September 13, 2015 Amgen Whistleblowing Case ACCT 530 Ethical Obligations and Decision Making in Accounting Lisa Moreaux Amgen Inc. is a pharmaceutical company based out of California. In 2009, there were 15 states that filed lawsuits against the company for accusations of participating in Medicaid kickback schemes. In 2007, Amgen’s board of directors discovered a potential problem with the dealings of post-market complaints regarding their drugs. Amgen was out to push the sale of
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Ethical Code and CSR activities: DEFINITION of 'Code of Ethics' A code of ethics document may outline the mission and values of the business or organization, how professionals are supposed to approach problems, the ethical principles based on the organization's core values and the standards to which the professional will be held. A guide of principles designed to help professionals conduct business honestly and with integrity. A code of ethics document may outline the mission and values of the
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paper will discuss the financial statement fraud committed by WorldCom by examining what led up to the fraud, who committed it and why, and the impact it caused on various stakeholders and the economy. WorldCom applied aggressive and undisclosed accounting tactics to provide financial statements that reflected a $10 billion profit for the years 2000 and 2001, rather than the actual combined loss of $73.7 billion that occurred (Romar, 2006). Opportunity, pressure, and rationalization were all present
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This essay will discuss the following main statement; the adoption of a proposed new look Code of Ethics, based on the international Federation Accountants’ code, will ensure that New Zealand Charted Accountants meet their ethical responsibilities. Within this essay an adverse position will be taken towards the previous statement. The international Federation of Accountants (IFAC) states that, professional standards and the code of ethics form important benchmarks that should be met by practicing
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the mark-to-market accounting method. The company used SPEs to keep enormous amounts of losses off its books while inflating earnings from supply contracts by booking all profits from a contract in the quarter the deal was made. What also became clear was that Enron did not accomplish their gross manipulations without the help from their accountant’s at Arthur Andersen. Enron shareholders and executives were not the only groups negatively affected by Enron’s aggressive accounting practices. Arthur
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the past few years due to accounting ethical breaches that have affected their customers, employees, or the general public. Given these corporate ethical breaches we have been experiencing in the recent times, I frankly do not believe that the current business and regulatory environment is more conducive to the ethical behavior. The year 2002 was the year when these business scandals escalated forcing people to lose trust in the business leaders. Many cases of accounting fraud were reported in the
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as an American energy company. Some argue Enron’s record-breaking bankruptcy and eventual demise was the result of a lack of ethical corporate behavior attributed, more generally, to capitalism’s inability to check the unmitigated growth of corporate greed. Others believe Enron’s collapse can be traced back to questionable accounting practices such as mark-to-market accounting and the utilization of Special Purpose Entities (SPE’s) to hide financial debt. In other instances, people point toward Enron’s
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Ethics in Aristotle’s Philosophy Ruth Geter AC 504 Ethical Issues in Business and Accounting Unit 2 Assignment July 19, 2016 Aristotle Philosophy Introduction I have chosen Aristotle as my philosopher. “He was the first to argue that equals should be treated equally, and unequal’s should be treated unequally in proportion to their relevant differences” (Brooks and Dunn, 2014). In today’s society people sometimes lose sight of being ethical and often know what is right but chooses to not do
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Conservative Accounting in the General Products Division Case Analysis Issues faced by Joanne and actions she should take Joanne was the controller in the General Products Division (GPD) of Altman Industries Inc., a large industrial products manufacturer. The GPD reported higher profits than expected at the end of year. Joanne’s boss Robert Standish, the general manager for the GOD wanted Joanne to alter the financial statements for their division. Robert wanted Joanne to make the following changes:
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Importance of finance & ethics- Pg. 233 Definition of Valuation- Pg. 234- A powerful tool in weighing options. The summarization of entire future scenarios into a single number that can help simplify complex decisions. Standards of accounting- Pg. 245 Strategies for stakeholders in regards to finance- Changing the reporting or classification for specific purpose/stakeholder. Making operational decisions based on their impact to financial statements. Manipulating revenue or expenses
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