AICPA announces major initiative to strengthen financial reporting and further tort reform prospects.
Journal of Accountancy › Vol. 176 Nbr. 2, August 1993
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Summary
Includes text of the initiative
The AICPA issued an initiative designed to reform auditors' disciplinary systems, restore public confidence, prevent fraud and improve the auditing system. The Institute opposes joint and several liability with high punitive damage awards because too many accounting firms are focusing vital time and money on combating litigation. In return, the AICPA would institute a new disciplinary system that would not wait for the outcome of civil litigation and would be more strict. The hiring of previous audit officers by businesses should be prohibited while audits of internal controls should be added.See the full content of this document
Extract
AICPA announces major initiative to strengthen financial reporting and further tort reform prospects.
The American Institute of CPAs unveiled a historic initiative to bolster public confidence in financial reporting and to improve the climate for tort reform by expanding auditors' efforts to detect fraud, assuring auditors' independence and enhancing the reliability of information for users.
"This initiative represents the unified ef...See the full content of this document
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