Discuss how the events that have so dramatically affected auditors and the public accounting profession since the Enron scandal may in some sense be \"healthy\" for the profession
All Answers
total answers (1)
total answers (1)
Accounting
- The accounting profession's expansion into new areas, combined with changes in the overall business environment, resulted in new regulations and guidelines.
- The scandals of the late 1990s and early 2000s brought into question the profession's ability to self- regulate, resulting in new legislation.
- While these changes have caused pain and turmoil, they highlight the essential importance of auditing in our economic system.
- Ultimately, the "back to basics" emphasis, along with auditing firms' renewed focus on thorough and effective financial statement audits, will likely prove healthy for the U.S. financial reporting system and for the profession.
- Further, somewhat ironically, the SOX-mandated audit of internal control over financial reporting has brought significant new revenues to accounting firms.
need an explanation for this answer? contact us directly to get an explanation for this answer