Metcalf Report

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.

RELATED TERMS
  1. Senate Bill

    A piece of proposed legislation that either originated or was ...
  2. Accounting Standard

    A principle that guides and standardizes accounting practices. ...
  3. Accounting Standards Committee ...

    A former organization under the Consultative Committee of Accountancy ...
  4. The Accountant's Magazine - TAM

    A Scottish trade publication that covered topics related to accountancy ...
  5. Congress

    The legislative branch of the United States government. It is ...
  6. Audit Committee

    An operating committee of a company's board of directors that ...
Related Articles
  1. Investing

    Who Are America's 7-Richest Senators?

    An overview of the seven wealthiest people in the U.S., and how they made their fortunes as well as a look at their various investments.
  2. Markets

    What is Accounting?

    Accounting is the recording of financial transactions of a business or organization. It also includes the process of summarizing, analyzing and reporting these transactions in financial statements.
  3. Markets

    Financial History: The Rise Of Modern Accounting

    Find out how these two have grown hand-in-hand throughout our modern history.
  4. Markets

    Audit the Fed: Is Trump Right? (JPM)

    Find out why Donald Trump has a point when he claims it is vitally important to audit the Federal Reserve, the central banking authority in the United States.
  5. Investing

    Career Advice: Financial Analyst Vs. Accountant

    Read an in-depth comparison between a career as a financial analyst and a career as an accountant, including how to determine which is best for you.
  6. Managing Wealth

    Accountant: Career Path & Qualifications

    Learn the different career paths a new accountant can take, and understand the educational requirements for the career, which vary based on position.
  7. Investing

    What's an Audit?

    An audit is an objective examination of accounting records that makes sure the records are a fair and accurate representation of the transactions they claim to represent.
  8. Investing

    A Day In The Life Of An Accountant

    An analysis of the accountant profession, who becomes an accountant, what they do, where they work, and salary ranges.
  9. Managing Wealth

    Accountant: Job Description & Average Salary

    Discover what the job description of an accountant entails, along with education and training, salary and skills necessary for success.
  10. Managing Wealth

    Accounting Research Manager: Job Description & Average Salary

    Learn about the average salary of an accounting research manager as well as the necessary skills, experience and education, and licenses to hold this position.
RELATED FAQS
  1. How is the Chairman of the Securities and Exchange Commission (SEC) chosen?

    Learn how the Chairman of the Securities and Exchange Commission is chosen, from presidential appointment to Senate confirmation. Read Answer >>
  2. How does financial accounting differ from managerial accounting?

    Learn about the main differences between financial accounting and managerial accounting, including why one is highly uniform ... Read Answer >>
  3. What are the differences between a change in accounting principle and a change in ...

    Learn how to differentiate between a change in accounting principle and a change in accounting estimate and how accountants ... Read Answer >>
  4. What are the main objectives of cost accounting?

    Learn about the main benefits of cost accounting systems, why they are different from financial accounting and why they are ... Read Answer >>
  5. What are the main advantages and disadvantages to the cost accounting method?

    Read a brief overview of the main advantages and disadvantages of the cost accounting method as it relates to business analysis ... Read Answer >>
  6. What does it mean when the shares in my account have been liquidated?

    An account liquidation occurs when the holdings of an account are sold off by the firm in which the account was created. ... Read Answer >>
Hot Definitions
  1. Put Option

    An option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying security ...
  2. Frexit

    Frexit – short for "French exit" – is a French spinoff of the term Brexit, which emerged when the United Kingdom voted to ...
  3. AAA

    The highest possible rating assigned to the bonds of an issuer by credit rating agencies. An issuer that is rated AAA has ...
  4. GBP

    The abbreviation for the British pound sterling, the official currency of the United Kingdom, the British Overseas Territories ...
  5. Diversification

    A risk management technique that mixes a wide variety of investments within a portfolio. The rationale behind this technique ...
  6. European Union - EU

    A group of European countries that participates in the world economy as one economic unit and operates under one official ...
Trading Center