Critically evaluate the role of the accountancy profession in recent corporate scandals such as Enron, Xerox and WorldCom.
Date Submitted: 02/12/2004 01:58:39
Category: / Business & Economy / Accounting
Length: 8 pages (2290 words)
Category: / Business & Economy / Accounting
Length: 8 pages (2290 words)
It is expected that the accountancy profession would play quite an important role in scandals such as Enron, Xerox, and Worldcom, as all they all deal with the financial accounts not showing a true and fair view the company. Hence it is the role of accountants to prepare and check the financial statements. Therefore I feel that in the essay it is worth analyzing who exactly in the accountancy profession was responsible for each action …
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…a discrete boundary, but instead lies along a continuum. Therefore opinions will differ as to the cut-off point between what is reasonable and unreasonable to expect of auditors.
In conclusion one could say that no matter whether directors or auditors are responsible, they are all part of the accountancy professions. The accountancy professions has shown itself 'weak in technical matters, spineless in standing up to CEO's and eager to sacrifice its integrity for profits.'
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