| FOR IMMEDIATE RELEASE: | CONTACT: Jesse Jacobs |
| Tuesday, January 23, 2002 | 202-224-4524 |
Senator Paul S. Sarbanes, the Chairman of the Banking, Housing, and Urban Affairs Committee, announced that the full Committee will hold a second oversight hearing on accounting and investor protection issues. Witnesses will include several former Chief Accountants of the Securities and Exchange Commission (SEC), as well as a former Chairman of the Financial Accounting Standards Board (FASB), the private sector organization that sets standards for financial accounting and reporting.
"A number of high-profile business failures in recent years, including, most recently, the collapse of Enron Corp., have involved significant accounting irregularities," said Sarbanes. "This second hearing will examine issues and proposals for change relating to financial reporting by public companies, accounting standards, and oversight of the accounting profession raised by those failures."
The hearing is scheduled for:
10:00 A.M.
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Scheduled to appear before the Committee are:
- Mr. Walter Schuetze, SEC Chief Accountant (January 1992-March 1995);
- Mr. Michael Sutton, SEC Chief Accountant (March 1995-January 1998);
- Mr. Lynn Turner, SEC Chief Accountant (July 1998-August 2001); and
- Mr. Dennis Beresford, Chairman, FASB (1987-97).
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