Essay: Improving Accounting Practices

Sample Essay

The stern steps taken can be seen as improving investor confidence as it shows that if and where loopholes do arise, they will be dealt with harshly. This was further augmented by the strict punishments in relation to misreporting contained in the Sarbanes-Oxley Act. Thus taking a look back at the history of financial reporting in recent years, we see that it is an important field for business that has been marred by many scandals.

It has seen ups and downs in terms of confidence from the investors and shareholders and events around the world have shaped how much trust users have put into the financial statements. However, some of the retaliatory steps taken such as tougher legislation can be said to have revitalized trust in the accounts of a company and acted as a good deterrent to elements of fraud. This has been shown by the burgeoning industry and jump in the financial sector as of 2007. We can therefore conclude that the various methods employed have been successful.

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