Abstract: The industry thrived in the late 20th century as large accounting firms expanded their services beyond the traditional audit function to many forms of consulting. The scandals with Enron in 2001, however, had far-reaching consequences for the accounting industry. However, one of the paradoxes of the profession is that accounting scandals generate more work for accountants, and the demand for their services continued to grow during the early part of the 21st century. The accounting profession has importance and impact that cant be overlooked, so making the competent authorities keen on the importance of keeping up the International Accounting Standards, gives the good and effective basis on accounting and financial transactions. A commitment to these standards and in need to follow good accounting approach ensures success and continuity in light of significant economic challenges.