n Professional Accountant - Transparency - key to effective financial reporting

Volume 2011 Number 1
  • ISSN : 1680-7537


Extracted from text ... Transparency - key to effective financial reporting by Kevin Phillips | IDU Software corporate executives, and create a government agency to oversee, update, maintain and support the whole lot. The reason for doing this was founded in corporate scandals such as the Enron debacle. Executives of that business had abused accounting principles in a rush for profit and lack of concern for consumers. The reality for businesses in the post-Enron world is twofold: investors are wary of opaque accounting practices; and new legislation is heavily impacting processes and operating costs. While Sarbanes-Oxley, commonly referred to as Sox, is US-specific, its general principles are ..

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