Auditors called to account
US regulators have set out plans to tighten controls on auditors and hopefully restore investor confidence in companies’ financial statements, but investors remain sceptical.
Demands in the US for tighter regulation of accountants and measures to ensure better financial reporting have been given a boost with the announcement of plans for a public sector regulator of accountants.
Nevertheless US regulators will have their work cut out restoring investor confidence – as Credit was going to press WorldCom, the embattled US telco, looked close to bankruptcy after it was allegedly found to have falsely boosted profits by $3.8 billion since the beginning of 2001.
I
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