Cover -- Half Title -- Title Page -- Copyright Page -- Table of Contents -- Introduction -- Part I. The General Frame of Reference -- 1. Accounting and Auditing Standards as Operating Parameters in the Global Economy -- Accounting and Auditing Failures Unique in Financial History -- Andersen Failed to Follow Professional Standards -- Consulting Became an Overriding Concern -- Rise and Demise of Self-Regulation of Public Company Auditors -- 2. Overview of Accounting Standards in the Global Economy -- International Accounting Standards in Transition -- Convergence to International Accounting Standards -- Europe Adopts International Standards -- 3. The Role of Auditing Standards -- Improved Audit Standards Needed to Restore Public Confidence -- Structural Weaknesses in Financial Reporting -- Improving Systemic Weaknesses -- 4. Changing Realities in the Sarbanes-Oxley Era -- Sarbanes-Oxley Act Provisions -- Benefits and Costs of Sarbanes-Oxley Compliance -- Opposition to Sarbanes-Oxley -- Unexpected Benefits for Accountants -- Worldwide Reforms -- International Organizations -- Part II. Some Specific Issues Facing Accounting and Auditing Practice -- 5. The Harmonization of Auditing Standards -- International Self-Regulation by Large Firms -- Even Without the United States, More Countries Adopt International Audit Standards -- Meaning of Adoption of International Auditing Standards -- U.S. and International Auditing Standards -- Problems on the Convergence Path -- 6. Independence as a Growing Problem for Accounting Firms -- SEC's versus Firms' View of Independence -- Independence Standards Board Too Late to Avoid Sarbanes-Oxley -- SEC Independence Rules After Sarbanes-Oxley -- AICPA Compared to SEC Independence Rules -- EU Auditor Independence -- Comparison of U.S. and EU Approaches -- Public Companies as Owners of Public Accounting Firms.

7. The Firms and Locational Adjustments in the Global Financial System -- Adjustments to the Arthur Andersen Collapse -- Market Changes Caused by Reform Legislation -- Concentration in the Market for Large Public Corporation Audits -- Geographical Expansion -- 8. The Impact of the Internet and Improving Communications Systems -- Internet Productivity Gains, Cost Reductions -- Public Accountant Use of the Internet -- XBRL on the Horizon -- Financial Statements on the Internet -- Part III. The Firms in the New Global Environment -- 9. Firm Effectiveness in the Face of Emerging Accounting and Auditing Standards -- Accountants Adjust and Are in High Demand -- Firms of All Sizes Gain -- Accounting Fees and Salaries Rising -- Accountants in Short Supply -- Sarbanes-Oxley Section 404 Is Controversial -- Private Companies Adopt Sarbanes-Oxley Procedures -- Accountants Favor Sarbanes-Oxley and PCAOB -- The SEC Assesses Public Accounting and Looks to the Future -- 10. The Firms and the Practical Issues of Adjustment in the Global Economy -- Concentration of the Market for Large Company Audits -- Restatements on the Rise -- Auditor Liability a Major Hurdle -- Engagement Letter Contract Provisions May Reduce Litigation Costs -- Peer Reviews -- The Case for Peer Review Results Transparency -- Problems Difficult but Not Insurmountable -- References -- Index -- About the Authors.