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Discuss what were the common aspects that were necessary

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The auditor's task is to go beyond GAAP to determine which application of a generally accepted accounting principle best portrays economic activity, or to determine whether management's estimate of the amount of obsolescence in the company's inventory is correct. Enron and Worldcom provide a decent example of a case where technical adherence to GAAP did not adequately portray the company's economic position.

QUESTION 1: What were the common aspects that were necessary for the Enron and WorldCom debacles to occur?

Reference no: EM131821891

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