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Effect of Unethical Behavior Article Analysis (ACCOUNTING COURSEWORK) - Assignment Example

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Accounting unlike other aspects in corporate world forms a vital aspect, which numerous states usually utilize to determine their economic progress and stability (Bisoux, 2005). This especially useful in estimating state’s financial position globally and postulate the…
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Effect of Unethical Behavior Article Analysis (ACCOUNTING COURSEWORK)
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Effect of Unethical Behavior Article Analysis Accounting unlike other aspects in corporate world forms a vital aspect, which numerous states usually utilize to determine their economic progress and stability (Bisoux, 2005). This especially useful in estimating state’s financial position globally and postulate the future’s possibilities of growth. Hence, the statistics forms a critical information to the potential investors who may be intending to invest in a state. Since, it acts as a determining factor in making up concrete decisions regarding when and the magnitude of investment that would guarantee significant growth throughout the viable opportunity (Bisoux, 2005). Hence, enabling wise investments; this will not only benefit the individual firms but also augment the state’s economic stability.
Accounting malpractices presently assume numerous forms that are evident both in the regime’s institutions and in individual corporations. For illustration, inaccurate financial records that result from an intentional manipulation by the responsible individuals (Bisoux, 2005). Since, they do have hidden intentions meant to benefit themselves via presenting false figures that would derail the key organizations’ auditing process. Primarily, these staffs encompass the accountants who are responsible in the daily handling of accounting books. The individuals usually manipulate figures to equal a false amount after colluding with fellow workers and have chopped some amount, hence trying to make a cover up. In some incidents, these malpractices may entail the top officials, but mostly evident amid the middle staffs (Bisoux, 2005).
Additionally, the malpractices may entail misusing funds via channeling them in diverse directions to cater for expenses not intended for or inappropriate. For illustration, overspending especially in a venture where the undertakers or those pioneering team would benefit in some way. This deprives the firm the necessary financial resources meant for boosting its sustainability or expansion and instead starts encountering difficulties in its management (Bisoux, 2005). Consequently, this financial misappropriation will indirectly will feature in its accounting standings. This would be via meticulous study by potential investors who will notice the evident misappropriation and decline in investing in it.
Since the inception of Sarbanes-Oxley Act of 2002, numerous organizations and even regimes have recorded an growth of their economic stability (Bisoux, 2005). This emanates from the accountability, which the act has instilled especially among the individuals responsible for preparing and safeguarding the financial statements. Since, any misappropriation would yield to a grievous penalty, which in some instances may entail imprisonment. For illustration, section 802,which entails serious fines and imprisonment 20 maximum. This is especially if an accountant tries to manipulate records either being aware or not, where the referred documents are under one’s supervision (Bisoux, 2005). Since then, financial statements have attained the reliability from the organizations and their shareholders, hence trust which earlier was nonexistent. This is coupled with regaining of confidence and responsibility primarily the key top executives yielded to the effective organizations’ management. Since each leader or individual bearing any financial liability would ensure has executed the intended role to the maximum and attain the target level of efficient (Bisoux, 2005). Consequently, attract potential investors that would recognize the growth of each corporation prior having any dealings with it.
References
Bisoux, Tricia. (2005). The Sarbanes-Oxley. Retrieved on 18Th May 2012 from Read More
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