Freeze - This is The FBA! Lay Down Your 10-K!

Ohio Rep. Dennis Kucinich has indicated that he will unveil a bill this week proposing that the federal government take over the audits of public companies through the creation of a Federal Bureau of Audits.

In the most radical proposal to be discussed so far on auditor reform, Kucinich's proposal would sidestep all public accounting firms and would take over the auditing of all publicly held corporations through a proposed new arm of the SEC.

"Americans rely on the FBI to protect them from criminals and terrorists. But who protects American shareholders from corporate criminals? The Enron scandal suggests audit cops are needed -- the Federal Bureau of Audits," said Kucinich.

Insiders and industry analysts agree that this kind of proposal is extreme and may even be counterproductive in the call for auditor reform. But Kucinich has some followers on Capitol Hill who are prepared to stand with him in his proposal.

Kucinich said he would unveil his bill -- the Investor, Shareholder and Employee Protection Act of 2002 -- at a press conference on Wednesday in the Capitol with consumer activist Ralph Nader.

You may like these other stories...

A proposal issued by the Governmental Accounting Standards Board (GASB) last week explains how fair value measurement should be defined for state and local government financial reporting.The exposure draft, Fair Value...
By Jason Bramwell The board of trustees of the Financial Accounting Foundation (FAF) finalized a new policy on November 19 that provides the Governmental Accounting Standards Board (GASB) with direction on what...
By Jason Bramwell The Governmental Accounting Standards Board (GASB) is now offering a free online toolkit designed to assist preparers and auditors of state and local government pension plans with implementing new...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.