The Investment Company Institute has conveyed the mutual fund industry’s support for accounting and auditing reform. In a letter to Senate Majority Leader Tom Daschle (D-SD) and Senate Minority Leader Trent Lott (R-MS) dated today, ICI President Matthew Fink called for the support for action by the Senate and enactment of reform legislation by the Congress.

"We believe those who review the financial condition of publicly held companies [agree] that it is necessary to bolster the independence of the accounting standard-setting process, strengthen the oversight of public auditing and increase the authority and resources of the Securities and Exchange Commission," Fink wrote.

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