G.O.P. Bill on Auditing removes the house
The House Republican-backed legislation by a wide margin today, in the interests of management and financial disclosure deceptions Enron, but consumer groups and democratic as head attack zahnlose extent that n has not prevented that future entrepreneurs.
The bill would create a new board under the supervision of the Securities and Exchange Commission for the regulation of auditors of listed companies and punish faulty accounting. It would also prohibits accounting firms as external auditors of certain types of consulting and other work for the same company. This is also a sort of disclosure of the Off-Balance Sheet-Deals contributed to the collapse of Enron.
Republican, said these measures, including provisions in the bill would improve accounting standards and avoid conflicts and problems, verification, which many legislators say, has played a role in the collapse Enron.
”This is a tough law by the urgent need for reforms,’’said the sponsor, representatives of Michael G. Oxley, Republican of Ohio, he was chairman of the House Financial Services Committee.
He added that the bill was a balance, dass”wird not life more difficult for all American companies.”
But many critics and other Democrats said acute shortages of the bill provisions on investor protection, as a strict prohibition of accountants “to make the activity board for audit clients and language, New Accounting Regulatory Committee board more legal authority to examine companies.
Many Democrats and consumer groups also wanted to prohibit Wall Street firms link the compensation of analysts banks to invest resources and bar managers in investment banking have a role to play in hiring, dismissal and fixing the remuneration of analysts. Says Democrats, with many details left to the SEC
John J. LaFalce of New York, senior Democrat on the financial services sector Panel, the legislator said that the vote for the bill Republican würde”ermöglichen you go to Corporate America, the profession of auditor and Wall Street and get a pat, at least on the back because””, the possibility of adopting sensible reforms had increased and eluded be avoided.”
He added:”You will not really help all these investors.”
The bill passed 334 to 90, according to another bill proposed by Mr. LaFalce was defeated largely along party lines 219 to 202 Four Democrats voted against the party alternative, and one Republican voted for . Mr. LaFalce has already said that certain proposals had Democrats have complained, inter alia, by requesting more time to file securities fraud litigation and therefore easier to bring, accountants, lawyers and other are suspected, using fraud.
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