What Happened? The Extraordinary Business of Restructuring the CPA Profession
- Topics:
- Sarbanes Oxley Compliance
- Tags:
- Accounting,
- Sarbanes-Oxley,
- Regulatory Compliance,
- Regulations,
- Policies And Procedures,
- Operational Accounting,
- Human Resources,
- Government,
- Financial Services,
- Financial Accounting,
- ...
- Source:
- The CPA Journal
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Overview: When the Sarbanes-Oxley Act of 2002 became law on July 31, 2002, the accounting profession faced an event with similarly catastrophic possibilities, and its desire and ability to adapt to the new environment is not yet fully known. The Sarbanes-Oxley Act dramatically redefines accounting’s scope of services, its influence over financial reporting and auditing, and the locus of professional self-regulation. Certainly, the accounting profession’s institutions have been shaken far more than those of lawyers, financial analysts, corporate executives, and investment bankers. Accountants now face a new business landscape and a markedly attenuated marketplace, one with stricter laws pertaining specifically to them, and a strong likelihood of the effective end of much of their self-regulation. The paper focuses on the need of hard thinking, reflection, and strategic redirection for the Act.
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Format: HTML | Date: Jan 2003 | Pages: 1
