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(n82) See id., Part 6. The Financial Fraud Detection and Disclosure Act of 1986, H.R. 4886, 99th Cong., 2d Sess. 1986, would have "amend(ed) the Securities Act of 1934 to require audits performed under the Federal securities laws to include reasonable procedures for financial fraud detection, and to require that auditors report fraudulent activities to appropriate enforcement and regulatory authorities...." 132 CONG. REC. H3266 (daily ed. May 24, 1986) (Public Bills and Resolutions).

(n83) Dingell Comm. Hearings, supra note 77, at 108-254, 288-446 (testimony from representatives of the accounting profession and officials of the SEC).

(n84) The advent of the FASB roughly corresponded to the corporate foreign-bribery and slush- fund atrocities of the early 1970s. The argument was made during the Metcalf hearings that reforms had been undertaken by the profession, which, along with the 1977 Foreign Corrupt Practices Act, would minimize chances of a recurrence. Chatov, supra note 70, at 162.

(n85) PREVITS & MERINO, supra note 30, at 323.

(n86) Id. at 324. See also Peter Truell & Lee Berton, Price Waterhouse Affiliate Omitted Concerns Over Lending in BCCI Audit, WALL ST. J., June 20, 1991, at A3 (U.S. Price Waterhouse firm takes the position that the British affiliate is legally independent entity so that its liability exposure is separate from its own).

(n87) Chatov, supra note 70, at 163.

(n88) Id. at 172.

(n89) Id. at 173.

(n90) See PREVITS & MERINO, supra note 30, at 319. With respect to shortening the learning curve for new auditors, see infra note 402 and accompanying text.

(n91) See infra notes 395-402 and accompanying text.

(n92) See infra notes 398, 399, 402 and accompanying text.

(n93) Robert A. Lyon, Auditing Standards in the United Kingdom, in COMPARATIVE INTERNATIONAL AUDITING STANDARDS 68 (Belverd E. Needles, Jr. ed. 1985).

(n94) Id.

(n95) Id.

(n96) Id.

(n97) AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, THE ACCOUNTING PROFESSION IN THE UNITED KINGDOM 8-9 (1987).

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