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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

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