Regulating the Accounting Industry

Paper Summary:

The writer asks whether the accounting industry should be regulated and if so, how this should be done. It looks at the factors surrounding this issue such as independent audits and government controlled Accounting Authorities.

From the Paper:

"Currently, the accounting industry is a "self-regulating" industry, which means they set their own rules, and abide by them within the industry, with a minimum of outside intervention. The Financial Accounting Standards Board governs companies. The board sets the rules and applications accounting firms must follow. Many experts feel that self-regulation is no longer working, and the Federal Government needs to place more constraints on accounting firms. "non-regulation and deregulation of the financial industries has gotten us into this mess. Auditors are allowed to receive income both from auditing and from consulting or "management advisory services" to the same client, the latter usually being the more lucrative relationship with more potential for growth" (Amato)."

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