(Download) "Ethics in Accounting: An Indispensable Course?(Report)" by Academy of Educational Leadership Journal # eBook PDF Kindle ePub Free
eBook details
- Title: Ethics in Accounting: An Indispensable Course?(Report)
- Author : Academy of Educational Leadership Journal
- Release Date : January 01, 2011
- Genre: Education,Books,Professional & Technical,
- Pages : * pages
- Size : 204 KB
Description
INTRODUCTION It is well known that companies such as Enron and WorldCom engaged in unethical earnings manipulations such as falsely recording expenses as assets and hiding debt in complicated off balance sheet financial arrangements. Such practices led many to unknowingly invest in corporations that were on the brink of bankruptcy. In the aftermath of these companies' failures, the accounting profession has had to reexamine ethics and its implications (Duska & Duska, 2003). In 2002, the Sarbanes-Oxley Act and Statement of Auditing Standard 99 (SAS 99) were enacted to clarify issues related to ethics and fraudulent financial reporting and to help restore investor confidence in financial statements (Shawver, 2006). The Sarbanes-Oxley Act created new standards for corporate accountability as well as stiffer penalties for noncompliance including imprisonment for up to twenty years (Klutz, 2006). SAS 99 aimed to further integrate the auditor's consideration of fraud into the audit processes developed for a publicly traded company. In response to the Sarbanes-Oxley Act and SAS 99, accounting profession regulators began to look at enhancing ethics training for current and future accounting professionals (Ramos, 2003).
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