WCOM Message Board - Msg: 17707730

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Technology Stocks : WCOM

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To: Charles Tutt who wrote (11195)	7/8/2002 5:57:40 PM
From: Darren DeNunzio	Read Replies (1) of 11568

Regarding enforcement of existing laws... The SEC has already proposed several rules. The public is welcome and encouraged to submit comments. The new proposed rules can be found at sec.gov I am preparing my comments to the proposed rule 33-8109, "Framework for Enhancing the Quality of Financial Information Through Improvement of Oversight of the Auditing Process". The framework proposes a Public Accountability Board (PAB) be formed to oversee the auditing process. Isn't that what the SEC should have been doing in the first place. This rule, in my opinion, is only an attempt to quiet those who are questioning the SEC's role in all of this. The framework does not propose a standardized set of financial statements that would eliminated such practices as rounding in millions (geesh!) and accounts with abstract descriptions and purposes. These financial statements should be signed by the board, which would hold them legally responsible for their accuracy. Sounds very similar to our tax forms! I agree with you Charles, we need enforcement of the laws that exist, but a few new requirements could help significantly.

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