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... used fraudulent accounting methods to hide the declining earnings in order to make the illusion that they were growing financially. They were underreporting line costs by capitalizing the cost on the balance sheet rather than properly expensing them, and inflating revenues with bogus accounting entries from “corporate unallocated revenue accounts.” Exodus 23:1 says, “Do not spread false reports. Do not help a wicked man by being a malicious witness.” These people obviously did not abide by the Bible and what it says. They were trying to take the easy way out and once again it backfired.
In 2002, President George Bush signed the Sarbanes-Oxley Act into law. This legislation was created in response to the high profile Enron and WorldCom financial scandals to protect shareholders and the general public from accounting errors and fraudulent practice in the enterprise.
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