{"id":431,"date":"2006-07-17t09:54:42","date_gmt":"2006-07-17t14:54:42","guid":{"rendered":""},"modified":"2024-10-01t09:17:22","modified_gmt":"2024-10-01t13:17:22","slug":"does-corporate-america-really-understand","status":"publish","type":"post","link":"\/\/www.g005e.com\/2006\/07\/17\/does-corporate-america-really-understand\/","title":{"rendered":"does ‘corporate america’ really understand?"},"content":{"rendered":"

it depends on who you ask \u00e2\u20ac\u201d auditors harbor more doubts than preparers.<\/i><\/p>\n

by rick telberg<\/b>
\nat large<\/i> <\/p>\n

while cpas in general believe that corporate america has room for improvement when it comes to meeting the public’s expectations, those in business and industry tend to take a slightly more optimistic view than their counterparts in public accounting, according to our latest soundings.<\/p>\n

when asked whether corporate america fully understands and is properly responding to the public’s expectations for honesty and fairness, more of those respondents who work in business or industry believe that corporate america “gets it.”<\/p>\n

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diane klein, a cpa who works in industry in phoenix, says, “the notoriety of the large corporate failures overshadows the fact that the vast majority of public companies in the united states operate within a culture of strong corporate values and ethics \u00e2\u20ac\u201d even without the mandates of sarbanes-oxley.”<\/p>\n

while klein says the corporate governance mandates of sox provide “a solid framework for ‘best practices’ in this area and have resulted in a significant overall improvement in corporate governance,” she adds that, “sox comes with a very costly price tag for corporations and their shareholders.”<\/p>\n

others were more cynical. harley w. pottroff of pottroff accountancy corp. in manhattan, kan., says, “yes, they get it, but they don’t give a damn.” pottroff says, “the pressure to succeed overwhelms their ethics.” <\/p>\n

nearly three-quarters (72%) of respondents from business and industry believed that most or at least some of corporate america “gets it,” compared with two-thirds of respondents who work in public accounting who felt that way. <\/p>\n

respondents who hail from business and industry were also more upbeat in their assessment of how the american public views corporate america. about half of those in business and industry (49%) think most or at least some average americans believe that corporate america “gets it,” compared with only 32 percent of their counterparts in public accounting who share that view. <\/p>\n

“in my experience there is a wide gap between the companies that ‘get it’ and those that don’t,” says janeyce ice, a cpa who works in industry. “many of those organizations that don’t ‘get it’ are lead by management that too easily rationalizes their own lack of integrity, and some actually do not believe that there are successful organizations that truly weave strong ethics and integrity into day-to-day business dealings.”<\/p>\n

overall, cpas in both camps gave most major corporations low marks on a number of key governance measures. but accountants who work in business and industry had slightly higher expectations about what governance measures corporate america has in place.<\/p>\n

while cpas in industry (46%) and public accounting (47%) generally agreed that most companies don’t have strong executive teams that set a healthy “tone at the top,” slightly more of those in industry \u00e2\u20ac\u201d about 43 percent \u00e2\u20ac\u201d think companies do have strong executive teams, compared with roughly 39 percent of those in public accounting. <\/p>\n

the vast majority of respondents (69% in industry and 75% of those in public practice) don’t think most boards are well-informed and truly independent. as for views on whether the vast majority of companies have a strong code of conduct, far more cpas in industry said yes (62%) than in public accounting (42%).<\/p>\n

most members of both groups said they don’t think most companies divide the chairman and ceo jobs between two different people. the two groups were also largely in agreement on their view that most major corporations use an external law or cpa firm to audit compliance issues.<\/p>\n

[first published by the aicpa.]<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

it depends on who you ask \u00e2\u20ac\u201d auditors harbor more doubts than preparers. by rick telberg at large while cpas in general believe that corporate america has room for improvement when it comes to meeting the public’s expectations, those in … continued<\/a><\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-431","post","type-post","status-publish","format-standard","hentry","category-bsg-finance-professional"],"acf":[],"yoast_head":"\ndoes 'corporate america' really understand? 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