PracticeAuditSEC to outline new US watchdog

SEC to outline new US watchdog

US regulators will today outline a new regulatory framework for the accounting profession as it grapples with the fallout from the Enron collapse and shortcomings at Andersen.

Harvey Pitt, chairman of the Securities and Exchange Commission, the main US financial watchdog, is expected to sketch ‘broad concepts’ for a professional oversight panel to regulate accountants.

The US already has a Public Oversight Board designed to ensure governance in the profession is upheld.

Pitt however is expected to propose a framework that will include non-accountants as well as accountants. This would echoe the current profile of the new UK accounting watchdog the Accountancy Foundation.

Pitt will hold a news conference at 6:30GMT (1:30EDT) in Washington.

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