Industry Fighting Federal Restraints on Auditing Firms
Heller, Michele, American Banker
The financial services industry is quietly but staunchly opposed to Senate Democrats' efforts to codify walls between accounting firms' auditing and consulting businesses.
Industry officials are arguing that a law would hinder their ability to respond to market changes because it could not be changed as quickly and easily as a regulation.
"The regulatory process allows for flexibility to reflect changes in the industry," a spokesman for the Securities Industry Association said.
Steve Bartlett, president of the Financial Services Roundtable, said in a letter Monday to Senate Banking Committee Chairman Paul Sarbanes, D-Md., that Congress should not determine …
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Publication information: Article title: Industry Fighting Federal Restraints on Auditing Firms. Contributors: Heller, Michele - Author. Magazine title: American Banker. Publication date: June 21, 2002. Page number: 3. © 2009 SourceMedia, Inc. COPYRIGHT 2002 Gale Group.
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