Problem:
Regardless of how the public perceives the accounting profession as a whole, a recent study suggests that there continues to be a significant disconnect between the perceived responsibility accountants have to their clients and third parties, and their actual responsibilities.
The study, Public Perceptions in a 'Post Enron' World by Camico Mutual Insurance Co. Report (2004), included the following question:
Accountants are responsible for making sure that companies stay honest:
Pre Enron Post Enron
Agree 34% 61%
Neither 25% 10%
Disagree 39% 29%
How does this new perception impact the auditor's job?