CASE 1.3 JAMAICA WATER PROPERTIES Synopsis This case focuses on David Sokol‚ an executive who has made a “name” for himself in recent years within the energy industries. After becoming recognized as a successful “turnaround” agent for troubled companies‚ Sokol was hired in 1992 to serve as the chief operating officer of JWP‚ Inc.‚ a large‚ New York-based conglomerate. At the time‚ JWP had an impressive history of sustained profits and
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firms. It is named after sponsors U.S. Senator Paul Sarbanes and U.S. Representative Michael G. Oxley. The bill was enacted as a reaction to a number of major corporate and accounting scandals including those affecting Enron‚ Tyco International‚ Adelphia‚ Peregrine Systems and WorldCom. These scandals‚ which cost investors billions of dollars when the share prices of affected companies collapsed‚ shook public confidence in the nation’s securities markets. The act contains 11 titles‚ or sections
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CHAPTER 1. INTRODUCTION This book covers a broad spectrum in order to illustrate the pervasiveness of upper world criminality across a extensive range of institutions‚ including business‚ government‚ the medical profession‚ and even religious organizations and involving a remarkably diverse set of actors—including executives‚ doctors‚ politicians‚ and computer hackers. The authors have attempted to infuse each chapter with a historical perspective by describing some selected cases from the past in
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groups‚ and nations that cause and respond to external issues‚ opportunities‚ and threats. Disruptive technologies‚ increased working hours‚ increased personal and professional stress create pressure on stakeholders. Examples include: Enron‚ Adelphia‚ and others; excessive CEO pay and poor corporate performance; new regulation (eg.‚ Sarbanes-Oxley Act of 2002); and increased outsourcing. A. Seeing the “Big Picture” 1. Thomas Friedman has written a vivid account of the accelerating trend
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http://www.nydailynews.com/money/toplists/top_25_most_memorable_business_moments_of_the_decade/top_25_most_memorable_business_moments_of_the_decade.html Tyco/Dennis Kozlowski are ensnared in scandal Published: 12/23/2009 12:49:45 In yet another corporate scandal‚ former Tyco International CEO Dennis Kozlowski was convicted in 2005 of misappropriation of corporate funds. He used Tyco’s money for a $2 million birthday party on the island of Sardinia for his wife (the ice sculpture urinated Stolichnaya
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The Bursa Malaysia The Bursa Malaysia which was formerly known as Kuala Lumpur Stock Exchange. The Bursa Malaysia is an exchange holding company which was agreed under Section 15 of the Capital Markets and Services Act 2007. The company runs a fully combined exchange‚ proposing the complete series of exchange-related services. This includes trading‚ clearance‚ settlement and repository services. There are many public listed companies in the Bursa Malaysia but most of these companies
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Accounting Fraud: A White Collar Crime Accounting Fraud: A White Collar Crime The CEO and CFO of a Swiss security systems company named Tyco‚ stole 150 million dollars from their company before being caught in 2002. At the height of the scandal‚ the CEO threw a 2 million dollar birthday party for his wife on a private island with guest performer Jimmy Buffet. After being caught‚ the CEO and CFO were sentenced to 8-25 years in prison and Tyco had to repay its investors 2.92 billion dollars (The
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Legislations on White Collar Crime 2010 5/26/2010 Introduction: In 1939 Edwin H. Sutherland (1893–1950)‚ a sociologist of the symbolic interactionist school‚ first used the phrase white-collar criminal in a December 27‚ 1939 speech to the American Sociological Association. In his 1949‚ he defined white-collar crime as "approximately as a crime committed by a person of respectability and high social status in the course of his occupation." Fraud is widespread and growing. One conservative
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Question 1 It is important to seek public confidence in the accounting profession where its role is to maintain the integrity of corporate reporting. Discuss the possible effects of FCB’s fraud in this matter. Integrity of corporate reporting can be defined as quality of being honest and having strong moral principles upon presenting and preparing financial report of an entity or business. It is important for accounting profession to keep maintain the integrity of corporate reporting for the
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Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3‚ No 9‚ 2012 searchwww.iiste.org The Role‚ Compromise and Problems of the External Auditor in Corporate Governance* James O. Alabede Department of Accounting‚ Federal Polytechnic Bauchi‚ Nigeria‚ E mail: joalabede@yahoo.com Abstract This study reflects on the role‚ compromise and problems of the external auditor in the corporate governance with particular reference to the UK. The external auditor is an independent
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