Word: professional
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Dates: during 1990-1999
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The case against accountants revolves primarily around their function as auditors, which accounts for 60% of the profession's revenues. An additional 23% comes from tax planning and the remainder from consulting work. After examining a corporate client's books, auditors usually issue a letter intended to adorn the company...
Wyden and others lay a large part of the blame for the S&L crisis at the door of the accounting profession. "Accountants didn't cause the S&L crisis," says Wyden. "But they could have saved taxpayers a lot of money if they did their jobs properly and set...
The accounting profession sees itself as a scapegoat in the S&L crisis. Says J. Michael Cook, chairman of Deloitte & Touche: "The equation that an S&L failed, it had an audit, so the audit failed -- that just doesn't add up." Industry leaders complain that they are being targeted...
The profession is instituting a series of reforms designed to prevent future legal shocks. In January 92% of A.I.C.P.A. members voted to organize in forms other than partnerships, which saddle individual partners with maximum liability risk; most want to switch to general corporations. The plan needs approval from all 50...
Last week the Massachusetts licensing board criticized Bean-Bayog for "departing from accepted standards of medical practice" in her treatment of Lozano, but it came to no conclusion about the charge of sexual misconduct. Pending further hearings, the board decided to allow the doctor to continue to see patients under...