...Legality and Ethicality of Corporate Governance Nicolle Pack ETH376 / University of Pheonix Abstract The publicly traded company, United Thermostatic Controls, is currently in the middle of an internal audit. The different divisions of the company are regionalized according to their area. The southern division has had struggled with decreasing sales and is having a hard time reaching the target set for their sales. The company pushes the different divisions to be aggressive with increasing revenue and sales. Legality and Ethicality of Corporate Governance Corporate Governance is a combination of rules and regulations that function as a control mechanism to keep management operating ethically and legally. The absence, of corporate governance, would allow a company’s management team to operate under guidelines which may or may not involve integrity, responsibility, or accountability. The publicly traded company, United Thermostatic Controls, is currently in the middle of an internal audit. The different divisions of the company are regionalized according to their area. The southern division has had struggled with decreasing sales and is having a hard time reaching the target set for their sales. The company pushes the different divisions to be aggressive with increasing revenue and sales. Legality United Thermostatic Controls needs to be in compliance with certain laws and accounting regulations in order to maintain operations. These laws and regulations are the Sarbanes-Oxley...
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...Running head: Review of Accounting Ethics 1 Review of Accounting Ethics Cynthia Harley Dr. Julie Hamm Acc 557 5/1/2014 Review of Accounting Ethics The WorldCom Scandal Vikalpa: The Journal For Decision Makers provides us with the following excerpt from WorldCom’s 2002 press release: CLINTON, Miss., June 25, 2002 –- WorldCom Inc. (Nasdaq: WCOM, MCIT) today announced that it intends to restate its financial statements for 2001 and the first quarter of 2002. As a result of an internal audit of the company’s capital expenditure accounting, it was determined that certain transfers from line cost expenses to capital accounts during this period were not made in accordance 2 with the generally accepted accounting principles (GAAP). The amount of these transfers was $3.055 billion for 2001 and $797 million for the first quarter of 2002. Without these transfers, the company’s reported EBITDA would be reduced to $6.339 billion for 2001 and $1.368 billion for the first quarter of 2002, and the company would have reported a net loss for 2001 and for the first quarter of 2002 (Pandey & Verma, 2004, p. 113). This information came at a time where the company had reached an all time high in the industry, second only to AT&T. The company originally started out as a small provider of long distance telephone service in Mississippi under the name LDDS and later changed its name to WorldCom. During the 1990’s the company took on an aggressive acquisition strategy acquiring the likes...
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...WRITTEN ANALYSIS AND COMMUNICATION-1 Video Concepts,Inc Assignment 1 Submitted to: Dr. Gita Chaudhari By Anirban Chandra On September 2, 2012 Letter of Transmittal July 1991 To Alex MacDonald President, AWC Inc. Subject: Recommendations for Compliance to Environment Regulations Dear Mr. Alex, Please find enclosed the report on the analysis of the situation AWC is facing regarding the provincial environment regulations and impacts of the options available. It also has evaluation of possible options and the recommended plan of action for AWC Inc. Sincerely Yours, Anirban Chandra Management Consultant. Summary Situation Analysis • AWC. Inc.-medium sized aluminum fabrication company, paternalistic, employee friendly with extremely committed employee base • Highly competitive market with low entry barrier • Recession in construction industry, at least to stay for three years -AWC survives on quality, price and efficiency • Canada-US trade agreement-competition in local market but US market is now accessible • New product-unique, price high volume order • Second welding line to meet the demand of the new product • Noncompliance with the Government Regulations regarding pollutions • Present welding line exposes employees to toxic products, also damaging for the environment • Recently...
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...thirty eight years old. Charlie had the chance to get an operation, which would triple his IQ. Charlie was chosen for this test because he had the motivation to become smart. Charlie's doctors had to make ethical decisions about the operation. Charlie Gordon's doctors did not act ethically when they performed the surgery to make him smarter. Charlie's doctors did not think of the consequences the operation would have on Charlies quality of life. Quality of life is "the principles of beneficence, nonmaleficence, and respect for autonomy" (Siegler). The doctors do not think of Charlie or even consider what will happen to his quality of life after the surgery. When Charlie became smart he lost his job and his friends. Which is evidence of his quality of life decreasing due to his surgery. Charlie Gordon's doctors did not act ethically when they performed the surgery to make him smarter....
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...often intersect these areas. While the American Nurses Association Code of Ethics is the standard of ethical conduct, often nurses are confronted with issues that go beyond these principles. Historically, healthcare ethics concerned patients' rights, including the right to be part of their healthcare decision-making. As nurses expand their scope of responsibility, we find ourselves faced with ethical decisions not involving only patients' rights and professional issues, but also issues relating to business and economic factors. Many ethical dilemmas involve the potential conflict of interest between the needs and interests of the patient and the desire of the practitioner to make more money. Ethical vs. Legal Conduct To begin with, it is helpful to distinguish between ethical conduct and legal conduct. For nurses and other medical professionals, behavior that might be considered unethical does not necessarily have to be illegal, but most illegal acts are always unethical. A nurse's behavior, if guided by moral imperatives, should ethically reach a level of responsibility and decision-making that stands apart from legal considerations. Simply put, ethical standards govern our behavior and are based on honesty, responsibility and fairness. In this age of decreasing reimbursement, increased competition and higher business costs, it can be a challenge to maintain an ethical and profitable professional practice, even for nurses who are employed within large organizations....
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...he is now considering. Guillermo’s has to ensure that his accounting decisions ensure he does not end up in a ethical dilemma. How could Guillermo use budgets and performance reports in his decision-making process? Budget: A budget can be a great tool for Guillermo to use. With this budget Guillermo can identify all of his cost. Guillermo will be able to track how much labor it takes to produce each of his products as well as the cost per unit. This will help Guillermo identify his budget and find different ways to cut cost to increase his revenue. Once he has been able to identify his cost as well as the opportunities to cut cost Guillermo can Identify the need if any for new machinery Performance Reports Performance reports provide feedback by comparing results with plans and by highlight variances. Performance reports can help with Guillermo decision making by identifying the expected profit of the business. The performance report can show what would happen if he decides to user a cheaper product for his coating whether it would increase his revenue and lower the quality of his product. Performance reports will also show how he measures with his different competitors compares in cost, units per day, and customer base. How might ethics influence his accounting decisions? Being ethical is very important especially when it comes to make an accounting decision. Accounting decisions can affect the entire existence of any company if they are not made carefully...
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...employee also benefits by acquiring the needed skills to achieve one’s career goals. When a company spends money on developing employees; investors, customers, and employees should all reap the benefits. Recruiting and training employees present a substantial cost for any employer. This is the reason why retaining effective employees is so important. The best way to retain an effective employee is to offer career advancement opportunities. This provides the opportunity for an employer to invest in the employee and get a return on the investment by moving the employee to a more important position within the company. The investors benefit by having an effective employee in a position to make decisions that benefit the company financially and the company’s bottom line improves from decreasing expenditures on recruitment and new hire training. Customers benefit from well trained employees by either receiving a better product or service experience due to the tenured employee or by maintaining a comfort level or rapport with employees that they are used to dealing with. Lastly, the employee benefits by acquiring the necessary skills needed to advance their career with the company or another of their choosing. Employees that participate in an employee development...
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...Applying Ethical Frameworks in Practice Nursing has a renowned history of concern and interest for the welfare of the sick, injured and vulnerable for social justice. Nursing encompasses prevention of illness, decreasing suffering, and the protection, promotion, and restoration of health. Ethics is been an integral part of the foundation of nursing and it is self reflective, enduring and distinctive. In the professional course, a nurse encounters with different types of patients, several types of families and varied situations. Every patient has certain rights and a nurse has to respect them in both legal and ethical aspects. Confidentiality is important to create confidence between nurses and patients. Without promising privacy to their matters, patients will be hesitant to share important information to health care professionals which may be necessary for their care. Respecting patient’s confidentiality is a legal requirement and also a professional, ethical and legal duty. By law, breaching confidentiality may end in unlawful condemnation and punishments The moral consequence when breaking confidentiality is loss of client, loss of reputation, loss of revenue, and breaking of moral, lawful and moral obligations. A credulous bond between nurses and patients will improve patient satisfaction and will help patient to disclose even the most sensitive information which will help in their treatment and care. This will also improve adherence to medical management plans in almost...
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...accounting profession and the credibility of financial information provided by businesses have been undermined by scandals. Accounting and business education should pay more attention to the ethical to prevent accounting scandals. And they should not be focused on the teaching of accounting techniques. Neoliberal ideology is a political movement beginning in the 1960s that blends traditional liberal concerns for social justice with an emphasis on economic growth. And it is similar to globalization. Globalization includes three elements that are difficult decreasing, quick response to alterations, and multilateral trade liberalization. And accounting professional contains individual professional judgment and professional self-regulation. Globalisation brings many benefits but also a number of problems, for instance, low price labour used by multinationals that Increasing wages for highly-skilled workers and reducing wages for less-skilled workers obviously leads to greater inequality. Neoliberalism has also been unable to address growing levels of global inequality. In order to better focus on ethical education, accountants should consider ethical issues in various directions. And they should understand the requirements of students’ future employer, and how to guide students into a true ethical notion. Introduction With the development of society in the...
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...December 10, 2010 Throughout this course I have been able educate myself on many areas of nursing that involve more than just patient care. One area that I found particularly interesting was ethical principlism. Ethical principlism involves using a set of ethical principles to provide framework that will support moral behavior and decision making while caring for patients. (Masters, 2009, p.92) There are four principles that define this idea. These include autonomy, beneficence, nonmaleficence, and justice. Both beneficence and nonmaleficence go hand in hand to show how nurses truly work for the good of the patient. Beneficence involves nurses taking action to promote well being for their patients. While nonmaleficence teaches nurses to refrain from certain actions that could cause harm. (Masters, 2009 p. 93) I believe that these concepts are very important in nursing. One must be able to understand that caring for a patient is more than acquiring skills. You need to have compassion and love in the care you provide. Nursing must be more than just a job. If the desire to help the patient is not present, the ability for the nurse to make the proper judgments can be skewed. Patient advocacy is a key requirement for a nurse. It is important that nurses are able to be taught ethical principles that will guide their thinking toward the good of the patient. Masters describes an example of beneficence as encouraging a patient to ambulate after surgery. They may not want to because...
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...The Responsibility Project Your Name Ethics 316 March 3, 2012 The Responsibility Project After reviewing several short films, Bottomless Closet, featuring Sara Slocum, is the film chosen for The Responsibility Project. Bottomless Closet is a nonprofit organization. This socially responsible organization is solely staffed by volunteers and 100% funded by donations. This project will reveal organizational issues, external social pressures, influences on organizational ethics, and the relationship between legal and ethical issues. According to the Bureau of Labor and Statistics, October’s unemployment rate was 7.9% (Statistics, 2012). A short term solution of unemployment or financial assistance does not solve a community’s social economical problem. The competition for employment is great and the need to market ones skills is greater. Consider women looking for work while facing the challenges of poverty, domestic abuse, or lack of skills. Bottomless Closet is a New York City based nonprofit organization, founded in 1999, in response to an article discussing the obstacles that mothers on financial assistance faced while looking for work. These women faced obstacles from finding appropriate clothing to functioning in an interview setting. The Bottomless Closet assists economically disadvantaged women and provides helpful tools, such as business etiquette and interviewing skills to navigate through an already challenging job market. The issues in this...
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...Decision model for revising ethical issues-7 step analysis-Yum burger Case 1) Determine the fact: Who-Yum burger the fast food chain looking to expand its menu so it can compete with international chains, CMO Jake Tanner looking to increase market by adding a kids menu, Emile Barnes the top marketing manager and Jane a resent MBA student, Chinese manufacturer and targeted kids. What-Sourcing Chinese manufacturers to make toys for kids meals on order to turn business around, ingredients possibly toxic to young kids, workers’ rights and potential safety hazards in the work place. When-ASAP, pressure to perform due to decreasing market share. Where-America (Yum Burger) China (Manufacturer) 2) Define the ethical issues in light of the facts-what is the exact issue. E.g. conflict, rights. 3) Stakeholder analysis: The adoption of stakeholder orientation is essential to the advancement and maintenance of ethical marketing decision making in any organization. A stakeholder is any group or individual who can affect or is affected by the achievement of the organizations objective. The definition covers both those that influence decisions like employees and marketing managers as well as those impacted by marketing practices such as customers and suppliers. Stakeholders can be classified in three ways. * Primary- they have a continuing and essential interest because the organization would cease to exist without them * Indirect-possess on abiding but more separated...
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...atmosphere. “Decreasing revenues, increasing costs, and high consumer expectations present a complex challenge for healthcare administrators and medical directors who must not only manage in today’s climate, but also position their organizations for tomorrow’s storms” (Gale Group, 2004, p. 2). This paper will summarize the four elements of financial management; summarize generally accepted accounting principles and general financial ethical standards; and provide examples from articles that reflect ethical standards of conduct and financial reporting practices. Four Financial Management Elements Planning, controlling, organizing and directing, and decision making are the four elements of financial management. The purpose of planning is for the financial manager to identify the objectives and identify the steps required to achieve those objectives. The purpose of controlling is for the financial manager to review and compare current reports against previous data to ensure the plans, set by the organization, are being followed properly and efficiently. The purpose of organizing and directing is for the financial manager to ensure effective resource use and provide daily supervision. Lastly, the purpose of decision making is for the financial manager to make informed choices through primary tasks of analysis and evaluation. These four elements of financial management are the key to leading a successful and profitable organization. Accounting Principles and Ethical Standards ...
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...on the process of selecting decision alternatives for the whistle issue of the toy company, evaluating theadvantages, disadvantages, legal, financial and ethical considerations involved in the various alternatives.The purpose of this memo is to outline three possible decision alternatives to address the problem of small lead traces tocontents of metal whistles produced by a U.S toy company due for shipment to South America; by discussing the methods forthe selection of decision alternatives, the advantages, disadvantages, ethical considerations, financial and legal prospective ofthe each decisions . The memo will further justify and analyze the impact of the recommended decision on customerrelationship as well as demonstrate the role of ethics and social responsibility in choosing this decision.While important financial or strategic information is used in the decision-making process, business ethics has become anincreasingly popular tool used in making decisions. Business ethics is commonly referred to as the professional judgment orethical perspectives used by an individual or a company executive team in resolving moral or ethical problems in business. Inresolving the problem of the lead-contaminated metal whistles, I will discuss three possible decision alternatives, methods ofselection of the alternatives, pros and cons of the alternatives as well as potential legal, financialand ethical consideration involved in the selection. Ethical decisions-making can be difficult when...
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...healthcare field many nurses will encounter ethical issues which may place themselves in a dilemma. “Ethics is that branch of philosophy dealing with values relating to human conduct, with respect to the rightness and wrongness of certain actions and to the goodness and badness of the motives and ends of such actions.” (Ethics, 2014). A nurse or healthcare worker might have personal values that get in the way for a patient to receive the adequate care they require. Sometimes having personal values become an important factor in the nursing practice. A nurse’s personal, cultural, and spiritual values contribute to practice in nursing. In nursing school students learns about different types of ethical principles that is applied to their nursing practice. The students are taught a specialized body of knowledge, standards of their practice, and how to deal with different individuals according to their selected professional. “The nurse, in a professional relationships, practices with compassion and respect for the inherent dignity, worth, and uniqueness of every individual, unrestricted by considerations of social or economic status, personal attributes, or the nature of health problems” (ANA, 2008). In the nursing field the nurse is expected to deliver good care, respect the patients and their decisions even if the nurse thinks it will affect them negatively. Working in an acute unit I have deal with many ethical issues. One ethical issue I have deal with is end-of-life. An example...
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