Responses of the American Accounting Association’s Tracking Team to the Recommendations of the Advisory Committee on the Auditing Profession

This article discusses the recommendations of the U.S. Dept. of the Treasury Advisory Committee on the Auditing Profession (ACAP) and the response of the American Accounting Association Tracking Team to those proposed reforms. Areas where reforms were proposed included human capital, accounting firm structure and finance, and the concentration of accounting firms. Reforms to the training of auditors, diversity in the field of accounting, and resources for fraud prevention are proposed.