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January 1999 Issue SEC Director Addresses Enforcement and Accounting Issues Henry Klehm III, the Securities and Exchange Commission's northeast senior associate regional director, warned CPAs and bankers that the SEC is concerned about the trend toward "earnings management" by public companies, and that the commission is taking steps to strengthen enforcement and public accounting rules. Speaking at a breakfast meeting sponsored by the NYSSCPA Cooperation with Bankers and Other Credit Grantors Committee, chaired by George Kuzma, Klehm referred to issues raised in a recent speech by SEC Chairman Arthur Levitt. (See the October issue of The Trusted Professional for details on Levitt's comments, or see the December issue of The CPA Journal for the speech in its entirety.) Klehm explained Chairman Levitt's call for coordinated action by regulators, corporate management, and Wall Street to improve earnings reporting, and he also outlined the revised SEC rule governing improper conduct by CPAs. In addition to more than 80 CPAs and bankers in attendance, the breakfast attracted reporters from the accounting trade magazines. The event was part of a monthly series of issues and networking breakfasts sponsored by the committee. * |
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