sustainability‚ and personal probity” (p. 22). However it is defined‚ in recent years the topic of ethics in organizations has received considerable attention in the business‚ scholarly and popular media. Huge scandals at giant corporations such as Adelphia Communications Corp.‚ Tyco International Ltd.‚ Global Crossing‚ WorldCom Inc.‚ HealthSouth Corp‚ FINOVA Group‚ Inc. and most especially‚ Enron Corp. have all illustrated the importance of organizational ethics (Jennings‚ 2003; Sims & Brinkmann‚ 2003)
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Executive Summary: Financial reporting has been dissected over and over again by legislation. The U.S. Securities and Exchange Commission (SEC) hold the key to providing protection and integrity when companies are submitting their financial statements. Although their mission is to provide order and efficiency for financial markets‚ insidious plans are still developed by companies which ultimately result in turmoil to the economy. To provide a safeguard to investors‚ the Sarbanes-Oxley Act (SOX)
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Corporate scandals surrounding the turn of 21st century‚ creation of The Sarbanes and Oxley Act of 2002 and its effects on business environment. The opening years of the twenty-first century were very challenging to the US economy. Not only the stock market reached one of the lowest levels since the crisis of 1930‚ but also several high profile corporate scandals shook the public trust. Insider trading‚ fraudulent financial reporting and other illegal practices caused investors to question reliability
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30017_CH15_398_431_r7.qxp 4/7/06 3:13 PM Page 398 © Jones and Bartlett Publishers. NOT FOR SALE OR DISTRIBUTION CHAPTER 15 OBJECTIVES Explain the similarities between organized crime and legitimate business enterprises. Identify different categories of white-collar crimes. Describe the characteristics of organized crime groups in the United States. Explain white-collar crimes with historic and present examples. Recognize the difficulties in using current criminological
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financial reporting and misappropriation of assets. The recent failure of giant corporations in the USA again confirmed this. For example‚ Enron used special purpose entities controlled by its CFO to manipulate income and transfer cash‚ and Adelphia guaranteed related party debt and provided extensive loans to its executive (Kohlbeck and Mayhew 2004) [1]. As 1 “Related party transactions include transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common
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Stock exchange A stock exchange is a form of exchange which provides services for stock brokers and traders to trade stocks‚ bonds‚ and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments‚ and capital events including the payment of income and dividends. Securities traded on a stock exchange include shares issued by companies‚ unit trusts‚ derivatives‚ pooled investment products and bonds. To be able to trade a security
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Chapter 1 Accounting Information Systems and the Accountant INTRODUCTION WHAT ARE ACCOUNTING INFORMATION SYSTEMS? Accounting Information Systems—A Definition Accounting Information Systems and Their Role in Organizations CASE ANALYSES The Annual Report Universal Concrete Products Ross‚ Sells‚ and Young‚ LLP REFERENCES AND RECOMMENDED READINGS ANSWERS TO TEST YOURSELF WHAT’S NEW IN ACCOUNTING INFORMATION SYSTEMS? Suspicious Activity Reporting Countering Terrorism Corporate Scandals and Accounting
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Unit 9 Project: The U.S. Should Not Abandon U.S. GAAP to Adopt to IFRS Amethyst McMillian Kaplan University CM220-42 Professor Manning October 1‚ 2013 U.S. Adopting IFRS The United States is coarsely going through a big dilemma. It is deciding whether to adopt International Financial Reporting Standards (IFRS)‚ or to stay with the current U.S Generally Accepted Accounting Principles (GAAP). Since this is such a serious decision‚ now would be an opportune time to take
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that an accurate portrait of terrorist intentions could not be formed within their respective agencies‚ let alone an integrated portrait that could have been formed by sharing information between them. When it surfaced that the top executives of Adelphia‚ WorldCom‚ and Tyco had engaged in criminal and fraudulent behaviors‚ added to the previous crises‚ the stock market plummeted. Furthermore‚ corporate heroes and major cultural icons such as Martha Stewart and General Electric’s Jack Welch had their
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1.1 Introduction Corporate governance has been the subject of numerous theoretical and empirical studies especially after the fraudulent reporting scandals such as Enron‚ World.com‚ Adelphia‚ and Parmalat.it has come to mean many things. Traditionally and at fundamental level the concept refers to corporate decision making and control‚ particularly the structure of the board and its working procedures‚ Hermes (1994). Jenifer (2002) defines corporate governance as a set of interlocking riles by which
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