The Securities and Exchange Commission and lawmakers have been working on various solutions to ensure companies -- especially executives -- are liable for the financial statements they release. Bush recommended more and tougher restrictions and corporate accountability standards for corporate executives and the accounting profession.

"In the future, the CEO's signature should also be his personal certification, vouching for the veracity and fairness of the financial disclosures," said Bush. "When he signs a statement he is giving his word and should stand behind it."

Critics of this proposal argue that CEOs don't know it all and should not be held accountable for the advice they receive from experts.

Other recommendations of the 10-point plan:

• More disclosure of financial information
• Overhaul of accounting profession regulation that includes an independent regulatory board that holds firms to the "highest ethical standards" and where the SEC exercises more effective and broad oversight of accounting standards
• Bar external auditors from also providing consulting services to the client in cases where it "compromises the independence of the audit"
• Force CEOs to pay back bonuses and other incentive-based compensation in cases of accounting restatements stemming from misconduct
• Force top executives to disclose to the public within two days when they sell or buy company stock for personal gain (current standards allow for a window as long as 40 days)
• Ban top executives who "clearly abuse their power" from any corporate leadership positions
• Release quarterly financial statements "in plain English," making it more difficult to hide financial risks from investors, and require "significant" changes be reported immediately rather than waiting to do so on the next required report

According to the White House, the SEC already has the authority to implement many of the proposals made.

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