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Accounting is at a crossroads. The Big Four accounting firms are under more scrutiny than at any time since the Enron scandal. This week’s state of play explains what's wrong with how public companies are audited and how the industry is trying to improve. ✦

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  • If the advertising is to be believed the CPA association is positioning itself as the premier source for consulting on all aspects of business be it economic geography, market research, risk analysis, economics, technology investment even medical and climate issues. There are some accountants that talk

    If the advertising is to be believed the CPA association is positioning itself as the premier source for consulting on all aspects of business be it economic geography, market research, risk analysis, economics, technology investment even medical and climate issues. There are some accountants that talk about shaping the music business as if art can be defined.

    The advertising doesn't even discuss the primary reason for their existence prudent review of financial data.

    This seems to be a major disconnect given the obvious examples of Wework, Softbank, Uber, Lyft and there seems to be little discussion or concern over bubble stocks such as Tesla.

    There is absolutely no concern about what happens when a company is solely concerned with cutting costs or maximizing profit. Boeing may be the latest example of what happens when management loses sight of the non dollar issues.

    Profit maximizing has driven the opiod crisis and cost minimizing has led to technology eliminating many jobs as well as the continued impoverishment of the working poor.

    Accounting is past the crossroads and it may have taken the wrong turn.