Sample Essay

This takes away the argument many presented about not knowing what was being done with the accounts of the company.

It further put pressure on the companies in terms of the stock-option form of compensation to its higher management that pushed it to shore up the company stock price to get higher compensation (Romano 2005). Greater emphasis was not put on expensing this form of compensation, making it less attractive for the company. In the same vein, the Combined Code on Corporate Governance in 2006 was issued in response to the challenges faced with financial scandals and their adverse effects on corporate governance (Romano 2005). As such, a number of policies were changed with regards to disclosure and to increase the independence of auditors worldwide so that financial shenanigans can be rooted out.

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