Washington (Nov. 20, 2002) -- The Securities and Exchange Commission agreed Tuesday to propose two new rules to more tightly regulate audit activities by accounting firms, but top SEC officials made it clear that additional tweaking may be necessary before the regulations can be finalized in January.

The proposals drafted to implement provisions of this year’s Sarbanes-Oxley accounting reform law include a laundry list of record keeping, personnel, and compensation changes in audit practices to restore investor confidence in corporate financial reporting.

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