Road Map for Financial Recovery: Radical Transparency Now!
This sounds like a job for accountants.
It’s not enough to simply give the SEC — or any of its sister regulators — more authority; we need to rethink our entire philosophy of regulation. Instead of assigning oversight responsibility to a finite group of bureaucrats, we should enable every investor to act as a citizen-regulator.
Comment here: http://cpatrendlines.com/2009/02/24/road-map-for-financial-recovery-radical-transparency-now/#respond
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Rick,
I think it is telling that the article appeared in Wired magazine rather than a mainstream financial reporting supply chain publication. I strongly believe the financial reporting supply chain (preparers, auditors, and regulators) are not being agressive enough in promoting significant advances in financail reporting transparency. My favorite quote from the article, “. . . found that there’s a very brief window after any calamity for government to institute changes. (Wait too long and the special interests start regaining their confidence and pushing back.) In the financial world, the old order is still trying to find its new shape. So the window is, briefly, cracked”.
Thanks,
Bob Laux
Microsoft Corporation
Founding Member of the Enhanced Business Reporting Consortium