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GAO FINALLY ISSUES REPORT CARD ON THE ACCOUNTING PROFESSION
In the final month of his 15-year term as Comptroller General, Charles Bowsher issued the long-awaited report card on the profession. The project began two years ago when the Democrats were in control of the Congressional committees. Representative John Dingell (D-MI) asked the GAO to investigate the "worthiness" of legislating securities tort reform that would benefit the accounting profession by reviewing the hundreds of recommendations and the responses thereto made over recent years to make the profession more responsive to the public interest.
In the meantime, securities litigation reform was passed notwithstanding the absence of a report from the GAO.
The report, released just a few days before Bowsher stepped down, is extensive. While there are no blockbuster findings and recommendations--ones that might reflect harshly on the profession--there are plenty of matters that require the careful study and evaluation by the profession's self-regulatory bodies, users of the profession's work products, standard setters, and governmental regulators.
A full discussion of the report will appear in the
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