statements and analysis. By the time the investors realized that these businesses were not as profitable as state, it was already too late and the results was millions of dollars lost. This example and many other eventually led government to the Sarbanes-Oxley Act of 2002 (SOX). This act enforces the ethical reporting accounting practices and
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Selected Answer: “We have to beat the others at all costs.” Correct Answer: “We have to beat the others at all costs.” Question 2 5 out of 5 points Correct Under the U.S. Corporate Sentencing Guidelines, if a firm has developed a strong ethics program, corporate executives found guilty of criminal activity may have their sentence: Answer Selected Answer: Reduced. Correct Answer: Reduced. Question 3 5 out of 5 points Correct According to a 2009 opinion poll, Americans hold
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Assignment 2: Ethics and Corporate Responsibility in the Workplace and the World Law, Ethics & Corporate Governance 11/2013 Ethics and Corporate Responsibility in the Work Place and the World discusses one of the world’s most successful pharmaceutical companies that enjoys a reputation as a caring, ethical and well-run company which produces high-quality products that saves millions of lives and enhances the quality of life for millions of others. In this hypothetical scenario the following
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failures of companies like Enron and WorldCom. It covers how and why these failures happened and reviews the grave consequences of the failures. It also takes a brief look at the laws that have been passed to prevent future failures, such as the Sarbanes-Oxley act of 2002. It shows how the new laws have been helpful but have not solved the problem. Finally, it shows how the implementation of financial statement insurance will greatly improve the accuracy of external auditing of a company’s financial
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1. Section 301.4 of the Sarbanes-Oxley Act of 2002 requires the audit committee of a public company to establish procedures for the receipt, retention, and treatment of complaints received by the company regarding accounting, internal controls, or auditing matters. The audit committee is required to establish procedures for those complainants to be treated confidentially, and for the submission process to be anonymous for employees submitting the complaints about accounting or auditing matters.
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The definition of business ethics is described as a company’s attitude and conduct towards its stakeholders – employees, customers, stockholders, and so forth; ethical behavior requires fair and honest treatment of all parties. The word ethics is defined as “standards of conduct or moral behavior.” The movie Wall Street, was the exact opposite of these definitions. The movie shows examples of hostile takeovers, insider trading, greed and unethical behaviors in the attempt to build fortune on the
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Professional Values and Ethics GEN 200 Professional Values and Ethics Values and ethics are extremely important parts of one’s personal life. However, personal and professional ethics are very different. Different professions have different sets of ethics; examples of this would be the American Bar Association, the American Medical Association, and the Federal Accounting Standards Advisory Board. Following are some examples of types of values, ethics, and career success, and their relationships
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MGT320 Portfolio Project Post-Enron Era Ethics The time for change is now! CEO’s must continue to be held accountable for the accuracy of their financial statements, and the performance of their company. To assure the accuracy of a publicly traded company’s financial status reporting, an additional requirement of an outside industry experienced auditing firm is needed, as well as performance based pay contracts for publically traded companies’ officers. The goal is simple, change the mindset
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The foundation of the audit system where it is starting being govern by the law can be traced in Companies Act 196 and Accountants Acts 1967. In Companies Act 1965, it requires companies to have the accounting records to be audited and in true and fair view. Independence of the auditors also being underline in the Act, where any relationship between the independent auditor and the companies must be disclose, to prevent any conflict in interest when auditing the accounting records. The external auditors
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& Elson, R. J. (2013). THE IMPACT OF FEDERAL REGULATIONS ON IDENTIFYING, PREVENTING, AND ELIMINATING CORPORATE FRAUD. Journal Of Legal, Ethical & Regulatory Issues, 16(1), 91-106. I will use this reference to discuss the regulations of the Oxley Act of 202 and the Securities Act of 1933 and what accountants can do to prevent from breaking these regulations. This article goes in depth about the regulations and how they are enforced. 2. Bank of America Corporation Other Release No.: 34-73243
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