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Pages:
2 pages/≈550 words
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2 Sources
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APA
Subject:
Accounting, Finance, SPSS
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Essay
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English (U.S.)
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Topic:

Accounting Scandals (Essay Sample)

Instructions:

Tie the core values of SL University (Responsible Stewardship and Integrity) to issues facing the accounting profession. The Sarbanes Oxley Act is still being debated today as to whether or not it is helpful (preventing fraud) or harmful (additional costs prevent US companies from being competitive). 
Review the provisions of the Sarbanes-Oxley Act of 2002 to address the accounting scandals in the late 1990s and early 2000s (Enron, WorldCom, etc.). Identify the provisions that you believe made the most significant impact. What other provisions could have been included in the Act to strengthen the responsible stewardship and integrity of the accounting profession? Conversely, what existing provisions in the Act do you believe (if any) are unnecessary or over-regulate the profession? 
Use SL University core values below:
Responsible Stewardship
Our Creator blesses us with an abundance of resources. We foster a spirit of service to employ our resources for University and community development. We must be resourceful. We must optimize and apply all of the resources of our community to fulfill SL University’s mission and goals.
Integrity
The commitment of SL University to excellence demands that its members live its mission and deliver on its promise. The faculty, staff, and students pledge to be honest, just, and consistent in word and deed.

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Accounting scandals
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The responsibility stewardship had a wide reaching impact on corporate governance, since functions and participants of the corporate governance process are considered (Turner Weickgenannt, 2008). There is more emphasis on the role of management oversight to ensure that there are effective internal controls. This is also related to ethical conduct and responsibility stewardship, since the corporate leaders then need to be well versed in a company’s financial system. In any case, the case for enhanced auditor independence is that the auditor are less inclined to provide non-audit services, while they improve audit partner rotation (Turner Weickgenannt, 2008).
Under section 302 of the Sarbanes-Oxley Act, the CEO and CFOs are mandated to ensure that the financial reports reflect a true and fair view of the financial information. This calls for the company leaders to disclose all material respect (Sarbanes-oxley-act.biz, 2015). As such the leaders were held more accountable for financial statements, with the need to improve the oversight of audit committees and board of directors. In any case, the Board of Directors is tasked with forming an audit co...
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