Washington (March 7, 2002) - President Bush is expected to reveal a 10-point plan Thursday to protect investors, a sweeping mandate that includes better and more complete disclosure, improved auditing standards and new requirements and guidelines for executives of publicly held companies.
Highlights of the plan, which the President will outline at a speech, include:
- Creating a regulatory board overseen by the SEC to govern the accounting industry and punish accounting firms.
- Forcing chief executives and other company officers to return stock option awards and bonuses when their respective companies are forced to restate earnings due to fraud or mismanagement.
Requring quarterly financial statements to be written “in plain English” and to broaden the scope of events that would require immediate disclosure to investors.- Electronic Accountant Newswire staff
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