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Governing the Modern CorporationCapital Markets, Corporate Control, and Economic Performance$
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Roy C. Smith and Ingo Walter

Print publication date: 2006

Print ISBN-13: 9780195171679

Published to Oxford Scholarship Online: September 2006

DOI: 10.1093/0195171675.001.0001

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The Auditors

The Auditors

Chapter:
(p.159) 7 The Auditors
Source:
Governing the Modern Corporation
Author(s):

Roy C. Smith (Contributor Webpage)

Ingo Walter (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0195171675.003.0007

Accounting firms and auditors play a critical role in delivering transparency to capital allocation decisions involving public corporations. Although the source of financial information is the company itself, a public company in the US is required under federal securities laws to retain an independent accounting firm to audit its accounts and to certify that the company’s financial statements “present fairly, in all material respects, the financial position of the company in accordance with generally accepted accounting principles applied in the United States of America”. This chapter traces the evolution of the accounting industry, how the accounting profession operated in the late 20th century, leading to its virtual collapse in the early 2000s, and the regulatory reforms and measures aimed at assuring its recovery.

Keywords:   accounting, auditing, standards, corporations, United States

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