Political Quotes

Wendy Sherman: “This bill will not adversely affect small accounting firms. It restores a system similar to what we had 30 years ago…”

On the recordApril 24, 2002
This bill will not adversely affect small accounting firms. It restores a system similar to what we had 30 years ago when every firm had malpractice insurance because the LLC and LLP structures had yet to be invented under State law. We in the federal government require that an audit be conducted because of the securities law, and we ought to require that those who will rely on those financial statements will get some compensation in the event that auditor malpractice takes place. State governments require insurance to drive a car. We ought to require insurance to drive on Wall Street.
Said by
Wendy Sherman
Democratic · District of Columbia
Source
govinfo.gov

Editor's note · Context

Discussing a bill related to auditor malpractice insurance.

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