The head of the UK Financial Reporting Council says the body should not follow the lead of the larger US Securities and Exchange Commission in the way it deals with investigations into corporate accounting irregularities.
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Sir Bryan Nicholson said the Financial Reporting Review Panel, which looks into alleged accounting abuses, would be ill-advised to mimic the way the SEC operates, as has been suggested by the government, due to the huge increase in bureaucracy this may involve.
He also pointed out that for its size the US body still missed the abuses that triggered the Enron and WorldCom scandals.
‘I doubt very much we want the massive apparatus of the SEC,’ said Sir Bryan in an interview with the Financial Times. ‘I do not think there is appetite or need.’
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