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    Contemporary Accounting Issues

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    You have recently obtained a new position as a manager of an international accounting firm, Smith, Lindsey, and Lueders, CPA (SLL). SLL is primarily an auditing firm. Part of your duties will be to analyze the current state of accounting with an emphasis on the international environment. An additional responsibility is that you are in charge of training the new hires for the year. The advantage of having these two responsibilities is that you can use the information gained in your accounting analysis to train your new hires.

    Need 500-800 words

    The new hires will be involved in gathering corporate information for audits. Part of the requirements for this are that they make decisions on corporate responsibility based on regulations. Because of this, they need to have a basic understanding of the regulatory history of accounting and corporations. Write a paper discussing the following:

    â?¢Discuss the 2 regulations you feel are arguably the least effective and why you think so.
    â?¢Given the economic decline of 2008, would you advocate expanding SOX, or would you come up with a whole new set of regulations? Support your opinion with at least 2 pieces of evidence cited.

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    Solution Preview

    A close look at the history of regulations on the accounting profession and corporations, specifically those which are publicly listed shows that a majority of the regulations were written after an upheaval in a business sector. This shows that the regulatory function of the government and related governing bodies are more often than not reactionary.

    Given this process, undoubtedly there are several regulations that have little to no benefits to both the entities being regulated and to the American public, and obsolete. One of these regulations is the provision under the Sarbanes Oxley Act of 2002 which mandated that public companies be registered with the Public Company Accounting Oversight Board (PCAOB). The registration serves no purpose. Why? Public companies are easily identified and since the regulations and changes required by SOX are ...

    Solution Summary

    This solution discusses contemporary accounting issues regarding an international accounting firm.