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In the wake of corporate malfeasance at Arthur Anderson, new laws have been passed that affect accounting practices around the world. New accounting laws have been passed by governments from the United States government, New York City, Texas, Greece, and African states. All of these laws will affect American companies. Covered are the new laws and accounting practices. Bibliography lists 8 sources. jvActg06.rtf
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been passed by governments from the United States government, New York City, Texas, Greece, and African states. All of these laws will affect American companies.
In the United States, the most important of the new laws is the federally legislated Sarbanes-Oxley act, an act governing how everything having to do with accounts
(memorandums, correspondence, and the books themselves) is to be treated. This bill also instituted a new overseeing agency, the Public Company Accounting Oversight Board, established a records management law (RM
law), and gave new policing powers to federal agencies, including the Securities and Exchange Commission (SEC) and the Federal Bureau of Investigation (FBI).
For the accounting profession, this means a billion-dollar growth industry in the form of corporate governance, entirely new ways of running an accounting firms that focus on the provisions of
the new laws and on consultancy. However, with power, as they say, comes great responsibility. This responsibility is to the law. Historical
Context Enron spiraled into bankruptcy after Arthur Anderson notified Enrons officers it was going to remove a $1 billion nonrecurring loss from
the financial statements. This sent investors scrambling. Nancy Temple was viewed as the culprit (by both the courts and observers) because she knew Enrons financial statements were covering up losses,
she was attempting to hide Arthur Andersons role in the cover-up, and she was forcing others to do so as well. Under 18 U.S.C. [sec] 1512, the obstruction of justice
statute, it is illegal to persuade or coerce anyone else to destroy or falsify records with the intent to impede a federal investigation (Strickland 12). In this case, Ms. Temple
...