Essay about The Loss of Ethics and Trust in Corporations Today

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Something that is widely down spread due to some of the current allegations within corporations is ethics and trust. Many individuals including myself look at shows such as Cops and Cheaters as drama and action but it is merely nothing more than ethics and trust right in front of our eyes. The effects of our daily lives not only affect us but so many others. I remember during high school that Enron, a huge corporation at the time, wasn’t doing so well and yet they had “cooked the books”. That means that basically that they were forging and falsify their records to perceive as if they were being successful. It is easy now to look back on it and say the company did it to seem attractive for potential investors. We know the outcome of their…show more content…
The internal controls were correctly monitored within the previous ninety days and have been reported on their findings. We must have a list of all deficiencies in the internal controls and information on any fraud that involves employees who are involved within the internal activities. The report must also include any major noteworthy changes in internal controls that could have a negative impact on the internal controls. (Barth, 2012)
Section 401 includes disclosers in the periodic reports. Financial statements which are published by issuers are required to be accurate and presented in a manner that does not falsify or not disclose any significant state material. These financial statements shall also include all out of balance obligations or transactions. The Commission was required to study and report on the extent of off-balance transactions resulting transparent reporting. The Commission is also required to determine whether generally accepted accounting principles or other regulations result in open and meaningful reporting by issuers. (Barth, 2012)
Section 404 is what many refer to as the most complicated, most contested, and most expensive to implementation of all the Sarbanes Oxley Act sections. “All annual financial reports must include an Internal Control Report stating that management is responsible for an "adequate"
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