A fresh look at accounting ethics (or Dr. Smith goes to Washington). (Guest Editorial)

Accounting Horizons,  March, 2003  by Dr. L. Murphy Smith

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In the history of the world, there has never been a country like the United States of America. Compared to other nations, America has more freedom, more wealth (more evenly distributed), and more opportunity. The accounting profession has played its part in America's success story. The profession has a long history of contributions to the efficient functioning of business operations, the capital market system, and the economy in general.

In the wake of corporate scandals and a shaky stock market, Congress passed legislation that established a new board to oversee auditors of publicly traded companies and increased prison sentences ...