The Accy 303 final will have the following structure:

1. (50 points) Discuss a current article (to be provided) from the perspective of five (I will choose which five) of the following:
   • a citizen
   • the President of the United States
   • a member of the US Senate
   • a policy maker (SEC, FASB board member)
   • a Big Five accounting firm
   • a major stock exchange
   • a large corporation
   For each perspective you provide use no more than 100 words. Brevity will be rewarded. Do not feel you *have* to use all 100 words in each case.
   
   It is VITAL that you be terse and precise about your MOST important reasons for either approving or disapproving of the policies mooted in the speech.
   
   Do not try to be "fair" within any one perspective ... try and think like a regulator, the President, a citizen etc. I want to see how far you have internalized the concerns and incentives of each of these interested parties.
   
   Your presentation counts as much as substance: each perspective will be classified as "A", "B" or "C", with an A=9-10 points out of 10 being awarded for an impressive presentation: what you say is clear, well put and well thought out and persuasive, a B=7-8 points out of 10 being awarded for clear, well put and well thought out presentations that nevertheless are not persuasively argued and a C=5-6 points being awarded for everything else that is not shoddy and incompetent (if there are any such answers, they will get an outright F and a score of zero).
   
   
2. (30 points) Discuss any three (I will choose which three) of the following five topics in 250 words or less.
   • The nature and growth of accounting systems.
   • Explain as best you can the efects of public disclosure of accounting information in efficient capital markets.
   • Describe and contrast two competing views of the need for accounting regulation (150-200 words). Which perspective do you find more persuasive and why (use the rest of your word allotment)?
   • Describe and contrast two competing views of the impact of auditors diversifying into additional services (150-200 words). Which perspective do you find more persuasive and why (use the rest of your word allotment)?
   • Describe and contrast two competing theories of auditor independence (150-200 words). Which theory do you find more compelling and why (use the rest of your word allotment)?

   Note: In describing theories and positions give the essential argument for each side. State your position and reasons as precisely as you know how to. Vague statements that could describe motherhood apple pie and the flag of the country that issues your passport will be severely disadvantaged in the grading scheme.

   The objective is to test if you understand the essential arguments underlying the competing theories and positions, not to test your memory for what Sunder or Lev or Antle or Zeff actually said.

   Again the advice about presentation and substance applies as in the previous question. The same grading scheme will be used.
   
   

3. (20 points) You will be asked to formulate problem statements for an APR exercise (10 points). Then, GIVEN an extract from a relevant standard, you will be asked to develop a preferred treatment (10 points).