Excerpts From the 103rd American Assembly Report: The Future of the Accounting Profession

• Structural Challenges Facing the Accounting Profession:

  • Rules-based versus principles-based standards
  • A revised and expanded financial reporting model
  • New and enhanced audit and attestation standards
  • The number of major accounting/audit firms
  • A balanced approach to auditor liability and accountability
  • Valuing quality audits and audit personnel
  • Reinvigorating audit committees
  • Preparing for the future—the talent search