As I prepared to assume the editor's mantle here four years ago, I was cautioned by my former employer that "nothing" - and he emphasized nothing - "ever happens in the accounting profession," and I'd be back within six months begging for my old position. (FYI: He's still waiting.)In the four years since then, I have traditionally reserved this space in our final issue of the year to recount and reflect on the events that have impacted the profession.

In 2004, we witnessed another round of mega-fines and sanctions levied against several Big Four and national-tier firms, which only proved that there remains a pressing need to hone internal controls and corporate governance.

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