Financial Accounting Blog

Monday, October 06, 2003

This article deals with the "creative accounting" that has been rampant in the business sector the last few years. It'll be interesting to see if this debacle has similar results on KPMG that Enron had on Anderson Consulting. A quote from Federal Reserve Chairman Paul Volcker said, "That great profession has lost its discipline ... It's a sad story."

These incidents are beginning to weed out the unscrupulous practices in the accounting firms today. Unfortunately the unethical decisions of a few are ruining the general perception of many of these accounting firms. It'll be interesting to see how accounting practices are changed in the next few years to cope with this unethical behavior.

Frank Ayoung-Chee