WHO SHOULD YOU TEST FIRST?

It’s a reality that incompetent accounting staff can virtually destroy a business.

Accounting practices have evolved over the last decade due to unprecedented market pressures including commodity based pricing and increasing costs from training, technology, and litigation (Eilifsen, Knechel & Wallage, 2001).  A number of accounting scandals in the early 2000’s (e.g. Arthur Andersen and Enron) fuelled the revision of key accounting practices and highlighted the damage that can be done to an organisation’s reputation and livelihood when accountants and auditors act improperly, incompetently, or do not recognise or respond effectively to strategic risks.

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