Before getting into the Payola scandal and explaining what happened‚ it is important to know what payola is first. In the music industry‚ payola is the illegal practice of payment or other inducement by record companies for the broadcast of recordings on music radio‚ in which the song is presented as being of the normal day’s broadcast (Neira). A radio station can play a certain song in exchange for money‚ but the radio station must disclose this on the air as being sponsored airtime. The playing
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[pic] ACCTG 312 SC 2012: Assignment 1 Current issues – scandals in auditing Introduction • For this assignment‚ you are required to research and report back on one of four well known scandals that involve auditors in some way. • It can be commenced after week 1 lectures are completed‚ so gives you a chance to get part of your semester’s work done early. It is due in week 3 (Thursday at 4 pm). • You will also be required to very briefly report to your tutorial group on one interesting
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The fallout that accompanied the accounting scandals of the early 2000’s had an immediate impact on corporate business and accounting practices which is still being felt today. The collapse of Enron and its accounting firm Arthur Andersen‚ as well as the subsequent collapses of Worldcom and others have left a permanent mark on how corporate businesses and accounting firms are perceived and how they are regulated. It has also altered the experiences of students who are pursuing‚ or are considering
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Corporate Scandal I. Olympus Updated: April 20‚ 2012 Olympus Corporation‚ founded in 1919‚ is a manufacturer of digital cameras and electronic equipment. Based in Tokyo‚ the multibillion-dollar company has operations worldwide. In mid-October 2011‚ Olympus was rocked by scandal when its former chief executive and president‚ Michael C. Woodford‚ who is British‚ was suddenly fired. The company’s chairman‚ Tsuyoshi Kikukawa‚ blamed a culture clash‚ but Mr. Woodford‚ a 30-year Olympus employee‚
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Relationship Between Celebrities‚ Fans‚ and the Paparazzi The media revolves around a cycle of people wanting to be celebrities‚ the celebrities‚ and the paparazzi. To get a glimpse of how obsessed people actually are with celebrity‚ the documentary brought up some appalling evidence from a survey. The survey asked people which job they would most want to have‚ the survey included jobs such as CEO of a large company‚ US Senator‚ Chairman of Harvard University‚ and as well as the personal assistant
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You always read something new about the hottest celebrity every week‚ it’s always something bad. They either got arrested‚ is pregnant‚ or is caught up in some sort of sex scandal. Eventually‚ young children and teens read tabloids and watch the news and see their celebrity "role models" doing one of those things. Children with no common sense would go out and try to be like them. No one actually wants to be someone who has done something great. Think about it‚ everyone wants to be like Paris Hilton
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A Scandal of Bias and Fact Over the past few years the NSA (National Security Agency) has been collecting massive amounts of phone call data from Verizon without the public’s knowledge. This information has just come to the public’s attention earlier this year‚ and has been covered by many news sources. Some sources stick strictly to the facts of the story and nothing more. However‚ other sources tend to focus more on their own bias rather than talking about the actual events that happened. There
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Abstract - The Enron scandal is one of the biggest financial scams ever to take place and its root’s lie in the desire of the senior members of Enron to earn as much for themselves as possible and were assisted in this greatly by the negligence shown by their auditor’s and consultants‚ Arthur Andersen. Most of the debts and tangible assets of Enron were on the balance sheet of partnerships that were run by high-ranking officials within the corporation and these partnerships were recorded as related
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and many aspects of corporate governance in America. As a result of the scandal‚ thousands of people lost their jobs‚ some people lost their entire pensions‚ and all of the shareholders lost the money that they had invested in the corporation after it went bankrupt. The Enron scandal is the most significant corporate collapse in the United States since the failure of many savings and loan banks during the 1980s. This scandal demonstrates the need for significant reforms in accounting and corporate
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The Watergate Scandal The Watergate Affair‚ is the worst political scandal in U.S. history. It led to the resignation of the president‚ Richard M. Nixon‚ after he became implicated in an attempt to cover up the scandal. "The Watergate Affair" refers to the break-in and electronic bugging in 1972‚ of the Democratic National Committee headquarters in the Watergate apartment‚ and office building complex in Washington D.C. The term was applied to several related scandals. More than thirty
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