Introduction Accountants have a responsibility to clients, third parties, and to the government. To the clients, accountants have an ethical responsibility to: protect them, provide accurate financial information, represent them with enthusiasm and maintain high ethical standards. Accountants’ responsibilities to third parties consist of the accountant’s duty of care, possessing the necessary skills and acting the good faith. An accountant’s responsibility to the government is to provide accurate
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The Saturday Paper The Monthly The Quarterly Essay ECONOMICS In the Eye of the Storm The Collapse of Storm Financial Paul Barry By mid March, America’s champion fraudster Bernie Madoff will have served two years of a 150-year prison sentence for stealing billions of dollars from his rich and famous investors. As he chalks up the anniversary on his North Carolina jail wall, our corporate cop, the Australian Securities and Investments Commission (ASIC), will have barely begun its action against
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If we analyze the case of Wall Street in 2009 we realize that society has no way to reclaim their “Representatives" by act or omission errors they have committed. Nothing could be done to prevent the disgraced tycoon Bernard Lawrence "Bernie" Madoff through his investment firm that bears his name, swindled the American people the amount of US$ 50,000 million dollars. There was no law to protect the common citizen desires of unscrupulous businessmen on Wall Street. And though Madoff was sentenced to
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Module 1 readings, course website links, the GCU Library, the Internet, and/or other sources of literature as needed, complete the following problems: Chapter 1 – Online Research: Common Law Chapter 2 – Problems and Problem Cases: Problem 6 Chapter 4 – Problems and Problem Cases: Problems 4 and 7 Responses should not typically exceed 200 words for each problem and should contain citations from relevant sources if applicable. Complete the problems for each chapter first by stating the question(s)
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Running head: WHITE COLLAR CRIMES White Collar Crimes: How Does It Affect Businesses? Shari M. Lewis Strayer University (Online) Table of Contents ABSTRACT 3 INTRODUCTION 4 Introduction to the Problem 4 Background of the Study 4 Statement of the Problem 4 Purpose of the Research 5 Research Questions 5 Significance of the Research 5 LITERATURE REVIEW 7 CONCLUSION AND RECOMMENDATIONS 19 ABSTRACT This paper investigates White Collar
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wells, there were no profits.” In a way this Ponzi scheme was like Bernie Madoff’s scheme. Both Madoff and Wilson were paying investors profits that they did not have, both parties promised investors returns that were not logical, both parties continued to gain new investors year in and year out, and both continuously lied in their statements. 3. I do not believe that there was any improper professional conduct in this case. I say this because on November 6, 1997, a CPA was hired to look at
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Module 1 readings, course website links, the GCU Library, the Internet, and/or other sources of literature as needed, complete the following problems: Chapter 1 – Online Research: Common Law Chapter 2 – Problems and Problem Cases: Problem 6 Chapter 4 – Problems and Problem Cases: Problems 4 and 7 Responses should not typically exceed 200 words for each problem and should contain citations from relevant sources if applicable. Complete the problems for each chapter first by stating the question(s)
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punishments for the white collar crimes are drastically different as well, often incurring probation or community service in conjunction with high monetary fines instead of focusing solely on incarceration, as is the case with many blue collar crimes. However, with the Bernie Madoff scandal as well as the other recent wall street crimes, more and more white collar criminals are facing stiff criminal penalties that include long periods of incarceration in federal prisons. This is due in
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sold trillions of dollars in insurance with few funds held in reserve. Wall Street brokers invented bets and sold them to old ladies. The Wall Street firms have paid billions in fines for these transgressions, but who has gone to jail besides Bernie Madoff? Why aren't we prosecuting the individuals who committed mortgage fraud? I don't want to see Goldman Sachs go under, nor do I care about the brokers who sold CDOs to large banks. I want to see in jail the brokers who sold exotic securities to widows
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documents that are created during the initial investigating process, well before deciding if there is enough supporting facts for the case to become or not to become a full-scale official investigation. As one can imagine the importance of these documents should not be overlooked, for they could provide for trends that can be utilized for future and potential cases. If one really thinks about this type of data, it would be equivalent to the
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