Financial Reporting and Disclosure Corporate governance framework should ensure that timely and accurate disclosure is made on all material matters regarding the corporation, including the financial situation, performance, ownership, and governance of the company Importance of Corporate Governance Disclosures * Stakeholders are paying more attention to what is reported * The global financial crisis has sharpened the lens through which corporate governance structures are held to account
Words: 9232 - Pages: 37
between an ordinary decision and an ethical one? Q. 2.Why study business ethics? Q. 3. What is the primary objective of U.S. antitrust laws? Q. 4. Why was the Sarbanes -Oxley Act enacted? Q. 5. What is the difference between athical delama and ethical Q. 6. When do you consider insider trading legal? Q1. Ordinary decision does not have ethical decision tied in to it. Which means the ordinary decision does not have much effect as making ethical decision. The Q2. It is important
Words: 358 - Pages: 2
Review of Accounting Ethics Strayer University ACC 557: Financial Accounting Professor: Dr. Khaled Abdel Ghany July 24, 2013 Recent corporate scandals in the Unites States and elsewhere have led to a wide-ranging re-examination of standards for corporate governance with repercussions that extend also to financial regulation. Good leaders strive to create a better and more ethical organization. Restoring an ethical climate in organization
Words: 1268 - Pages: 6
Executive Summary In this case of accounting fraud at WorldCom, we have identified problems which had grew as the business scale of WorldCom (formerly known as LDDS) expanded, its direction of business started to drift away when its attempt to merge with Sprint was terminated by the U.S. Justice Department and the telecommunication industry started to deteriorate in 2000. The managers, particularly Bernard J. Ebbers and Scott Sullivan, struggled to maintain the company's main performance indicator
Words: 7586 - Pages: 31
SOX Act is to overhaul the structure of corporate governance regulatory structure and impose stricter regulation and controls on the auditing, financial reporting and internal corporate governance procedures of corporations (Melvin, 2011). Significant portions of the Act are aimed towards creating solutions for specific failures in the auditing and accounting procedures of publically held companies. The Act also increased the jurisdiction, enforcement alternatives and enforcement budget of the U.S
Words: 1144 - Pages: 5
to the lawsuit. In the suit Board of Trustees of Community College District No. 508 v. Coopers & Lybrand, the Board filed suit due to Cooper’s failure to report discrepancies and inappropriate investments by the Treasurer and Chief Financial Officer Phillip R. Luhmann. According to Kilbride (2003, p.1), “in 1988, 1990, and 1992, the Board Adopted Resolutions authorizing its treasurer to invest City Colleges’ funds only in instruments permitted by the Public Funs Investment Act
Words: 1385 - Pages: 6
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
Words: 571 - Pages: 3
The ethics case of Johnny Fuller is a simulation of a business dilemma that we, through the different concepts learned in Accounting, can analyze and criticize inappropriate behavior and decision making. To recall, the case was about Johnny Fuller paying his full-time employees in cheque, while he paid his part-time employees with cash directly taken from the cash register. Aside from which, albeit Mary Lake, Johnny’s public accountant, urging Johnny to pay all employees by cheque, Johnny himself
Words: 625 - Pages: 3
report on the degree of correspondence between the information and established criteria. Auditing should be done by a competent, independent person. “The auditing profession offers a wide range of employment opportunities for new accountants. Most accounting firms offer client services in three areas: auditing, tax, and consulting. A new accountant might be hired to work in any of these areas. In the audit area, the accountant may work for a variety of clients including private or public companies,
Words: 2376 - Pages: 10
effectiveness of risk management, control and governance processes. Auditing is globally recognized. It is counter check to accounting data so that any error, mistake or fraud can be easily detected through the technique of auditing. It is the primary source of advice on efficiency, effectiveness and overall economy of an establishment. Auditing starts its journey where accounting end. In today’s society the exercise of an auditor’s to the economic and ethical leadership sets the bounding standard
Words: 6792 - Pages: 28
