US Senate committee agrees on accounting oversight board

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19 Jun 2002

The banking committee of the US Senate has approved a bill, similar to one already approved by the House of Representatives, that would create a five-member oversight board for the accounting profession.

The board would have the power not only to discipline auditors but also to set auditing, independence, and ethics standards. The SEC is expected to consider a similar proposal tomorrow (see our 18 June News Item).

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