The last four decades in the accounting and auditing profession have been serried with financial crisis precipitated by corporate failures, such as the savings and loans industry debacle, Carrian Group, Texaco (1980-1989), Bank of Credit and Commerce International, Barings Bank, Long-Term Capital Management(1990-1999), Enron, Adelphia Communications, WorldCom, Parmalat, Bear Stearns, Northern Rock, Lehman Brothers, AIG, Nortel (2000-2009),…
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