New Techniques in Government Information-Gathering: The Corporate Viewpoint/The Government Viewpoint/Discussion

The power of the federal government to gather information from the private sector is awesome. In May, 1976, eleven questions were composed as information-gathering techniques. The focus of the questions is designed to elicit information regarding bribes, accounting aspects in terms of possible off-balance sheet accounts, and the last question pertains to whether there is anyone who has knowledge about the subject matter of the preceding ten questions. This technique has been criticized because of its inquisition nature, the effect on the voluntary compliance tax system, and the vagueness of the language used. Information gathered from the Securities and Exchange Commission (SEC) can fall into the following categories: 1. filed information that Congress has mandated to be collected, 2. information that is material to public investors, 3. information gathered in the investigatory process, 4. inquiries received in connection with the disclosure obligations on publicly held corporations.