Ethical behavior - Essay Example

Free

Extract of sample
Ethical behavior

Due to the uncertainty and sudden lack of confidence by investors in the marketplace the government reacted and passed the Sarbanes-Oxley Act (SOX) of 2002. The Sarbanes-Oxley Act was created by Senator Paul Sarbanes and Representative Michael Oxley. The purpose of the Act was to regulate the accounting profession to ensure the validity of information, while at the same time raising investor confidence in the marketplace. The Sarbanes-Oxley Act is composed of 11 titles with the six most important titles being sections 302, 401, 404, 409, 802, 906 (Soxlaw, 2003). SOX brought major changes to the accounting profession. Public companies now had to implement managerial assessments of internal controls that must be published within the annual report. Another major breakthrough of SOX was that it raised the accountability of the executive management team. The top executives of companies including the CEO were forced to sign the financial statements of companies to ensure they are free of material error or fraud. Both the accountants and the top executives now face criminal penalties of up to 25 years in prison time if found guilty of financial fraud. The act also forced accountants to provide enhanced financial disclosure in regards to off-balance sheet liabilities, obligations, or transactions. ...Show more

Summary

The accounting profession relies on the ethical behavior of its members to ensure the reliability and accuracy of accounting information. During the early part of the 21st century there were a series of accounting scandals that devastated the financial world as people began to lose confidence in the financial information provided by public companies…
Author : abernathygiovan
Ethical behavior Essay essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Ethical behavior Essay"
with a personal 20% discount.
Grab the best paper

Related Essays

Ethical Business Behavior
The ethical concerns become important in situations of asymmetric interaction across organizations. This study explicitly addresses the different areas of how to monitor, manage and evaluate the ethical issues in the organizations. The ethical culture and values of every organization depend on its persona.
5 pages (1250 words) Essay
Ethical Behavior
Factors in the cultural environment include family, friends, neighbors, education, religion and media. Ethical codes, role models, policies and practices, and reward and punishment systems comprise the organizational influences. The external factors include developments taking place in the political, legal, economic and international arena.
8 pages (2000 words) Essay
Human Behavior Master Essay
It can well be stated that human behavior is altered by stimuli outside the mind, but absorbed by that same mind. This absorption must be considered when understanding the human psyche. Advertisement has a tendency to increase the need and create needs. However, the nature of need changes with time and taste and this is exactly what we see while viewing the two Swatch advertisements.
16 pages (4000 words) Essay
Ethical Business Behavior
The ethical culture and values of every organization depend on its persona. The bottom line is that the conceptual framework in the organization is laid upon the ethical framework. This study would
5 pages (1250 words) Essay
Ethical Behavior
Therefore, the goal is to identify the most unethical person in all the parties involved and their actions. Ethics in this story, considering all the parties involved, Babbs would be the person on the wrong based on multiple
2 pages (500 words) Essay
Ethical Issues and Tactics Essay
In this thinking there is a complex relationship between three things that make up the human mind in this understanding: the id, the
3 pages (750 words) Essay
Ethical behavior in business
In the case study Big Dirty Oil was involved in a terrible accident that hurt the wildlife and natural environment of British Columbia and Southern Alaska. Millions of gallons
2 pages (500 words) Essay
Ethical behavior in business
In the case study Big Dirty Oil was involved in a terrible accident that hurt the wildlife and natural environment of British Columbia and Southern Alaska. Millions of gallons
2 pages (500 words) Essay
Ethical Consumption - attitudes, behavior, ethical consumption literature
During the last few years Europe and North American market has attracted the attention of global market on ethical consumption (Carrier & Luetchford, 2012). In accordance with ethical consumer markets report (Keynote, 2012), it can be asserted that, ethical
10 pages (2500 words) Essay
Ethical Reasoning Final Essay
In his masterpiece titled “Why Shouldnt Tommy and Jim Have Sex? A defense of Homosexuality,” Corvino argues, basing on five definitions of unnatural, that
6 pages (1500 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT