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Contemporary Issues in accointing and finance - Coursework Example
Author : lydia14
Finance & Accounting
Pages 6 (1506 words)
7BSP0380 - Contemporary Issues In Accounting And Finance (Semester B 2010/11) Academic research has no real life relevance and makes no contribution to the development of accounting and/or finance regulation. Student's Name: Alduraywish, Ali ID Number: 10242974 Word count: 1456 This paper will answer the question whether academic research has no real life relevance and makes no contribution to the development of accounting or finance regulations…
Public interest is the collective well-being of people and the institutions they serve. Failure to fulfil this mandate can have very serious adverse consequences such as what happened to the Arthur Andersen auditing firm for being complicit in the Enron scandal. This paper examines the role of accounting in serving public interest versus self-interest when accountants and auditors are engaged for their services. I will state the answer to the above question is in the negative in relation to the financial crisis brought about by the bursting of the real estate asset price bubble and the issue of stock buybacks within the context of academic research. Real life as used in this paper refers to actual business and economic conditions; regulations pertain to all the government orders issued to control conduct of business to protect public interest. The accounting profession adopted a code of ethics and professional conduct for its members to guide them in serving public interest. ...