Financial Group Issues Anti-Enron Ethics Guidelines

March 20, 2002 ( - A financial executives' professional group is urging that companies follow its new set of performance guidelines in order to avoid problems similar to those arising in the Enron debacle.

Among the suggestions developed by a Financial Executives International (FEI) task force were:

  • to create a new accounting oversight body,
  • to reform the Financial Accounting Standards Board, and
  • to provide employees with a better avenue to express their ethical concerns

The recommendations were in four general areas:

  • strengthening financial management and commitment to ethical conduct,
  • rebuilding confidence in financial reporting, the accounting industry and effectiveness of the audit process,
  • modernizing financial reporting and reform of the accounting standards setting process, and
  • improving corporate governance and the effectiveness of audit committees

FEI said in a press release announcing the new guidelines that it planned to submit them to Congress, the Securities and Exchange Commission, stock exchange officials, and to the general public through its  Web site, were they can be viewed.