Auditing and Accounting Regulation: Key SEC Powers


 

Publication Date: July 2002

Publisher: Library of Congress. Congressional Research Service

Author(s):

Research Area: Business; Law and ethics

Type:

Abstract:

Key auditing and accounting reform legislation, S. 2673 (Sarbanes), and H.R. 3763 (Oxley), and proposals for auditor oversight by the Securities and Exchange Commission (SEC) have been launched to help restore public confidence in a system of corporate financial accounting tainted by accounting fiascos at companies like Enron, Tyco, and Worldcom. This report provides background on significant current SEC regulatory powers in the area of accounting and auditing. It will be updated if there are changes in SEC authority.