The chart shows an average of the frequency of problems that public companies had from 1997 to 2005. These accounting problems led the public companies to restate (re-issue) their financial statements. The data in the chart comes from two surveys conducted by the United States Government Accounting Office.
The chart provides an indication of where accounting problems most often occur.
More details on the surveys conducted by the US Government Accounting Office can be found by clicking here (PDF file).
With many responsibilities that public company accountants have to go over with in everyday lives, they will surely have to review more of their duties and still fail sometimes to do so apply their duties as their career is very complicated. online cpa cpe
ReplyDeleteVery enlightening views on the current conditons and about the difficulties of the profession. I think one deterrent for errors in accounting is by having a user-friendly and tried-and-tested accounting software. Minimizing human error might result in a significant change to these figures. Thanks for the info.
ReplyDeleteCarlene Schnitzer @ stewarttechnologies.com