Read the passage and decide whether the statements are true (T) or false(F) TRUE AND FAIR TRUE AND FAIR The collapse of companies such as Enron and WorldCom demonstrated the central role of accounting in good corporate governance. Both companies manipulated their figures and then persuaded their auditors to sign off on accounts that were at best misleading, at worst downright criminal. The cases highlighted a contrast between the modern American approach to accounting and the more old- fashioned British approach. America's accounting rules have developed in the context of the increasingly litigious nature of that country's corporate life. This has put pressure on American accountants to be very precise about what is and what is not permissible in company accounts. In the UK, by contrast, accountants have tried to stick more closely to the old idea of “true and fair," of accepting that precision in accounting is a chimera幻想, that the best you can hope for is that the figures appear (to an honest, independent expert of goodwill) to be as ”true and fair" a reflection of the corporate reality as it is possible to achieve. In the UK, auditors are required to state whether the accounts they are signing show a “true and fair” view of the organization's affairs. Although this principle can overrule specific legal requirements, there is no precise legal definition of what "true and fair” means. Despite its vagueness, however, the Sarbanes-Oxley Act (American legislation passed in the wake of the Enron and WorldCom accounting scandals that is applicable to all companies quoted on an American stock exchange) reinstated恢复the principle into American accounting. For most of the 20th century, in the UK and the many countries that follow British accounting principles, the "true and fair" view held the upper hand over the strict rule-setters. It was the most inviolate of the four golden principles of accounting (and the only one not beginning with the letter C: the other three being continuity, consistency and conservatism). The case for "true and fair"was not helped by a general debasement of the accounting profession itself. In an era that declared itself to be all about change and innovation, it was common to denigrate诋毁 "bean counters," people whose professional ethos was the antithesis 对立面 of most of this. "Creative accountants, after all, are folk who fiddle the books. What's more, whereas three decades ago accountancy training was essential for a young manager aiming for the top, the MBA replaced it for aspiring young executives. They now want to go to top-ranking business schools where they do not, by and large, learn how to count beans. Even chief financial officers have largely abandoned accountancy qualifications. In 2001, Spencer Stuart, an executive search firm, looked at the qualifications of the CFOs at Fortune 500 companies. Only one in five of them had CPA (Certified Public Accountant) qualification; 35% of them had an MBA. good corporate governance ( ) 1 Enron and Worldcom tricked their auditors.