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Accounting Abuses Lead to Significant Structural Changes The failure of Enron sent shock waves through the economy, resulting in a series of reforms and proposals that will significantly change accounting standards setting, auditing practice, and the legal and regulatory environment of financial reporting. The authors integrate a short history of the rise and fall of Enron with an account of the sham operations carried out and accounted for therein. They also offer a discussion of the analytical procedures that might have revealed the shams, the remedies currently proposed, and the implications of the possible changes for the accounting profession. The accounting profession is facing a major overhaul because of a credibility crisis. Accountants' overall image has quickly fallen from the top to near the bottom of all professionals. The profession's self-regulatory system is in the process of replacement, and new legislation prohibits certain services to audit clients. Even the issue of...

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