1
Q489131
The idea expressed in the second paragraph can be correctly explained by the following sentence: In 2002 a draft bill was voted by the American Congress proposing the setting of enhanced standard for all US state-owned-company boards, management and public accounting firms. 
According to the text, Congress’ underlying motivation to pass the Sarbanes-Oxley act was its indignation over the shameful behaviour of some corporations in early 21st century. 
The title of the text refers to the fact that it is necessary to start regarding auditors as key players in today’s globalized world. 
One of the premises of the text is that every time there is a sudden economic crisis, we tend to quickly try to find a culprit. 
If the expression “for all the” (l.6) were replaced by despite the, the text would still be correct and the meaning of the sentence would be maintained, something that would not occur if it were replaced by if there is. 
In line 8, “bean-counters” is a derogatory expression used to describe second-class accountants who deal specifically with agribusiness. 
The author accuses some firms of bribing unscrupulous academics to put forward compelling arguments hereby they could block proposals to create mandatory audit rotation. 
The fragment “longer tenures yield better results” (l.8) indicates that it is necessary a considerable amount of time for an auditing company which has been hired to sharpen its auditing skills and deliver superior results. 
In “to me that’s not an audit, that’s a joint venture” (l.5), the word “that” refers to the situation mentioned before, that is, the same auditing firm being responsible for a client for too long a period of time. 
The expression “magic bullet” (l.23) could be correctly replaced by cure-all, wonder drug or perfect solution, without any change in its meaning.