What impact did the Asian financial market crisis in the late 1990s and the corporate scandals in the United States this century have on the auditing profession?
A. Regulation of the external auditing profession was reduced.
B. CPAs were no longer allowed to provide external audit services for multinational corporations.
C. Reputation for being the watchdogs of financial reporting integrity was reduced.
D. External auditors were required to sit on the boards of directors of multinational corporations.
Answer:C
What impact did the Asian financial market crisis in the late 1990s and the corporate scandals in the United States this century have on the auditing profession?
A. Regulation of the external auditing profession was reduced. B. CPAs were no longer allowed to provide external audit services for multinational corporations. C. Reputation for being the watchdogs of financial reporting integrity was reduced. D. External auditors were required to sit on the boards of directors of multinational corporations.