| Description |
1 online resource (272 pages) |
| Contents |
Cover; Half Title; Title Page; Copyright Page; Table of Contents; Introduction; Part I. The General Frame of Reference; 1. Accounting and Auditing Standards as Operating Parameters in the Global Economy; Accounting and Auditing Failures Unique in Financial History; Andersen Failed to Follow Professional Standards; Consulting Became an Overriding Concern; Rise and Demise of Self-Regulation of Public Company Auditors; 2. Overview of Accounting Standards in the Global Economy; International Accounting Standards in Transition; Convergence to International Accounting Standards |
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Europe Adopts International Standards3. The Role of Auditing Standards; Improved Audit Standards Needed to Restore Public Confidence; Structural Weaknesses in Financial Reporting; Improving Systemic Weaknesses; 4. Changing Realities in the Sarbanes-Oxley Era; Sarbanes-Oxley Act Provisions; Benefits and Costs of Sarbanes-Oxley Compliance; Opposition to Sarbanes-Oxley; Unexpected Benefits for Accountants; Worldwide Reforms; International Organizations; Part II. Some Specific Issues Facing Accounting and Auditing Practice; 5. The Harmonization of Auditing Standards |
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International Self-Regulation by Large FirmsEven Without the United States, More Countries Adopt International Audit Standards; Meaning of Adoption of International Auditing Standards; U.S. and International Auditing Standards; Problems on the Convergence Path; 6. Independence as a Growing Problem for Accounting Firms; SEC's versus Firms' View of Independence; Independence Standards Board Too Late to Avoid Sarbanes-Oxley; SEC Independence Rules After Sarbanes-Oxley; AICPA Compared to SEC Independence Rules; EU Auditor Independence; Comparison of U.S. and EU Approaches |
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Public Companies as Owners of Public Accounting Firms7. The Firms and Locational Adjustments in the Global Financial System; Adjustments to the Arthur Andersen Collapse; Market Changes Caused by Reform Legislation; Concentration in the Market for Large Public Corporation Audits; Geographical Expansion; 8. The Impact of the Internet and Improving Communications Systems; Internet Productivity Gains, Cost Reductions; Public Accountant Use of the Internet; XBRL on the Horizon; Financial Statements on the Internet; Part III. The Firms in the New Global Environment |
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9. Firm Effectiveness in the Face of Emerging Accounting and Auditing StandardsAccountants Adjust and Are in High Demand; Firms of All Sizes Gain; Accounting Fees and Salaries Rising; Accountants in Short Supply; Sarbanes-Oxley Section 404 Is Controversial; Private Companies Adopt Sarbanes-Oxley Procedures; Accountants Favor Sarbanes-Oxley and PCAOB; The SEC Assesses Public Accounting and Looks to the Future; 10. The Firms and the Practical Issues of Adjustment in the Global Economy; Concentration of the Market for Large Company Audits; Restatements on the Rise |
| Summary |
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 redemptio |
| Notes |
Auditor Liability a Major Hurdle |
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Print version record |
| Subject |
United States. Sarbanes-Oxley Act of 2002.
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| SUBJECT |
Sarbanes-Oxley Act of 2002 (United States) fast |
| Subject |
Corporations -- Accounting -- Standards
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Corporations -- Auditing -- Standards
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International economic relations.
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Corporations -- Accounting -- Standards
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Corporations -- Auditing -- Standards
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International economic relations
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| Form |
Electronic book
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| Author |
McKee, David L
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McKee, Yosra AbuAmara
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| ISBN |
9781317477839 |
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1317477839 |
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