Tuesday, May 18, 2010

Congressional Hearing on Accounting, Auditing This Friday

According to Cady North, Manager of Government Affairs in FEI's Washington, DC office, the House Financial Services Committee, Subcommittee on Capital Markets plans to have a what has been described by some as a “discussion” about pending accounting and auditing issues this Friday, May 21 at 10 am EST. The hearing is formally entitled: Accounting and Auditing Standards: Pending Proposals and Emerging Issues.

FEI's North believes that witnesses will include representatives of the Chief Accountant’s office at the SEC, as well as representatives from the FASB, and the PCAOB. It will be a general hearing covering a broad array of issues such as the oversight of the SEC, FASB, and PCAOB, the pending Supreme Court case regarding the constitutionality of the PCAOB. Other potential issues could include mark-to-market accounting, and more. Also, according to North, the hearing will not be merely be focused on the financial services industry.

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