Accounting Code Of Professional Conduct And The Sarbanes Oxley Act

893 Words Mar 8th, 2016 4 Pages
1. From ethical and legal perspectives, what do you feel business has learned from the Bernie Madoff financial fraud?

In my opinion, I do not only think that businesses can learn from the mistakes that Madoff has caused, they can also use this case as a way to avoid the same type of conflict. With that being said, that can use the mistake that Madoff caused and the many lives that he also has affected to strengthen their code of ethics, build a stronger corporate culture and make sure that their organization is aligned with the rules and regulations that the government has put in place or take more preventive measures. Madoff’s unethical behavior has cause concern in the business industry as well as impacted it. In addition, it has brought many issues to the forefront as far as auditors, accountants and the everyday business practices of the firm. It is my belief that the government should begin enforcing the AICPA code of Professional Conduct and the Sarbanes-Oxley Act. Thus, enforcing and monitoring accountants, auditors, financial advisors and firms by using direct contact, and holding CEOs and CFOs accountable for all actions conducted by the firm.
2. If you had been an investor with this company, should you have been skeptical of its actions? Why do you feel no one spoke out to address the issues in the case?

From my perspective, and reviewing the case and the textbook, it is my belief, is that I may have been skeptical, however, given the knowledge of the case it…

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