Magazine

Table: The SEC Chairman's Proposal


WHAT IT HAS...

Independent Funding

A disciplinary board would be funded by accountants, stock exchanges, and others

Stronger Discipline

The SEC would review each case and step up enforcement efforts against financial fraud

Immediate Suspension

Pitt would suspend accountants from practice while charges are pending

...AND WHAT IT LACKS

Subpoena Power

Pitt's board couldn't compel documents or testimony from auditors and companies

Auditor Objectivity

While critics want Pitt to block the Big Five from consulting for audit clients, he isn't likely to go that far

Independence Safeguards

Because of their expertise, CPAs on the board could soon dominate it


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