![]() The ensuing Sarbanes-Oxley Act of 2002 has been described as the most important securities legislation since the original ’33 and ’34 Acts were passed. The collapses of Enron and WorldCom, as well as other well-publicized financial debacles, have led to an unprecedented level of attention paid to corporate governance, financial disclosure, and auditing issues. Workers have been laid off, thousands of people have lost their savings due to rapidly falling stock prices of their firm during rapidly imposed black out periods when employees were unable to pull their monies out. The end result however, has proved disastrous. The desire to boost earnings has led some executives to commit crimes, in order to fatten their own pockets, at the expense of hard working employees, shareholders and stakeholders. Corporate scandals involving America’s largest companies have shaken the confidence and trust that the public once had in big business. ![]() The past few years have remarkably changed the face of American business. The Effect of Sarbanes-Oxley on the Accounting Profession The Impact Upon the Accounting Profession
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