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WALL STREET; MORE MEA CULPAS FOR THE ANNUAL REPORT
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Newspaper Article
WALL STREET; MORE MEA CULPAS FOR THE ANNUAL REPORT
1990
Overview
Yet investors appear to have hardly noticed. ''I don't even look at it,'' said David Hawkins, a Harvard Business School professor who teaches an advanced course in the analysis of corporate financial reports. ''It really does not have a high information content. I'd be very surprised if I ever found anything in there that was useful for an investment decision.'' More controversial are the S.E.C.'s efforts to require two completely new features. One would mandate that the outside accounting firm assess management's description of the adequacy of its internal controls, a change that would give many accountants a good case for raising their fees. The second would require companies to disclose how they have responded to recommendations that their outside auditors may have made about improving the internal controls. ''That's a very controversial piece of this,'' said John Albert, the S.E.C.'s associate chief accountant in charge of the project. ''People hated that.'' ''It's a when-did-you-stop-beating-your-wife approach,'' said Wes Walton, a securities attorney with the Chicago law firm of Keck, Mahin & Cate. He said that companies could unwittingly implicate themselves for prior misconduct if they avow that their internal controls needed beefing up. ''It's hard for me to see what purpose is served by requiring a statement that we've made significant changes in our internal control procedures because we were unhappy with them before,'' Mr. Walton said. Judging from nearly 200 comment letters that the S.E.C. has received, companies care for this latest regulatory plan only slightly more than they did for the last one. Few letters were quite as blunt as the one from the Kentucky Utilities Company in Lexington. ''One has only to review the reports of companies currently printing so-called management reports to understand that paper can be put to better use,'' wrote Fred Davis, the utility's controller.
Publisher
New York Times Company
