The demand for capable accountants and auditors of

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Unformatted text preview: . 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.

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