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Essay / Research Paper Abstract
This is a 5 page paper that provides an overview of corporate fraud. Cases such as Enron and WorldCom are cited. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: KW60_KFfin012.doc
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Unformatted sample text from the term paper:
in todays world has increased the transparency with which business is conducted. Consequently, businesses now tend to be held to much higher ethical standards by the public than at any
point in the past. Businesses that fail to convince the public of their ethical merit will generally face boycotts and other detrimental effects. One of the most significant results of
this increased surveillance of business practices is more stringent regulation and monitoring of the potential for financial accounting fraud in businesses. After several major cases of accounting fraud earlier in
the decade, many pieces of legislation are now in place to prevent such cases from occurring in the future. This paragraph helps the student explore some of the professional
standards that are in place to prevent fraud. Fraudulent accounting practices make up the majority of business fraud cases committed in the United States. Consequently, the adoption of sound accounting
standards is advocated as one key way to avoid fraudulent activity. Many US businesses adhere to what is called the GAAP, or "Generally Accepted Accounting Standards", rules and regulations put
into place in 1987 to clarify and standardize the process of financial reporting to reduce the potential and capacity for fraud when accounting (Miller & Bahnson, 2005). In addition to
the GAAP standards, some businesses, especially those outside the United States, embrace the IFRS accounting regulations, a similar set of rules intended to reduce the likelihood of accounting fraud. Increasingly,
businesses whose financial reporting does not adhere to these standards are regarded with suspicion (Miller & Bahnson, 2005). Of course, these essentially voluntary standards are not the only safeguards
against fraud. Key pieces of legislation such as the Sarbanes Oxley Act of 2002 assist in preventing businesses from carrying out accounting fraud. One way in which this is achieved,
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