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Sarbanes-Oxley Paper Karen Bellinger, Nicole Elston, Ernesto Lembert, Wanda Manning University of Phoenix ACC/539 Accounting for Managerial Decision Making Mark E. Hall, CPA February 1, 2006 In December of 2001 Enron, a company transformed from a sleepy natural gas utility to a darling of growth investors, filed for Chapter 11 in a cloud of accounting irregularities and outright deception. Problems lurking below the murky waters of financial reporting came to the forefront of investor consciousness. Thought at the time to be an "outlier", subsequent revelations of accounting malfeasance (Worldcom, Tyco, HealthSouth et al.) further reduced investors' confidence in financial statements, the integrity of corporate managers, and their accountants. The roots of the problem included: 1. The lack of independence of auditors providing higher margin consulting services to audit clients. 2. Either a lack of understanding or independence by corporate directors (or both). 3. The fact that GAAP reporting has not kept pace with increasingly complex...

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