person and limited liability which are embodied in the doctrine of corporate veil under company law. However‚ some businessmen‚ law scholars and the public at large argue that corporate veil is nothing but a fallacy meant to dupe business people into a false sense of security. The following presentation seeks to discuss this assertion‚ bringing out the significance and exceptions of the concept of corporate veil. The doctrine of corporate veil emanate from the ruling of the case of Salomon vs Salomon
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Case Study One Coupon Accounting Abuse Abstract The incentive‚ opportunity‚ and rationalization to commit fraud have plagued business organizations for many years. There are numerous ways that managers and employees can commit fraud. This makes it a necessity for businesses to have quality internal controls that help prevent fraudulent activity. However‚ even with the best set of controls businesses are still susceptible of fraud. This paper will concentrate on the case study concerning
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The development of fraud examiner/forensic accounting profession since the 2001 Enron Fraud After the Enron and WorldCom business climate‚ there came a new US federal law called Sarbanes – Oxley Act. The SOX contains 11 titles that describe specific mandates and requirements for financial reporting. It makes corporate executives more accountable for their actions. Companies invested a tremendous amount of resources‚ time‚ and effort in order to comply with the requirements. It clearly improved the
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textbook explains fraud invalidates a contract. “The presence of fraud affects the authenticity of the innocent party’s consent to a contract. When an innocent party is fraudulently induced to enter into a contract‚ the contract usually can be avoided because she or he has not voluntarily consented to the terms. Normally‚ the innocent party can either cancel the contract and be restored to her or his original position or enforce the contract and seek damages for harms resulting from the fraud (Miller 281)
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Ethics in Business BUS670: Legal Environment Instructor: Leah Westerman November 25‚ 2013 Introduction Ethics means different things to different people‚ but basically it is all about being wrong and right. In business making ethical decisions should always be considered first‚ as well as the law. Culture is important within any company. It involves your perception of attitudes‚ values‚ and standards of conduct within a business. Ethical situations arise every day in business
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Comment on the 10 major steps in the fraud risk model 1. Understand the nature of fraud by identifying the factors associated with fraud that are outlined in the fraud triangle. The factors include rationalization‚ opportunity‚ and incentive (ROI). Incentive/pressure to commit fraud Fraudulent financial reporting Management compensation schemes Financial pressures to improve company’s earnings and balance sheet Personal wealth tied to either financial results or survival of company Defalcation
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Corporate Culture & Ethics Loblaw Companies Limited and its subsidiaries and divisions are committed to upholding the highest standards of ethical conduct and good corporate citizenship. All Loblaw employees‚ officers and directors are expected to conduct themselves ethically‚ lawfully and professionally and in compliance with the letter and spirit of the Loblaw Code of Business Conduct (Corporate Policy‚ 2011). Employees are expected to act in Loblaw’s best interests on its missions and values
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and Management Sciences (JETEMS) 3(3):191-195 (ISSN:2141-7024) The New Fraud Triangle Model 1 Rasha Kassem and 2Andrew Higson 1 British University in Egypt Cairo-Suez Desert Road‚ El Sherouk City 2 School of Business and Economics‚ Loughborough University‚ Loughborough‚ LE11 3TU‚ UK Corresponding Author: Rasha Kassem ___________________________________________________________________________ Abstract Fraud in corporations is a topic that receives significant and growing attention
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Financial Research – The Xerox 1 Financial Research Xerox Financial Fraud Case Analysis This paper was prepared for Auditing Procedures Financial Research – The Xerox Abstract On April 8th‚ 2002‚ the Xerox Corporation ("Xerox") announced its willingness to accept the U.S. Securities and Exchange Commission (SEC) to reach a settlement with the conditions. Thereafter‚ its financial fraud became surfaced. On June 28th‚ Xerox Corporation in accordance with the requirements of the settlement
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1) Corporate Ethics - The broad area dealing with the way in which a company behaves towards‚ and conducts business with‚ its internal and external STAKEHOLDERS‚ including employees‚ investors‚ creditors‚ customers‚ and regulators. In certain national systems minimum standards are required or recommended in order to eliminate potential conflicts of interest or client/employee mistreatment. 2) Board of Directors (BOD) - An appointed or elected body or committee that has overall responsibility
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