Mandatory external rotation of accountantsoffices Essay

Mandatory external rotation of accountantsoffices - Essay Example In the U.S., the Securities and Exchange Commission is responsible for spelling out audit requirements. The SEC is more focused on internal audit as compared to external mandatory rotation of audit firms. Financial accounting reporting and auditing have been the key areas affected by the European crisis. In an attempt to resolve the predicament, both Europe and the U.S. have tried to come up with rotation. Rotation has been viewed as a solution to mitigate the threats associated with financial independence generated by developed nations (Mihaela et al., 2010). At a time when the world is facing a crisis new audit policy has to be a crucial factor in avoiding losses. Auditors usually find themselves in a fix due to the fact of being familiar with the management and being intimidated by their clients, which adversely leads to long-term client-audit relationship. Over the recent years, the subject of long-term audit and client relationship has raised eyebrows within public and social re alms. Mandatory external rotation of accountants’ offices is believed to increase auditor independence and quality of audit and financial reporting (Velte & Stiglbauer, 2012). On the other hand, external auditing increases the cost of auditing in the first two years. This is because the risk of liability from auditors is significantly high in the first two years than within subsequent years. Due to the audit concentration of the four big companies, external mandatory rotation is almost not realized. The big four has a command on the number of companies they audit each year. In addition, the big four has vast experience in consultancy and have advisory services to attest to it. Therefore, this makes it hard for small and mid-sized accounting firms, which are looking forward to enter into a new market (Velte & Stiglbauer, 2012). In other cases, there have been arguments on the quality of auditing in

Popular Culture (4-2) Class Participation Assignment

Popular Culture (4-2) Class Participation - Assignment Example The way that John’s character unfolds and is portrayed also affected the way I thought about him. The movie builds and revolves around him in such a manner that I started connecting with the character. The fact that he was a cop and was a sober man also helped in recognizing him as a hero. He showed signs of being a good natured, stable, modest and no-nonsense man. All theses qualities assured me as John’s character being central and that of a hero. The film was released in 1988 and was an American action Film. And I feel that how the hero is portrayed in a movie, to a good extent is dependent on what the viewers want to see. This was the time when people wanted to see the character of hero being a common man with whom the audience could relate to and this trend still continues. The action movies during that time were completely a one-man show, though there used to be a back-up provided for the hero from other characters but in all indirect means. Till this time people expected a little more realistic planning and thinking from the hero. Therefore, the character of John McClane showed no signs of being a perfect and extremely skilled guy but still somehow being able to sort out everything in the end in a smart way and in his own