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What to read after After Enron?
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There are four major lessons learned during the post-Enron scandal era:
Don't count too much on financial accounting.
Don't count too much on auditing.
The tax system is an important part of the problem.
The rules of corporate governance do not adequately serve the interests of general shareholders.
After Enron addresses the major lessons for public policy affecting accounting, auditing, taxation, and corporate government. It proposes a set of policy changes to address the lessons learned from the Enron scandal. The first major set of proposed changes would delegate the authority to establish and monitor accounting and disclosure standards to each stock exchange. A second major proposal would replace the corporate income tax with a cash flow tax. And a final set of proposed policy changes would replace the rules of corporate governance that are now biased against the interest of the general shareholders. The most distinctive feature of the book is that the major proposed policy changes would address the problems illustrated by the corporate scandals by reducing and focusing the role of government.
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