The international accounting profession has lost its way and is no ...

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The international accounting profession has lost its way and is no longer serving the needs of different users of accounting information in a manner which is appropriate and meaningful for the global business environment today.’

For your Initial Response, in approximately 750 – 1,000 words, address the following:

Do you agree or disagree with this statement?

Identify the different user groups who require accounting information and explain how this information is provided for them.

Discuss how the status of the accounting profession, both in your country and internationally, has been impacted by financial scandals in the recent past.

Describe what measures have been taken to counterbalance the impact of these scandals.

Do you think that the measures have been successful?

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Accounting and Finance

The accounting profession has been at the center of numerous scandals that have fleeced the unsuspecting public and become front-page news for the wrong reasons. The attention of the world has focused on numerous scandals that have come to the public limelight highlighting errors of omission or commission intended to pass the wrong message to the public about the financial health of various organizations. Investors rely on financial reports to help them understand how their investments are faring and when the accounting practices serve a different purpose other than the expected, the public is misled. Top managers in reputable organizations like Enron have been caught inflating profits and obscuring losses so that the wider public would view their firms as healthier than they were.
I agree with the statement that accounting standards have shifted and the trust that consumers had on the professionals waned in light of the various high profile scandals. That does not, however, mean that the role of accounting in...

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