GAO gives accounting profession good report

From: The CPA Letter | Date: November 1, 1996| Author: | Copyright information

The accounting profession got a good progress report from the General Accounting Office recently. In its report, The Accounting Profession, Major Issues: Progress and Concerns, the GAO said its review "shows that the profession has been responsive in making changes to improve financial reporting and auditing of public companies." The report highlights five major issues from various studies of the accounting profession from 1972 through 1995: auditor independence, auditor responsibilities to detect fraud and report on internal controls, audit quality, the accounting and auditing ...

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