INTRODUCTION

This is a special archive section with background information on the events and AICPA activities leading up to the signing of the Sarbanes-Oxley Act of 2002 and a discussion of how the accounting profession got to where it is today. This information was taken directly from the original AICPA Sarbanes-Oxley Web pages. Please visit the rest of the Center for Audit Quality Sarbanes-Oxley Implementation Central pages for additional information and recent developments.

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The AICPA is dedicated to taking the necessary steps to restore public confidence in the capital market system and the accounting profession that may have been shaken by recent developments at Enron, WorldCom and other public companies. We represent more than 340,000 CPAs employed by businesses of all sizes and in all industries, by governmental bodies or by one of the over 45,000 public practice firms. These CPAs provide a wide range of valuable services and great advice to their clients and employers, large and small, across the United States and worldwide.

The overwhelming majority of our members perform their work in accordance with strict adherence to professional standards and a stringent code of professional conduct. The foundation for our profession's practice and behavioral standards are a set of core values that our members have affirmed and continue to demonstrate through their words and actions.

The AICPA in turn provides invaluable guidance and tools to our members to assist them in the conduct of their work, ensuring that their performance remains of the highest quality and in the public interest.

The following items will provide background information on the events, issues and actions that have followed since media reports about Enron. These include public statements by officials, from the SEC Chairman to President Bush. Also included are documents that detail the response to this situation taken by the profession and the AICPA. You will find links to the AICPA's official statements on the Enron matter, numerous communications to AICPA members, testimony from volunteer leaders of the profession and practical tool kits on technical and non-technical subjects to assist our members in dealing with the changing environment.

For more resources focused on the implementation of the new federal regulations, visit the Center for Audit Quality Sarbanes-Oxley Implementation Central Web pages.

Background Documents, Toolkits and Other Resources for Members

•	A Brief History of Self Regulation
•	A Bird's Eye View of the Enron Debacle
•	A Glossary of Terms
•	Downloadable Accounting & Auditing Toolkit Regarding Related Parties
•	Impact of the Current Economic and Business Environment on Financial Reporting
•	Report from the GAO - "The Accounting Profession: Status of Panel on Audit Effectiveness Recommendations to Enhance the Self-Regulatory System"

Official AICPA Statements and Member Communications

•	Membergram Mailed to Members on Melancon Speech
•	September 4, 2002 E-mail to Members on Melancon Speech
•	Special AICPA Update from Barry Melancon and Jim Castellano (6/21/02)
•	E-mail Letter to Members in Public Practice With Respect to Virtual Toolkit
•	E-mail Letter to Members in Business and Industry With Respect to Virtual Toolkit
•	Letter to Members – February 2, 2002
•	AICPA Official Statement re: Scope of Services Proposals
•	Letter to Members: AICPA Response to Enron Bankruptcy – January 16, 2002
•	AICPA Statement on Enron and Audit Quality – December 4, 2001

AICPA Testimony

•	Thursday, March 14, 2002, AICPA Testimony Before the United States Senate Committee on Banking, Housing, and Urban Affairs
•	Wednesday, March 13, 2002, Written Testimony of Barry Melancon, AICPA President and CEO submitted to the House Financial Services Committee
•	Testimony of American Institute of Certified Public Accountants before the New York State Senate Higher Education Committee
•	February 14, 2002 Written Testimony of James G. Castellano, Chairman, American Institute of Certified Public Accountants submitted to the House Subcommittee on Commerce, Trade and Consumer Protection of the Committee on Energy and Commerce
•	Transcript of AICPA Chair Castellano's February 14, 2002 Testimony

SEC Proposal for New Regulatory Regime

•	Commission Approves Rules Implementing Sarbanes/Oxley Act, Accelerating Periodic Filings, and Other Measures
•	President Bush's Speech on Corporate Governance – On July 9th, 2002, President Bush delivered an address at the Association for a Better New York.
•	Streaming Video of the SEC's Open Meeting of June 20, 2002
•	Public Statement by SEC Chairman: Proposed Rules to Create a Framework for a Public Accountability Board
•	Letter from SEC Chairman in response to President Bush's 10 pt Plan to Improve Corporate Responsibility and Protect American Shareholders
•	SEC Proposes Requiring Certification of Quarterly and Annual Reports; Proposes New Form 8-K Disclosures and Filing Deadlines
•	SEC Announces Rulemaking Process
•	SEC's Accounting Roundtables
•	SEC Announces Plans to Complete Firm Reviews
•	SEC Chairman Proposes New Board to Oversee Public Company Auditor Discipline and Quality Control

Legislative Tracking

•	Summary of Sarbanes-Oxley Act of 2002
•	Brief Summary of S. 2673, the "Sarbanes Bill," as It Goes to Conference
•	House Committee to Hold WorldCom Hearings
•	Senate Vote Scheduled for Sarbanes Bill
•	House Passes Accounting Reform Bill
•	Federal Legislative Grid
•	State Legislative Grid
•	Schedule for Congressional Hearings on Enron Situation (Updated 6/17/02)

Media Coverage (Print & Broadcast)

•	AICPA Chair Jim Castellano — CBS Market Watch, March 14, 2002
•	Summary of Media Contacts
•	Transcript of Barry Melancon on January 24, 2002 CNBC Broadcast
•	Audio/Video — Barry Melancon — January 24, 2002 CNBC Broadcast
•	Transcript of Barry Melancon on February 1, 2002 CNBC Broadcast
•	Audio/Video — Barry Melancon — February 1, 2002 CNBC Broadcast

For additional assistance with SOX matters, call the CAQ Resource Line at 888-817-3277 or send an email to center@thecaq.org.