Another reason to read the WSJ is that the major figures in policy issues often print their views on the op ed page. Last Wed Nov 8, see pages A22 and C 3. I will put these in the library.
On A 22 the CEOS of the four major firms and Grant Thornton and BDO Seidman are submitting a paper at the Global Public Policy Symposium in Paris, France (www.globalpublicpolicysymposium.com). They are calling for further standardizing of procedures keeping with the global economy. Please click on the hyper link and look over their program agenda. You will of course also want to print out their guide to Paris restaurants for your next visit, I don’t see the prices so be sure to take your platinum credit card….I will print out the paper and put it on reserve. We will certainly be taking a more in depth look at it in the systems and audit courses.
Several of you did read one of Jim Rogers two books, Investment Biker and Adventure Capitalist, if you read one I urge you to read th other for next semester, a truly unique look at the world.
I continually mention globalization in class, their points are
Harmonize reporting and audit standards around the world
the new Ind Forum of Intl Audit Regulators should bring regulatory regimes into harmony
A New business reporting model to make information less complex and more useful, including more non financial information. what about customer loyalty, employee knowledge, brand value and reputation, IE the intangible assets are worth more than land and buildings
Auditors need greater room for judgment
an honest assessment of the expectations gap relating to fraud
on page C 3
The weekly column on accounting also discusses these issues. And another issue raised by the firms is some sort of cap on auditor liability. The Fed govt collapsed Arthur Andersen but in hindsight I think sincerely regrets that. And so KPMG was spared a collapse. The six firms make the point that the entire firm should not be at risk over the wrongdoing of a few auditors.
Professor Elam 
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