[Congressional Record Volume 148, Number 92 (Wednesday, July 10, 2002)]
[House]
[Pages H4434-H4435]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       REFORM AUDITING STANDARDS

  (Mr. KINGSTON asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. KINGSTON. Mr. Speaker, what is the difference between stealing 
from shareholders or stealing from people's retirement accounts and 
stealing a purse on the subway? It is no different. Lawbreakers ought 
to be punished by going to jail.
  That is why the Republican Party, against the leadership of the 
Democrat Party, passed in April the Corporate and Auditing 
Accountability, Responsibility, and Transparency Act. This bill,

[[Page H4435]]

which was passed in April, opposed by the Democrats who are now crying 
for reform, included auditor independence, a new oversight body called 
the Public Regulatory Organization. It would have to certify any 
accounting wishes to audit the financial statements required from 
public issuers of stock. It also states that officials cannot interfere 
with audits. It would be unlawful for company officials to interfere 
with the auditing process. Finally, it has no executive training during 
blackout periods in order to protect 401(k)s.
  This reform is now being held up by the Democrat leadership in the 
other body. Let it pass. Let us go to conference and do what is best 
for the American people and put partisan politics aside.

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