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His tone and venue alarmed those who supported stricter standards for auditor independence.
The written opinion did not dispute the S.E.C.'s interpretation of the standards for auditor independence.
House Republicans are circulating proposals for post-Enron legislation that they say will strengthen federal standards for auditor independence and corporate financial disclosure.
A1 Fixing the Enron Problem House Republicans are circulating proposals for post-Enron legislation that they say will strengthen federal standards for auditor independence and corporate financial disclosure.
The S.E.C. action overturned a decision reached a year ago by an administrative law judge, who concluded that while KPMG's conduct had violated the standards for auditor independence, it had made a good-faith effort to comply with them and should not be penalized.
House Republicans have circulated proposals for legislation designed to strengthen federal standards for auditor independence and corporate financial disclosure, according to reports.
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As they emerge, so will increased pressure for tighter regulation and new standards for auditors and stock analysts.
In a speech yesterday, William J. McDonough, chairman and chief executive of the accounting oversight board, said the board would soon develop standards for auditors' evaluations of internal controls.
Last year, it created the Public Company Accounting Oversight Board, a government entity charged with setting standards for auditors to follow, as well as with reviewing their work and disciplining those who betray the public trust.
But according to professional standards for auditors published by the American Institute of Certified Public Accountants, a deficiency in working capital is a prime factor for an auditor to consider when trying to ascertain whether there is substantial doubt that a company can continue to operate.
Tim provided clients insights into understanding the challenges and developments that face the financial audit industry, including: increased regulatory compliance standards for auditors, best practices for the financial audit industry and clear communication of financial audit information.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com