Week Five Reflection

For this aggroup reflection we discussed the following. We identified situations that might lead to unconventional accounting practices; as well of the effects of the Sarbanes-Oxley pretend of 2002 has had on fiscal statements. We also besides discussed other beas that we tackled over the former(prenominal) weeks. The closely common situations that lead to wrong accounting we put up was stealing from the attach to or organization and manipulating pecuniary reports. Accountants bemuse a great deal of knowledge about a company they work for. For some, they may choose to steal to yet their financial gain due to greed. They give little need to whom it will affect just has long as they are getting the money they want. The manipulation of financial masking pieceage is allay oneself to basically make the corporation or organization cable more appealing to investors, as well as cover charge up theft. Both practices are unethical and go desolate long term effect s that affect everyone. Discussing the unethical situations brought our group discussion into what the affects of the Sarbanes-Oxley roleplay 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 stop that the development that is being reported is in-fact correct. Penalties for not following the fit office set forth by Sox could be severe, with a big fine and even imprisonment. Knowing what was considered unet hical 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 through is in accordance with the regulations and procedures. We furthered...If you want to get a undecomposed essay, secernate it on our website: BestEssayCheap.com

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