accounting webct assn 3

accounting webct assn 3 - Travis Giguere Section 1 Webct...

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Travis Giguere Section 1 Webct Discussion #3 The main impact that the Sarbanes-Oxley Act had on the accounting profession is that it gives more accountability to the accountants and companies. It was enacted after large public accounting scandals occurred such as Enron, WorldCom, and Tyco; it is meant to prevent future occurrences. The act adds more components of what has to be published in financial reports, outlines what kind of information must be released to the public by certain deadlines, and outlines punishment for failing to follow procedure. This has definitely put more pressure on the accounting profession to be honest and follow procedure, or else pay the price of jail time. The Securities and Exchange Commission has become more involved about what is going on in the accounting profession. According to a press release from the SEC on May 17, 2006 they are going to take actions to, “further improve the reliability of financial statements and to better protect investors.” The SEC has already taken steps and
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accounting webct assn 3 - Travis Giguere Section 1 Webct...

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