Ethical Behavior Page 1 Ethical Behavior Jeffrey Wiese II XACC/291 07/26/2015 Rashad Abdullah Ethical Behavior
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To understand the activities of microfinance institutions, the auditor should pay attention to: the main concerns of the leaders on the objectives and strategies of the institution, the institution's organizational structure, operation of its business, results of operations, ability to self-finance, operations and other major economic events may affect its financial statements, accounting issues and changes accounting policies, and funding sources. To obtain this information, the auditor should
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Case: The Fall of Enron 1. Why was Enron such an admired company prior to 2000? What innovation do they bring to the table? Be specific and support your statement with concrete information. Enron was an admired company prior to 2000 because at that time it surfaced as a frontrunner in the deregulated energy market, making it possible to sell energy at higher prices, thus significantly increasing its revenue. The company, through efficient management team, has built leading businesses in energy
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‘’Earnings management, in exchange listed companies, is not fraud but a case of caveat emptor for investors ‘’ UP708386 ‘’Earnings management, in exchange listed companies, is not fraud but a case of caveat emptor for investors ‘’ UP708386 708386 Corporate governance, Financial Crime, Ethics & Controls for Finance Pathways (U234479) 708386 Corporate governance, Financial Crime, Ethics & Controls for Finance Pathways (U234479) ‘’Earnings management, in exchange listed
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ACCOUNTING MINICASE: ACCT – 17 TEACHING NOTES BUSINESS ETHICS PROGRAM Ignore the Error? Teaching Notes What Are the Relevant Facts? 1. 2. Compo, a major client of the CPA firm, does not want to make an adjustment for the cutoff error. 4. Kelsey, the audit senior, knows a material cutoff error exists in Compo’s financial statements. 3. What Are the Ethics of the Alternatives? • Contrary to the firm’s policy, Bruce, the audit manager, has asked Kelsey not to document
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the perceived liquidity of the organization or a company. * Failing to disclose the risky investments or creative accounting practices. * Over-recording the sales revenue. * Under-recording expenses i.e. depreciation of expenses. From Enron, WorldCom and HealthSouth, it appears that accounting fraud is a major problem that is increasing in frequency and severity. research evidence has shown that a growing number of frauds have undermined the integrity of financial reports, contributed
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greater cause for society. One main culprit for Enron scandal was Arthur Anderson. It had served as Enron’s outside auditor since 1985. Not only did Anderson do external audits it also provided Enron internal auditing and consulting services. Anderson auditors helped Enron hides its earning manipulation. Arthur Anderson falsifying financial condition of the company and never disclosed it to the public. Anderson did all kinds of services for Enron such as external auditing, internal auditing and
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Sarbanes-Oxley Act of 2002 Sarbanes-Oxley Act of 2002 U.S. Senator Paul Sarbnes of Maryland and U.S. Representative Michael Oxley of Ohio followed a series of corporate failures, which inacted the SOX Act based on Enron’s bankruptcy and other key organizations such as Worldcom, Tyco, Xerox, and Adelphia who were among the United States organizations executives in the headlines for misdemeanors and multi-billion dollar reassertions," (Dembinski, Lager, Cornford, Bonvin, 2005). The Sarbanes-Oxley
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Score: 1. 60/100 Points 60 % Award: 10 out of 10.00 points Accounting is defined as the process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties. ✓ True False References True / False 2. Learning Objective: 01-01 Define accounting. Award: 0 out of 10.00 points Which of the following is NOT part of the process of accounting
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Meteoric Rise and Fall of Enron Enron was created in 1985 after a merger between Houston Natural Gas and Internorth. By 2002 it was gone forever. Its stock price rose to $90/share in August of 2000 before bottoming out at $0.40/share when they filed for bankruptcy on Dec. 2nd 2001. It only took 16 years for one of the largest Fortune 500 companies to completely dissolve, taking employee jobs, pensions, Arthur Andersen, and the American public’s faith with it. Enron and its young McKinsey consultant
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