In: English and Literature

Submitted By rmanikyath
Words 596
Pages 3
Accounting professionals provide validity, signing off on annual reports, which directly or indirectly play a critical role in establishing and maintaining the confidence of the investors.

Unfortunately, we are not learning from our past mistakes. History shows us that after every crisis, e.g the great depression of 1929, economic downturn of 1988, dotcom bubble of 2000, Enron and Worldcom issues, and finally the subprime mortgage crisis, there has been a need to appoint boards which recommended changes mostly pertaining to the accounting areas.

Accounting professionals are constrained in providing information from data provided to them. While it is their responsibility to follow Generally Accepted Account Principles (GAAP) accounting standards, they do not have a crystal ball to predict the future, but they should have seen the crisis coming much earlier and played by the ethics rules and standards established by GAAP. Also, there is a caveat in the annual reports which says it is the management teams of entity who are responsible in ensuring integrity of data provided to the accounting professionals.

The mortgage subprime crisis was driven by greed at many levels including at the homeowner, broker, lender, banks, and government levels.

Accounting professionals should play a role in identifying "the train" and should stop the accident from happening much earlier. Economists, however, are better equipped to do so than the accounting professionals though. They should always play by the rules of the book and always be ethical.

On Sun, Jul 7, 2013 at 3:33 PM, raghunath manikyath <> wrote:
Role of Financial professionals in sub-prime mortgage crisis:
Finanicial professionals provide the final authority signing off the annual reports, which directly or indirectly plays a critical role in establishing and maintaining the…...

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