Code of Ethics Paper Essay Example | Topics and Well Written Essays - 1000 words - 1

Code of Ethics Paper - Essay Example(Donaldson, 2005) part 54.1 Disclosure of Confidential Information Prohibited., Section 68 guardianship of Clients records, Section 68.5 Audit Documentation Retention and Destruction Policy are the policies that when violated can lead to criminal or vivil accountant liabilities.The literary argument involving powerful institutions has made an immense impact in the corporate world leading to their downfall and the writ of execution of stringent laws of the government. Enron and Arthur Andersen faced the collapse of their careers which affected the patience and the birth of the Sarbanes-Oxley Act.The largest bankruptcy in history mark the existence of fraudulent accounting procedures by Enron and Arthur Andersen in 2001. the once blue chip stock stop up to be valued for small meager amounts. Most of Enrons profits were from transactions with controlled especial(a) partnerships which turned into debts that were not reported on its financial sta tementsThe economic implications of the Enron case included the accounting industrys review of their financial policies with the fear of having the same fate as Enron. Other companies who also utilize the same aggressive accounting methods as Enron have been affected. They steered away from the limelight and have seemed to have lay-low for the stave while the issues are still steaming..The existence of corporate fraud was verified by the emergence of the Enron case. With this, chairwoman George W Bush enacted a new law which targets the detection and prevention of company fraud. The US tribute regulations underwent scrutiny when it was found out that the worker of Enron lost a huge amount of money imputable to their pensions scheme being invested largely in Enrons own stocks.The accounting profession tried to see its structure and policies to be able to take notes of those that need to