Dave A Johnson Bus-340 Ethical & Legal Issues in Business The Legal, Ethical, and Technological Conerns in Business November 20, 2011 The legal, Ethical, and Technological Concerns in Business Introduction The domain of business ethics describe the ethical responsibilities and set the moral boundaries in perspective of doing the particular business in the particular scenario. Furthermore, the domain of business ethics also analyzes
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Enron – Unethical Financial Accounting Overview In 2001, Enron $111billion US energy firm employing 20,000 people worldwide collapsed and filed for bankruptcy, stemming from one of the largest and most complex corporate accounting scandals seen in corporate America. Involving senior managers like Jeffery Skilling (COO), Andrew Fastow (CFO) and Kenneth Lay (CEO and Chairman) and Arthur Anderson (Accounting Firm), jointly they orchestrated false balance sheets to report false earnings and inflated
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strategy, were failed business attempts and unethical accounting approach to hide company’s debts. In 2001, Lay sold large amounts of Enron stocks while assuring its employees and shareholders that the company is in a great shape. After few months, Enron filed for bankruptcy in December 2001, the biggest in US history and over 20,000 employees lost their jobs, savings and pensions. In 2004, Lay was indicted for 11 counts of securities fraud, wire fraud, and making false and misleading statements. He was
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Introduction For at least 20 years, HealthSouth represented a new concept in health care. Its founder, Richard Scrushy was the embodiment of the American dream. His rise was meteoric, yet ultimately the empire he created collapsed due to fraud of his creation. Richard Scrushy Represented the American Dream Richard Scrushy came from humble beginnings. He was born in Selma, Alabama, dropped out of high school, married, and fathered two children. He worked in manual labor jobs, even
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minimizing the possible miscalculations in accounting records. As a second primary goal, they also serve as pre-emptive measures against fraud, embezzlement, and theft by workers with access to financial records within the company, vendors, and the company’s clients. The Sarbanes-Oxley Act of 2002 had a major impact on internal controls. It was enacted after major scandal was uncovered by corporate giants such as Enron, Tyco International, and WorldCom amongst others. These scandals cost investors
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corporate scandals that have been emphasized by the media. After all the recommendation and efforts contributed by the various parties to eliminate these scandals, however it is still happening and there is no sign of stopping or reduction of the fraud in the future. Though GP Ocean Food Sdn Bhd is a well-known company, but the former company directors of seafood exporter have been acquitted of charges of submitting misleading information to the Securities Commission (SC) in 2006. Some even
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Lessons from Lehman Brothers: Will We Ever Learn Learning Team B MGT/521 July 27, 2015 Sandra Griffin Lessons from Lehman Brothers: Will We Ever Learn The culture at Lehman Brothers was one of greed, excess, and corruption. According to Lawrence Serewicz (2011-2013) “…profits before prudence means risk that can never be avoided” (para 19). Lehman Brothers culture was clearly that of “…go along to get along” (para 20). The culture at Lehman Brothers was a culture that encouraged risk taking
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Forensic Accounting in Practice: Forensic Accountants: Fraud Busters A forensic accountant is part investigator, part auditor, part attorney, and part accountant (Levanti, T.). Due to the increase in high-profile cases of companies and individuals, forensic accounting is a growing and popular field in the business and forensic subjects. A forensic accountant is someone who is often retained to analyze, interpret, summarize, interviews and present complex financial and business related issues in
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Ethics is a broad term that people sometimes stretch to fit the way that is convenient to them, but in reality ethics is a strong sense of right and wrong. In our textbook Organization Behavior by Nelson and Quick, ethics is defined as “the study of moral values and moral behavior” (Nelson and Quick). Ethics are a very important aspect in an organization. Ethical behavior by an organization can set them apart from others and give an impression of a good, honest working company. Ethical behavior
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There are many ways that the New York Stock Exchange (NYSE) and National Association of Securities Dealers Automated Quotations (NASDAQ) are similar. These two trading centers make up for the bulk of trade that is connect to equities in the United States and European stock market. The two stock exchange centers concentrate in trading stock options, cash equities, fixed incomes and also exchange traded goods. In order to keep the market current, both exchanges use what is called traffic controllers
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