Purchase Solution

Changes for accounting firms since the 1990s

Not what you're looking for?

Ask Custom Question

1. Identify the ways in which the image of the public accounting profession, and auditors specifically, has changed since the mid-1990s. What actions have been taken to restore public confidence in the profession? Do you think these actions are effective? Explain.

2. What are the differences between and similarities among accounting and auditing?

Purchase this Solution

Solution Summary

The solution describes the events that led up to congressional changes and requirements for firms and the roles of accountants and auditors. Describes the congressional actions and their implications on firms.

Solution Preview

The collapse of Enron began a huge public awareness of accounting firms and tarnished their reputation as an industry. Shortly after Enron, a handful of other well known and fortune 500 companies were exposed for unethical accounting methods. Congress responded. The Sarbanes-Oxley Act was enacted 200. Enron's collapse was a result of unreported off balance sheet activities that amounted to fraud. Thousands were affected through investments, employment and pensions. The Sarbanes=Oxley act demands regulations for transparency of financial activity for ALL PUBLIC TRADED CORPORATIONS.

The regulations include guidelines for what must be reported and that includes all off balance sheet transactions. It outlines the scope of ...

Purchase this Solution


Free BrainMass Quizzes
Writing Business Plans

This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.

Lean your Process

This quiz will help you understand the basic concepts of Lean.

MS Word 2010-Tricky Features

These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.

Business Processes

This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.

Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.