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

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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
    • *Report by The American Assembly, Columbia University, at its national meeting, Lansdowne Resort, Leesburg, Va., November 13-15, 2003, amassembly@columbia.edu