But the accounting industry also has a responsibility.

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Congress' watchdog agency, the General Accounting Office, called for consolidating government responsibility for food safety under one agency.

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The Groupon-Facebook dichotomy, in which one accounting firm was responsible for two dramatically different approaches to GAAP, demonstrates the need for actual people at accounting firms taking personal as well as corporate responsibility for the financial statements that they audit.

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FASB, would hand the responsibility for its funding to the Treasury, which would levy compulsory fees on companies and accounting firms.

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McGladrey is the next tier public accounting firm with the alternative practice structure and exposure to Madoff and Petters fraud litigation as well as responsibility for the Sentinel fraud.

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