to resolve the conflict between selfishness and selflessness; between our material needs and our conscience." Finance and Accounts is perhaps the only business function which accepts responsibility to act in public interest. Hence, a finance and accounting professional’s responsibility is not restricted to satisfy the needs of any particular individual or organisation While acting in
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Case 1: Conservative Recognition or Cookie Jar Reserves SUMMARY OF THE FACTS Parties Involved: Aunt Amelia – Founder of O’Brian Software, Nick’s aunt and inexperienced in accounting. Nick O’Brian – Junior Internal Auditor, recently college graduate, nephew of the Lee Marchetti – Chief Financial Officer of O’Brian Software. After recently graduating college two months prior, Nick O’Brian is hired as a Junior Internal Auditor for his Aunt Amelia’s company, O’Brian Software. O’Brian
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Accounting scandals The dozy watchdogs Some 13 years after Enron, auditors still can’t stop managers cooking the books. Time for some serious reforms Dec 13th 2014 | NEW YORK | From the print edition NO ENDORSEMENT carries more weight than an investment by Warren Buffett. He became the world’s second-richest man by buying safe, reliable businesses and holding them for ever. So when his company increased its stake in Tesco to 5% in 2012, it sent a strong message that the giant British
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statements, a complete lack of internal control, accounting as well as management collusion, managerial fraud, increased moral hazard, and the overpayment of executives within the firm. Misrepresentation of the financial statements and the misuse of accounting practices was the main reason for the Collapse of Lehman Brothers. It was said that upper management violated the Sarbanes-Oxley Act through the use of questionable and unethical accounting practices, more specifically through the use of Repo
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NAME: HAMZA .S. MAKANDE STUDENT NUMBER: TP027192 INTAKE CODE: UC2F1501IBM BM061-3.5-2-BEG MODULE NAME: BUSINESS ETHICS GOVERNANCE TOPIC: BANK OF AMERICA’S MOST TOXIC ASSET (CASE B) INDIVIDUAL ASSIGNMENT LECTURER: FARAHIDA BINTI ABDUL JAAFAR DATE ASSIGNED: 06th MARCH 2015 DATE DUE: 17th APRIL 2015 Table of Contents INTRODUCTION. 3 Summary. 3 Ethical Dilemma. 3 Affected Stakeholders. 4 ANSWER FOR QUESTION 1. 4 ANSWER FOR QUESTION 2. 5 ANSWER FOR QUESTION 3. 6 ANSWER FOR QUESTION
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The Rise and Collapse of Enron: Financial Innovation, Errors and Lessons Elisa S. Moncarz* Raúl Moncarz* Alejandra Cabello** Benjamin Moncarz*** Abstract Recent collapses of high profile business failures like Enron, Worldcom, Parmlat, and Tyco has been a subject of great debate among regulators, investors, government and academics in the recent past. Enron’s case was the greatest failure in the history of American capitalism and had a major impact on financial markets by causing significant
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Ethics Essay Nancy Castro Ethics 316 Ruth Embleton March 7, 2012 Ethics Essay Comparing and contrasting ethical theories helps one to understand ones guidance system, which helps or aides one through their decision-making process. “Each theory emphasizes different points such as predicting the outcome and following one's duties to others in order to reach an ethically correct decision.” (2011) each theory has a familiar thread with a goal. In this paper each of the following three ethical
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False Difficulty: Easy 4. The SEC does not pass on the merits of the securities that are registered with the agency. Answer: True Difficulty: Medium 5. The American Institute of Certified Public Accountants has the primary authority to establish accounting standards. Answer: False Difficulty: Easy 6. An annual peer review is a requirement of the AICPA. Answer: False Difficulty: Medium 7. Many small companies elect to have their financial statements reviewed by a CPA firm, rather than incur the cost
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http://www.trinity.edu/rjensen/FraudAmericanHistory.htm History of Fraud in America (Edited for use in MBA 590_ NCSU) Bob Jensen at Trinity University Colonial History Earliest "business" fraud in America centered around phony heath cures. Armstrong and Armstrong (1991) document many of the snake oil ploys that commenced soon after the Pilgrims landed on Plymouth Rock. Medical frauds ranging from deceptive medicines to spiritual cures to bloodletting expanded over time to modern day cancer miracle
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Accounting ethics is primarily a field of applied ethics and is part ofbusiness ethics and human ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics. Accounting introduced by Luca Pacioli, and later expanded by government groups, professional organizations, and independent companies. Ethics are taught in accounting courses at higher education institutions as well as by companies training accountants and auditors. Due to the diverse
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