Accountants' Liability for Compilation and Review Engagements
63 Pages Posted: 12 Jun 2013
Date Written: 1981
Abstract
This century has witnessed a significant change in the practice of accounting. Federal regulation of public corporations has established the audit, an independent attestation of the financial statements as a whole, expressed in the form of a report, as the primary verification of the integrity of the American corporate structure. During this period of change, the size and influence of several of the largest accounting firms has increased dramatically. These firms have directed the profession's attention almost exclusively toward a variety of services for the public client; as a result, the accounting needs of the small, nonpublic business have been virtually ignored.
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