11.   But it has not yet led to reform of the accounting industry.

12.   But Pitt, a Bush appointee and former accounting industry lawyer, insisted the SEC was not trying to create a rival proposal.

13.   But some lobbyists believe legislation tightening regulation of the accounting industry is a near-certainty this year.

14.   But the accounting industry cannot wait for those determinations.

15.   CalPERS will also lobby for tighter regulation of the accounting industry and will seek expanded financial disclosure rules for corporate executives and officers.

16.   Daschle also attacked SEC chairman Harvey Pitt, a former lawyer for the accounting industry and a Bush appointee.

17.   Creating a new oversight mechanism, not tied to the accounting industry, might promote independence.

18.   Critics of the accounting industry have long complained of potential conflicts of interest that prevent auditors from being totally independent and calling for increased oversight.

19.   Currently the Financial Accounting Standards Board, which is supported by the accounting industry, sets accounting standards.

20.   Despite its victory, the accounting industry was hit hard by the fallout from the savings and loan scandal.