third quarter of 2002, the Brookings Institution, a Washington, D.C., think tank, estimated that the corporate scandals that began with the Enron debacle in late 2000 would cost the U.S. economy $35 billion. That is the equivalent of a $10 increase per barrel of oil.1 It is, in a word, staggering. And we may not have seen the end of it. Long before Enron’s collapse, a number of business ethicists and business professionals watched with concern as Wall Street analysts demanded increasingly strong corporate
Words: 20980 - Pages: 84
Lessons from Lehman Brothers: Will We Ever Learn? Steven Figueroa, Adrian Bland, Victoria Fabuluje, Amy Ramkey, Carmen M. Ortiz MGT/521 03/10/14 CHRISTINE GNIEDZIEJKA Lessons from Lehman Brothers: Will We Ever Learn? 2. What was the culture at Lehman Brothers like? How did this culture contribute to the company's downfall? Anyone knows that rewarding bad or illegal behavior can lead to the making of a person who is irresponsible and reckless. This is a general description of the type
Words: 1151 - Pages: 5
ethical behavior. Provide support for your answer Existing businesses and regulatory environment is more conductive behavior because some companies and managers feel as though they can get away with it. The unpredictable increase and collapse of the Enron Company set off a long-burning fire under the American social conscience. From every crevasse and corner, voices rose demanding increased accountability, demanding tighter regulation, and demanding that the unethical be brought to justice.
Words: 1058 - Pages: 5
Auditing a Publicly Traded Company Darren Bruneck, Andrew Green, Shalatikka Smith ACC/541 October 20, 2014 Christine Errico MEMORANDUM TO: Christine Errico, Manager FROM: Darren Bruneck, Andrew Green, Shalatikka Smith DATE: October 20, 2014 SUBJECT: Auditing a Publicly Traded Company The goal of any publicly traded company is to make a profit. Many factors come contribute to the equation to achieve this goal. The most important factor is compliance with the Accounting governing
Words: 1070 - Pages: 5
that Amaranth being liquidated, these loss aggravated to $6.6 billion. The tremendous loss making Amaranth’s collapse the third largest trading loss in the history. In this paper, we are going to analyse the background of the company, the strategy of Amaranth’s activity and the risk involves in it, in order to get a comprehensive understanding of the causes and details of the Amaranth’s Collapse. Background Amaranth Overview Amaranth Advisor L.L.C was a hedge fund opened by Mr. Nicholas Maounis
Words: 3322 - Pages: 14
I have been in sales for the past 6 years and have seen just about every type of sales incentive that there is. I have been incentivized on my individual performance, a team performance, the companies performance and every combination of the 3. I have been incentivized on a short term basis (1 month growth) and on a long term basis (6 month growth) and have seen the advantages and disadvantages in all forms of incentives. The disadvantage with team performance incentives depends on the team and
Words: 1020 - Pages: 5
Internal controls: an overview XACC/280 Internal controls are absolutely essential to the functioning of any public company, and without them companies are doomed to economic turmoil and even collapse. Simply put, internal controls are the various methods that a company uses to “Safeguard its assets from employee theft, robbery, and unauthorized use” and “enhance the accuracy and reliability of its accounting records” (Weygandt, Kimmel, and Kieso, pp. 340). As the text implies, without these
Words: 1109 - Pages: 5
Effects of Technology on Accounting Information Systems James King University of Phoenix: ACC/340 Accounting Information Systems I Instructor: Ray Dahmer June 27, 2011 Effects of Technology on Accounting Information Systems The information age and the resulting technological advances have made an impact on every functional area of the accounting industry including auditing, taxation, financial, and managerial accounting (Bagranoff, Simkin, & Norman, 2008). Information systems consist
Words: 981 - Pages: 4
counter How to become professional? 3 aspects 1.06 Recruiting the best Beard(1994),Smith and Briggs(1999) and Simnik and Felton(2006) Friedman& Lyne(2001);Albrecht and Sack(2000);Coate et al.(2003) Jeacle: colourful accountant linked to corporate collapses 1.07 Moral agency Biddle(2006) Value creation - key to maintain high standards Moral agent - refer to individual making moral judgement for others Moral agent theory based on concept " act appropriotely and professionally" 1.08 Technical functions
Words: 3783 - Pages: 16
editor will contact you within 2-3 business days to discuss the options you have selected. 1. Which of the following cases would you like to include? Section 1: Comprehensive Cases 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 Enron Corporation Just for FEET, Inc. Jamaica Water Properties Health Management, Inc. The Leslie Fay Companies Star Technologies, Inc. Lincoln Savings and Loan Association Crazy Eddie, Inc. ZZZZ Best Company, Inc. United
Words: 20989 - Pages: 84
