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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.