US central banker urges pillar 3 action now in light of scandals
NEW YORK -- Recent accounting scandals mean international banks should start improving their disclosure of risks and capital adequacy now and not wait for the pillar 3 disclosure provisions of the Basel II bank accord to take effect in late 2006, a senior US central banker urged in early June.
The breakdowns in accounting, auditing and corporate governance exemplified by the collapse of the energy-trading group Enron and other scandals, should serve as ‘a wake up call’ to corporate boards
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