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

Code of Ethics Paper - Essay Example(Donaldson, 2005) slit 54.1 Disclosure of Confidential Information Prohibited., Section 68 Retention 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 controversy involving powerful institutions has do an immense impact in the corporate world leading to their downfall and the implementation of stringent laws of the government. Enron and Arthur Andersen faced the collapse of their careers which affected the industry and the birth of the Sarbanes-Oxley Act.The largest failure in history marked the existence of fraudulent invoice procedures by Enron and Arthur Andersen in 2001. the once blue chip stock ended up to be valued for small meager amounts. Most of Enrons profits were from transactions with controlled limited partnerships which turned into debts that were not reported on its financial statementsThe economic implic ations of the Enron facial expression included the accounting industrys review of their financial policies with the fear of having the same fate as Enron. Other companies who also used the same predatory accounting methods as Enron have been affected. They steered away from the limelight and have seemed to have lay-low for the meantime while the issues are still steaming..The existence of corporate fraud was support by the emergence of the Enron case. With this, President George W Bush enacted a new law which targets the detection and prevention of company fraud. The US Pension regulations underwent scrutiny when it was implant out that the worker of Enron lost a huge amount of money due to their pensions scheme being invested largely in Enrons own stocks.The accounting profession tried to reconsider its structure and policies to be able to take notes of those that need to