DEFINITION of 'Metcalf Report'
A critical report on the U.S. accounting profession released in 1976 by Senator Lee Metcalf, who had chaired a U.S. Senate committee that examined the accounting industry. The report's main focus was on the need for change in the structure of the accounting system. The actual title of the report was "The Accounting Establishment."
BREAKING DOWN 'Metcalf Report'
The primary criticisms contained in the Metcalf Report were that national firms dominated the establishment of auditing standards, and there was no mechanism in place for public participation in establishing these standards. The report recommended that the federal government establish auditing standards through the Government Accountability Office, the Securities and Exchange Commission, or by federal statute.