ABSTRACT
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.
TABLE OF CONTENTS
part |80 pages
The General Frame of Reference
chapter |15 pages
Overview of Accounting Standards in the Global Economy
chapter |15 pages
The Role of Auditing Standards
chapter |27 pages
Changing Realities in the Sarbanes-Oxley Era
part |104 pages
Some Specific Issues Facing Accounting and Auditing Practice
chapter |17 pages
The Harmonization of Auditing Standards
chapter |37 pages
Independence as a Growing Problem for Accounting Firms
chapter |19 pages
The Firms and Locational Adjustments in the Global Financial System
chapter |29 pages
The Impact of the Internet and Improving Communications Systems
part |52 pages
The Firms in the New Global Environment