Career Fair
Mike Russell
AIU Online Abstract
Accurate accounting and the understanding can make or break your company or organization; not to mention possible jail time in the worse cases. The first way of ensuring accurate accounting is understanding the objectives. The second way is to understand the terminology of the accounting process and in the financial reporting aspects. The third way is to understand the ethics behind the accounting and reporting process. The forth way is to impement your role in the accounting process. Career Fair The primary objectives of accounting, basic terminology in the accounting process, the financial reporting, the ethics and the individual role each of us can play in the accounting process
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These companies like Enron caused so many heartaches with the public that nothing will ever be done to help those people that lost everything from these scandals. The Sarbanes Oxley Act of 2002 was the newest regulation guidelines from the government that requires financiers to receive financial information pertaining to securities offered for public sale and it prevents deceit, misrepresentation or any other fraud in securities; hence why it is sometimes called the "truth in securities" law (The Laws That Govern the Securities Industry, 2013). I personally think this will stop a lot of these scandals and will better help the people and corporations in doing the right thing. This Act should better provide implantations of more guarded regulations for accountability of companies. I also think this act will help ensue better ethics into companies, because with all of the scandals being publicized it now becomes everyone's responsibilities in reporting correctly. I think with people seeing these CEO's and executives going to jail; it will make other even not at that level do the right thing or at least report it.
Role Technology Plays in Small Business Accounting
In today's time the accounting and book keeping ranges from the old way of paper and pen to extremely large accounting data base systems for the major companies and organizations around the world; although either system could be used but
The Sarbanes-Oxley Act of 2002 was implemented and designed to “protect the interests of the investing public” and the “mission is to set and enforce practice standards for a new class of firms registered to audit publicly held companies” (Verschoor, 2012). During the early 2000 's, the world saw an alarming number of accounting scandals take place resulting in many corporations going bankrupt. Some of the major companies involved in these scandals were from Enron, WorldCom, and one of the top five accounting and auditing firms, Arthur Andersen. These companies were dishonest with their financial statements, assuring the public the company was very successful, when in reality they were not. This became a problem because if the public believes a company is doing well, they are more likely to invest in it. That is to say, once these companies were exposed, it caused a number of companies going bankrupt and a major mistrust between the public and the capital market. Consequently, the federal government quickly took action and enacted the Sarbanes-Oxley act of 2002, also known as SOX, which was created by the Public Company Accounting Oversight Board (PCAOB), and the Securities and Exchange Commission (SEC). Many have questioned what Norman Bowie (2004) had questioned,
I believe the Sarbanes-Oxley Act of 2002 has been effective in managing the risks exposed through previous corporate fraudulent financial reporting scandals. The Sarbanes-Oxley Act makes fraudulent financial reporting a crime in which strong penalties can be enforced (Ferrell & Ferrell, 2013). This act also protects investors as corporations are required to be transparent with their finances as well as to create a code of ethics in which they are to abide. The purpose of the Sarbanes-Oxley Act, also known as SOX, is to make top executives responsible for the information that appears on the company’s financial documents. With the implementation of the Sarbanes-Oxley Act executives are required to know what is on financial statements and to
The development of the Sarbanes-Oxley Act (SOX) was a result of public company scandals. The Enron and Worldcom scandals, for example, helped investor confidence in entities traded on the public markets weaken during 2001 and 2002. Congress was quick to respond to the political crisis and "enacted the Sarbanes-Oxley Act of 2002, which was signed into law by President Bush on July 30" (Edward Jones, 1), to restore investor confidence. In reference to SOX, penalties would be issued to non-ethical or non-law-abiding public companies and their executives, directors, auditors, attorneys, and securities analysts (1). SOX significantly transformed the procedures in which public companies handle internal
Now the question would be for the future can the Sarbanes-Oxley Act work? And what are the ramifications in a long-term projection? In some ways I feel this act could be sustainable in a long-term scope to keep companies and corporations in check. However I think this was created after the Enron situation and purely done because of that. Our government instead of being proactive was reactive and came up with this act for pure necessity and panic and public outcry. However even if that’s the case, this did at least set a framework and accountability for companies and corporations. Going forward this has worked for at least 10 years or so, however it should ratified to more current times and situations. Clayton Brite tends to agree with me; “When looking back upon the first ten years of the Sarbanes-Oxley Act, one can only conclude that it has placed an undue burden our public companies and stifled our economic growth. The Act’s costs have greatly outweighed its benefits and thus needs reformed. Its effects have been perhaps more pronounced by the current financial crisis and the slow economic recovery. It is my opinion that lawmakers felt the pressure to punish corporate Americans when they should have focused their attention on trying to reduce information asymmetry. Sarbanes-Oxley was written and passed within one month in 2002. With the
The Sarbanes Oxley Act was approved and activated in 2002 to protect investors and to renew confidence in American companies from what happened with the fall of companies like Enron, HealthSouth, and WorldCom. This act was trusted to fix or find corruption in the companies and make them liable for their unethical activities. Although this act has proven to have many benefits, the cost of complying with the act for some companies has been much greater than expected. There are also negative
The Sarbanes-Oxley Act, enacted as a reaction to the WorldCom, Enron, and other corporate scandals, improved the regulatory protections presented to U.S. investors by adding an audit committee requirement, intensification of auditor independence, increasing disclosure requirements, prohibiting loans to executives, adding a certification requirement, and strengthening criminal and civil penalties for violations of securities laws.
After the economic disadvantages and corporate fraud of Enron, WorldCom as well as other corporations during the 21st century, the United States congress had developed the law to protect the public interest, which is known as Sarbanes-Oxley Act of 2002. SOX established the new accounting and auditing procedures and public oversight that includes enhanced civil and criminal penalties for SEC violations and criminal fraud (Article: Efficacy of the Sarbanes Oxley Act in Curbing Corporate Fraud). Moreover, during 2002, the Sarbanes-Oxley Act has also added whistleblower protections for those who inform securities violation investigations. This is, the act prohibits retaliation against whistleblowers that lawfully report corporate misdeeds. Companies
This article focused on a study that was conducted with predominantly high school-aged adolescent females. They were taken to a nontraditional career fair and were surveyed on their Occupational Self-Efficacy (OSE) before and after the career fair. Each of the adolescent females rated the occupations based on how confident they were about completing the tasks required for that occupation. The results of the career fair and the impact it had on the female attendees stood out to me because it provided them with options to different occupations not dominated by just females, males as well. The article also mentioned that our goal as professional school counselors, we should broaden our students’ career
Today I had the opportunity to attend the Business and Technology Career Fair. Since I am a junior and previously a business student, I have some experience with this fair. My visit this time was very different from my two prior years since I am now a Kinesiology major and I am somewhat of an outsider to the majority of companies offering internships. Upon reading the requirements of this assignment I was unsure about who I was going to speak with but little did I know I would only have to do half of the work.
The Sarbanes-Oxley Act was passes in 2002 in response to a handful of large corporate scandals that occurred between the years 2000 to 2002, resulting in the losses of billions of dollars by investors. Enron, Worldcom and Tyco are probably the most well known companies that were involved in these scandals, but there were a number of other companies guilty of such things as well. The Sarbanes-Oxley Act was passed as a way to crackdown on corporations by setting new and improved standards that all United States’ public companies and accounting firms were and are required to abide by. It also works to hold top level executives accountable for the company, and if fraudulent behaviors are discovered then the executives could find themselves in hot water. The punishments for such fraudulence could be as serious as 20 years jail time. (Sarbanes-Oxley Act, 2014). The primary motivation for the act was to prevent future scandals from happening, or at least, make it much more difficult for them to happen. The act was also passed largely to protect the people—the shareholders—from corporations, their executives, and their boards of directors. Critics tend to argue that the act is to complicated, and costs to much to abide by, leading to the United States losing its “competitive edge” in the global marketplace (Sarbanes-Oxley Act, 2014). The Sarbanes-Oxley act, like most things, has its pros and cons. It is costly; studies have shown that this act has cost companies millions of
Accounting is basically defined as the process of identifying, measuring and communicating economic information to help its users make informed judgment and decisions. It also involves recording, classifying, summarizing and interpreting financial transactions and events about economic
Accounting can be defined in a number of ways, but I chose the book definition, which is; Accounting is an information system that provides reports to stakeholders about the economic activities and condition of business. The person in charge of accounting is called the accountant. The accountant is typically required to follow a set of rules and regulations. These rules and regulations are called the General Accepted Accounting Principles. Throughout these next few paragraphs, I will be giving you the history and evolution of accounting, and I will be explaining who the stakeholders are and what type of information they require, and I will be explaining the role of accounting in business. There will be many examples and type of business
Along with the development of information technologies, the accounting systems need to simultaneously evolve to support business processes. The traditional accounting systems are deemed to be inefficient and thus need to be adequately upgraded (Christauskas & Miseviciene 2012). There is a need for business organizations to adopt the latest information technologies available to keep up with competition.
During my time at Accounting Firm X I learned many lessons that apply not only to accounting and the principles and practices associated with that subject, but also to life as a professional in a real world work setting. The purpose of this essay is to highlight my experiences at Accounting Firm X to shed light upon key learning experiences that can contribute to a holistic educational experience. In this essay I will first describe my goals and expectations. Next, I will go in to detail about my daily routine and how these exercises contributed toward the overall experience. I will then explore the overall lessons learned from my time spent at the firm.
There are some main objectives of financial accounting which prepare its financial statement in which cash flow statement, income statement and the balance sheet are include.