Accounting and the Global Economy After Sarbanes-Oxley

Suitable for students and practitioners in accounting, international business, finance, and economics, this work focuses on the changing accounting and auditing standards in national and global economies in the post-Enron/Arthur Andersen era. It also offers an examination of accounting practitioners' past challenges and future prospects.

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.