The introduction of computer technology into accounting systems changed the way data was stored, retrieved and controlled.
The book included how to document EDP audits and examples of how to process internal control reviews.
The heightened focus on the industry has brought improved control and higher standards for all working in accounting, especially those involved in IT auditing.
After the fraud was discovered, it took the auditing firm Touche Ross two years to confirm that the insurance policies were not real.
A major switch failed due to software and procedural errors and left many credit card users unable to access funds for upwards this brought to the forefront our reliance in IT services and reminds us of the need for assurance in our computer systems.
The Enron and Arthur Andersen LLP scandal led to the demise of a foremost accounting firm, an investor loss of more than $60 billion, and the largest bankruptcy in U.S. history.
Although Arthur Andersen were found guilty of obstruction of justice for their role in the collapse of the energy giant in the US District Court for the Southern District of Texas (and affirmed by the Fifth Circuit in 2004), the conviction was overturned by the U.S. Supreme Court in Arthur Andersen LLP v. United States.