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E-Newsletters | Web Seminars | White Papers & E-Books | Slideshows | accountancy Technology | Accountants agency 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 left(a) wing a wide path of damage in their wakes. comparable what you see? Click here to sign up for Accounting Todays daily newsletter to model the latest news and can the scenes commentary you wont find anywhere else. One of the largest casualties has been the invoice employments reputation traditionally our largest asset. If you require to queer us where it hurts, our reputation is a good place to start. Our discipline and nonrecreational organization, the American Institute of CPAs, knew it had a monumental line of work that postulate to be fixed. The unfavorable alternative would most promising be a quick fix of the problem by those who do not really understand our effort. The Sarbanes-Oxley Act that was passed by copulation would merely be the camels nose get-up-and-go its track under the tent.

More legislation would certainly keep an eye on as each new scandal (Enron, WorldCom, Parmalat take your pick) unfolds. We could name the warfare drums banging out a steady beat. The auditing industry critics claimed that the accounting profession lost track of its charter ascertaining that fiscal statements are in compliance with generally pass design accounting princip les. It was in any case claimed that yea! rs of change ancillary services to our clients had created an atmosphere where master skepticism the auditors best(p) weapon in upholding generally accepted auditing standards was too frequently 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 remember 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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