Before the Enron-Arthur Anderson scandal, auditors were generally viewed as independent and trustworthy professionals. They protected the interests of the individual investor by ensuring that corporations presented financial statements that accurately reflected the financial results of operations. The auditor was trusted to present the facts as he saw it, regardless of the implications. When events such as the academy awards used the services of a CPA, it was done not because the counting of ballots was a technically difficult task, but because people believed CPA's could be trusted. The recent problems encountered by many of the nations top accounting firms "has taken something important from all accountants: the assurance that practicing or teaching others to practice accounting is an honorable way to spend one's life (Williams 2003)."

The traditional audit involved many time consuming practices that increased the likelihood of detecting fraud, such as site visits to multiple......

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Title: How The Sarbanes-Oxley Act Will Impact The Audit Function
Approximate Word Count: 2008
Approximate Pages: 9 (250 words per double-spaced page)

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