What question did this study set out to answer?

The report aims to assess the historical recommendations for improving accounting and auditing standards and their implementation.

June 15, 2026

The Accounting Profession--Major Issues: Progress and Concerns, Report to the Ranking Minority Member, Committee on Commerce, House of Representatives.

Key Points

The report aims to assess the historical recommendations for improving accounting and auditing standards and their implementation.
Reviewed recommendations from 1972 to 1995 regarding accounting and auditing improvements.
Examined actions taken on these recommendations by relevant authorities.
Identified unresolved issues affecting audit performance and standard setting.
Outlined the progress made in implementing previous recommendations.
Highlighted ongoing concerns and issues that remain unresolved in the accounting profession.
Evaluated the implications of these issues for independent audits and business reporting.

Abstract

Abstract This article reviews the report "The Accounting Profession: Major Issues: Progress and Concerns," prepared by the U.S. General Accounting Office (GAO). This publication is a two-volume prepared at the request of John D. Dingell, Ranking Minority Member, Committee on Commerce, House of Representatives. The GAO objectives in preparing this report were to identify (1) the recommendations made from 1972 through 1995 to improve accounting and auditing standards and the performance of independent audits under the federal securities laws and the actions taken on those recommendations, and (2) any unresolved issues to determine their impact on the performance of independent audits, effective accounting and audit standard setting, and efforts to expand the scope of business reporting and audit services.

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