Metcalf Report

AAA

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."

INVESTOPEDIA EXPLAINS '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.

RELATED TERMS
  1. Audit Risk

    The risk that an auditor will not discover errors or intentional ...
  2. Audit

    1. An unbiased examination and evaluation of the financial statements ...
  3. Generally Accepted Auditing Standards ...

    A set of systematic guidelines used by auditors when conducting ...
  4. Andersen Effect

    A reference to auditors performing more careful due diligence ...
  5. Internal Auditor

    An employee of a company charged with providing independent and ...
  6. Inherent Risk

    The risk posed by an error or omission in a financial statement ...
Related Articles
  1. Getting A Job As The Tax Man
    Insurance

    Getting A Job As The Tax Man

  2. A Look At Accounting Careers
    Personal Finance

    A Look At Accounting Careers

  3. Examining A Career As An Auditor
    Professionals

    Examining A Career As An Auditor

  4. An Inside Look At Internal Auditors
    Professionals

    An Inside Look At Internal Auditors

comments powered by Disqus
Hot Definitions
  1. Repurchase Agreement - Repo

    A form of short-term borrowing for dealers in government securities.
  2. Correlation

    In the world of finance, a statistical measure of how two securities move in relation to each other. Correlations are used ...
  3. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
  4. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  5. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  6. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
Trading Center