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What were the common aspects

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Problem - 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.

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

Reference no: EM132456674

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