Tokyo stocks finished lower Tuesday for the first time in seven trading days, hit by accounting scandals
involving major listed firms and selling after recent rapid gains.
Paulson said he did not believe new legislation was needed to change the 2002 Sarbanes-Oxley Act, but he said changes were needed in the enforcement of that law, which was passed in response to a wave of corporate accounting scandals
One result of the accounting scandals
of recent years is the enormous attention given to audit committees of public companies and the subsequent change in the committee's role and practices.
Ironically, though, these same accounting scandals
have increased interest in accounting as a profession, resulting in an increase in accounting majors.
As a response to the spectacular corporate accounting scandals
kicked off by the 2001 collapse of energy trader Enron Corp.
He theorizes that the accounting scandals
that led to Sarbanes-Oxley also made a difference.
However, in the UK, the government recently said it would not limit the liability of auditors in large accounting scandals
The ruling is called a setback for the Bush administration, which tackled the former Big 5 accounting firm first in its efforts to prosecute white collar criminals following accounting scandals
at several major corporations.
Furthermore, when asked whether CPAs and the accounting profession have taken steps to fix the problems that had led to past accounting scandals
, fully 80% of business decisions and 70% of executives said "yes.
WITH THE RECENT AND VERY PUBLIC RESIGNATION OF TWO TIAA-CREF trustees for tripping over federal auditor independence statutes, the corporate accounting scandals
have officially crossed into higher education.
The issuance of FASB's new rule marks a victory in the decade-long battle to reform an egregious accounting practice that contributed to the worst corporate accounting scandals
in our nation's history.
The seemingly endless accounting scandals
associated with Halliburton--the contractor in charge of feeding troops and providing overall logistics services in Iraq--could have been prevented if the Army had not restricted industry competition so rigorously, lamented a former commander of U.