The Oversight Subcommittee of the House Interstate and Foreign Commerce Committee, chaired by Representative John Moss: conducted a study of several regulatory agencies that resulted in the issuance of a report entitled "Federal Regulation and Regulatory Reform." Called for a more active role by the SEC in the formulation and implementation of accounting and auditing standards. stated that serious questions existed about the integrity of the corporate system of accounting and public auditing procedures. critical of the FASB--considered to be "ineffective" critical of the SEC's reliance on the FASB Recommended that the SEC prescribe and enforce uniform accounting principles, auditing standards, and a code of conduct for independent auditors.