In light of the 1990s accounting scandals and the eventual Sarbanes Oxley Act of 2002, and...
In light of the 1990s accounting scandals and the eventual Sarbanes Oxley Act of 2002, and the following financial institution meltdown, and our current accounting environment do you expect the United States Congress to have concerns about enacting laws pertaining to accounting standards in the near future? Why and why not?
Homework Answers
I think with the prevelent accounting economic environment , I expect the US Congress to have concerns about enacting laws pertaining to accounting standard in near future as establishment are still employing with window dressing strategies and there are high level of negotiatiable techniques with auditors and still, it is a fair market there are price manipulation to a large extent .
SOX managed the fraud to a certain extent but the accounting environment has changed in this digital world and there are new and Sophisticated type of manipulation techniques which are not required to be reported.
We cannot estimate the intensity of those frauds and prevent it unless it comes into light.
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