Speaking to an American Institute of CPAs conference, Securities and Exchange Commission Chairman Christopher Cox suggested that accounting rules need to be simplified in order to ensure that financial irregularities aren't hidden.

"The accounting scandals that our nation and the world have now mostly weathered were made possible in part by the sheer complexity of the rules," he said. "Criminal conduct could be concealed in a thicket of detail. Conformity to hundreds of technical rules became not a shield to protect investors, but a sword to be wielded against them."

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