Senators Urge 'Caution' in Letter to SEC Chairman
Several members of the Securities Subcommittee of the Senate Committee on Banking, Housing and Urban Affairs are urging Securities & Exchange Commission Chairman Arthur Levitt to extend the comment period on the non-audit services portion of the proposed rules on auditor independence until after February 1, 2001.
The extension, if granted, "will allow for careful analysis of the proposed changes," according to the letter. The letter was signed by Securities Subcommittee Chairman Senator Rod Grams, and Senators Evan Bayh, Phil Gramm, Charles E. Schumer, Mike Crapo, Robert F. Bennett, Wayne Allard, Jim Bunning, Chuck Hagel, and Rick Santorum.
The fundamental concern expressed by the committee members is the wide disparity between the impact of the proposed rules as described by the SEC as opposed to the impact described by members of the accounting profession. "At a time when our accounting standards will require significant modernization if they are to reflect value in today's economy, it is axiomatic that the accounting profession must retain the capacity to respond to these changes."
View our full coverage of the SEC hearings.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.