90’s High 5 for Auditors

Richard Chambers, the president and CEO of the IIA, noted 5 defining events and their impact on internal auditing in the 90’s decade.

1. Adoption of the Professional Practices Framework (2002)
2. Financial Fraud and the Ensuing Corporate Failures (2002)
3. Cynthia Cooper Named a Time Magazine “Person of the Year” (2002) – whistleblower at WorldCom (I had to look it up myself)
4. Release of The PCAOB’s Auditing Standard Number 2 (2004) – which was then superseded by AS 5
5. Global Economic Crisis (2008-2009)

Catch all his comments here. I think #2 is going to keep occurring with surprising regularity.

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