Keeping Watch! Recounting Twenty-Five Years of the Office of Chief Accountant, U.S. Securities and Exchange Commission, 1976–2001

This article adds to the literature of accounting regulation by providing background, including facts and circumstances relating to a quarter century of SEC activity preceding the events identified with the reshaping of the capital markets following the dot.com collapse and the attack on the World Trade Center, 11 September 2001. The subsequent collapse of Enron, the bankruptcy of Worldcom, the dissolution of Andersen, one of the Big Five accounting firms, and the passage in the United States of the Sarbanes-Oxley Act, collectively have ushered in a new era of public–private capital market relationships. This study provides guidance and outlines topics useful to future researchers undertaking assessments of regulatory policies and the individuals involved in their administration.
From 1976 to 2001 five individuals played a significant role in the development of the U.S. Securities and Exchange Commission's disclosure and reporting practices by virtue of their office and the collective influence of their views. A. Clarence Sampson (1976–87), Edmund Coulson (1988–91), Walter P. Schuetze (1992–95), Michael H. Sutton (1995–98) and Lynn E. Turner (1998–2001) directed accounting policy activities at the SEC during these years.