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Mehehe Essay

  • Submitted by: JanPauline
  • on January 6, 2013
  • Category: Social Issues
  • Length: 996 words

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Below is an essay on "Mehehe" from Anti Essays, your source for research papers, essays, and term paper examples.

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SAS No. 99: A reaction to accounting scandals
July 26, 2004

By Jeffrey Ong-Siong

The storms caused by the ongoing accounting scandals have left a wide path of damage in their wakes.
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One of the largest casualties has been the accounting profession’s reputation — traditionally our largest asset. If you want to get us where it hurts, our reputation is a good place to start. Our national and professional organization, the American Institute of CPAs, knew it had a monumental problem that needed to be fixed. The unfavorable alternative would most likely be a “quick fix” of the problem by those who do not really understand our industry.

The Sarbanes-Oxley Act that was passed by Congress would merely be the camel’s nose pushing its way under the tent. More legislation would certainly follow as each new scandal (Enron, WorldCom, Parmalat — take your pick) unfolds. We could hear the war 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 accepted accounting principles.

It was also claimed that years of selling ancillary services to our clients had created an atmosphere where “professional skepticism” — the auditors’ best 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 media echoed this call and created a growing, concurrent buzz among the public. Something had to be done....

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  • Submitted by: JanPauline
  • on January 6, 2013
  • Category: Social Issues
  • Length: 996 words
  • Views: 146
  • Popularity Rank: 528026
  • 1 rating(s)

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