Xiang ACC625 Critical Thinking #2 1. Ad Hominem Did Jason who owned an investment firm cook the books to avoid paying tax in 2015. Jason looks sneaky, and he graduated form a poor community college. He does not have enough education on accounting ethics. Therefore, Jason does cook the books to avoid paying tax in 2015. 2. Slippery Slope Should Jason manage the earnings when his company operate at loss? If Jason did not manage the earnings, his investors will loss confidence on Jason and never invest
Words: 273 - Pages: 2
Internal and External Auditors When fraud occurs in a company, executives and investors seek the advice of auditors to determine how the fraudulent activity occurred. Though the internal and external auditors are encouraged to follow the same code of ethics and professional codes of conduct, their core responsibilities are significantly different. According to our text, which references the Institute of Internal Auditors, “the scope of internal auditor responsibilities includes risk management and control
Words: 744 - Pages: 3
the accounting industry is more intense as laws are created to punish those that choose to falsify information. This paper aims to explain the importance of the Sarbanes-Oxley Act (SOX) as it relates to the internal control, Chief Executive Officers and Chief Financial Officers. We will also identify the pros and cons of the Sarbanes-Oxley Act (SOX) and changes that could be made in order to pose arguments from both sides of the act. Introduction In the early 2000’s, one of the darkest times
Words: 2955 - Pages: 12
(Krantz, 2002, para. 1). In the early 2000s, Congress passed the Sarbanes-Oxley Act of 2002 (SOX) due to the numerous corporate scandals explosions, Enron Corporation was one of the most notable companies to crash. Basically, in 1990s Enron and numbers of publicly-traded companies increase their stock prices by deceptive and publishing false financial statements. In addition, the directors of Enron waived the corporation’s code of ethics in 1999; this action allowed the CFO at that time to manage an
Words: 431 - Pages: 2
Public Company Accounting Oversight Board (PCAOB). Many factors play a part in the audit process. Every company has their own specific way, but public companies have to follow generally accepted accounting principles (GAAP) as outlined in the Sarbanes-Oxley Act of 2002. Elements of the GAAS General Standards There are three “elements” associated in the standards of GAAS; these are general standards, standards of fieldwork, and standards of reporting (Boynton W. & Johnson R., 2006). General Standards
Words: 1107 - Pages: 5
effectively manage protocols in the workplace and set the standard that keeps the company moving in the right direction; to ensure that all events that take place in the organization are consistent and work toward the continued progress of the company? Ethics identify both the policy that should be administered managers and employees behavior that need to be addressed. Ethical decisions are guided by the core values of the managers and employee’s and are principles of conduct that include caring, honesty
Words: 955 - Pages: 4
My View of Business Ethics Summary Paper of My ‘Ethical Position’ From My Experience, Knowledge And What I Have Gleaned From The Business Ethics Class. ABSTRACT The ability to recognize and deal with complex business ethics issues has become a significant priority in twenty-first century companies. In recent years, a number of well publicized scandals resulted in public outrage about deception and fraud in business and a demand for improved business ethics and greater corporate
Words: 1803 - Pages: 8
Effects of Unethical Behavior Anita Pleasant ACC/291 March 10, 2014 J. Leanne Janis Is the Sarbanes-Oxley Act Working? Today’s corporate executives are well aware of the consequences and punishments they face since the enactment of the Sarbanes-Oxley (SOX) Act in 2002, but is the law enough of a deterrent for senior management? Over the past decades many CEO’s have risen to their positions with little training in accounting or finance, and it makes one wonder about the type of decision-making
Words: 499 - Pages: 2
Assignment 1: Whistleblowing and Sarbanes-Oxley Yvonne A. Jackson Professor Redman Strayer University Legal 500 October 27, 2014 Whistleblowing and Sarbanes-Oxley There are several characteristics of a whistleblower and they work for a vast number of publicly traded companies. A whistleblower is one who reveals wrong-doing within an organization to the public or to those in positions of authority or one who discloses information about misconduct in their workplace and they feel violates
Words: 901 - Pages: 4
Manufacturing complies with the existing corporate rules and regulations as provided by the existing regime on corporations. This is the primary intention of this document, to provide for the implications of the existing regimes, in this case the Sarbanes-Oxley Act, on the responsibilities and liabilities of the officers and directors of Riordan Manufacturing. For the purposes of this paper, the framework followed is structure provided for by the Committee of Sponsoring Organizations of the Treadway
Words: 2084 - Pages: 9
