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Full-Text Articles in Law
The Fairness Myth, Victor M. Earle, Iii
The Fairness Myth, Victor M. Earle, Iii
Vanderbilt Law Review
Any type of fairness doctrine for liability, no matter how superficially if not seductively appealing, would effectively destroy the guarantee of professionalism that the securities law and the ac-counting profession have for so long sought to instill in financial reporting. Without the assurance that accountants are consistently applying those principles that- find general acceptance within the accounting profession, the accountant's opinion will mean nothing to a shareholder, investor, or creditor, unless by some magic he can personally observe the particular "fairness" bias of the individual accountant who performed the audit.51 Instead of enhancing the stature of the accountant's opinion and …
Sec Enforcement And Professional Accountants: Philosophy, Objectives And Approach, John C. Burton
Sec Enforcement And Professional Accountants: Philosophy, Objectives And Approach, John C. Burton
Vanderbilt Law Review
The Commission's enforcement program in regard to professional accountants is one of the means by which it seeks to improve the quality and reliability of financial reporting in the United States. Effective utilization of this program can achieve an increasing quality of professional performance and the implementation on an industry-wide basis of improved quality control procedures, thereby assuring the vitality of auditing standards and public confidence in the profession as a whole. These objectives are being achieved through a selective, albeit vigorous, application of enforcement powers and the continued use of flexible and innovative approaches by the SEC. While the …
The Establishment Of Generally Accepted Accounting Principles And Generally Accepted Auditing Standards, James F. Strother
The Establishment Of Generally Accepted Accounting Principles And Generally Accepted Auditing Standards, James F. Strother
Vanderbilt Law Review
This article will discuss accounting principles and auditing standards and the respective roles played in their development and regulation by the Securities and Exchange Commission, the organized accounting profession and other public and private agencies. Accounting principles and auditing standards comprise two fundamentally different and distinct bodies of convention and practice. Generally accepted accounting principles and generally accepted auditing standards are those principles and standards which for a number of reasons have come to be accepted and applied by issuers, accountants, and auditors. Combined with the procedures and techniques attending their observation and application, generally accepted accounting principles and auditing …
Accounting Standards In The United States And The United Kingdom: Their Nature, Causes And Consequences, George J. Benston
Accounting Standards In The United States And The United Kingdom: Their Nature, Causes And Consequences, George J. Benston
Vanderbilt Law Review
The purpose of this article is to account for the existence of differing accounting standards in the United States and the United Kingdom despite a common language, common practice and a fundamentally common political and economic base in the two countries. What factors explain the fact that, while accounting standards in the United States are codified and explicit, they remain on the whole uncodified and implicit in Great Britain? From which system does the investor more likely benefit? The first section of this paper begins with descriptions of auditing and reporting standards in each country. The factors which influence the …