ABSTRACT
The Chief Accountant of the SEC discusses the Commission’s role in establishing a minimum standard by providing workable forms and rules, and to monitor compliance with the standards. Issuers are responsible for accuracy and truthfulness in financial statements. He also enumerates the functions of a controller, and the Independent public accountant. However, he notes that “cooperation” between the controller and the auditor is essential, especially in the area of internal control. His emphasis is on the distribution of responsibility in such a “cooperative” effort.
