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The collapse of Enron as well as Arthur Andersen sounded the warning bell that something was not right with corporate America’s accounting and auditing practices. The largest, but certainly not the only corporate scandal, Enron’s failure, left investors scared and distrustful. The shock that shook the stock market upon Enron’s collapse was representative of a much broader problem than just one dishonest corporation; it reflected a shortcoming in the regulatory structure of United States business. The American public lost a great deal of faith in corporate America, and to counteract this strong hesitation toward investing, the Securities and Exchange Commission was forced to reevaluate its role in accounting.
In the mission statement of the SEC, the first duty listed is to protect investors. Ironically, it was the investors who lacked truthful financial statements and honest information on which to base their decisions. The SEC recognized the need for accounting and auditing to refocus their attention on the investors rather than on the businesses. To make strides toward a more secure system, the most important component was to move away from a self-regulated accounting industry. Firms such as Arthur Andersen previously allowed corporations to deceive the public through shrewd yet often dishonest accounting tricks. Auditing executives used the pressure from money-hungry clients like Enron to justify their dishonest actions. An article by Ken Brown and Ianthe Jeanne Dugan, two reporters for the Wall Street Journal, made it clear that Arthur Andersen’s former CEO Joseph Berardino led the firm to work in their clients’ best interest. This was the sole problem: auditing firms were working to please the corporations rather than looking out for the public’s best interest. Investors need to be protected from corporations who publish false numbers in their financial statements; otherwise they will be just as successful as a gambler in a casino. Audited financial statements are the only true way that investors may correctly evaluate and judge a corporation. If corporations are practicing ethical business behavior, there should be no liability, debt, or stock option that cannot appear on their financial statements. Misleading financial statements lead to uninformed investing, and will ultimately harm the public as a whole. The job of ensuring high quality accounting information fell to the SEC.
The SEC took action against corrupt accounting in the form of the Sarbanes-Oxley (SOX) Act of 2002. The first major change in the world of accounting since the Securities Acts, Sarbanes-Oxley determined to develop stricter accounting and auditing guidelines. In addition, it created the Public Company Accounting Oversight Board (PCAOB) to oversee the auditors of major corporations. The main goals outlined by SOX are increased prison terms and fines for fraud, reduced opportunities for fraudulent behavior, and increased emphasis on ethical employees. The main component is the reduced opportunity for fraud; the Act requires managers to take a more active role in overseeing their employees’ spending, allows the board of directors to select an audit committee, and creates a system of checks and balances between internal and external auditors. The Sarbanes-Oxley Act has its fair share of critics, however it establishes stricter punishments that defer corporations from risking larger fines and longer imprisonment. In addition, it encourages employees to regulate each other by protecting whistleblowers from losing their jobs. This small-scale form of regulation is important because it helps fight fraud on a level that cannot be identified or punished by the SEC. Although some view the 2008 Bernard Madoff Ponzi scheme as an example of SOX’s failure, as a whole the Act is making positive steps toward a more tightly and effectively regulated accounting and auditing system in the United States, however there will always be those who question the efforts made. The expectations gap, which is a common yet uneasy phrase among accountants, defines the area between how the public portrays the behavior of accountants, and how accountants portray their own actions as being very difficult to minimize. As mentioned earlier, the recent events of Bernard Madoff brought even more individuals out of the woodwork who question whether or not the profession is doing enough. In order for the Securities and Exchange Commission and the Sarbanes-Oxley Act to become extremely effective, the needs of the society must continue to be met. And although not every accounting disaster should be placed on the shoulders of the profession, all considerable resources must be continue to be brought together to make the accounting system as reliable as possible.
About the Author:
Article Source: ArticlesBase.com – The Pursuit of A Reliable System
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