The Regulation of the Accounting Profession and the Problem Of

Glenn Perry focuses on regulation of auditors. He first describes tie forms of accounting regulation, including self-regulation, peer regulation, state licensing authorities, and private litigation. Perry then discusses the SEC's oversight of independent auditors and its remedies for misconduct. He describes the conflict that exists between punitive regulations and preventivecorrective regulations, and asserts that the latter is generally more beneficiaL Perry concludes that the accounting profession has made substantial improvements but more are necessary, including higher educational and licensing standards for certified pubhc accountants to ensure that they have adequate audit experience.