The Legal, Ethical and Technological Concerns Document As technology advances, it can truly change the way a business operates in terms of accounting and financial information. Online software has become a widely used system by many businesses across the world. Financial reporting is essential for any business, especially when seeking potential investors or stakeholders. The reason is that a financial report contains all the records of a company's financial performance. Likewise, securities regulation has objectives, the main one being to disclose any schemes. Mallor, Barnes, Bowers, and Langvardt (2012) stated the following: In the early 1930s, Congress passed two major laws, which constitute the center of federal securities regulation in the United States today. These two laws, the Securities Act of 1933 and the Securities Exchange Act of 1934, have three fundamental objectives1. Require disclosure of meaningful information about a security and its issuer to enable investors to make intelligent investment decisions.2. Impose liability on those who disclose information inadequately and erroneously.3. Regulating insiders, professional sellers of securities, securities exchanges, and other securities self-regulatory organizations (p. 1140). Additionally, today's society is filled with legal and ethical concerns that surround many people and their responsibility is to keep all information private and accurate. Furthermore, accounting and financial reporting is the most important function of a business and involves a great sense of legal, ethical and technological concerns. Legal Concerns The fundamental purposes of the Securities Act of 1933 are to require investors to receive... middle of paper ......d to express their concerns about who they hire to take care of the whole accounting and financial reporting aspect. Conclusion In conclusion, the importance of maintaining a safe and private working environment is the key to a successful business. When dealing with accounting and financial reporting, the company must be honest, ethical and concise to avoid any type of legal consequences and bad reputation. Works Cited Federal Securities Laws. (nd). SEC.gov. Accessed April 26, 2014, from https://www.sec.gov/about/laws.shtml Mallor, JP, Barnes, AJ, Bowers, LT, & Langvardt, AW (2013). Business Law: The Ethical, Global and Electronic Commerce Environment (15th ed.). Boston: McGraw-Hill/Irwin.Sarbanes-Oxley Act of 2002 (SOX) Definition Investopedia. (nd). Investopedia. Retrieved April 26, 2014 from http://www.investopedia.com/terms/s/sarbanesoxleyact.asp