Assignment:
Review the website: accounting-degree-org-scandals
to view a list of the top ten accounting scandals of the past decade. This will help you to focus on the importance of internal controls and section 404 of the Sarbanes-Oxley Act (SOX). There are several areas of financial fraud and fraudulent financial reporting. Each is different, but a violation is unethical and will create mistrust of the accountants and the accounting profession.
Discuss the misrepresentation of financial information to the public, and answer the following questions:
•What statements are key targets for this manipulation, and what accounts found in the statements are the main focus?
•How can this fraudulent information be detected? What are the steps to prevent these actions?
•What is the importance of SOX section 404 to help with preventing fraud and fraudulent financial reporting?
Response should be 400 words.