PracticeAccounting FirmsSenate backs Bush’s call for reforms

Senate backs Bush's call for reforms

The US Senate has voted overwhelmingly in favour of reforms that will put in place tough new penalties for corporate fraud.

The vote, 97-0 in favour, will among other things support the protection of corporate whistleblowers like Sherron Watkins, the lawyer who blew the lid on Enron, as well as raise the penalties for obstruction of justice – the crime for which Andersen was convicted.

At the same time Senate Democrats are trying to push through a series of reforms in a new accounting bill as early as this week, but have come up against resistance from Treasury secretary Paul O’Neill, who said the Bill was well intentioned but contained ‘unhelpful elements’.

The new Bill is the brainchild of Democrat Senator Paul Sarbanes and includes the setting up of a new regulatory body with the power to discipline offenders.

But it is unclear whether the president will support the bill as it exists in its current form. O’Neill said the Senate Bill ‘went too far’.

Related Articles

EY director joins Crowe Clark Whitehill as partner

Accounting Firms EY director joins Crowe Clark Whitehill as partner

4h Emma Smith, Managing Editor
RSM announces growth across every business line in 2017

Accounting Firms RSM announces growth across every business line in 2017

2d Lucy Skoulding, Reporter
WorkStyle: Helping accountants to support new contractors

Accounting Firms WorkStyle: Helping accountants to support new contractors

1w ClearSky Accounting | Sponsored
Grant Thornton grows profits while radically reshaping portfolio

Accounting Firms Grant Thornton grows profits while radically reshaping portfolio

1w Alia Shoaib, Reporter
How to protect LLP firms from a damaging team move

Accounting Firms How to protect LLP firms from a damaging team move

1w Clive Greenwood, Lewis Silkin
Grant Thornton reports gender pay gap at 26.6%

Accounting Firms Grant Thornton reports gender pay gap at 26.6%

3w Alia Shoaib, Reporter
5 ways to adapt your accounting services for millennial clients

Accounting Firms 5 ways to adapt your accounting services for millennial clients

4w Receipt Bank | Sponsored
Smith & Williamson reports double digit growth

Accounting Firms Smith & Williamson reports double digit growth

4w Alia Shoaib, Reporter