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 these companies have disappeared from the corporate landscape. Business in general, and industry sectors such as financial services, health, government and
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forefront in the past several years. This has been especially true over the past decade, with the enactment of the Sarbanes-Oxley Act of 2002 (SOX) to help protect employees and investors. CHAPTER 1: INTRODUCTION Over the past decade, Enron, WorldCom, and Arthur Anderson have been household names when discussing business ethics. Each of these companies, in its own specific way, made use of gray areas in accounting. These subjective areas were not tightly controlled by the Securities and Exchange
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October 19, 2011 Accounting 6010 Students, Your Mid-Term Exam is scheduled for October 23-26. It will begin at 12:01am on October 23 and will be available until midnight on October 26. Your exam must be complete by midnight on October 26. When you log onto the exam, you will have 2 hours to complete it. NOTE: THE 2-HOUR TIME LIMIT WILL BE STRICTLY ENFORCED. While there will be a 15-minute grace period, you should take no longer than 2 hours to complete the exam. If you should experience
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It is necessary to understand the elements of ethical decision making to identify what makes acts right and wrong and to determine what we ought to do or what our duties and responsibilities are in particular cases. Following questions may arise – What duties or obligations do market participants have to do each other in making trade or exchange? Do market actors have any rights that can be violated in market conditions? What if market transactions are unfair or unjust or otherwise morally objectionable
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indepth understanding of the effective use of public relations in a range of organizational contexts. Including cases from the UK, Norway, Sweden, Spain, South Africa, Canada and the USA, with a focus on such global corporations as Shell, BBC America, Worldcom, PriceWaterhouseCoopers and Marks & Spencer, it offers important insights into the development of public relations and communications strategies. These include: • • • • • • • • Corporate identity change and management Global reputation management
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WorlsdCom scandals. Both companies were involved in fraudulent and unethical accounting reporting. Enron was part of countless number of dishonest activities like hiding debts in order to keep them form showing up on their financial statements. WorldCom had so much fraud in their accounting records that it led them to total bankruptcy. As a result of these to publicized scandals the United States government had to get involved which usher the creation of the Sarbanes-Oxley Act of 2002.
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Sarbanes-Oxley Act of 2002 on financial statements are general guidelines as to how the information is gathered, calculated and presented to clients while enforcing their accuracy and legitimacy. Companies such as Enron, Tyco, Global Crossing, and WorldCom are just a few examples of corrupt business cultures, practices, and greed that made the need for new laws to arise in order to prevent future business taking the same direction. These companies and companies like them manipulated, lied, embezzled
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Intro to HealthSouth Fraud Case Review In 2003, HealthSouth was accused of one the largest accounting fraud cases in healthcare history and those involved are still being tried today, nine years later. HealthSouth was founded in Birmingham, Alabama in the year 1984 by a respiratory therapist name Richard Scrushy. By the year 1999, HealthSouth had grown to house 230 surgical centers, 120 inpatient hospitals, 5 medical centers, 129 diagnostic centers and 1379 outpatient rehab centers and was worth
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Sarbanes Oxley Act Institution Name Date Sarbanes Oxley act is a legislation put in place due to the high profile WorldCom and Enron financial disgrace in protecting shareholders and the public in general from errors in accounting and the falsified performance in the activity. The main function of this act is to show how records are to be kept in a specific period of time. This act is managed by the Securities and Exchange Commission whereby it has the power to put rules on the requirements
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1 Introduction Dated back to Code of Hammurabi some 4,000 years ago, business ethics is a social science, whose main aim is to define and examine the responsibilities of businesses and their agents as a part of the general moral environment of a given society. The products of this field of research are sets of rules and codes of conducts, which serve as a means of protection from the possible infringements of moral codes as a result from the general activities and responsibilities of a firm to
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