I read the speech of SEC Chairman Arthur Levitt entitled “The Numbers Game”, delivered at the NYU Center for Law and Business New York, NY on September 28, 1998, and as requested, we hereby impart our team’s commentary on the said speech;
The core of the speech is about earning management/financial reporting. He describe earning management as a “widespread, but too little-challenged custom which has evolved over the years into what can best be characterized as a game among market participants” He further said that this game, if not addressed soon, will have adverse consequences for America's financial reporting system and a game that runs counter to the very principles behind the market's s
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