Regulation of Accounting in U.S.

The public interest in the professional practice of accounting has stemmed from charges of fraudulent actions on the part of individual public accountants (Dingell, 1988). This public interest has been translated into demands for both greater professionalism within the profession and greater accountability by the profession (National Commission on Fraudulent Financial Reporting [NCFFR], 1987). Effectively addressing these public concerns is essential to the future of the profession (Sims, 1987). It is also essential for the economic health of the country and the fiscal integrity of its institutions (Cook, 1987).

ACCOUNTABILITY IN PUBLIC ACCOUNTING

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that the operations and policies of every member firm of the AICPA will be subjected to peer review. The emphasis in the program will be on education and corrective action, as opposed to discipline, although disciplinary actions under the program are possible. Opposition to peer review was based on (1) increased costs, which would impact smaller firms to a greater extent than larger firms, and (2) an objection to review by a national body, as opposed to local associations. An additional facet of the peer review change requires that member firms refusing such review be stripped of their membership in the AICPA. Further, individual AICPA members will not be permitted to retain their membership, and continue to work for a firm which has refused peer review (Cottle, 1988). The third proposed change involved reform of the Joint Trial Board, by combining the existing 12 regional boards into a single national board (Kaberline, 1987). The 36 members of the new national board will be selected on the basis of three from each of the 12 regions, and hearings will involve five board members, which will be selected from either the region from which the case is being heard, or from the adjacent region (Cottle, 1988). This proposal was
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Approximate Word count = 1459
Approximate Pages = 6 (250 words per page)

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