The Future of the Accounting Profession
The inaugural event of the Assembly's project on accounting and auditing standards, “The Future of the Accounting Profession” brought together fifty participants to discuss ways of ensuring the integrity of auditing practices and the viability of the auditing sector. Broadly, the group concluded that auditing has come to rely too heavily on prescriptive rules instead of expertise and professional judgment--which created the conditions for the series well-publicized accounting scandals of the 1990s and early 2000s.
The meeting was organized by Roderick M. Hills, President, Hills Enterprises, and Russell E. Palmer, Chairman & CEO, The Palmer Group. William H. Donaldson, Chairman of the Securities and Exchange Commission, gave the keynote speech.