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The demand for capable accountants and auditors of high integrity has never
been greater. Opportunities for auditors are plentiful and rewarding and can
lead to attractive career opportunities in other areas. Those who practice
as auditors often later go into nancial management, becoming controllers,
chief nancial of cers (CFOs), and even chief executive of cers (CEOs). But
even those who do not plan to become an auditor can bene t greatly from
an understanding of nancial statement auditing and its underlying concepts.
Learning these tools is valuable to any business decision maker.
While opportunities in auditing are great, the last decade has been challenging for the auditing profession. In the early 2000s, a series of high-pro le
accounting frauds began to cause investors to doubt the integrity of the
nation’s nancial reporting system, including the role of the external auditor.
To restore investor con dence, Congress passed the Sarbanes-Oxley Public
Company Accounting Reform and Investor Protection Act in July 2002—the
most signi cant legislation related to nancial statement audits of public
companies since the Securities Acts of 1933 an...
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This note was uploaded on 12/08/2012 for the course ACCT 564 at Washington University in St. Louis.