The most common situations that lead to unethical accounting we put up was stealing from the attach to or organization and manipulating financial reports. Accountants shed a great deal of knowledge about a company they work for. For some, they may choose to steal to further their financial gain due to greed. They give little require to whom it will affect just has long as they are getting the money they want. The manipulation of financial coverage is relieve oneself to basically make the corporation or organization note more appealing to investors, as well as cover charge up theft. Both practices are unethical and have desolate long term effects that affect everyone. Discussing the unethical situations brought our group discussion into what the affects of the Sarbanes-Oxley Act of 2002 (SOX) on financial reporting. Sarbanes-Oxley Act was launch to protect investors from fraudulent accounting activities by corporations.
Its intention is to make corporate officers more involved in the financial reporting; that these officers take more of an active role to ensure 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 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 done is in accordance with the regulations and procedures.
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