SAS Number 99 and the Corporate Audit

Paper Summary:

This report attempts to explain how the new American Institute of Certified Public Accounts SAS No.99 will change the way accounting firms will be required to conduct corporate audits. The paper outlines the objectives of the new standards, the fundamental areas they are to focus upon, and key provisions, and then explains how these standards will help both external and internal auditors eliminate the possibility of fraud in corporate offices.

From the Paper:

"As can be expected, the Enron collapse in Texas and the WorldCom scandal in Mississippi have each dramatically demonstrated how critical it is that regulating bodies ensure that Corporate America provides high quality, trustworthy, and reliable financial reporting. "The 40-year-old accountant is accused of creating and managing the complex web of partnerships that disguised the true state of affairs at the disgraced energy firm." (BBCi, Enron finance chief denies charges) Enron basically opened America's eyes into what may actually be going on in many organizations throughout our nation. The philosophy of everyone must be doing it was confirmed only a few short months later when the chief financial officer of the telecoms giant WorldCom was indicted because of another multi-billion dollar accounting fraud. "The company's collapse followed exposure of an accounting fraud, now put at $7.68bn (5bn), which made the company look profitable when it was not." (BBCi, "Ex-WorldCom finance boss indicted")"

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