Unaccountable

by Mike Brewster

"In How the Accounting Profession Forfeited a Public Trust, former communications director for KPMG and business journalist Mike Brewster explores the fascinating transformation of CPAs from independent voices on behalf of the shareholder to close allies of Corporate America. This vivid snapshot of the twenty-first-century accounting firm clearly examines the implications of this shift for investors, the industry, and the overall economy. Brewster's exploration of the key issues facing accounting traces the profession from its birth in the Middle East, to its rise as one of the most universally respected in the Western world, to the calamitous scandals of the past two years, to the fall of Andersen and passage of the Sarbanes-Oxley law." From the first accountants to the future of accounting, Unaccountable offers an up-close and personal view of the accounting industry. Unaccountable turns up the heat on an already beleaguered profession, but also shows how the best and brightest within the profession can still save the day by implementing much-needed reforms.

Paperback

First published January 1, 2003

Reviews

[Lance Cahill · Rating 4 out of 5]

3.5 stars rounded up to 4.

This book starts off interestingly and decent enough in providing an overview of the accounting profession in the United States, including the impacts of New Deal legislation. The author has done his homework and his citations are primarily primary source material obtained from Columbia University’s collection of papers. The increase in professionalism today compared to yesteryear is surprising.

But, as the author gets to recent events, it goes a bit off track. Claims that risk-basked auditing is different from detailed testing, that concern over consulting fees has led to viewing the audit as perfunctory and commodity-like, and adopts the views of Lynn Turner and Arthur Levitt without critical assessment. At this point, the author’s lack of background in an accounting role becomes evident.

The effect of SOX has been clear insofar as Congress has rolled back some of its provisions (JOBS Act). While the focus on management controls is warranted, it has too often taken the form of ensuring there are supporting screenshots of report outputs used in controls versus rigorous assessment of accounting estimates and judgements.

[Raul Roman · Rating 4 out of 5]

I am an Incoming Audit Associate at a big four firm. I wanted to nerd out a bit and read about the history of Audit. If anyone is familiar with accounting, university professors encourage the students to join a big four (EY, Deloitte, KPMG and PwC) professional services firm. Knowing that, I wondered why that is the case.

This book coveres the creation of public accounting as a tool to protect the capital markets and what has gone wrong along the way. 20 years ago, the credibility of the accountant, moreover the CPA, was at an all time low due to the fall of Arthur Anderson.

I recommend this book to any accounting student considering public accounting or anyone looking for a dull read to get their hands on to use as melatonin.

[Edwinra · Rating 4 out of 5]

Exhausting book to read if i can be honest. Most of the book content are about journalism and the author didn't even try to make a readable sentences. A lot of difficult term are used, so it's not a book for a person who are not proficient in English. But on the other side, it gives a lot of insight about accounting profession, especially public accountant (auditor).

[Ellen · Rating 4 out of 5]

Finished my class! Learned a lot with this one

[Aman · Rating 4 out of 5]

Accountants...we never blame ourselves.