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The article focuses on Committee of Sponsoring Organizations of the Treadway Commission (COSO) ERM (Enterprise Risk Management) and discusses its relevance as a framework to be used in building an ERM initiative. The article chronicles the public perception of the COSO ERM, including industry criticism, the fear of a new regulation requiring a system like COSO ERM, and the danger of ignoring the debate about its effectiveness. Other methods of enterprise risk management are addressed.

The article discusses the outlook for enforcing international accounting standards (IAS). The United States Securities and Exchange Commission is focused on developing a global infrastructure based on consistency, transparency, and enforcement. The Committee of European Securities Regulators was created as an enforcement mechanism by the European Commission in 2001. IAS are supported by the International Organization of Securities Commissions, World Bank, International Monetary Fund, and United Nations. Another issue is who will pay for the regulatory framework. INSET: Empowering IFRIC.

In this article the author examines the problems encountered in advocating a rules-based system in the accounting and auditing practices in the U.S. The author suggests that moving to a more principal-based system may be more beneficial for practitioners. He adds that the rule-based system was put in place largely in response to scandals such as Enron and the profession needed to restore the confidence of the public. He discusses the efforts that the Financial Accounting Standards Board has made in advocating a move towards a principal-based system. He notes that no matter what system is in effect it comes down to the honesty and integrity of those operating within the system to truly make a difference and change public's perception of the industry.

This article presents the opinion of five financial experts on how to strengthen the role of audit committees. The experts include Dennis Beresfod, Barbara Franklin, Roderick M. Hills, Diane C. Harris and John O. Whitney. The author saugh their opinions due on the subject due to the economic scandals involving companies such as Enron Crop. The author notes some common themes were brought up by all of the members such as the role of the U.S. Securities and Exchange Commission in the process.

This article explores some the issues concerning the nature of accounting standards and ethics. The author examines how companies are allocating money for internal accounting and auditing along with some of the conflicts that have arisen regarding the role of internal auditor. The author also discusses what effect the certification of financial reports by the U.S. Security and Exchange Commission will have on companies. These measures are designed to promote more ethical accounting practices.

This article focuses on the efforts of the International Accounting Standards Committee (IASC) to develop and implement global accounting standards. A description of the challenges that the IASC has to overcome before implementing a universal accounting standard is presented. The benefits of having such a system in place are examined and the role the U.S. Securities and Exchange Commission is playing in the process is discussed.