SUMMARY In 2000 Oklahoma National Bank was founded with $11 million in capital but the bank has developed over $ 127 million in asset thanks to strong organizational culture and the bank’s ability to maintain high asset quality. However, there were some important factors that affect negatively bank industry. The first one is to over spend household and business debt levels. The expenses of household and business caused debt rapidly increasing. The second is fierce competition in banking enforced
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In their career paths, auditors and accountants face numeric ethical issues related to greed, corruption, and collusion. They might unavoidably receive bribery offers, such as money, gifts, or property, to induce them to betray their duties. CPAs may be rewarded a commission fee for advertising goods and services. Accounting professionals may be given contingent fees based on the deliverables for their clients. From AICPA Code of Professional Conduct, major principles that might be violated are integrity
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but are still in the same positions of power and able to continue their transgressions. Here are some interesting highlights of the last decade: Enron scandal (2001): Andrew Fastow the CFO of Enron along with Kenneth Lay the Chairman and Jeffrey Skilling the CEO develop an offbalancesheet mark to market fraud that loses $11 billion and bankrupts Enron. It is the largest bankruptcy reorganization in US history at the time. They are charged with conspiracy, wire fraud, securities fraud, false statements
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If you are going into business, the smart move is almost always to form a business entity to protect you from lawsuits. If you take this step, you need to get a tax identification number for the entity. Let's face it. There is a certain amount of legal risk if you go into business for yourself. You need only watch the news or read the paper to see all kinds of scary lawsuits and judgments. Hey, we all remember the jury that awarded three million dollars to the women who said her McDonalds coffee
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The type of agreement from informants is essentially a deal between law enforcement investigators and the potential suspect. The investigators permit the informant to avoid criminal liability in exchange for their information on criminal activities. In any case of informants, “snitching” is generally referred to individuals who give information to police in agreement for exemption for their own crimes. The criminal informant is able to obtain special circumstances because they are involved in the
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For many years the mines on Putney Mountain were successful employing several hundred men to bring out tons of coal. One summer night a supervisor made a wrong decision to use a car without brakes to haul extra coal to boost his production. Instead, a tragic accident was caused when the car ran off the tracks causing a cave in and a gas explosion killing several dozen men. Unable to get workers, the company removed their equipment, and abandoned the mines. Within weeks many families moved to Charleston
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If one looks at the benefits that can be gained by a nonprofit organization to voluntary comply with Sarbanes-Oxley one can make the case that by not doing so the nonprofit is putting themselves at a disadvantage. Nonprofit organization that do not hold themselves to the same standard as their for-profit peers run the risk being perceived as having something to hide and possibly lose the trust of their communities. Nonprofits, by using an independent and competent audit committees, would be able
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Wyndham Worldwide Settles with Federal Trade Commission (FTC) A long drawn out lawsuit between Wyndham Worldwide and the FTC is finally done. The Wall Street Journal states that the corporation ‘failed to provide reasonable cyber security protections for its customer data.’ Unlike typical deals of this nature, Wyndham was not required to pay any financial penalties and is not liable for any of the violations. Therefore, the main takeaway from the settlement is the emphasis on protecting consumer
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behavior of Enron Corporation The unethical habits and behavior's in accounting would be deceptive under financial analysis such as gainings, misuses of fundings, overstating the value of corporate assets or underreporting the existence of liabilities, overdoing revenue as well as understanding expenses. Another unethical systems would be securities fraud, manipulation of the financial markets and bribery. Enron is one of the greatest example that impact the unethical behavior. Enron corporation
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accountants were used by government agencies, such as the CIA, the FBI and the IRS, to uncover and investigate fraud” (Ramaswamy, 2005, p. 2).With the recent economic downturn the profession of forensic accounting has seen a 200% increase since the Enron and
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