Sunday, July 14, 2013

Critically evaluate the role of the accountancy profession in recent corporate scandals such as Enron, Xerox and WorldCom.

It is expected that the accountancy commerce would play quite an each(prenominal)(a)-important(a) government agency in stains such as Enron, Xerox, and Worldcom, as all they all deal with the monetary accounts not showing a authoritative and neat view the company. because it is the role of accountants to cram and let out the pecuniary statements. Therefore I feel that in the sample it is worth analyzing who ex spellly in the accountancy profession was trustworthy for each action in scandals, and show how accountants shanghai soft from guard dogs in their capacity as listeners to being the architects of able deals and frauds as CFOs and CEOs. (lies damn lies) In the Statement of Auditing Standards 100, create on marching medicament 1995, we are told that the responsibility for the breeding of the financial statements is that of the directors of the entity. Therefore the listener is only responsible to act as a watchdog and make sure that the directors of the company have prepared the statements in accordance to Auditing and Accounting Standards. Authur Andersen LLP (Enrons auditors) were wherefore responsible in providing share detentioners with reasonable assurance that the financial statements presented a true and fair view of the companys financial position.
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accordingly one could argue that because they failed to do this that they were entirely responsible, as off the beaten track(predicate) as the public is concerned, in Enrons scandal. The fact that thousands of pages of documents were shredded proves on itself that Andersen was guilty of fraud, as this is a violation of the law and legal expert Department. In response to these accusations Andersen verbalise that their only role in this scandal was to express an opinion on the financial statements prepared by the company, (accountancy age) and therefore will hold themselves responsible for any errors in the auditing. In addition to this it... If you indigence to get a dear essay, localise it on our website: Ordercustompaper.com

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