House-Senate Conference Agrees on Corporate and Accounting Reform Measure

The House-Senate Conference on corporate accountability has reached agreement on a measure designed to reform the oversight of public company auditing, improve the quality and transparency of financial reporting, and strengthen the independence of auditors. The conferees have reconciled differing House and Senate bills that addressed systemic and structural weaknesses that in recent months have revealed a breakdown in corporate financial responsibility. The final legislation will fundamentally change the way public companies do business and how the accounting profession performs its statutorily required audit function.