For a continent whose political and economic importance has grown dramatically over the past two decades, relatively little has been published about the accounting and auditing environment in Asia. The Asian financial crisis that began in Thailand in July 1997, which quickly spread to her neighbors including Indonesia, Malaysia, the Philippines, and South Korea, cast a spotlight on the quality of financial reporting and auditing in Asia. With allegations of financial reporting fraud at Enron, WorldCom, and Global Crossing and the subsequent promulgation of the Sarbanes-Oxley Act of 2002 in the US, the various accounting and auditing professional bodies in Asia have taken on the task of reviewing their practices and proposing regulatory changes to ensure company compliance with accounting standards and thus, the protection of the investing public.