Accounting and the Global Economy After Sarbanes-Oxley
M.E. Sharpe, 2008 - Business & Economics - 258 pages
This book is essential for students and practitioners in accounting, international business, finance, and economics. In a straightforward and readable style, it focuses on the changing accounting and auditing standards in national and global economies in the post-Enron/Arthur Andersen era. The authors clarify the reasons behind and consequences of the accounting profession's failure in auditing and self-regulation, as most firms placed consulting profits ahead of public audit duties. They show how Sarbanes-Oxley solutions, while not perfect, are major contributors to the profession's redemption, and have enabled it to rise to new heights of service and revenue. The book offers a detailed examination of accounting practitioners' past challenges and future prospects. It provides a realistic analysis of specific issues facing accounting and auditing firms today, including the growing problem of independence; the need for one set of international accounting standards and one set of auditing standards; adjustments facing the global financial system; and the impact of the Internet and communication systems on accounting firms.
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Some Specific Issues Facing
Independence as a Growing Problem for Accounting Firms
The Firms and Locational Adjustments
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accounting and auditing accounting profession adoption AICPA Arthur Andersen assurance client assurance engagement audit client audit committee audit engagement audit firm auditing standards auditor independence BDO Seidman Big Four firms board of directors capital code of ethics consulting convergence corporate costs countries Deloitte & Touche disclosure employees Enron entities Ernst & Young FASB fees financial information financial reporting financial statements firm's GAAP global Grant Thornton IAASB IASB IFAC IFRS improve increased indicated internal audit internal control International Accounting Standards international standards Internet business solutions investment investors issued KPMG liability ments million needed non-audit services Oversight Board partner PCAOB peer review percent perform practices practitioners PricewaterhouseCoopers problems professional public accounting firms public companies quality control regulation responsible restatements revenue rules safeguards Sarbanes-Oxley Act securities shareholders standard-setting Sun Microsystems task force threat to independence tion U.S. Congress users XBRL