PricewaterhouseCoopers Center for Innovation in Professional Services


 
McIntire School of Commerce
Oct. 18, 2002

 

FACULTY LEAD Susan E. Perry  Professor  McIntire School of Commerce

DESCRIPTION

Recent events, beginning with the Enron debacle, undoubtedly will have  dramatic effects on the system of financial reporting for publicly traded firms. Investor trust in the credibility of financial reporting is probably at an all-time low. Before confidence is restored, significant changes in the accounting profession, corporate governance, financial accounting standards, policies and practices in the investment banking community, and government regulation and oversight may be necessary. This program explored a number of aspects related to this new environment. Some topics of interest included the following: 

• The impact on financial standard setting
• The absence of significant items from the financial statements 
  (e.g., stock options, off-balance sheet debt, SPEs)
• The standards and practices of financial analysts
• The need for financial expertise of the boards of directors
• The role of the audit committee of the board of directors
• The growth of risk assessment programs
• Auditor independence
• The various players in future accounting standard setting

Given these dynamics and the popularity of both accounting and finance careers at McIntire, this event was designed to expose interested McIntire undergraduates, graduates, and faculty to trends, work and firm perspectives, and career considerations within the accounting and finance professions. This was achieved through a facilitated panel discussion of accounting professionals and industry experts from diverse firms.