Integrity of the Accounting Profession
Audited financial statements have not always been a requirement for publicly traded companies. After the stock market crash of 1929, the US Congress passed the Securities Act of 1933 and the Securities Exchange Act of 1934. These two pieces of legislation introduced the requirement that publicly traded companies have their financial statements audited by an independent Certified Public Accountant (CPA). Prior to this legislation, more than 90% of industrial companies listed on the New York Stock Exchange were audited, even though there was no requirement to do so.
Prepare a 500-word essay (excluding references) 7 references on separate page, double-spaced, Arial 12pt font, that addresses the following questions:
1. Why did companies pay to have their financial statements audited prior to being required to do so by law?
2. Prior to the Securities Act of 1933 and Securities Exchange act of 1934, what did auditors focus on?
3. After the Securities Act of 1933 and Securities Exchange act of 1934, what did auditors focus on?
4. Why was the change in focus necessary?
5. Do you believe that the current focus of auditing is sufficient to meet society’s goals?
Remember: Properly cite all sources using MLA format. Do not use direct quotes of cited material. Use proper spelling and grammar throughout your essay.
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