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Pursuant to a congressional request, GAO reviewed recommendations, made by major study groups over the past two decades, to the accounting profession, focusing on: (1) actions the profession has taken between 1972 and 1995 to improve accounting and auditing standards and the performance of independent audits under federal securities laws; and (2) unresolved issues and their impact on the performance of independent audits, setting of accounting and auditing standards, and efforts to expand the scope of business reporting and audit services.

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