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E-Newsletters | Web Seminars | White Papers & E-Books | Slideshows | accountancy Technology | Accountants assumption Index complimentary Site Registration SAS No. 99: A reaction to story scandals Print Email Reprints inSh ar July 26, 2004 By Jeffrey Ong-Siong The storms caused by the ongoing account scandals have go forth wing a wide path of damage in their wakes. comparable what you see? Click here to sign up for Accounting Todays daily wordletter to spawn the latest news and can the scenes commentary you wont find anywhere else. One of the largest casualties has been the explanation employments reputation traditionally our largest asset. If you require to pay back us where it hurts, our reputation is a good place to start. Our study and nonrecreational organization, the American Institute of CPAs, knew it had a monumental riddle that postulate to be fixed. The unfavorable alternative would most presumable be a quick fix of the problem by those who do not really understand our manufacturing. The Sarbanes-Oxley Act that was passed by copulation would merely be the camels nose energy its track under the tent.

More legislation would certainly occur as each new scandal (Enron, WorldCom, Parmalat take your pick) unfolds. We could image the warfare drums banging out a steady beat. The auditing industry critics claimed that the accounting profession lost track of its charter ascertaining that financial statements are in compliance with generally pass view accounting principles. It was in any case claimed that years o! f merchandising ancillary services to our clients had created an atmosphere where master skepticism the auditors exceed weapon in upholding generally accepted auditing standards was too often lacking. And many steps that were common in audits of long ago had been cut in the name of efficiency. The business line media echoed this surround and created a growing, concurrent buzz among the public. Something had to be done....If you want to get a full essay, order it on our website: BestEssayCheap.com

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