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Special Publications: [Expanding Role of Accounting in Our Economy]

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Report Type Reports and Testimonies
Report Date June 18, 1979
Report No. 111772
Subject
Summary:

In the next few years, the role of accounting will expand significantly. Accountants will be called on to account for the effects of inflation and changing prices. Accounting standards, including those of regulating agencies, will be developed that will result in more consistent and more easily understood financial statements. Internal control will become far more important and auditors will devote more time to it. Procedures to detect fraud and abuse will expand the auditor's role. New accounting and auditing techniques will be developed to get more useful information from the computer. Better cost accounting will be needed to identify causes of productivity decline and permit appropriate action. Accountants and auditors must be prepared to do more than they have done before, and they must be receptive to change, soft accounting data and the techniques of auditing such data.

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