Week Five Reflection Summary

ACC/290

University of Phoenix

Week Five Reflection Summary

The 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 partner's 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...