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AICPA Code of Professional Conduct is made to define what an independent auditor is and the professional conduct in an audit. For example, an audit firm cannot say "World's Best Auditors" as an advertising slogan because that is deemed unprofessional conduct.
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GAAP, or Generally Accepted Accounting Principles, defines ten open rules for audit and reporting standards. GAAP is still used today.
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COSO, or the Committee of Sponsoring Organizations, is also added to GAAP requirements as a qualitative analysis of a company's controls. Required for publicly traded companies, COSO is still a necessary part of the audit engagement.
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Enron, an energy and securities trading company, files for Chapter 7 Bankruptcy after admitting accounting records were falsified and approved by the accounting firm Arthur Anderson. Billions were lost, Arthur Anderson went bankrupt due to court settlements, and the "Big 5" turned to the "Big 4."
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SOX, or the Sarbanes-Oxley Act, is created in response to the Enron collapse. Stricter security regulations are adopted and COSO is further expanded.