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The idea expressed in the second paragraph can be correctly explained by the following sentence: In 2002 a draft bill was voted by the American Congress proposing the setting of enhanced standard for all US state-owned-company boards, management and public accounting firms.
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If the expression “for all the" (l 6) were replaced by despite the, the text would still be correct and the meaning of the sentence would be maintained, something that would not occur if it were replaced by if there is.
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The author accuses some firms of bribing unscrupulous academics to put forward compelling arguments hereby they could block proposals to create mandatory audit rotation.
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The author points to a discontinuity in the history of financial bookkeeping from the end of the 15th century to the 18th century.
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Without changing the meaning of the text, the fragment “explains the basic rationale for instituting controls rather straightforwardly" (l 16-17) could be correctly replaced with explains a common-sense approach to retain control instead of simply handing it over.
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One of the premises of the text is that every time there is a sudden economic crisis, we tend to quickly try to find a culprit.
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People have inherited from the Bible the notion that auditing is necessary because of the inherently dishonest nature of human beings.
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The title of the text refers to the fact that it is necessary to start regarding auditors as key players in today's globalized world.
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The expression “magic bullet" (l 23) could be correctly replaced by cure-all, wonder drug or perfect solution, without any change in its meaning.
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The word “allay" (l 3) is used as a verb and it means reduce or ease.
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In “to me that's not an audit, that's a joint venture" (l 5), the word “that" refers to the situation mentioned before, that is, the same auditing firm being responsible for a client for too long a period of time.
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According to the text, Congress’ underlying motivation to pass the Sarbanes-Oxley act was its indignation over the shameful behaviour of some corporations in early 21st century.
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In line 8, “bean-counters” is a derogatory expression used to describe second-class accountants who deal specifically with agribusiness.
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The fragment “longer tenures yield better results" (l 8) indicates that it is necessary a considerable amount of time for an auditing company which has been hired to sharpen its auditing skills and deliver superior results.
