The Legal, Ethical, and Ethical and Technological Concerns
opinion Essay
689 words
The Legal, Ethical, and Technological Concerns Paper
As technology progresses it can truly change how a business operates in terms of accounting and financial reporting. Online software has become a widely used system by many businesses around the globe. Financial reporting is essential to any business especially when seeking for potential investors or stakeholders. The reason being is because a financial report contains all of the records of how a business is performing financial wise. Likewise there are purposes of securities regulations and the main one is to disclose any schemes.
Mallor, Barnes, Bowers & Langvardt (2012) stated the following:
In the early 1930s Congress passed two major statues, which are the hub of federal securities regulation in the United States today. These two statues, the Securities Act of 1933 and the Securities Exchange Act of 1934 have three basic purposes
1. To require the disclosure of meaningful information about a security and its issuer to allow investors to make intelligent investment decisions.
2. To impose liability on those persons who make inadequate and erroneous disclosure of information.
3. To regulate insiders, professional sellers of securities, securities exchange, and other self-regulatory securities organizations (pg. 1140).
Additionally, today’s society is filled with legal and ethical concerns that surround numerous individuals and their responsibility is to keep all information private and accurate. Furthermore, accounting and financial reporting is the most significant function of a business and entails a great sense of legal, ethical and technological concern.
Legal Concerns
The securities Act of 1933 has basic objectives, to require investors to receive financial and o...
... middle of paper ...
...d to raise concern on who they are hiring to take charge on the whole aspect of accounting and financial reporting.
Conclusion
In conclusion, the importance of maintaining a safe and private work environment is the key to a successful business. When dealing with accounting and financial reporting the company must be honest, ethical and concise to avoid any type of legal consequences and bad reputation.
Works Cited
Federal Securities Laws. (n.d.). SEC.gov. Retrieved April 26, 2014, from https://www.sec.gov/about/laws.shtml Mallor, J. P., Barnes, A. J., Bowers, L. T., & Langvardt, A. W. (2013). Business law: The ethical,global and e-ommerce environment (15th ed.). Boston: McGraw-Hill/Irwin.
Sarbanes-Oxley Act Of 2002 (SOX) Definition Investopedia. (n.d.). Investopedia. Retrieved
April 26, 2014, from http://www.investopedia.com/terms/s/sarbanesoxleyact.asp
In this essay, the author
- Explains how technology can change how a business operates in terms of accounting and financial reporting. financial reporting is essential to any business especially when seeking potential investors or stakeholders.
- Explains that congress passed two major statues that are the hub of federal securities regulation in the united states today.
- Opines to require disclosure of meaningful information about a security and its issuer to allow investors to make intelligent investment decisions.
- Explains that the securities act of 1933 requires investors to receive financial and other significant information concerning securities being offered for public sale. the sarbanes-oxley act was passed in 2002 to protect investors from fraudulent accounting activities by corporations.
- Explains that ethics play a major role in the financial and accounting procedure because everything must be done with righteousness and precision. an auditor has both duties and responsibilities to complete.
- Explains that technology is beneficial but has its pitfalls when it is not being monitored the right way. companies need to raise concerns on who they are hiring to take charge of accounting and financial reporting.
- Concludes that maintaining a safe and private work environment is the key to successful business. companies must be honest, ethical, and concise to avoid legal consequences and bad reputation.
- States that mallor, j. p., barnes, a. j, bowers, l. t, & langvardt,
- Describes the legal and ethical concerns that surround individuals and their responsibility is to keep all information private and accurate. accounting and financial reporting is the most significant function of a business.
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