2008-08-09T12:12:00.000-07:00

ACCOUNTING
HOW TO SUCCEED

Accounting

Accountancy Firms

Professional accountants invariably hold one of the following accountancy qualifications: Association of Accounting Technicians (AAT), Chartered Institute of Management Accountants (CIMA), Association of Chartered Certified Accountants (ACCA), Association of Chartered Accountants (ACA). Although these are essentially UK qualifications, those of other countries are closely allied.

The top four accountancy firms, which have auditing at their roots, include:

PricewaterhouseCoopers
Deloitte Touche
KPMG
Ernst & Young

Instead of having the classical structure of holding companies and subsidiaries, the firms consist of associated partnerships in each country.

In 2002, the major accountancy firm Arthur Anderson was initially convicted of obstruction of justice since two of its senior employees were held responsible for the shredding of documents whilst conducting an audit at the company Enron. This episode came to be known as the Enron scandal.

As a result, the firm had no choice but to surrender its right to practice since the SEC, or Securities and Exchange Commission, does not allow those convicted of a criminal offence to audit public companies in the United Stares.

The accounting industry has taken note of the unprofessional conduct of companies such as Enron in order to reshape its position going forward.

Consequently, there are many who advocate that the system adopted in the UK should be applied more widely, especially in the United States.

Accounting – How To Succeed

Peter Radford writes Articles with Websites on a wide range of subjects. Accounting articles cover Background, Historical, Double Entry, Accounting Software and Applications.
Website has many more.
View his Website at: accounting-how-to-succeed.com

ACCOUNTING - HOW TO SUCCEED