University Unethical Practices are forbidden in every industry but at the same time they are also performed. Unethical practices occur when a business does “not conform to approved standards of social or professional behavior”. ("The free dictionary,") There are many situations that can lead to unethical practices and behaviors within the accounting profession. The Sarbanes Oxley Act of 2002 was put into effect to prevent a lot of these unethical practices. In every business
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Communications acquired MCI/WorldCom and SBC Communications acquired AT&T Corporation, which had been in business since the 19th Century. The acquisition of MCI/WorldCom was the direct result of the behavior of WorldCom's senior managers as documented above. While it can be argued that the demise of AT&T Corp. was not wholly attributable to WorldCom's behavior, AT&T Corp.'s decimation certainly was facilitated by the events surrounding WorldCom, since WorldCom was the benchmark long distance
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section of their daily newspaper over the past year has read story after story about unethical behaviour by South African companies. The media’s ongoing coverage of executive deception, corruption, greed and non-disclosure has made headline news and has required government to mediate between regulatory bodies and corporate legal teams. It is no different internationally, with massive companies like Enron, WorldCom and Arthur Anderson displaying unacceptable capitalistic behaviour to such a large extent
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Ethics Paper Ethics along with other components are key in ensuring a company’s success in the end. Nowadays more and more companies have to deal with either unethical employees or unethical business practices being overseen by its CEO’s or senior leadership. It is a company’s responsibility to ensure its employees and its stake holders are taken care of in regards to how the company runs its everyday duties. What is meant by that is, the company has to ensure it business practices are in line with
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Ethics Reflection Current course readings emphasized the importance of ethical behavior by companies. The word “ethical” has gained more power in the last decade because of foul practices from companies such as Enron, Arthur Anderson, and WorldCom. The unethical behavior of company executives has caused in-depth company reviews by stakeholders no matter the size or reputation of the company. This paper concisely analyzes the important role of ethics and social responsibility as it pertains to the
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MGTP/521 February 20, 2013 Richard Dettling "Lessons from Lehman Brothers: Will We Ever Learn?" #2.Discussion Question: What was the culture at Lehman Brothers like? How did this culture contribute to the company’s downfall? Discussion: The unethical culture by the top executives in the Lehman Brothers company was one of the major contributions to the downfall of this organization. According to the legal expert Anton R. Salukis, Lehman Brothers excessively used accounting manipulations. The negligence
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explored to see if there was a violation due to the unethical behavior of the company’s management and the inaccuracy of the company’s financial information. Keywords: Integrity, Ethics, Sarbanes-Oxley, Fraud Cooking the Books The problem is that the accounting manager has ordered his employee to falsify the books so that the company can show higher revenue in their current year in order to meet volume for a management bonus. These actions are unethical, fraudulent and may violate the Sarbanes-Oxley
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Whistleblowers The term “whistleblower” is sometimes referred to as snitch, rat, or disgruntled employee. In today’s business world with corruption such as that of Enron, which helped to make whistleblowing a household term, employees who witness corrupt or unethical business practices taking place need to have a channel and they need protection that if they blow the whistle, then they will be protected by the US Government. Being a whistleblower takes courage as whistleblowing is not an easy thing to do. To
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was overwhelmingly passed by both houses of Congress in response to the widespread public and government outrage against corporate abuses. Fraudulent accounting practices and misleading financial reports issued by such corporate giants as Enron, WorldCom and Arthur Anderson caused millions of dollars in losses to investors and an irreparable damage to the public trust. To ensure the certifications were taken seriously, the act also created criminal penalties for noncompliance. The act states stipulates
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decisions are made on a daily basis. Most of these decisions are based on company ground rules. The others are based on personal ground rules. All decisions can have a number of ground rules that help us determine whether our decision is ethical or unethical. In the following paragraphs I will discuss the impacts of ethics on decision making. Ethics is a standard that tells us how we should behave. It is based on moral duty and includes a code of values that guides our choices and actions. No person
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