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-   -   Scandals (https://www.askmehelpdesk.com/showthread.php?t=33234)

  • Sep 2, 2006, 08:03 PM
    Jweav63
    Scandals
    I know that Enron and WorldCom were corporation scandals and that some people lost a lot of money, but how it is directly related to accounting?
  • Sep 3, 2006, 03:31 PM
    phillysteakandcheese
    Sarbanes-Oxley... PCAOB...

    It's created a new regulatory environment for auditors that helps ensure that financial reporting information is honest and accurate.

    For accountants, it means a lot more work - new internal controls, more intense audits of process and procedures - all intended to validate financial information, and in turn protect investors and the public interest.
  • Sep 3, 2006, 04:29 PM
    NeedKarma
    They used creative accounting tricks to hide losses thereby showing positive results for the shareholders and the stock price

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