[IMGCAP(1)]As we acknowledge the 10th anniversary of the Sarbanes-Oxley Act, we are once again in a period of re-examination of the role, relevance, and reliability of financial audits in protecting investors and the public interest. This seems to be, in part, a reaction to the financial crisis of the past few years.
To lend some historical perspective to the current situation, nearly 80 years ago, federal securities acts provided the profession with the independent audit function. During the next 40 years, the profession worked on fulfilling the trusted attestation function over the financial reporting for securities issuers. There were some bumps and many adjustments along the way.
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