From the course: Accounting Ethics
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Ethics through legal structure
From the course: Accounting Ethics
Ethics through legal structure
- It's common for people to believe laws and ethics are one in the same. Why wouldn't you? Laws are meant to protect the public and by extension you'd think they'd be based upon ethical standards. Most laws do align with ethical conduct, but that doesn't mean they're the same. Here at a more common financial controls you must know and apply. One mentioned previously is the US Sarbanes-Oxley Act or SOX. Naturally other countries have similar laws like Canada's Bill 198. This law holds senior stakeholders accountable for the organization's financial reporting integrity and accuracy. CEOs and CFOs must certify the reliability and accuracy of the financial information presented to the public. If not, penalties and potential criminal charges for more dubious activities are issued. This is where you come in. Stakeholders count on your assurance that what they're certifying is accurate. Simply, they're taking the heat…
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