Explain the Effect Major Corporate Failures and Financial Reporting Scandals

question 19

Essay

Explain the effect major corporate failures and financial reporting scandals - such as Enron and WorldCom,has contributed towards shaping the auditing environment of today.

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Definitions:

Illegal

Describes actions or activities that are prohibited by law and subject to criminal penalties or other legal consequences.

Application Software

The class of computer instructions that directs a computer system to perform specific processing activities and provide functionality for users.

Intermediary

An entity or person that acts as a middleman between two parties in a transaction or communication, facilitating interactions.

Systems Software

The collection of software that manages computer hardware resources and provides common services for computer programs.