The report makes recommendations in four areas:
- Strengthening financial management and commitment to ethical conduct
- Rebuilding confidence in financial reporting, the accounting industry, and the effectiveness of the audit process
- Modernising financial reporting and reforming the accounting standards-setting process
- Improving corporate governance and the effectiveness of audit committees
Among other things, FEI recommends a new oversight body for the accounting profession, restrictions on non-audit services provided by the independent auditor, restrictions on hiring senior personnel from the auditor, reform of the FASB (a 'blue ribbon' study panel is proposed), improved MD&As;, more web-based reporting, reporting of performance metrics, and enhanced requirements for foreign SEC registrants, including quarterly reporting.