Improving Audit Quality 1: An Overview
Back to N Years Ago
When I was younger (wow, this makes me feel so old), audit quality was not really a "thing." I watched my superiors perform audits they believed to be sufficient, and my colleagues and I were taught to follow in their footsteps.
We conducted what we believed to be good audits but were never informed that we would be subjected to a review by a firm or an external third party.
Enron Scandal: The Fall of a Wall Street Darling
The Enron scandal drew attention to accounting and corporate fraud as its shareholders lost $74 billion in the four years leading up to its bankruptcy, and its employees lost billions in pension benefits.