Accounting scandals
...a Greece and Rome followed similar accounting methods compared to Mesopotamian. In these days Accountants had to be very precise if not they got paid a visit from the customers for their wrong doings. Historically, business relied on accountants to prepare financial information for internal and external decision making and to assist in the fulfillment of tax preparing requirements (Albrecht & Sack 2001). As the business became more complex, demanding and rapidly changing then ever before, this affected the role of accountants making it increasingly adapting. The most significant factor that waves the business environment was the technology change, globalization and the opening markets of both international and national boundaries. Clearly, the ongoing technology revolution has dramatically altered the environment business, government and individual enterprise. The process of globalization and the opening of international markets are providing immense opportunities and challenges to business and its advisories (Hoiberg 1999). These modifications occurring within the business are influencing on accountancy profession. Yet in many of these new market areas accountants face strong competition from those outside profession (Hoiberg 2000). There was just paper, pencil, and abacus, the technological foundation of accounts was journals, ledgers and double entry bookkeeping (Alles, Kogan & Vasahelyi 2000). Now computers have risen and programs are made for this subject to make it easier on the accountant or just for people that know how to work the programs to do their own work. We need to get a new fool proof accounting practice so that the accountants of the future can’t steal company’s money. The use of information technology and intellectual capital is expected to increase in the future (Allot 2000). As seen in our past, we were bound to steal money from people who think their money is in good hands and death would not be the penalty, now we get fines for things other than murder. The real reason that some people get away with scandals is that the president at the time or a member of congress has something against him that will ruin his career, so nothing is done. Some congressmen even take some money for themselves. They don’t already get paid enough for their job, but know they think they need more money. The way that accountants and other business members form scandals is they overstated the company’s revenues so that it is worth more in stock and when people see that it has a lot of value they...