Business Services Industry
Late News.(Brief Article)
Crain's Chicago Business, February, 2002
DURBIN TO LAUNCH AUDIT REFORM BILL WASHINGTON-Sen. Richard Durbin, D-Ill., plans to introduce legislation this week to enact comprehensive reforms of the accounting profession, an aide to the senator said. The bill would require companies to change auditors every seven years and set up an independent public accounting oversight board with subpoena power and authority to discipline accounting firms.
Sen. Durbin also wants to codify an auditor independence rule first proposed by former Securities and Exchange Commission Chairman Arthur Levitt, who worked with Sen. Durbin in drafting the bill. The rule would sharply limit the amount of non-audit consulting fees an accounting firm could collect from audit clients. It also would bar accounting firms from performing...
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