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Unaccountable: How the Accounting Profession Forfeited a Public Trust 1st Edition

by Mike Brewster (Author)

3.7 10 ratings

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Dieses Buch befasst sich mit einem topaktuellen und gleichzeitig umstrittenen Thema: die Praktiken von Wirtschaftsprüfungsgesellschaften und der Ruf nach umfassenden Reformen.

Die ganze Brisanz dieses Themas wird am Beispiel des Prozesses gegen Arthur Anderson im Fall Enron nur zu deutlich, und die Situation für Wirtschaftsprüfer und ihre Klienten wird zunehmend brenzliger.

Anhand von Interviews mit über 100 Hauptakteuren der Prüfungsbranche geht Autor Mike Brewster auf wichtige Gesprächsrunden und Ereignisse ein, die die Weiterentwicklung der Rolle des Wirtschaftsprüfers - weg von der reinen Prüfungspraxis und hin zu Consulting- und Researchaktivitäten bis zu Anlagetipps - deutlich belegen.

"Unaccountable" zeichnet die faszinierende Verwandlung des Wirtschaftsprüfers nach, der einst als unabhängige Stimme im Auftrag der Aktionäre handelte und sich mittlerweile in einen Finanzberater für seine Unternehmensklientel verwandelt hat.

Mike Brewster hat Kontakt zu einigen der stärksten Befürworter von Reformen sowie zu Brancheninsidern, wie z.B. Arthur Levitt, Harvey Pitt, Sandy Weill und den Vertretern der Großen 5 Wirtschaftsprüfungsunternehmen in den USA.

Er stellt unbequeme Fragen und enthüllt dabei den großen Einflussbereich von Prüfern in Vorstandsetage, Wirtschaft und Politik. Denn Prüfer gehen heute lieber ihren Consultingaktivitäten nach als der Rechnungsprüfung; und die Großen 5 sind mehr damit beschäftigt, Prozesse zu führen als an der Verbesserung ihrer Prüfungen zu arbeiten.

"Unaccountable" - Dieses Buch diskutiert die wirklich wichtigen Themen, beschreibt Möglichkeiten der Reform und erläutert die Auswirkungen, die diese auf Investoren und die Öffentlichkeit haben werden.

Editorial Reviews

From the Inside Flap

The most recent round of accounting scandals has shaken our economy and tarnished the reputation of a once-respected profession. The inherent conflicts within the flawed U.S. auditing system-where auditors are paid by the companies they audit and financial reports are now viewed as having little more veracity than press releases-have stunned a public that once believed auditors were their eyes and ears inside the country's biggest corporations. Now, renewed public interest has prompted the government and investors to once again ask: Where were the auditors?

In Unaccountable: How the Accounting Profession Forfeited a Public Trust, former communications director for KPMG and business journalist Mike Brewster explores the fascinating transformation of CPAs from independent voices on behalf of the shareholder to close allies of Corporate America. This vivid snapshot of the twenty-first-century accounting firm clearly examines the implications of this shift for investors, the industry, and the overall economy. Brewster's exploration of the key issues facing accounting traces the profession from its birth in the Middle East, to its rise as one of the most universally respected in the Western world, to the calamitous scandals of the past two years, to the fall of Andersen and passage of the Sarbanes-Oxley law.

Shaped by the author's own experiences in the industry, primary research of accounting documents going back hundreds of years, and exclusive interviews with the Big 5's major players, advocates, and detractors, Unaccountable questions the practices of the nation's leading accounting firms, including . . .

Their history of providing consulting services to the same firms they audit
Their push in the 1990s to open investment banking and law practices
Their push for double-digit growth with no regard to the ramifications of this growth on their public mandate
Their resistance to change, even in the face of overwhelming public criticism

. . . and discusses the recent reforms that might lead to better accounting practices and more reliable financial reporting.

From the first accountants to the future of accounting, Unaccountable offers an up-close and personal view of the accounting industry. Unaccountable turns up the heat on an already beleaguered profession, but also shows how the best and brightest within the profession can still save the day by implementing much-needed reforms.

From the Back Cover

The most recent round of accounting scandals has shaken our economy and tarnished the reputation of a once-respected profession. The inherent conflicts within the flawed U.S. auditing system–where auditors are paid by the companies they audit and financial reports are now viewed as having little more veracity than press releases–have stunned a public that once believed auditors were their eyes and ears inside the country’s biggest corporations. Now, renewed public interest has prompted the government and investors to once again ask: Where were the auditors?

In Unaccountable: How the Accounting Profession Forfeited a Public Trust, former communications director for KPMG and business journalist Mike Brewster explores the fascinating transformation of CPAs from independent voices on behalf of the shareholder to close allies of Corporate America. This vivid snapshot of the twenty-first-century accounting firm clearly examines the implications of this shift for investors, the industry, and the overall economy. Brewster’s exploration of the key issues facing accounting traces the profession from its birth in the Middle East, to its rise as one of the most universally respected in the Western world, to the calamitous scandals of the past two years, to the fall of Andersen and passage of the Sarbanes-Oxley law.

Shaped by the author’s own experiences in the industry, primary research of accounting documents going back hundreds of years, and exclusive interviews with the Big 5’s major players, advocates, and detractors, Unaccountable questions the practices of the nation’s leading accounting firms, including . . .

Their history of providing consulting services to the same firms they audit
Their push in the 1990s to open investment banking and law practices
Their push for double-digit growth with no regard to the ramifications of this growth on their public mandate
Their resistance to change, even in the face of overwhelming public criticism

. . . and discusses the recent reforms that might lead to better accounting practices and more reliable financial reporting.

From the first accountants to the future of accounting, Unaccountable offers an up-close and personal view of the accounting industry. Unaccountable turns up the heat on an already beleaguered profession, but also shows how the best and brightest within the profession can still save the day by implementing much-needed reforms.

Product details

Publisher ‏ : ‎ Wiley; 1st edition (March 28, 2003)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 304 pages
ISBN-10 ‏ : ‎ 0471423629
ISBN-13 ‏ : ‎ 978-0471423621
Item Weight ‏ : ‎ 1.29 pounds
Dimensions ‏ : ‎ 6.25 x 1 x 10 inches

Best Sellers Rank: #2,793,525 in Books (See Top 100 in Books)
- #407 in Business Ethics (Books)
- #1,269 in Business Finance
- #1,326 in Accounting (Books)

Customer Reviews:
3.7 10 ratings

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Big 4 Escapee

I worked for KPMG

Reviewed in the United States on March 8, 2006

and bought the book, because thats where Brewster worked as a communications guy (spinmaster). Despite the fact that he was not an auditor (or perhaps because he wasn't) I found the book to be an excellent analysis of what STILL troubles the Big 4. Mr. Brewster knows of what he speaks-and wrote the book before KPMG was almost "Andersened" in the Summer of 2005. Absent a government concerns warning of further reductions in big accounting firms-It might be the "Big 3" now.

These firms advertise their work as the Good Housekeeping Seal of approval to the public, but the truth is that the public would be shocked to see how little value is added by the outside auditors. A modern organization is simply to complicated and produces to much data to allow anything more than a very limited review of the financial data, focused on areas of greatest risk.

The direct relationship between the auditor and the management inevitably means following professional standards is a an objective subordinated to pleasing the client and meeting the time budget. Large companies aren't paying for anything more than a clean bill of health and partners are somewhere between hairdressers and pimps to a big company. They are of course, well paid for their "services".

An example of what I mean would be the common practice of SALY (Same As Last Year), when the bright-eyed young auditor finds out that the wiley old Controller they think they are smarter than runs rings around them. This usually comes as a surprise to staff, since they've been told they are the "best and brightest" since they were recruited,usually as juniors. Not one wonders if they were the "best and brightest" would they instead have been at Harvard Med School. Ironically, KPMG managers and partners often gave little value to an MBA degree, mostly because they rarely get them.

Unless the error (mistatement) or potential for misstatement is so egregious as to be a great big red flag to the PCAOB, the SEC or a jury, a great deal of the errors are simply written off as I/M (immaterial). A large audit's "workpapers" fills tens or even hundreds of binders and they know screwups will have to be frequent or huge to be spotted.

Untill auditors are hired by, and paid by, the SEC or an organization that provides insurance that the financial statements are "fairly stated", this situation will persist. The American economy spends BILLIONS to support the lavish lifestyles of Big 4 partners and we still have mal- and mis-feasance.

If you want more information about KPMG, read the inspection report issued last year by the PCAOB, or the issues related to audits where KPMG was sued (Fannie Mae, Rite Aid, now Ahold)

14 people found this helpful

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M. S. Butch

the way of all business

Reviewed in the United States on October 12, 2003

Verified Purchase

I found this book very interesting, despite some minor errors. After all, it is a big subject. The book is the best explanation I've yet seen of the transformation of the professions into businesses like any other, and the absolute dichotomy between what the public thinks auditors do and what the auditors actually do. Unfortunately, I think what one takes away from this is: don't buy stocks, you can't know what's going on with them. Although "Unaccountable" makes the accounting profession look bad, absent a complete restructuring fo the financial markets accountants will continue to work to please the management rather than the investors, because that is the only way the accountants can survive. The same is true for lawyers, bankers, and rating agencies.

5 people found this helpful

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GavinFarrMedia

Excellent history, powerful primary research.

Reviewed in the United States on November 27, 2004

While there are several other books that cover this general history, this book digs in with much greater detail. Throughout its long (but not exhaustive) review of the history of public accounting and auditing, many primary sources give a much better overview of the politics and controversies that have plagued accounting over the years. Linking 1930s legislation to the latest accounting debacle was no easy feat, but the book does so with several clear theses that are well-linked throughout.

Instead of repeating the same "SarBox will fix it" conclusions about the future of accounting, this book returns to its primary research in to present a more well-rounded impression of what challenges the future brings, what time bombs are (still!) waiting for the profession and what those on both sides of the regulatory line have to say abou it.

2 people found this helpful

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Purplelabrador

History and Current Affairs

Reviewed in the United States on July 13, 2006

This book starts with the history of accounting, from about 8000 BC continuing to current events. This is better than it sounds. A main focus of the book is on the development of the accounting culture in the United States from the 1890s, the development of accounting standards, and how accountants gained the public trust. An important theme is that without the public trust, auditors don't have anything to sell; what good is the assurance of someone who can not be trusted?

The majority of the book focuses on recent and current events. Beginning in the 1950s, the culture of audit firms changed so that the focus was on growth and building a profitable business. Prior to that, there was a much greater awareness of the public as a major stakeholder. It is called public accounting after all. The coverage of the culture shift and the resulting loss of faith in the audit profession is first rate. This is a problem that the profession is just beginning to address. Good information if you are interested in a career as an auditor.

3 people found this helpful

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Unaccountable: How the Accounting Profession Forfeited a Public Trust 1st Edition

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