Title: RELEVANT FINANCIAL REPORTING QUESTIONS NOT ASKED BY THE ACCOUNTING PROFESSION
Abstract: This paper explores a number of crucial issues and problems that affect U.S. financial reporting and presents a critical perspective on the meager attempts that the accounting profession has made to maintain a high level of commitment to its responsibilities to the public and the capital markets. The profession assumed the responsibilities in 1933 when it was given a monopoly on audits of public companies. It convinced the U.S. Congress of its claim to be independent of the client, but the fallacy of this claim became apparent to some soon after the privilege was granted and has become increasingly troublesome in the years since. This paper chronicles a selection of events and changes during this time and relates them to failures of the accounting profession and its self-regulation system to act on—or to question—the existence of the independence problem.
Publication Year: 1998
Publication Date: 1998-10-01
Language: en
Type: article
Indexed In: ['crossref']
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Cited By Count: 16
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