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Essay / Research Paper Abstract
This 4-page paper discusses responsibilities auditors have when it comes to financial auditing. Bibliography lists 2 sources.
Page Count:
4 pages (~225 words per page)
File: AS43_MTaudiresp.rtf
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Unformatted sample text from the term paper:
for so many years. Much of the blame for this was laid at the feet of Arthur Andersen, the auditor. Andersen, as part of its duties, was supposed to ensure
that its clients (such as Enron). Andersens behavior before the problems with Enron came to light (i.e., looking the other way) and following the revelation (trying to shred documents, leading
to charges of obstruction of justice by the government) destroyed the company. In the aftermath of Enron and other scandals, the corporate world took a careful look at the role
of auditors in ensuring fair and accurate financial reporting. Standards for such reporting have been in place, however, since the early 1970s; in the aftermath of the early 2000s accounting
scandals and with the passage of the Sarbanes-Oxley Act of 2002, these standards have been more in the public eye. The sad
thing about Enron and the other early 2000 scandals is that the auditing profession was set up (and is responsible for) oversights so that events such as what happened at
Enron dont occur. The problem with improperly reported financial statements is that it gives shareholders and other stakeholders a skewed view on that companys financial performance. Given decisions are made
on the basis of that information (such as whether to buy stock or not), its especially important that auditors understand their responsibilities when it comes to financial reporting.
Basically, the main responsibilities of any independent auditor (according to the American Institute of Certified Public Accountants) are
1) To ensure financial reporting is done so in conjunction with generally accepted accounting principles. This isnt necessarily anything new - its always been the role of
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