TAILIEUCHUNG - Conflict of Interest within Public Accounting Firms Caused by Horizontal Integration

The conclusion to be drawn from the last requirement above is that if a county is interested in minimizing the amount of time that it stores various types of records, it needs to draft a request for a shorter retention period, including the basis for requesting that shorter period, and submit it to the public forms and records board for review and approval. Income maintenance programs require special records retention periods. Records documenting that clients received notices of overpayments must be retained until the overpayment issue is resolved, however long that takes. Currently, overpayments are considered closed when (a) the amount. | by Samantha Reichow Conflict of Interest within Public Accounting Firms Caused by Horizontal Integration Over the past few decades public accounting firms have been expanding their services to include more than strictly external audit services. This horizontal integration however has caused a great deal of controversy among public accounting firms the SEC politicians and the general public. Many people particularly the SEC feel that by providing non-audit services public accounting firms are creating a conflict of interest. The issue of conflict of interest has become apparent in recent years due to many highly publicized corporate scandals. One well-known example is the case of Enron and its auditing firm Arthur Andersen. Although the Enron scandal was one of the most publicized cases it was by no means the only case or even the largest. Other cases include WorldCom Parmalat Tyco HealthSouth Qwest and Global Crossing Flegm 2005 . Auditor independence has been and continues to be a greatly debated issue largely due to the fact that public accounting services are in constant demand. The . law requires that all publicly traded firms submit to audits of their financial reports performed by independent outside auditors hired at the firm s expense Moore Tetlock Tanlu Bazerman 2004 . Independent outside auditors are crucial to ensuring reliable financial information regarding publicly traded firms. legal action In a recent attempt to enforce the independence of auditors and to prevent conflict of interest the 2002 Sarbanes-Oxley Act SOX was created. The Act mandated a number of reforms to enhance corporate responsibility enhance financial disclosures and combat corporate and accounting fraud. SOX also mandated the creation of the Public Company Accounting Oversight Board PCAOB to oversee the activities of the auditing profession . Securities and Exchange Commission . The reforms mandated in SOX however have many loopholes and seem to be an insufficient response to

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