Corporate Scandals

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With the recent prevelence of corporate scandals in the United States recently, there have been many efforts made towards reform.

You have been asked to evaluate the following proposal and debate it with other experts in the field:

Accounting firms should be liable to pay stockholders if they give a company a clean audit and it goes bankrupt within a year.
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I do not agree with this proposal; however, I must describe the basis for my disagreement.

An accounting firm can only be responsible for following established, ethical audit standards and for reporting their …