binti Abdul Razak 157458 Tay Yee Joe 159264 Semester 2, 2013/2014 * Table of Contents 1.0 Introduction 1 2.0 Case Overview 2 3.0 Issues Identified in FCB 4 3.1 Material Misstatements in Financial Statements of FCB 4 3.2 Lack of Internal Control 7 3.3 Weaknesses on the Corporate Governance 9 3.4 Ethical Issues of the Top Management and Auditors 11 4.0 Recommended solutions 15 5.0 Conclusion 23 6.0 Appendices 24 Introduction Flat Cargo Berhad (FCB)
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Kurtz p.152). If you want your company or business to succeed and grow you need to know a few important factors that will help it and they are: dynamic business environments, critical business functions, integration of individuals and systems, and ethical and social responsibilities that confront a business. To start a company you need a plan, capital, and a location to start the company, but once you get those you need to be able to have a dynamic business environment. A dynamic business environment
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Accounting 557 Assignment 1 Student EAS Professor Alfred Greenfield Strayer University 27 October 2013 Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, and the general public. I searched the Internet to locate a story in the news that depicts an accounting ethical breach. I selected Krispy Kreme. I enjoy their hot donuts and was curious to learn more about how they played with the numbers. For
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Explain why accounting is essential for decision makers and managers. LO2: Describe the major users and uses of accounting information. LO3: Explain the role of budgets and performance reports in planning and control. LO4: Describe the cost-benefit and behavioral issues involved in designing an accounting system. LO5: Discuss the role accountants play in the company’s value chain functions. LO6: Identify current trends in management accounting. LO7: Explain why ethics and standards of ethical conduct
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Management Dr. Long Zhang Lauren Morales Date Submitted: 04/06/2015 In the case “Does This Milkshake Taste Funny?”, the ethical dilemma that faces George is whether to listen to a fellow co-worker and save time and money by allowing a contaminated mixture for milkshakes to be produced, or to refuse to remove filters for the mixture and report the issue to upper management. There are several reasons why George may have acted unethically. The first reason is that, removing the filters
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Ethics in Accounting and the Fall of WorldCom Alison Painter Breeden Juanita S. Edwards, CPA ACC 557: Financial Accounting 23 January 2013 Ethics in Accounting and the Fall of WorldCom In 2002, WorldCom was the second largest telecommunications company in the United States, but because of management failures and an unethical accounting culture it went bankrupt. This paper contains a discussion describing corporate ethics currently used in business; WorldCom's background, and the ethical
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what these professional standards cover or of how they impact on local requirements as promulgated by their own Institute. This article is about ethical matters and the activities of the IFAC Ethics Committee. Besides ethics, IFAC Boards and Committees develop international standards on auditing and assurance (ISAs), on education and on public sector accounting. Each of the member bodies of IFAC - there are 163 currently from all parts of the globe - undertakes to use their best endeavours, subject to
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business ethics pointed out flaws in the responses. They believed that feelings sometimes deviate from ethics because a person may feel to do something that is not right (Manuel et al, para. 4). Moreover, they argued that most religions advocate high ethical standards, yet these standards cannot be identified with religion because if they were, they would have only applied to religious people (Manuel et al, para. 5). Finally, saying that ethics are standards that a society set was proved wrong as the
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the company and its’ stock. This presented Excello with the task of searching for solutions while maintaining ethical and legal choices to the betterment of all parties involved. While searching through problem solving solutions, Reed learned of a pending sale on December 20, 2010 to Data Equipment Suppliers in the amount of $1.2M. The entering of this sale into Excello’s accounting system would cover the companies’ shortfall for the year thereby insuring satisfactory financial performance for
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The Culpability of Accounting Fraud: Auditors, Managers or Both ACC 503 – Accounting for Management Abstract The purpose of this term paper is to provide insight to the reader about accounting fraud and on whom the responsibility lays whenever there is an allegation of accounting misconduct. Based on the rash of accounting fraud by major respectable corporations in recent years, no one organization is immune to accounting fraud and it is prevalent in the
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