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FEI recommendations for improved financial reporting

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24 Mar 2002

A task force of Financial Executives International has made broad recommendations for "Improving Financial Management, Financial Reporting and Corporate Governance".

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.

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