Rather, recent events should serve as a wake up call to corporate boards, management, and auditors to follow through on their fundamental and traditional professional and ethical standards of conduct and control processes. The issues are not new, but the scope and frequency of breakdowns are of concern.
As news reports and congressional testimony on various aspects of these breakdowns occur, corporations and auditors should address the issues raised so that they do not compromise the reputation of their organizations. Accounting practices in complex organizations First, let me address the state of accounting and audit practices. Mergers and business innovations have increased the scale and scope of large organizations.