Week Five Reflection

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

Its heading is to make corporate officers more involved in the financial reporting; that these officers take more of an active role to determine that the development that is being reported is in-fact correct. Penalties for not following the proper office set forth by Sox could be severe, with a big fine and even imprisonment. Knowing what was considered unethical and what the Sarban! es-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 is in accordance with the regulations and procedures. We furthered...If you want to get a beneficial essay, secernate it on our website: BestEssayCheap.com

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