In other words, people's opinion on accounting companies can be easily distorted by accounting scandals and unethical activities that harm clients.

The importance of ethics in accounting is also revealed by the legal actions that can be taken against individuals or companies in the accounting field that behave in unethical manners. There are several examples that reveal the importance of ethics in the accounting field, and their repercussions (ENotes, 2010). The legal actions in such cases are various.

There are numerous accounting scandals that can be studied in order to understand the phenomenon and its effects. One of the most important accounting scandals that are considered to be partly responsible for the economic and financial crisis is represented by scandal involving Fannie Mae. In this case, senior executives are accused of manipulating accounting in order to collect important sums of money that rook the form of undeserved bonuses and to...
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