South Central Bell and the Treadway Commission report

Article Abstract:

South Central Bell Telephone Co compared its operations and controls to the recommendations for public companies made by the National Commission on Fraudulent Financial Reporting (the Treadway Commission). South Central Bell found that most of the recommendations of the Commission were already practiced by the company, or had been implemented in a slightly different form. South Central Bell top management is responsible for setting the tone for honest financial reporting. The company maintains internal controls to prevent fraudulent reporting, and enforces a written code of corporate conduct. South Central Bell maintains accounting functions designed to meet financial reporting obligations, as well an effective and objective internal audit function. The company has an audit committee composed of independent directors that is informed and effective. One of the responsibilities of the audit committee is to consider the independence of the company's public accountant.

Ethical aspects, Managerial accounting, South Central Bell Telephone Co.

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Perspectives on the Treadway Commission

Article Abstract:

Southwire Co VP Donald W. Baker discusses the 'Treadway Commission' and his role in it. The Treadway Commission, or the National Commission on Fraudulent Financial Reporting, was a private sector entity designed to examine fraud in financial statement preparation. Several reported and perceived financial reporting failures in the early 1980s led to formation of the Commission. The Commission interviewed representatives of both public and industry accounting, as well as academicians. The Commission made 49 recommendations in four key areas: public company policies, public accounting practices, the SEC and other regulatory agencies, and accounting education. Baker believes that the Commission's findings will result in improved accounting disclosure and increased concern about fraudulent financial reporting.

interview, Baker, Donald W.

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Executive summary: The Report of the National Commission on Fraudulent Financial Reporting (the Treadway Commission)

Article Abstract:

The executive summary of the report issued by the National Commission on Fraudulent Financial Reporting, also known as the Treadway Commission, gives an overview of the commission's findings and recommendations on how to identify and reduce incidences of fraudulent financial reporting. Topics covered by the Commission include: the incentives, pressures and opportunities that cause fraudulent financial reporting; the recommendations for public companies; the recommendations for the independent public accountant; the recommendations for the Securities and Exchange Commission, and the recommendation for further education.

Laws, regulations and rules, Accounting and auditing, Auditing, Fraud, National Association of Accountants

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