PUBLIC ACCOUNTING

Public Accounting

Public Accounting

This framework for regulating standards and practices for financial accounting and reporting worked fairly well for many years, although problems occasionally arose over issues such as the thoroughness and diligence of audits in the face of financial fraud in the savings and loan crisis and ownership interests of accountants in their audit clients. When scandals arose, a common refrain among regulators, investors, and the public was “Where were the auditors?” The subsequent scrutiny of the profession by these constituencies led to widespread perceptions that, in many instances, accountants had failed to preserve their professional independence, in fact or ...