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 Decade: 2000-2009
 Year: 2002
 Month: July
 Collection: Congressional Research Service Reports
Auditing and Its Regulators: Proposals for Reform After Enron

Auditing and Its Regulators: Proposals for Reform After Enron

Date: July 16, 2002
Creator: Lyke, Bob
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
Contributing Partner: UNT Libraries Government Documents Department
Auditing and Its Regulators: Proposals for Reform After Enron

Auditing and Its Regulators: Proposals for Reform After Enron

Date: July 11, 2002
Creator: Lyke, Bob
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
Contributing Partner: UNT Libraries Government Documents Department
Bankruptcy Reform Legislation in the 107th Congress: A Comparison of H.R. 333 As Passed by the House and the Senate

Bankruptcy Reform Legislation in the 107th Congress: A Comparison of H.R. 333 As Passed by the House and the Senate

Date: July 10, 2002
Creator: Jeweler, Robin
Description: H.R. 333, 107th Congress, 1st Sess. (2001), the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2001” and its counterpart in the Senate, S. 220, 107th Congress, 1st Sess. (2001), the “Bankruptcy Reform Act of 2001” were introduced on January 31, 2001. So far, the 107th Congress has demonstrated widespread support for the bills evidenced by the votes. Although President Bush is expected to sign bankruptcy reform into law, the White House has indicated that a bankruptcy bill that contains a federal homestead cap may be unacceptable. This report surveys the bills and the major amendments that have been adopted. It provides a sectional analysis comparing selected provisions, with an emphasis on consumer bankruptcy.
Contributing Partner: UNT Libraries Government Documents Department
Mergers and Consolidation Between Banking and Financial Services Firms: Trends and Prospects

Mergers and Consolidation Between Banking and Financial Services Firms: Trends and Prospects

Date: July 2, 2002
Creator: Jackson, William D
Description: None
Contributing Partner: UNT Libraries Government Documents Department
The Enron Collapse: An Overview of Financial Issues

The Enron Collapse: An Overview of Financial Issues

Date: July 24, 2002
Creator: Jickling, Mark
Description: This report briefly examines the accounting system that failed to provide a clear picture of the firm’s true condition, the independent auditors and board members who were unwilling to challenge Enron’s management, the Wall Street stock analysts and bond raters who missed the trouble ahead, the rules governing employer stock in company pension plans, and the unregulated energy derivatives trading that was the core of Enron’s business. The report also describes related legislation that has received floor or committee action and will be updated regularly.
Contributing Partner: UNT Libraries Government Documents Department
Auditing and Accounting Reform Proposals: A Side-by-Side Comparison

Auditing and Accounting Reform Proposals: A Side-by-Side Comparison

Date: July 17, 2002
Creator: Jickling, Mark
Description: This report compares the major provisions of three auditor and accounting reform proposals: two versions of H.R. 3763 (as passed by the House on April 24, 2002, and by the Senate on July 15, 2002), and proposed rules that the U.S. Securities and Exchange Commission (SEC) published on June 26th under its existing authority. H.R. 3763, in its House and Senate versions, and the SEC proposal seek to restore confidence in corporate reporting by enhancing the oversight of financial accounting. All three proposals would create a new oversight body to regulate independent auditors (whose certification the law requires to be affixed to the annual reports of all publicly traded corporations).
Contributing Partner: UNT Libraries Government Documents Department
Multilateral Development Banks: Issues for the 107th Congress

Multilateral Development Banks: Issues for the 107th Congress

Date: July 31, 2002
Creator: Sanford, Jonathan E
Description: None
Contributing Partner: UNT Libraries Government Documents Department
Social Security Reform

Social Security Reform

Date: July 15, 2002
Creator: Kollmann, Geoffrey & Nuschler, Dawn
Description: None
Contributing Partner: UNT Libraries Government Documents Department
Social Security Reform: Economic Issues

Social Security Reform: Economic Issues

Date: July 11, 2002
Creator: Gravelle, Jane G & Labonte, Marc
Description: None
Contributing Partner: UNT Libraries Government Documents Department
Social Security: Taxation of Benefits

Social Security: Taxation of Benefits

Date: July 9, 2002
Creator: Kollmann, Geoffrey
Description: None
Contributing Partner: UNT Libraries Government Documents Department
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