What Is Clarence Sampson's Role In Financial Reporting World?

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Clarence Sampson worked his way up the ranks and ultimately served as Chief Accountant of the SEC for 28 years, then spent an additional 5 years at the FASB. His esteemed involvement with creating the foundation of the accounting reporting world we know of today, was coupled with innumerable controversial issues, including that of bad debt expense in relation to the Sarbanes Oxley Act. Sampson’s overall goal, as well as the Chief Accountant’s office of the SEC was to enact and maintain rules that served as a basis for financial reporting, however, he came across a few instances where this was taken too literally. Auditors followed the literature available to them without incorporating common sense and the companies they audited followed suit.

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