millennium. Enron and WorldCom were only two of many ethical and accounting violations that prompted new legislation and guidelines in business finance. Enron In 1985‚ Houston Natural Gas merged with Internorth to form Enron. The CEO of Houston Natural Gas‚ Kenneth Lay‚ became CEO of the new company. Enron began to focus their efforts on natural gas commodities and commodities in deregulated markets. Jeffery Skilling took the lead in commodities trading and hired Andrew Fastow as the Chief Financial Officer
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measures in its accounting to hide the risk. Tyco International went down a different path in that the CEO used corporate accounts as his personal bank account. He placed certain business associates on the Board of Directors to ensure his behavior would not be found out nor questioned. As corporate ethics goes‚ Enron and Tyco International are prime examples of bad business ethics run amok. The CEOs of both companies expected not to get caught doing what they were doing and both were taking large risks
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Worldwide‚ Fire Protection Services‚ Safety Products‚ Flow Control and Electrical and Metal Products. This case study describes the Leadership crisis faced by Tyco International and its rebuilding an empire again. In 2001‚ Dennis Kozlowski‚ chairman and CEO of Tyco International‚ was identified by Business Week as a manager to watch. In 2002‚ it turned out that he certainly was the man to watch!!! Tyco International is an American conglomerate‚ operating in the electronics‚ healthcare‚ fire and security
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Don Russell: Experiences of a Controller/CFO 1985: Coporate controller at C&S updated the charts of accoutns did major cost reductions was promoted to vice president intitiated a study on the strategic planning tried to convicen management to change to a chash focused planning system instead of operating income 1989 CFO at EFI Updated the budget sys. (Satellite business was unprofitable) Found out that earnings were artificially increased (e.g. by depreciating equipment longer than realistic
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Functional Area Interrelationships Bus/475 November 4‚ 2013 Functional Area Interrelationships: LaFleur Trading Company In the business world today identifying how a company coexists can define the longevity and long-term success. Team A’s company choice is Lafluer Trading Company. We will review and comment on their interrelationships. Lafleur Trading is a company that provides high quality food and wine to and from multiple countries. Team A will define their purpose‚ organizational structure
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must be made for a successful IPO. The paper will address how Gene One must adopt changes and address all stakeholders for an optimal solution. Stakeholders The Current ownership and the Board of Directors The late Don Ruiz was the former CEO who was responsible for setting the goal of 40% annual growth. Ruiz was excited about the IPO move‚ and saw the change as an opportunity to develop new strategies (University of Phoenix Scenario‚ 2005). Ruiz’s successor and siblings‚ together with the
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also consider state and federal laws. Ethics and the law works hand-in-hand therefore should be on the minds of those considering the commission of fraud. The Chief Financial Officer (CFO) of Excello‚ Terry Reed‚ was considering doing such by posting a $2.1 million transaction to raise year-end earnings. Terry Reed‚ CFO of Excello‚ committed the unethical practices in this case. Reed had considered the $2.1 million transaction to collect the earnings from a sale that was not to occur until January
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People: Cees Van der Hoeven – CEO since 1993 (joined Ahold’s executive boar as CFO in 1985) Michiel Muers 1997 – CFO graduated in business studies and economics Jim Miller – USF CEO Company: Royal (Koninklijke) Ahold Holland – publicly traded company Started as a supermarket chain of stores 1973 Abhold NV was formed and open the first chain of liquor stores 1970’2 they started to invest abroad – Spain and the US (Bi Lo) Last family member retired in 1985 – new CEO Pierre Everaert 1990’s expanded
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a public company’s financial statements? | | | Student Answer: | | Sarbanes-Oxley requires only the CEO to certify the financial statements. | | | | Sarbanes-Oxley requires only the CFO to certify the financial statements. | | | | Sarbanes-Oxley requires the CEO and CFO to certify the financial statements. | | | | Sarbanes-Oxley requires neither the CEO nor the CFO to certify the financial statements. | | Instructor Explanation: | Chapter 6‚ p. 136. | | | |
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members are listed below. Next his or her name is how long they have been on the board. Under each name is a short biography of the member along with valuable contributions they are able to provide for Staples. Basil L. Anderson – 17 years Former CFO of Campbell’s. Mr. Anderson extensive experience in corporate finance‚ and brings valuable insight into overseeing financial reporting and the audit process based on past experience serving he audit committees of many other boards. In addition Mr. Anderson
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