The chairmen, whose combined tenure covers more than two decades, told senators that accounting reforms are necessary to restore public confidence in corporate balance sheets and financial markets.

"It's well past time to realize that the accounting profession's independence has been compromised," said Arthur Levitt, who headed the SEC from 1993 until 2000.

For Levitt, Tuesday's appearance before the Senate Banking Committee bore a notable resemblance to testimony he delivered in September 2000.

Back then, SEC Chairman Levitt was urging the same Senate committee, and many of the same lawmakers, to support his agency's effort to institute a new rule forcing accounting firms to give up certain types of consulting work. Levitt argued that accounting firms compromise their independence as auditors by pursuing lucrative consulting work from the same companies they are charged with auditing.

Levitt's proposal elicited a storm of protest from the accounting firms, which reap big financial gains from consulting work. The proposal was met with a go-slow approach from many members of Congress, including Nebraska Sen. Chuck Hagel.

"It was frenzied," Levitt said of opposition to his proposal.

Eventually, Levitt said, opposition from Congress and the accounting industry forced a compromise rule, one that allowed auditors to continue selling consulting services. Levitt's term as head of the SEC ended shortly afterward.

Then, late in 2001, came Enron's stunning dive.

Congress' attention refocused on Levitt's proposal this year after Enron directors reported that the company's auditing firm - Arthur Andersen - was paid $5.7 million in consulting fees to help set up hundreds of partnerships overseas. The partnerships, company officials say, were used as accounting devices to hide debt, inflate earnings and enrich Enron executives.

The problems with the partnerships misled investors and led Enron to restate earnings and eventually declare bankruptcy, according to a report from Enron's board of directors.

It was exactly the sort of problem Levitt said he feared back in 2000.

So on Tuesday, Levitt was back before the Senate Banking Committee, this time with four of his predecessors. The five outlined a wide array of recommendations about how to increase auditor independence and head off another Enron collapse.

And while they differ in some specifics, most agreed that Congress should impose new rules to take auditors out of many consulting services.

Other suggestions included stricter oversight, more resources for the SEC and less reliance on funding from the accounting industry for boards set up to police the industry and set standards.

Richard Breeden, the SEC chairman from 1989 to 1993, said public companies should also provide faster disclosure of insider trading and partnerships that influence the bottom line financial statements.

Other former SEC chairmen testifying were Roderick Hills (1975 to'77), Harold Williams (1977 to'81) and David Ruder (1987 to'89).

During a break in the hearing, Levitt said the success of Congress' renewed reform effort will depend on commitment from lawmakers and the media to follow through on problems highlighted by Enron and Andersen.

"The same pressures are out there," he said. "They're just quieter now."

-- By Matt Kelley