Heather Friday AC 502 Unit 3 Research Paper

Introduction

Government regulation refers to laws that are enacted to determine how a specific task, business, or industry is supposed to operate. Within the lengthy list of areas subjected to government regulations is the accounting industry. Many provisions have been enacted to secure the reliability and accuracy financial statements. The Securities Act of 1933, Securities Act of 1934, the Foreign Corrupt Practices Act of 1977, and the Sarbanes-Oxley Act are each responsible for setting government regulations for various purposes. Government regulation is many industries, especially those prone to fraudulent activities like the accounting industry, is a necessary element to establish strict guidelines and lessen the likelihood of corruption
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