Auditing and Its Regulators: Proposals for Reform After Enron

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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 ... continued below

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6 pages.

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Lyke, Bob July 11, 2002.

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This report is part of the collection entitled: Congressional Research Service Reports and was provided by UNT Libraries Government Documents Department to Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 106 times . More information about this report can be viewed below.

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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

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6 pages.

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Congressional Research Service Reports

The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1970's through the present--covering a variety of topics from agriculture to foreign policy to welfare.

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  • July 11, 2002

Added to The UNT Digital Library

  • June 11, 2005, 11:33 a.m.

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  • Feb. 7, 2017, 7:07 p.m.

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Lyke, Bob. Auditing and Its Regulators: Proposals for Reform After Enron, report, July 11, 2002; Washington D.C.. (digital.library.unt.edu/ark:/67531/metacrs2830/: accessed July 25, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.