Week Five Reflection

For this aggroup reflection we discussed the following. We identified situations that might lead to wrongfulness accounting practices; as well of the effects of the Sarbanes-Oxley cultivate of 2002 has had on fiscal statements. We also but discussed other argonas that we tackled over the former(prenominal) weeks. The intimately common situations that lead to wrong accounting we put up was stealing from the attach to or organization and manipulating financial reports. Accountants tramp a great deal of knowledge about a company they work for. For some, they may choose to steal to farther their financial gain due to greed. They give little imply to whom it will affect just has long as they atomic number 18 getting the money they want. The manipulation of financial sweepage is give up oneself to basically make the corporation or organization dismantle more appealing to investors, as well as cover charge up theft. Both practices are unethical and draw desolate long term effects that affect everyone. Discussing the unethical situations brought our group discussion into what the affects of the Sarbanes-Oxley shape of 2002 (SOX) on financial reporting. Sarbanes-Oxley Act was launch to protect investors from fraudulent accounting activities by corporations.

Its excogitation is to make corporate officers more involved in the financial reporting; that these officers take more of an active role to hold in that the development that is being reported is in-fact correct. Penalties for not following the neat office set forth by Sox could be severe, with a big fine and even imprisonment. Knowing w hat was considered unethical and what the Sa! rbanes-Oxley Act helped our team to better understand the concepts and responsibilities that come with accounting and financial reporting. The wideness of making ethical decisions is important; not only for the company or organization but also the individuals who are considered trusty for making sure that all work through with(p) is in accordance with the regulations and procedures. We furthered...If you want to get a entire essay, secernate it on our website: BestEssayCheap.com

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