Assignment: Self-Regulation in the Accounting Industry
In this Assignment, you will research recent important accounting industry events that have shaped the profession as we know it today.
Due to several events, the public and legislators began to doubt the ability of the accounting profession to self-regulate. As a result, Congress reformed the accounting professionâ€™s system used for regulating itself.
Checklist: 1. Describe at least one major historical event that occurred in the business world in the past 20 years and discuss how this affected todayâ€™s accounting system of self-regulation.
2. Describe the legislation that altered the self-regulation process of the accounting profession.
3. Describe the regulation process for accounting firms that audit (A) public companies and (B) non-public companies.
4. Describe how this new self-regulation process would affect you as an auditor working for a large public accounting firm today. Discuss the strengths and weaknesses of self-regulation in the accounting profession as a result of the historical events you described.
Respond in a minimum of a 2-page, APA-formatted, and citation-styled paper and submit this section of your Assignment to the unit Dropbox.
Submit your responses to the above questions to the Assignment #2 Dropbox.
Common Citations in APA Reference
Whittington, O. R., & Pany, K. (2014). Principles of auditing & other assurance services (19th ed.). New
York, NY: McGraw-Hill.