Speaking to a local chapter of the New York State Society of CPAs on October 16, 2002, former Securities and Exchange Commission (SEC) Chief Accountant Lynn Turner blasted some of the today's accounting and auditing reforms as "intentionally misguided." If accountants really want to regain their trust, Mr. Turner suggested, the best approach is to lose their tin ears, listen to their "customers" (investors, creditors and the general public) and redesign their products and standards accordingly.The lessons paraphrased from Mr.

The "No More Enrons" Coalition was formed to push for aggressive implementation of accounting reforms. At a recent press conference, the Coalition presented a report of the human costs of accounting scandals.

During the past week, two more companies found themselves facing lawsuits from former executives for wrongful discharge after incidents involving ethics and financial reporting. Attorneys say it is a growing area of litigation.The lawsuits were filed against Solectron and Ovitz's Artists Management Group.

The National Investor Relations Institute (NIRI) has adopted guidelines for quarterly earnings releases. The guidelines urge companies to consider expanding their releases to add information that would help investors with their analysis of financial statements.

Global consultant Watson Wyatt conducted a study that measures the impact of key intangibles on a company's future financial performance. The intangibles are aggregated into a human capital index (HCI) that assesses the levels of value or risk inherent in a company's management practices. The study found six factors helped future financial performance.

The U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) have both filed charges against Enron's former chief financial officer, Andrew Fastow. The charges relate to Mr.

Federal prosecutors in Manhattan are investigating PricewaterhouseCoopers (PwC) in connection with undisclosed bonuses paid to former executives of Tyco International Ltd. A report by the Wall Street Journal suggests that prosecutors may be trying to make a criminal case against PwC as Tyco's auditor.The Journal said the probe is focusing on three questions:Did PwC uncover the secret bonuses in the course of its audit work?

The former controller of WorldCom Inc., David F.

A survey of employees working for public companies probed the workers' attitudes about the causes and effects of recent accounting scandals. The results, which were made available by Fleishman-Hillard Knowledge Solutions, show concern about corporate greed, short-term financial focus, and the impact of the scandals on the U.S.