GAO report gives accounting profession good marks.

Summary

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General Accounting Office

The US General Accounting Office (GAO) released a report in September 1996 on the effectiveness of the accounting profession's efforts to improve auditing practices and promote public confidence in financial reporting. The GAO praised quality control efforts, but threats to auditor independence and the need for improve internal control auditing were also cited. The report suggests that methods of reporting financial data need to be revised to better meet the expectations of financial statement users.

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Extract

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GAO report gives accounting profession good marks.

In late September, the General Accounting OFfice made public a report on the actions and progress of the accounting profession over the past two decades. The report, The Accounting Profession--Major Issues: Progress and Concerns, lauded the actions taken by the profession from 1972 through 1995 to improve accounting and audit...

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