Vladimir Putin

MacKinnon, Bill

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What the speaker thinks it will take to improve the public's trust in the financial accounting system and the capital markets. The critical nature of those who practice accunting and audit public companies to a credible, functioning financial system. The capability to improve and move forward in the interests of stakeholders. The collapse of Enron and its consequences. Ideas for reform. Six issues that KPMG, the speaker's colleagues in the other major firms, and the Canadian Institute of Chartered Accountants believe are important in this debate: public oversight of our profession; accounting standards; the financial reporting model; reporting transparency; the role of the audit committee; and our business model. A detailed discussion of these six issues follows. How the failure of Enron has produced many excellent proposals for making the audit system work better for all of us. Some personal observations to conclude.