Moving financial accounting systems of Federal agencies out of the era of unwieldy agency-specific implementations to one that favors more nimble, modular, scalable, and cost-effective approaches.
All these agencies must persuade Congress of their views, and Congress has over the years accumulated support agencies such as the General Accounting Office to help it challenge the administration.
It includes language accounting for privacy concerns as well, with agencies required to look over the potential impact of their work, and release public assessments.
Experts from the finance sector, industry, regulatory agencies, government, legal and accounting professions, and academia got together last night at NYU Stern School of Business for a Ross Roundtable to discuss the reemergence of consulting practices in the major audit firms.
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With 140, 000 people in 2008, it operates as a quasi-silo, and handles IT-intensive administrative consulting for companies and government agencies, like customer service and payroll accounting.
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As well as being highly geared, with its latest issue of debt rated by credit agencies as low as junk, Warner Music has accounting problems inherited from its former management.
Other government policies that have distorted financial markets, thereby undermining the EMH, include shielding credit-rating agencies from lawsuits, government-sanctioned fair-value accounting rules, enforcing credit-default swaps where there is no insurable interest, mispriced deposit insurance, government-sponsored enterprises, and the over-promotion of home ownership.
These include reforms that would affect bank regulators, supervisors and accounting standard-setters, and cover bankers' pay, derivatives trading and rating agencies.
But there is no doubt that the summit's action plan includes a long list of financial sector dimensions to be addressed, including: accounting standards, hedge funds, risk disclosures, financial sector assessments, credit rating agencies, risk-management and stress-testing models, international standard setters, sanctions for misconduct, reporting to supervisors in different countries, and more.
Grant Thornton, an international accounting agency with 31, 000 employees worldwide is using Datahug to get new business from government agencies in Ireland.
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