Sarbanes-Oxley and the New Internal Auditing Rules
Chapter One
Introduction
ACCOUNTING AND AUDITING SCANDALS
AND INTERNAL AUDIT
Despite all of the cataclysmic predictions of computer systems and other
process-related disasters, the world survived the Y2K millennium change
to the year 2000 with no major problems. However, the following year,
2001, became a real disaster for many U.S. accountants and auditors, as
well as business in general. The long-running stock market boom, fueled by
dot-com Internet businesses, was shutting down with many companies failing
and growing ranks of unemployed professionals. Those same boom
years spawned some businesses following new or very different models or
approaches. One business that received considerable attention and investor
interest at that time was Enron, an energy trading company. Starting as an
oil and gas pipeline company, Enron developed a business model based on
buying and selling excess capacity first over its competitors' pipelines ... read full excerpt from Sarbanes-Oxley and the New Internal Auditing Rules ebook
