Note: students are strongly urged to read reviewed academic journal articles and provide at least three academic journal articles in the reference. Please provide relevant examples and where appropriate use graphs to illustrate your answers.
Carefully consider the following two quotations:
1: “Corporate scandals (i.e. Enron, Tyco, and WorldCom) in the early 2000s have demonstrated how accounting and auditing failures have resulted in corporate failures, destroying investor confidence, and harming capital markets. In response to these corporate accounting scandals, the U.S. Congress passed the Sarbanes-Oxley Act (SOX) in 2002, to protect investors from possible future scandals as well as to prevent fraudulent financial reporting by companies. In fact, these corporate failures are not peculiar to just one country or a geographical region, and they are not limited to a time frame; they occur in various countries at varying time intervals, as past harsh experiences have shown. A quick Google search produces a comprehensive list of such scandals across countries and intervals. In the context of Australia, Garry et al. (2014) reported that these corporate scandals were cyclical over four rounds of corporate failures (i.e. early 1960s, late 1980s, early 1990s and the early 2000s), and that these corporate scandals were followed by a series of changes in governance (i.e. legislative reforms relating to financial reporting or auditing) to prevent their recurrence. For example, in response to the crisis in the early 2000s, the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 Cwlth (CLERP 9 Act 2004) was enacted, which included increased disclosure requirements, tightened requirements for continuous disclosure, enhanced accountability, increased penalties for non-compliance, and increased auditors’ independence (Australian Securities and Investments Commission, 2012). The adoption of corporate governance principles and the enactment of regulations to improve investor confidence in the marketplace were hastily put into place all around the world” (Uyar, Gungormus and Kuzey, 2017, p. 10).
The above quotation is taken from: Uyar, Ali; Gungormus, Ali Haydar; and Kuzey, Cemil (2017). “Impact of the Accounting Information System on Corporate Governance: Evidence from Turkish Non-Listed Companies”, Australasian Accounting, Business and Finance Journal, 11(1), 9-27.
2: One of the key factors affecting the efficient use of resources, the increase of shareholders confidence in the managers of the company, the success in achieving objectives and economic efficiency is the system of corporate governance by which a company is managed and controlled. We cannot talk about a culture of corporate governance without thinking of the criteria of transparency, of responsibility in ensuring the accuracy of data from financial reports. Transparency is a prerequisite of good communication between the company and the interested parties (Man and Ciurea, 2016, p.41).
The above section is taken from: Man, Mariana and Ciurea, Maria (2016) “Transparency of Accounting Information in Achieving Good Corporate Governance. True View and Fair”. Social Sciences and Education Research Review, 3(1), pp 41-62).
Required: Critically examine the significance of accounting information and financial reporting in enhancing corporate governance in business organisations.
NB: 1) Understanding the notions of financial reporting and corporate governance in business is more important than an enlargement with the advanced maths in many articles.
2) Do not plagiarise articles content-instead cite, or better yet, paraphrase it and always give full references. This shows that your opinions are informed opinions.
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