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Audit Function In The Post Enron Era

Audit Function in the Post-Enron Era

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Title: Audit Function in the Post-Enron Era

Essay Details:

Subject: Business

Author: Phillip C

Date: August 20, 2012

Level: University

Grade: A

Length: 8 / 2345

Essay text:

They began to emphasize too much, being a business partner to the company. They were more concerned with client revenue than the source of that revenue and independence from their client. As a result, they ignored the basic responsibility of the audit function which is self-independence. Accounting frauds were left undetected. This led to the recent major corporate collapses such as Enron. As shocking as Enron is, it's only the latest in a dizzying succession of accounting meltdowns1, thus casting doubt on a once honored profession. As a result, an expectation gap occurred. The advancement of information technology did not help to ease the pressure on the audit function as well2...

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