The Legal, Ethical and Technology Concerns Document As technology advances, it can really change the way a company operates in terms of accounting and financial reporting . Online software has become a widely used system for many businesses around the world. Financial reporting is essential for any business, especially when looking for potential investors or stakeholders. The reason is that a financial report contains all the records of how a company is performing financially. Likewise there are purposes of securities regulation and the main one is to disclose any schemes. Mallor, Barnes, Bowers & Langvardt (2012) stated the following: In the early 1930s Congress passed two important statutes, which are the centerpiece of federal securities regulation in the United States today. These two statutes, the Securities Act of 1933 and the Securities Exchange Act of 1934, serve three basic purposes1. Require disclosure of meaningful information about a security and its issuer to enable investors to make intelligent investment decisions.2. Impose accountability on those who disseminate inadequate and incorrect information.3. To regulate insiders, professional securities sellers, securities exchanges, and other securities self-regulatory organizations (p. 1140). Furthermore, today's society is full of legal and ethical concerns surrounding numerous individuals and their responsibility is to keep all information private and accurate. Furthermore, accounting and financial reporting is the most significant function of a business and comes with a great sense of legal, ethical and technological concern. Legal Concerns The Securities Act of 1933 has basic objectives, to require investors to receive financing and or..... . half of the document ......d to raise concerns about who they are hiring to take over the entire accounting and financial reporting aspect. Conclusion In conclusion, the importance of maintaining a safe and private work environment is key to a successful business. When it comes to accounting and financial reporting, the company must be honest, ethical and concise to avoid any kind of legal consequences and bad reputation. Works cited by federal securities laws. (n.d.). SEC.gov. Retrieved April 26, 2014, from https://www.sec.gov/about/laws.shtml Mallor, J. P., Barnes, A. J., Bowers, L. T., & Langvardt, A. W. (2013). Business Law: The Ethical, Global, and E-Commerce Environment (15th ed.). Boston: McGraw-Hill/Irwin.Sarbanes-Oxley Act of 2002 (SOX) Definition Investopedia. (n.d.). Investipedia. Retrieved April 26, 2014, from http://www.investopedia.com/terms/s/sarbanesoxleyact.asp