Until I attended the New York State Society of CPAs' "Future of SEC Practice After Enron" conference this week, I was sure that accounting industry leaders' warnings about the federal corporate reform law trickling down to states and even firms with non-public clients was just scare-mongering. Now I’m convinced that they were right.

The new federal law contains a provision, initially overlooked by many analysts, which allows information gathered by the new independent accounting oversight board to be shared with the states.

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