The Accounting Profession

Paper Summary:

This paper explains that, of the many recent accounting problems that have occurred recently in U.S. companies, the most prevalent have been the lapses in audit processes and verifiability. The author stresses that these challenges to the accounting profession all have their basis in the perception of questionable ethics. The paper reviews the implications of the 2002 Sarbanes-Oxley Act (SOX), which was passed to provide greater levels of audit traceability and of process management of material financial events in all publicly-held companies in the U.S.

From the Paper:

"There is first much more of an emphasis on training and certification of auditors to understand and be able to design processes that are in adherence to the SOX requirements. These changes in accounting processes are just the beginning of the much broader and much more pervasive changes at the fundamental business process level within companies. The changes required by SOX also force entirely new approaches to managing, reporting, storing, and accessing financial information, often requiring new IT systems and processes as well."

Sample of Sources Used:

• Ronald Jelinek, Kate Jelinek. "Auditors gone wild: The "other" problem in public accounting. " Business Horizons 51.3 (2008): 223. ABI/INFORM Global. ProQuest. 27 Apr. 2008 www.proquest.com
• Jeffrey E Michelman, Bobby E Waldrup. "Improving Internal Control Over Financial Reporting. " The CPA Journal 78.4 (2008): 30-34. ABI/INFORM Global. ProQuest*. 27 Apr. 2008 www.proquest.com
• Robin R Radtke. "Role Morality in the Accounting Profession - How do we Compare to Physicians and Attorneys? " Journal of Business Ethics 79.3 (2008): 279-297. ABI/INFORM Global. ProQuest. 27 Apr. 2008 www.proquest.com
• Sandra Waller Shelton, O. Ray Whittington. "The influence of the auditor's report on investors' evaluations after the Sarbanes-Oxley Act. " Managerial Auditing Journal 23.2 (2008): 142-160. ABI/INFORM Global. ProQuest. 27 Apr. 2008 www.proquest.com
• Nikki Swartz. "SOX Costs Sock Small Firms. " Information Management Journal 42.2 (2008): 14. ABI/INFORM Global. ProQuest 27 Apr. 2008 <http://www.proquest.com

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