Does Integrity Exist Any More? When we were talking about the characteristics of a profession in the class, the first thought prompted into my mind is ‘integrity’. Admittedly, few decades ago, a man's word was his bond. However, with the rapid development of economy and the progress of society, even though you have a written contract between you and your partners, you have little uncertainty and unsureness about the commitment. People in nowadays cannot be simply trusted anymore. This is the
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Tyco and WorldCom were found to have grossly overstated their earnings. This cost billions of dollars in losses to shareholders and caused the near-collapse of the stock market (Prentice, 2010, p. 17). The companies were able to hide, scam or misrepresent their earnings due to the dot-com boom, soaring investments, and auditor fraud. The Sarbanes-Oxley Act contains many sections, sub-sections and creation of other agencies to enforce it. It was a sweeping change to standard reporting practices and was
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along with evaluating whether Sox will be effective in avoiding future frauds. Regulatory environment consist of several laws and regulations that has been developed by federal, state, and local governments in order to limit control over business practices. The regulatory environment plays an important role in the positive operation of the financial sector and in the efficient management and integration of capital flow and domestic savings. “The value of the claims of financial institutions on borrowers
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ethical misconduct. The issues ranged from company resources abuse to bribes and illegal political contributions. The ethical misconducts/issues can fall within Employee Mistreatment, Customer Mistreatment, Unethical Employee Behavior, Corporate Intelligence Issues, and Accounting Practices. Employee Mistreatment can also be workplace abuse which is a behavior that causes workers emotional or physical harm. Harassment, discrimination, bullying and violence are forms of workplace abuse. These behaviors
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boy, whose hands were up against the wall.2 He reported the suspected child abuse to Paterno who reported the incident to his superiors but did not confront Sandusky or report the incident to the board of trustees or the police.3 REASONS FOR UNETHICAL ACTIONS The report gives the following explanations for the failure of university leaders to take
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Assignment 1: Whistleblowing and Sarbanes-Oaxley Due Dana Martin Prof. Christina Williams LEG 500 January 25, 2015 JP MORGAN Chase Bank In February 2014, JP Morgan Chase bank admitted that for over 10 years they were submitting false information about countless amounts of mortgages for insurance by the Federal Housing Administration or the Department of Veteran Affairs that did not qualify for government guarantees (reuter.com). Whistleblower, Keith Edwards was employed with JP Morgan
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13, 2013 Price Discrimination An ethical issue that individuals face today involves the price war or price discrimination involving the airline industry. According to the legal definition of price discrimination: Price discrimination is the practice of charging different persons different prices for the same goods or services. Price discrimination is made illegal under the Sherman Antitrust Act. 15 U.S.C. §2, the Clayton Act, 15 U.S.C. §13, and by the Robinson-Patman Act, 15 U.S.C. §§13-13b
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rscholl@uri.edu Much of the recent interest in ethics and moral behavior in business comes from Enron and Worldcom, as scholars, educators, practitioners, and the public seek to understand the behavior of executives in these firms. Many have chosen to view these cases from the perspective of ethics, that is, the behavior of these executives is seen as unethical and the explanation is that they are unethical or immoral people. Furthermore, the solution is improved moral education in business programs. “Somehow
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Abstract It is fairly easy for a top executive to reduce the price of his or her company's stock. Due to information asymmetry. The executive can accelerate accounting of expected expenses, delay accounting of expected revenue, engage in off balance sheet transactions to make the company's profitability appear temporarily poorer, or simply promote and report severely conservative estimates of future earnings. And this phenomenon of accounting scandal exist in contemporary society. The integrity
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® Academy o/ Management Executive. 2004. Vol. 18. No. 2 Business ethics and customer stakeholders O.C. Ferrell A common view of the firm holds that employees, customers, shareholders, and suppliers are key organizational stakeholders.^ While obligations to these stakeholders are sometimes considered to be motivated by organizational self-interest, the ethical perspective asserts the rightness or wrongness of specific firm actions independently of any social or stakeholder obligations.^ Customers
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