The fun will really start once the IRS begins auditing 2010 corporate returns with Schedule UTPs.

FORBES: Will The 2010 Schedule UTP Provide The IRS 20/20 Hindsight For Prior Tax Years Currently Under Audit?

As Enron changed the world of auditing and corporate ethics, it seems Facebook will have a similar impact in the way investors view future IPOs.

FORBES: Facebook: Smells Like Enron

By September 2011 (when most corporations with calendar tax years will have filed their returns under extension), IRS Agents will be in some stage of auditing large corporate taxpayers for years prior to 2010 when the first round of Schedule UTPs are filed.

FORBES: Will The 2010 Schedule UTP Provide The IRS 20/20 Hindsight For Prior Tax Years Currently Under Audit?

The big firms argue that every recession throws up a number of corporate failures and tales of auditing mistakes: they simply pay up and wait for the next.

ECONOMIST: ��Errors of judgment�� are piling up at Andersen

On form 8-K, companies must reveal things like corporate control changes, a new auditing firm and director changes.

FORBES: Confidence Crisis, Business Boon

With power prices on the rise in recent years, Trane, along with competitors like Honeywell and Siemens, have seen a rush of new business auditing and overhauling energy systems for corporate and government clients.

FORBES: Magazine Article

Andersen, it seems, has been unusually lax in its auditing and astonishingly complaisant in the face of gross corporate malfeasance.

ECONOMIST: WorldCom