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NCJRS Abstract

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NCJ Number: 65583 Find in a Library
Title: INSTITUTE RESPONDS ... A RESPONSE BY THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, APRIL 1977, CONCERNING THE STAFF STUDY 'THE ACCOUNTING ESTABLISHMENT' (FROM ACCOUNTING AND AUDITING ... - SEE NCJ-65581)
Corporate Author: American Institute of Certified Public Accountants
United States of America
Date Published: 1977
Page Count: 13
Sponsoring Agency: American Institute of Certified Public Accountants
Jersey City, NJ 07311-3881
National Institute of Justice/
Rockville, MD 20849
Sale Source: National Institute of Justice/
NCJRS paper reproduction
Box 6000, Dept F
Rockville, MD 20849
United States of America
Document: PDF
Type: Legislative/Regulatory Material
Language: English
Country: United States of America
Annotation: THIS TESTIMONY BEFORE THE SENATE SUBCOMMITTEE ON REPORTS, ACCOUNTING, AND MANAGEMENT AFFIRMS THE ESSENTIAL EFFECTIVENESS OF THE EXISTING COOPERATIVE RELATIONSHIP BETWEEN THE PRIVATE ACCOUNTING SECTOR AND THE GOVERNMENT.
Abstract: FOR 40 YEARS THE SECURITIES AND EXCHANGE COMMISSION (SEC) HAS ENTRUSTED THE SETTING OF STANDARDS OF FINANCIAL REPORTING FOR CORPORATE BODIES TO PRIVATE ACCOUNTING BODIES, MOST RECENTLY THE FINANCIAL ACCOUNTING STANDARDS BOARD, WITH THE SEC MONITORING AND EVALUATING SUCH EFFORTS TO ENSURE THAT GOVERNMENT AND PUBLIC INTERESTS ARE BEING MET BY THE STANDARDS DEVELOPED. WHILE THERE HAVE BEEN FAILURES UNDER SUCH A SYSTEM OF REGULATION, THEIR PERCENTAGE HAS BEEN SMALL AND NOT DIRECTLY ATTRIBUTABLE TO THE NATURE OF THE REGULATORY SYSTEM. WHATEVER CHANGES NEED TO BE MADE TO CORRECT PAST INADEQUACIES CAN BE MADE WITHIN THE EXISTING SYSTEM FOR DEVISING AND PROMULGATING STANDARDS. WHILE THE SUBCOMMITTEE'S STAFF REPORT, 'THE ACCOUNTING ESTABLISHMENT,' NOTES WEAKNESSES THAT NEED TO BE REMEDIED, ITS RECOMMENDATION THAT A NEW GOVERNMENT BODY BE ESTABLISHED TO PROMULGATE STANDARDS FOR FINANCIAL REPORTING IS AN UNNECESSARY STEP THAT COULD UNDERMINE THE VALUES OF THE EXISTING NETWORK FOR STANDARD-SETTING AND CHANGE EFFORTS ALREADY UNDERWAY. THE PRIVATE ACCOUNTING SECTOR HAS SHOWN A GENERAL CREDIBILITY AND COMMITMENT TO SERVING THE INTEGRITY OF FINANCIAL REPORTING AND THE PUBLIC INTEREST SUCH THAT ITS AUTHORITATIVE INPUT IN THE CREATION OF STANDARDS FOR FINANCIAL REPORTING CAN BE TRUSTED TO SERVE THE GOVERNMENT AND THE PUBLIC WELL IN THE FUTURE.
Index Term(s): Auditing standards; Federal government; Testimony
To cite this abstract, use the following link:
http://www.ncjrs.gov/App/publications/abstract.aspx?ID=65583

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