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Accounting regulatory architecture in Asia

  • Walter Yao
  • Linda True
Registered author(s):

    Accounting regulatory regimes play a critical role in ensuring the reliability of financial data and the credibility of a company, and ultimately in supporting the stability of an economy. For the United States, the collapse of the Enron Corporation and the eruption of other financial statement related scandals a decade ago stand as clear reminders of the importance of reliable audit reviews and adequate regulatory oversight. These scandals led to the passage of the Sarbanes-Oxley Act of 2002 (Sarbanes- Oxley Act). This legislation created an independent accounting oversight board to supervise the U.S. accounting industry and instituted a number of new audit-related requirements. Prompted in part by these U.S. actions, many Asian economies have established similar regulatory bodies and standards for their domestic accounting industry.

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    File URL: http://www.frbsf.org/publications/banking/asiafocus/2012/april.pdf
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    Article provided by Federal Reserve Bank of San Francisco in its journal Asia Focus.

    Volume (Year): (2012)
    Issue (Month): Apr ()
    Pages:

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    Handle: RePEc:fip:fedfaf:y:2012:i:apr
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