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The subject has so much implications and repercussions on so many current world issues. The Enron scams, the Madoff fraud and the global economic meltdown, among others, are connected to accounting particularly to auditing, a specialized branch…
The stockholders suffered in untold misery because the Enron executives acted maliciously in cohorts with the auditors while the swindled investors of Madoff trusted overly in the financial statements which were twisted and distorted by the accountants of the alleged fraudster. In the international landscape, the recession started in the United States of America. First, it was the banking system. Then, the credit in housing mortgages crumbled and collapsed. The auto industry followed in the imbroglio. And well, if America sneezes, the world catches cold. All those could have been avoided by proper accounting and sound auditing. Accounting as a career plays a significant role in the world order because it embodies the most useful information system in any undertaking in all jurisdictions and in every kind of business.1 While accounting focuses on financial transactions which are micro, the collection of all data under it represents the ins and outs of economics which are macro. Owing to all these dynamics, accounting will continue to lead in the professional field and accountants will remain in demand in the job market. In the United States, what has led to the need for accountants and auditors is the federally legislated Sarbanes-Oxley law which has outlined stern rules on financial statements after the notorious corporate scandals that included Enron.
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