Impact of Law Max McKay Business Law & Ethics Professor DeLange May 17, 2007 Impact of Sarbanes-Oxley Act Not only were billions of dollars lost in corporate accounting scandals involving Enron and Worldcom, thousands of jobs on top of an immeasurable amount of credibility was also lost in the process. As most everyone knows by now, or should know, 2002 became a turning point in the world of business. Publicly traded companies such as Enron and Worldcom were caught by the SEC misrepresenting
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plan to perform their own accounting services or hire accountants should be aware of accounting principles and general financial ethical standards so they can maintain a positive reputation for their businesses.” Ethics should always play a role in the businesses everyday life. Without ethics you really should think about closing your doors because it will eventually catch up with your company. Most companies live by the standards that G.A.A.P. provides for them and their companies are doing well.
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RUNNING HEAD: EXCELLO TELECOMMUNICATIONS CASE Excello Telecommunications Case Kevin C ETH/376 February 10, 2014 Excello Telecommunications Case The year is quickly ending for Excello Telecommunications, and they are trying to maximize earnings for the company. With increased competition from foreign companies, Excello meeting its financial estimates are looking bleak. Failure to meet earnings expectations can reduce the availability of bonuses, stock options and could
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consequences of actions (Lozano-Whitten, 2010). Within that statement she states that individuals in lower positions are expected to carry out the orders from those who have legitimate authority even if the orders conflict with that person’s value of ethics. Lazano-Whitten hypotheses of the article is that one’s personality attributes have an effect on the decision making process depending on the event is positive or negative. She goes on the validate this idea by gathering newspaper and magazine articles
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people; they are smart, well-educated and ambitious. They often start as wide-eye fresh graduates at large corporations of which profit-driven culture infiltrates all levels within. Some of them were even chosen as CFOs of the year: Andrew Fastow (Enron) and Scott D. Sullivan (Worldcom). So why do they turn out to be the thieves stealing from the economy $2.5 trillion per year? Weinberg argues that these people, like Pavlo, do not just wake up one day and decide to commit in a greed-inspired fraud
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Nobody Won Michelle L Brown Oklahoma Wesleyan University Abstract When the Arthur Andersen LLP/Enron scandal surfaced in 2001, there was much confusion as to whom committed what crime and how many employees were actually involved. After the facts and criminal charges were final, the sequence of events makes sense; the union of two companies, the rise of the participating executives, and finally the end of the money ride. The leaders of both companies used dishonesty to make an abundant amount
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CSR 394 Whistle blowing 286 clause 49 high light Utilitarian theory of Ethics http://www.scu.edu/ethics/publications/iie/v2n1/calculating.html in ethics, the theory that the rightness or wrongness of an action is determined by its usefulness in bringing about the most happiness of all those affected by it. Utilitarianism is a form of consequentialism, which advocates that those actions are right which bring about the most good overall. Jeremy Bentham identified good consequences with pleasure
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Article Analysis The effects of the Sarbanes-Oxley Act of 2002 on financial statements are general guidelines as to how the information is gathered, calculated and presented to clients while enforcing their accuracy and legitimacy. Companies such as Enron, Tyco, Global Crossing, and WorldCom are just a few examples of corrupt business cultures, practices, and greed that made the need for new laws to arise in order to prevent future business taking the same direction. These companies and companies like
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Waste Management Fraud Final Project BS 325 Dustin Nystel 12/17/10 Waste Management Overview Waste Management Inc. is a Houston Texas based company providing waste management and other services in North America. Yahoo financial summarizes the company as follows: Waste Management Inc. offers collections, transfer, recycling, disposal, and waste-to-energy services. Its recycling operations include collections material processing, plastics materials recycling, and commodities recycling
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The nature of thought is intriguing, in that our thoughts make up who we are as a person. Today’s society throws around the word integrity loosely these days. This paper will explain identifying situations that might lead to unethical practices and behavior in accounting. I will also share what I learned about the effect of the Sarbanes-Oxley Act of 2002 on financial statements. Examples of unethical behaviors involved injured parties, how the unethical behavior affected the organization, individual
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