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1.Some people believe that the audit industry has fallen out of touch with the realities of business. They believe that accounting standards were developed for

1.Some people believe that the audit industry has fallen out of touch with the realities of business. They believe that accounting standards were developed for a manufacturing environmentand are not fitted for our modern needs. As a result, they contend that financial statements have turned into a game in which all companies try to match earning forecasts set by financial analysts.Are the statements are true, or do you think that are too cynical?

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