(Ibid.).
Major Changes in the Accounting Profession
The financial scandals proved to be a turning point in many ways for the accounting profession. The public outcry forced the legislatures to reexamine the regulatory environment for businesses, resulting in the enactment of the Sarbanes-Oxley Act in July, 2002, which is the most significant accounting legislation since 1933. It also forced the accounting professionals and their organizations such as the American Institute of Certified Public Accountants (AICPA) to make a concerted effort at restoring their fallen reputation. One of the key lessons of the scandals was the realization that accountants and auditors could play an important role in creating an ethical business environment and promoting ethical business practices. The importance of ethics in accounting education, examinations and the licensing process is, thus, now widely recognized. For example, changes have been made in the Certified Public Accountants (CPA) exams by increasing the emphasis on ethics and requiring candidates that have passed the CPA Exam to take a separate ethics exam (Gabbin, 2002).
Another significant change in the accounting function is the revival of the auditing function...
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