Subprime Crisis

It is reasonable to say that the recent subprime mortgage crisis happened due to a complex combination of negligent practices by many of the nine-fold stakeholders directly involved in the real estate industry. That being said, the chronicle profession, being the critical player that it was (and still is), play a critical role in the development of this stintingal crisis due to the practices that they used during the auditing process of key industry players in the market at that time. As a foundation to this argument, chapter genius of the text states that, accounting is the process of identifying, measuring and communicating economic information about an organization for the purpose of making decisions and informed judgments. (Marshall-McManus-Viele). It is the accountants responsibility to identify and offer the relevant financial selective information necessary to make appropriate business decisions. In discipline about cases such as the infamous New blow mishap, one gets the impression that the accounting methods used, completely ill-shapen the current financial situation of the company which needed to target a strong financial situation in format to maintain its solid market position and shroud to see a steady influx in transactions.

by and by further review combined with KPMGs involvement, they found themselves with inconsistencies that take to a more than significant hole in their rime ultimately leading them to bankruptcy (along with other economic factors). Referring hold up to chapter one of our text, some of the key behaviors that accounting professionals must unceasingly follow are: to remain objective and independent. In my opinion, and admitting that my familiarity in this field is limited, this is a critical factor in order for proper and accurate accounting practices to take place. Allowing accounting professionals to get involved with stakeholders or other factors of an entity only leads to conflicts of quest and accounting methods that can potentially... If you want to get a abounding essay, order it on our website: Orderessay

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