Final answer:
Accounting scandals have stressed the importance of ethical practices in accounting, leading to the Sarbanes-Oxley Act of 2002, which aims to protect investors and increase trust in corporate financial information.
Step-by-step explanation:
The statement highlights the impact of accounting scandals such as those involving Enron, Tyco International, and WorldCom, which have underscored the importance of concentrating on ethical practices in the accounting profession.
These events led to the implementation of the Sarbanes-Oxley Act in 2002, demonstrating a legislative response to such unethical practices.
The Act was designed to enhance corporate responsibility, build confidence in public corporations' financial information, and protect investors from accounting fraud.
Not only businesses but also professional organizations, like IEEE-CS, promote ethical conduct through the issuance of codes of ethics to guide professional behavior, further highlighting the importance of ethics in both teaching and practicing accounting.