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Article: Local CPAs react to fallout from Enron's cooked books.(Securities Exchange Commission calls for accounting firm regulation)(Brief Article)
- Article from:
- Fairfield County Business Journal
- Article date:
- January 28, 2002
- Author:
CopyrightCOPYRIGHT 2002 Westfair Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The aftereffects of Enron Corp.'s tipsy balance sheets have the U.S. Securities Exchange Commission (SEC) chairman calling for a more watchful eye around accounting practices.
Just how the collapse of the seventh-largest company will affect the accounting industry remains to be seen, but SEC Chairman Harvey L. Pitt asked that an outside organization be formed to regulate accounting firms.
The suggestion has raised hairs on the necks of proponents of self-regulation. It's anyone's guess as to how such a monumental task would be undertaken.
"There are literally 16,000 to 18,000 public entities that exist," said Art Renner, executive director of ...