nothing could stop the growth and uprising price of shares. The downfall of Nortel began when the top executives were accused of falsifying reported earnings. Top-notch executives were buying and selling stock within their retirement plans and massive accounting discrepancies were discovered. These suspicious outcomes let the United States Securities and Exchange Commission (SEC) to launch an investigation in April 2004. The company continued to plunge and deteriorate. In January 2009, Nortel filed Chapter
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| KOLOFIU TALEI KANAWALE | 2013112448 | ROSALIA RADUVA | 2012000295 | Topic: Social Accounting & Ethical Governance Abstract Social accounting and ethical governance is becoming a concern in Fiji businesses nowadays. This assignment will outline how Bank of the South Pacific deals with social accounting and transparency and ethical governance. Firstly, it will consider the social accounting factors which is the ‘Go Green’ event. Secondly, it will consider how transparency is Bank of
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& Company, into one of the largest and most respected accounting firms in the world through his reputation for honesty and integrity. His motto was “Think straight, talk straight” and he insisted that his clients adopt that same attitude when preparing and issuing their periodic financial statements. Arthur Andersen’s auditing philosophy was not rule-based; instead he invoked a substance-over-form approach to auditing and accounting issues. He avidly believed that the primary role of the auditor
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Tracy Cranden Professor Slater ACC 499 Due: August 25, 2014 1. Analyze the primary accounting issues which form the crux of the litigation or fine for the firm, and indicate the impact to the firm as a result of litigation or fine. Provide support for your rationale. Ernst & Young was fined $2 million to settle charges relating to audits conducted for Medicis in 2005, 2006, and 2007. The primary issue that made this case arise was Ernst & Young failed to properly evaluate the sales
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Review of Accounting Ethics Ethics is a very important aspect of accounting and should be taken very seriously as accountant. Shareholders, potential shareholders, and other users of the financial statements rely heavily on the yearly financial statements of a company as they can use this information to make an informed decision about investment. The opinions of the accountants who prepared the statements, as well as the auditors that verified it, to present a true and fair view of the company
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common characteristic of Aristotle's virtues and ethical standards for CPAs? A. Truthfulness B. Integrity C. Loyalty D. Due care Jane finds a material misstatement while auditing a client's accounts receivables. Her senior tells her to ignore the misstatement so that the client does not get upset. Jane wants to be viewed as a team player in order to advance in the firm. So Jane follows her senior's instructions and ignores the misstatement. Which ethical theory did Jane use to make her decision? A. Egoism
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background, education and different department. When situations are simple they may see things in very similar ways. However, when working groups are confronted with more complex and ambiguous situation each member in the group tend to prioritize the issues that is most important to their interest (Simon 1995 as cited in Kingon, A. I., Baker, T., & Debo, R., 2010). This suggests multidisciplinary team often involve conflict over decision-making, roles and responsibilities and therefore it is essential
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pressure to increase or expand earnings. The internal auditor found two cases that did not follow correct procedures, because the accounting department recorded revenue for these earlier in order to meet the target revenue, due to pressure from Campbell the director of sales division. In this paper I am going to discusses the legal activities, criteria of SOX act, ethical activities, and decide on the best nest step decision. Legal Activities The two shipments made up about 150,000 in revenue
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Guillermo Furniture Store Scenario Bridget Burns ACC/561 Accounting Rachael Lenzmeier Jencks March 13, 2011 Guilermo Navaliez has been a furniture maker for many years. Times have changed, Guilermo needs to look at his company and make an important decision on which way to take his company. He can keep what he is doing now, invest in hi-tech, or become a broker. Guilermo should use attention directing, which means reporting and interpreting information that helps managers to focus
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CASE 3 : Accounting Fraud at WolrdCom Table of Contents Introduction....................................................................................................................... 1 Question 1 .......................................................................................................................... 2 Question 2 .......................................................................................................................... 4 Question 3 .......................
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