Reporting Practice and Ethics HCS/405 Health Care Financial Accounting June 29, 2015 In order to function properly, every company or organization should have a financial plan in place. Health care organizations are part of the service industry and are no exception and cannot successfully operate without proper financial management. Financial management involves the managing of organizational funds in order to meet organizational goals and plays an important role in helping organizations work
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Accounting and Communication: Final Project I plan on graduating from Temple with a bachelors in science in Accounting. Afterward, I desire to enroll in Graduate school at Temple University to complete my Masters degree. Hoping I will be skilled enough (CPA test preparatory classes may be necessary) to pass the CPA (Certified Public Accountants) exam, I intend to apply to a private accounting firm. In order for an Accountant to internally do their job correct, they need to ensure that firms are
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Generally Accepted Accounting Standards Auditing is an important part of any business. The auditor has many standards in which he or she must follow in order to comply with Generally Accepted Accounting Standards (GAAS) and the 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.
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Running head: Ethics in accounting Ethics as an Accountant The main objective of this proposal is to gain insight into the unethical accounting practices of major corporations (with a majority of the focus on Enron, WorldCom, Tyco, and Adelphia) and ultimately exposing the true perpetrators behind these scandals (the CEO's) in an effort to restore credibility in the once revered accounting profession. Many of the people responsible of these crimes are enjoying retirement in lavish homes
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Texas, was named by Fortune as “America’s Most Innovative Company” for six years in a row, with revenues of approximately $111 billion. However in 2001, Sherron Watkins, Enron’s finance executive, discussed her concerns about the company’s financial and accounting irregularities with its CEO, Kenneth Lay but was later asked to ignore the issue along with its auditor, Arthur Andersen. Andersen, who was later convicted, turned the other cheek while Watkins, “the whistle blower”, did not. In the same
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the concepts that underlie financial accounting and reporting. The Conceptual Framework creates the concepts that are useful in developing International Accounting Standards and other documents that provide guidance on information included in general purpose financial statements. It standardizes the development and revision of accounting standards. However, the framework does not override the accounting standards in this case. The main purpose of financial accounting and reporting is basically the
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Ethics and Compliance in Finance In present day, conducting business ethically and honestly becomes a vital factor in the success of an organization, and Starbucks’ has excelled with its standards. Starbucks strives to always do the right thing and facilitates legal compliance and ethics training for their employees. Their seriousness with the matter became reflected upon them in 2011 when they became ranked as one of 38 of the most ethical companies by Ethisphere magazine. Commitment to strong
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to Sarbanes-Oxley (SOX) as related to ethics and those influenced by decisions from investment management. I assessed the financial and social business practices of different organizations and identified ethical issues within the businesses that impacted internal and external stakeholders. Research revealed issues and activities that should have been resolved voluntarily prior to SOX’s enactment to meet ethical considerations relative to social and financial performance and the organization’s reputation
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Enron’s officers and employees to be highly ethical in their decisions and actions. In addition, the Enron Code of Ethics specified that “An employee shall not conduct himself or herself in a manner which directly or indirectly would be detrimental to the best interests of the Company or in a manner which would bring to the employee financial gain separately derived as a direct consequence of his or her employment with the Company.” Enron’s ethics code was based on the values of respect, integrity, communication
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Quiz # 1 Note’s Chapter # 1-3 Business Ethics Chapter # 1 1. Why Business Ethics? * Business decisions under great scrutiny Global financial crisis created diminished stakeholder trust Deals with questions about whether practices are acceptable No universally-accepted approach for resolving issues 2. Business Ethics * Comprises principles, values, and standards that guide behavior in the world of business 3. Principles: Specific boundaries for behavior that are universal and
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