How the SEC Plans to Police Accountants
When it comes to cleaning up the accounting industry, Harvey L. Pitt is the man in the middle. After a decade of audit failures and financial meltdowns -- capped by the $50 billion bankruptcy of Enron -- the chairman of the Securities & Exchange Commission on Jan. 17 announced plans for a new, independent oversight board. Its mission: to take over monitoring and peer-review duties from the Big Five and other accounting firms that audit public companies, and to exercise new powers to discipline errant auditors.
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