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Accounting Reforms Topic of October 17 Ethics Panel Discussion

October 10, 2002

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MACOMB, IL - - Legal and ethical reform in response to the crisis in financial accounting is the theme of the first panel in a yearlong corporate responsibility series presented by the Western Illinois University Program for the Study of Ethics.

The panel discussion on "Corporate and Accounting Reforms: Can You Legislate Honesty?" will be presented at 3:30 p.m. Thursday, Oct. 17 in Stipes Hall 501. The program is open free to the public.

Three Western Illinois accountancy faculty, all certified public accountants (CPA), will lead the panel discussion.

Associate Professor Nancy Smith, a member of the Illinois CPA Society, will discuss "The Public Company Accounting Oversight Board and FASB (Financial Accounting Standards Board): The Politics and Funding of the Standard Setting Process."

Professor Lucia Peek, member of the American Institute of Certified Public Accountants (AICPA) and the Institute of Internal Auditors, will present "Auditors, Non-Audit Services and Audit Committees: Loss of Professional Skepticism."

Professor George Peek, certified as a fraud examiner and internal systems auditor and a member of AICPA and the Institute of Internal Auditors, will present "CEOs and CFOs: Nature of Fraud and Corporate Pressures to Commit Fraud."

The panel will be moderated by Bill Maakestad, management professor and co-director of the Program for the Study of Ethics. Audience discussion will follow the panelists' remarks.

"I'm excited about this series, especially given the current climate regarding ethical challenges for large corporations," said Susan Martinelli-Fernandez, philosophy and religious studies associate professor and co-director of Western's Program for the Study of Ethics. "I formulated the concept during my sabbatical, and several areas have joined together to make it possible: the College of Arts and Sciences; the College of Business; and the management, marketing and finance, accountancy, political science, and philosophy and religious studies departments."

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