BAD 63022 Professional Issues in Accounting

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BAD 63022 Professional Issues in Accounting

    BAD 63022 Professional Issues in Accounting

     Fall, 2002

    ndDecember 2 Assignment

    Challlenges Facing the Accounting Profession in the U.S. & Other Countries Roles of Management, Audit Committees, Boards of Directors, CPAs, and Regulators in

     Financial Reporting

    The Future of the Accounting ProfessionCPA Vision Project; Additional Professional

     Certifications; Changes in CPA Examination

References on 2-Hour Reserve at KSU Main Library

    The Future of the Accounting Profession: A Global Perspective, HF5635.M8758 1993

     Kenneth Most

     Chapter 13 The Future of Auditing

    Accounting Theory: Contemporary Accounting Issues, Evans Personal Copy

     Chapter 16 Finnacial Reporting: Disclosure

    Accounting Theory: Contemporary Accounting Issues, Evans Personal Copy

     Chapter 4, pp. 90-96

     Chapter 8

    Certified Public Accounting: A Sociological View of a Profession HF5627.M66

     In Change, Paul Montagna

     Chapter 9 A Profession in Conflict: New Debates in

     Public Accounting

     Chapter 10 Professions in Conflict: The CPA and the Future

    The Scope of CPA Services: A Study of the Development of the HF5611.P73 1985

     Concept of Independence and the profession‟s Role in Society,

     Gary John Previts

     Chapter 6 Controversy in Search of an Issue: 1977 to 1984

     Chapter 7 After 1984: A New CPA Identity

    CPA Professional Responsibilities: An Introduction, Harry Magill HF5616.U5 M25 1991

     & Gary John Previts

     Section E Issues in the Professional Environment

     Section F Coping with the Future

Accounting: How to Meet the Challenge, Eugene Flegm Personal Copy

     Chapter 8 The Future of Accounting

Accounting: A Book of Readings, Gerhard G. Mueller & Personal Copy

     Charles H. Smith

     Chapter XII, Articles 58-60 listed below

    Problems of the Profession in the United States,

     John L. Carey

    Accountancy and the Onslaught of Case Law in North

     America, Kenneth F. Byrd

    Landmark Decisions on Liability, The Journal of


     Chapter XV, Article 76

    CPAs/Auditing/2000+/-, Howard F. Stettler

Accounting: A Book of Readings, 2nd Ed., Mueller & Smith Personal Copy

     Chapter IV, Article 26 listed below

     Mattel Insider Suit Was Settled in April, SEC Filing

     Discloses, The Wall Street Journal

     Chapter V, Articles 34, 41 & 42 listed below

    The Evolution of Accounting Practice, Committee on

     Scope & Structure, AICPA

     Recent Fraud Cases Leave Professionals Vulnerable to

     Charges, David McClintick

     Companies vs. Auditors: Why Are So Many Companies

     Firing Their Auditors, Arlene Hershman

References for Other ArticlesSearch for These in Appropriate Journals

Accounting Fraud

    Bull, Ivan Board of Directors Acceptance of Treadway Responsibilities, Journal of

     Accountancy, Feb., 1991

     Fraud Commission Issues Final Report, Journal of Accountancy,

     Nov., 1987

    Sweeney, Paul Accounting Fraud, Financial Executive, September/October, 2000 Kelley, Thomas P. The COSO Report: Challenge and Counter Challenge, Journal of

     Accountancy, Feb., 1993

    Beasley, Mark & Preventing Fraudulent Financial Reporting, CPA Journal, Dec., 2000


    Westerback, Steven Fraudulent Financial Reporting, Pennsylvania CPA Journal, Fall, 1997

    McDonald, Donald Implementing the New Fraud Auditing Standard in Your Auditing

     & Banks, George Practice, Ohio CPA Journal, July-Sept., 1997

Demski, Joel Enron et alA Comment, Journal of Accounting & Public Policy,

     Summer, 2002

Revsine, Lawrence Enron: Sad But Inevitable, Journal of Accounting & Public Policy,

     Summer, 2002

    Montgomery, Daniel Auditors‟ New Procedures for Detecting Fraud, Journal of Accountancy,

     & Others May, 2002

    Wells, Joseph T. Let Them Know Someone‟s Watching, Journal of Accountancy,May,2002

    Wells, Joseph T. …and Nothing But the Truth: Uncovering Fraudulent Disclosures, Journal

     Of Accountancy, July, 2001

Dean, Gary Eronitis: The Side Effects of the Cures, Pennsylvania CPA Journal,

     Summer, 2002

Rogozinski, Ronald You, Enron and the CPA Profession, CPA Journal, Spring, 2002

    Zeune, Gary Preventing Your Firm‟s „Enron‟, Ohio CPA Journal, April-June, 2002

Groveman, Howard How Auditros Can Detect Financial Statement Misstatement, Journal of

     Accountancy, October, 1995

    Responsibilities of Auditors, Audit Committees, Boards of Directors & Others Rashad Abdel-khalik, Reforming Corporate Governance Post Enron: Shareholder‟s Board of

     A. Trustees and the Auditor, Journal of Accounting & Public Policy,

     Summer, 2002

O‟Reilly-Allen, M. Restoring Public Trust, CPA Journal, Spring, 2002

Von Brechel, John Executing the CFO Act: CPAs Will Be Involved, Journal of Accountancy,

     March, 1996

Pany, Kurt & Auditor Independence and Nonaudit Services, Journal of Accounting &

     Reckers, P.M.J. Public Policy, Spring, 1983

Mahoney, Daniel P. The Evolving Role of Corporate Audit Committees: Implications of

     Recent SEC Actions, CPA Journal, August, 1999

Barlas, Stephen Oversight Board Issues SOS, Strategic Finance, August, 2000

Barlas, Stephen New Rules for Audit Committees, Strategic Finance, Dec., 1999

Global Professional Credential

    Elliott, Robert K. A Perspective on the Proposed Global Professional Credential,

     Accounting Horizons, Dec., 2001

    Reeb, William & The Proposed Global Business Credential, Journal of Accountancy,

     Cameron, Michaelle September, 2001

     & Patton, Jeannie

    Taylor, Scott & Impact of the Global Business Credential on the Next Generation,

     Finnegan, Jean Journal of Accountancy, Septmeber, 2001

    Gerbetz, Ken & Data Suggest Demand for Global Business Credential Skills, Journal of

     Scalea, Robert Accountancy, September, 2001

    Schoenfeld, Herbert Why We Oppose the Proposed Global Business Credential, Journal of

     & Goldfarb, Robert Accountancy, September, 2001

    Huefner, Ronald The XYZ Certification: An Early Analysis, CPA Journal, July, 2000

    Agani, Addel & Is International Reciprocity Possible?, CPA Journal, May, 1997

     Cascini, Karen

Future of Accounting Profession

    Eprile, Brenda The Future Direction of Accounting, Accounting Horizons, June, 1994

    Melancon, Barry A New Accounting Culture, Journal of Accountancy, October, 2002

    Miller, Richard I. & Regulations under the Sarbannes-Oxley Act, Journal of Accountancy,

     Pashkoff, Paul H. October, 2002

Topics/Issues/Questions for Discussion

    Those Probably Covered by Student Presentations

What are the challenges facing the accounting profession today in the U.S. and other countries?

     Are these “new” challenges or “old” challenges? If they are “old” challenges, how did

     responses to them fail, or were they never addressed? How do the challenges differ between

     the U.S. and other countries?

What are the roles of management, audit committees, boards of directors, CPAs, and regulators

     in assuring the quality of financial reporting? How are the profession and regulators

     attempting to improve the quality and reliability of financial reporting?

What is the CPA Vision project? How does it attempt to prepare CPAs for the changing

     environment for providing typical and new services for clients and to maintain the public

     accounting profession as a viable one in the future?

How is the CPA examination changing? Why? Is international reciprocity of “certified” or

     “chartered” public accountants possible? Is it necessary?

Why has the AICPA attempted to have its members approve a new global professional

     credential, sometimes referred to as the XYZ certification? What has been the outcome of

     this movement? Why did this outcome occur?

    Other Questions for Discussion after Student Presentations

What should be the CPA‟s responsibilities be for detecting fraud? What should be the response

     of any CPA or accountant when fraud is detected or that person is asked to participate in fraud

     or to use accounting procedures that they know are not in accord with GAAP or that would

     provide misleading information relevant to users of that information?

What is or are the underlying cause(s) of the problems that we are seeing today with misleading

     and/or fraudulent financial information? How can the accounting profession and individuals

     respond to these causes? Do you believe that the Sarbannes-Oxley Act is an appropriate

     response to the problems?

Do you believe that the AICPA is on the right path in making changes to the CPA examination?

     Do these changes really reflect the knowledge and skills required of those entering the

     accounting profession today? Is professional certification for specialty areas appropriate?

     Is there a need for a global professional certification? Are changes in other professional

     certifications, such as the CMA, needed?

What are the problems that the accounting profession is facing with attracting students to major

     in accounting, and to get the “best and brightest” students into accounting? What will be the

     effects on the profession and business community if efforts in this area fail?

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