Business and Professional Ethics for Directors, Executives & Accountants 6th Edition by Leonard J. Brooks
ISBN-13: 9780538478380
ISBN-10: 0538478381
Expectations for appropriate business and professional accounting behavior have changed
dramatically. The demise of Enron, Arthur Andersen, and WorldCom triggered the U.S.
Sarbanes-Oxley Act of 2002 and galvanized reforms in the accountability and governance of
both corporations and professional accounting. Th ese reforms and the subsequent subprime
lending fi asco have infl uenced business and professional ethics around the world, and they will
continue to bring new challenges and opportunities for directors, executives, managers, and
professional accountants.
Th e reforms in accountability and governance frameworks have recognized that corporations
and professional accountants have become increasingly more broadly accountable than
generally understood. Th e crisis of corporate governance and reporting credibility that Enron began,
Arthur Andersen fostered, WorldCom capped, and the Sarbanes-Oxley Act (SOX) sought
to remedy heightened the awareness that corporations and the accounting profession must have
the support of many stakeholder groups to achieve their strategic objectives. Following very
quickly, the subprime lending fi asco from 2007?2009 further exacerbated the crisis of confi dence
by sensitizing the public and adding to ethical awareness and generating higher expectations for
ethical behavior to sustain stakeholder support.
