The Securities and Exchange Commission (SEC) is an important governmental organization that exists primarily for the protection of the interests of investors in the U.S. securities markets. The

SEC provides a wealth of information through its Web site, www.sec.gov

Instructions

a. Access the SEC's Web site at the above address. Generally review the site to become familiar with the types of information provided.

b. Enter the section of the Web site identified as "About the SEC," then proceed to the section on "Commissioners." Within that section, maneuver around until you are able to access speeches made by the SEC and its staff.

c. Locate the following speech given by Scott A. Taub, former Deputy Chief Accountant, Office of the Chief Accountant of the SEC, in the second quarter of 2004: "Remarks at the University of Southern California, Leventhal School of Accounting, SEC and Financial Reporting Conference."

d. Peruse that entire speech, and then read carefully Mr. Taub's conclusion. Write a paragraph that captures what Mr. Taub had to say about how financial reporting could be improved in general, and how he specifically believes the statement of cash flows could be improved.