Week Five Reflection

For this aggroup reflection we discussed the following. We identified situations that might lead to harm accounting practices; as well of the effects of the Sarbanes-Oxley telephone number of 2002 has had on fiscal statements. We also single discussed other aras that we tackled over the former(prenominal) weeks. The to the highest degree common situations that lead to wrong accounting we put up was stealing from the attach to or organization and manipulating pecuniary reports. Accountants fox a great deal of knowledge about a company they work for. For some, they may choose to steal to go on their financial gain due to greed. They give little lead to whom it will affect just has long as they argon getting the money they want. The manipulation of financial hybridiseage is spare oneself to basically make the corporation or organization line more appealing to investors, as well as cover charge up theft. Both practices are unethical and consecrate desolate l ong term effects that affect everyone. Discussing the unethical situations brought our group discussion into what the affects of the Sarbanes-Oxley portrayal of 2002 (SOX) on financial reporting. Sarbanes-Oxley Act was launch to protect investors from fraudulent accounting activities by corporations. Its object is to make corporate officers more involved in the financial reporting; that these officers take more of an active role to verify that the development that is being reported is in-fact correct. Penalties for not following the veracious office set forth by Sox could be severe, with a big fine and even imprisonment. Knowing what was considered unethical and what the Sarbanes-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 do is in accordance with the ! regulations and procedures. We furthered...If you want to get a large essay, secernate it on our website: BestEssayCheap.com

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