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It summarizes and compares Congressional subcommittee reports, commonly referred to as the Moss Report and the Metcalf Report, highlighting differing emphases while converging on the need for greater federal action, and urges FEI members to monitor legislative 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issue does the bulletin address regarding the Federal Government?","Question",{"text":113,"@type":114},"It addresses whether the Federal Government will direct the establishment of financial accounting and auditing rules and regulate management’s internal controls and related business activities.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"How are the Moss Report and Metcalf Report presented in the bulletin?",{"text":118,"@type":114},"The bulletin says both address the importance of accounting and auditing standards for corporate accountability, reaching similar conclusions, while focusing on different subjects and audiences.",{"name":120,"@type":111,"acceptedAnswer":121},"Why does the bulletin urge FEI members to study the reports?",{"text":122,"@type":114},"It warns that increased government regulation in these areas has major implications for management and urges members to follow legislative developments and inform company 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AVENUE.NEW YORK.N.Y.10017  \n\"Federal GovernmentAnd Corporate Accountability\"  \nDear FEI Colleague:  \nOne of the more critical issues which financial and other corporate executives may be forced to confront in thecurrent session of Congress is whether or not the Federal Government will direct the establishment of financialaccounting and auditing rules,as well as regulate management's internal controls and other businessactivities.  \nPrevious indications that there was a high degree of Congressional interest in corporate accounting—suchas the amendments to the Alaskan Pipeline Bill and the Energy Acts dealing with Federal reports and uniformaccounting—have now taken the form of specific recommendations calling for legislation dealing with theaccounting and auditing of all publicly-owned corporations.During the Second Session of the 94th Congress.separate investigations in the House and Senate have resulted in subcommittee reports—the first,referred toas the \"Moss Report,\"is a report by the House Subcommittee on Oversight and Investigations dealing withFederal regulatory reform;and the second,which we may refer to as the\"Metcalf Report,\"is a report by thestaff of the Senate Subcommittee on Reports.Accounting and Management dealing with the“accountingestablishment.\"This report does not,as yet,represent the position or views of the Senate subcommittee.  \nAll business executives should be concerned about the trend toward increased government regulation inthese areas,since these activities have important implications for management and management's ability toconduct business operations.FEI members should study these reports and follow legislative developments.We urge that you also bring these developments to the attention of your company management.  \nThe House(Moss)Report and the Senate(Metcalf)Report address different subjects,but they take acommon path with respect to the importance of accounting and auditing standards in improving corporateaccountability to the public,and they reach similar conclusions as to the need for the Federal Government totake a more active role in these areas.It is fair to say that both Congressional reports were heavily influencedby the “questionable corporate payments”controversy.and other financial \"horror\"cases.The\"Moss Report\"on Federal regulatory reform addresses these issues in connection with its review of the Securities andExchange Commission,and is highly critical of the SEC's handling of corporate accounting and disclosure.While the recommendations in this report go beyond accounting and auditing to include internal controlsand the board of directors,they primarily recommend additional SEC rules and regulations.  \nOn the Senate side,the Metcalf Staff Report is aimed directly at the\"accounting establishment,\"and is  \nhighly critical of the public accounting profession and the SEC's regulation of accounting and auditing.The\"Metcalf Report\"confines its numerous conclusions and recommendations to what is wrong with accountingand why the Federal Government must take action.This report is primarily addressed to Congress,and doesnot automatically assume that the SEC is the proper government agency to establish accounting standards andto regulate the auditors and their corporate clients.  \nAs you know.FEI represents you as one of the sponsoring organizations of the Financial AccountingStandards Board and we are,therefore,one of the principals discussed in the Senate Subcommittee staffreport as part of\"the accounting establishment.\"Even if this were not the case.FEI would be concerned aboutthe allegations made in both reports,since many of them are indirectly focused on the \"self-interests\"of majorU.S.coporations.The Committee on Corporate Reporting has been asked to consider the issues raised in thereports and FEI will,as appropriate,provide you with further information on any future developments.  \nThe pertinent","cbCaibwXTalKyTsn","https://ap.wps.com/l/cbCaibwXTalKyTsn","pdf",1448325,"English","# Federal Government and Corporate Accountability\n## Congressional interest and legislative recommendations\n## Comparison of Moss (House) and Metcalf (Senate) reports\n## Accounting establishment and SEC oversight\n## Appendices A and B - key conclusions and how to obtain copies","[{\"question\":\"What issue does the bulletin address regarding the Federal Government?\",\"answer\":\"It addresses whether the Federal Government will direct the establishment of financial accounting and auditing rules and regulate management’s internal controls and related business activities.\"},{\"question\":\"How are the Moss Report and Metcalf Report presented in the bulletin?\",\"answer\":\"The bulletin says both address the importance of accounting and auditing standards for corporate accountability, reaching similar conclusions, while focusing on different subjects and audiences.\"},{\"question\":\"Why does the bulletin urge FEI members to study the reports?\",\"answer\":\"It warns that increased government regulation in these areas has major implications for management and urges members to follow legislative developments and inform company management.\"}]","Federal Government and Corporate Accountability - Special Issue 265 | PDF",1789958272,13]