ACC 290 Week 5 Learning Team Reflection Summary

May 4th, 2015
Studypool Tutor
Price: $5 USD

Tutor description

ACC 290 Week 5 Learning Team Reflection Summary

Word Count: 477
Showing Page: 1/4
Week Five Reflection SummaryACC/290University of PhoenixWeek Five Reflection SummaryThe team members knowledge continues to grow. Week five mainly covered the effect of the Sa Sarbanes-Oxley Act of 2002 on internal controls. The Sarbanes-Oxley Act of 2002 was put into place because of shady accounting practices. One of the biggest accounting scandals was the Enron scandal in 2001. Enron was one of the largest producers of natural gas and electricity. To the outside world, it was the company to invest in. It mostly started in November 1997. Enron bought out a partners share in a company called JEDI (Time Specials, 2011). They sell it to a firm they created called Chewco that an Enron manager would run (Time Specials, 2011). This is how Enron begins to hide their debt. In November 2001, Enron admits to accounting errors that inflated income by $586 million since 1997, and on December 2, 2001, Enron filed for bankruptcy (Time Specials, 2011). The Securities and Exchange Commission discovered accounting scandals and lies from Enron and its accounting firm Arthur Anderson, which causes investors to lose billions (Ponzio, 2007).Therefore, the Sarbanes-O

Review from student

Studypool Student
" Thanks, good work "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1821 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors