**GAO-02-601T**                      Published: Apr 09, 2002. Publicly Released: Apr 09, 2002.                  

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## Highlights

In the wake of the Enron collapse and the proliferation of earnings restatements and pro forma earnings assertions by other companies, questions are being raised about the soundness of private sector financial reporting, auditor independence, and corporate governance. In addressing these issues, the government's role could range from direct intervention to encouraging non-governmental and private-sector entities to adopt practices that would strengthen public confidence. GAO believes that Congress should consider a holistic approach that takes into account the many players and interrelated issues that brought about the Enron situation.

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## Topics

Auditing and Financial Management

Accounting proceduresAccounting standardsAudit oversightAuditing proceduresAuditing standardsCorporate auditsCorporationsFinancial statement auditsOversight committeesRegulatory agenciesReporting requirements