Democratic Progressive Party Legislator Tien Chiu-chin (
The two accounting companies are the Taiwan branch of Ernst & Young (
The government must review and restructure the financial system to restore the public's confidence, Tien told a press conference.
PHOTO: WALLY SANTANA, AP
The accounting companies involved must be held responsible for failing in their responsibilities, she added.
Tien said that to comply with the Securities and Exchange Law (
She urged the FSC to propose bills modeled on the US' Sarbanes-Oxley Act, also known as the Public Company Accounting Reform and Investor Protection Act of 2002 -- which was proposed after a series of scandals involving a number of US firms including Enron Corp, which applied for bankruptcy in 2001.
At the end of 2001, it was revealed that Enron's financial problems had been intentionally masked by accounting fraud. Several top Enron executive officers walked away from the company's collapse with about US$1 billion.
The bill, proposed by US Senator Paul Sarbanes and Representative Michael Oxley, allowed the US government to establish the Public Company Accounting Oversight Board to supervise listed companies.
The bill also ensures that companies disclose their financial reports and sets restrictions on the behavior of top company executive officers.
Chang Shu-hui (張淑惠), a section chief of the Securities and Futures Bureau under the FSC, said the bureau had resolved on Tuesday to revoke the qualifications of two accountants who endorsed the books of Rebar Group firms.
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