies, and it is facing numerous law suits. A federal jury convicted the firm on obstruction of justice charges on June 15, 2002. Other corporations and their auditors are also under scrutiny.
Numerous accounting and audit reforms have been proposed, including some by the accounting industry. The House passed an audit reform bill (H.R. 3763) on April 24, 2002. The Senate passed an amended version of its bill (S. 2673) on July 15th. The SEC published proposed reform rules June 26th; on the 28th it required top executives in companies with revenues exceeding $1.2 billion to personally certify that filed reports are complete and accurate

Physical Description:

6 pages.

Language(s):
Subject(s):
Partner:
UNT Libraries Government Documents Department
Collection:
Congressional Research Service Reports
Identifier:
Resource Type: Report
Format: Text