Volume 10, Nos. 1 & 2

 

What Keeps The SEC Busy - 2001:  Last month, the American Institute of Certified Public Accountants held its annual "Current SEC Developments Conference" in Washington, DC. Although it also featured guests from the FASB and the AICPA, the speakers from the SEC's Office of the Chief Accountant and Division of Corporation Finance were the main attraction for the attending public accounting practitioners. Why? To paraphrase the old FRAM oil filter commercials: "you can pay (attention to) me now - or you can pay (attention to) me later." This is the preeminent forum for the SEC staff to have first-hand contact with literally thousands of auditors for publicly-traded companies - and warn them about financial reporting practices they find unacceptable before they review year-end corporate filings. Savvy auditors learn from these cautionary tales. Pay me now - or pay me later.

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