3. A). Ethical dilemma I now face: * Return the dividend checks all 4 owners received to help with putting money back in the company. * Hire an independent firm to reconcile the financial statements. * Invest in an external auditor. * Disclose the wrongdoing. * Ensure all parties involve or have a stake in the financial statements are notified of the changes. B). No‚ because the ticket sales revenue is for the following year and the service has not been provided to the
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Corporation has been accused of cooking the books and overstating company profits in its financial reports. In addition‚ Enron’s trading business adopted mark-to-market accounting‚ which meant that once a long-term contract was signed‚ income was estimated as the present value of net future cash flows‚ even though in some cases there were serious questions about the viability of these contracts and their associated costs. Author Andersen provided both consulting and auditing services which created
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LEGAL AND ETHICAL ENVIRONMENT OF BUSINESS August 13th‚ 2012 LAW / ECONOMIC / ETHICAL WHERE THE LAW COMES FROM? • Maintain your property LAW • Rules related to the allocation of scarce resources WHAT DO WE WANT? • Earth at night • Predictability – Certainty – commerce loves certainty o Stable governments equal strong economy o Bank accounts‚ brokerage accounts‚ land titles o Property the governmentally supported right to exclude o Predictable sanctions for wrongful acts o Democracy
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Introduction Description of client Amelia is a 23 year old Hispanic woman who has a variety of issues that range from her drug addiction which has caused her 4 children to be removed from her home‚ to a current unwanted pregnancy. Ethical challenge The pressing ethical challenge‚ for Amelia‚ is the unwanted pregnancy; pressing because she must make a decision in one week otherwise she will have gone past the safe termination boundary‚ should she decide to terminate. Additionally‚ her family is catholic
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business face when they try to behave in an ethical way? With the development of the global economy‚ business companies are facing many business challenges in the age full of competition. And business challenges will produce some different values‚ such as child labor‚ human rights‚ hours and wages and environmental laws (Luminita and Constantin‚2006). Therefore‚ business companies need to pay more attention to the business ethics. What is more‚ ethical business is study of business behavior
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the book itself is a glimpse of what the world could become under certain and unfortunate circumstances. This warning was not just relevant in the late 1940’s‚ but it is today‚ and will be for as long as free society exists. Oceania’s rule over it’s people is harsh and unfair in many different ways‚ however some stand out as real ethical issues. Denying basic rights many people enjoy today such as speech and expression‚ denying life such as intimate relationships‚ thought‚ and religion‚
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positive relationship with stockholders be maintained and what accounting strategy could be used to effectively show earnings. In order to pursue new markets with total forecasted revenues of approximately $48 million and operating income ranging from 10-20% per project‚ Thermo Electron Corporation should proceed with the spin-out of Thermo Electron Technologies. The use of put options to maintain external stockholder relationships and accounting by consolidated financial statements (equity method) are
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The importance of ethical and legal obligations for the privacy and protection of human well-being stresses the importance of the ethical guidelines of researchers and practitioners’ overall. However‚ one cannot understate the positive impact of ethical guidelines contributing to public health‚ including public health promotion program to enhance the quality of health within the population. Furthermore‚ ethical behavior and promotion of health through ethical guideline have widely been accepted as
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any audit? Explain clearly 4) What is professional clearance? What is the importance of professional clearance in auditing? 5) An audit fee is an auditor’s remuneration. In what ways can the aspect of audit fees affect auditors’ independence? 6) Explain clearly the ethical codes that are required of any professional auditor? 7) Audit planning is an important input in the auditing assignment‚ discuss. 8) Assume you are an experienced auditor with an audit firm in Dar. Your senior has requested
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the audit of a client ’s inventory‚ an auditor identified the following issues that need audit attention. 1. Inventories are properly stated at the lower of cost or market. 2. Inventories included in the balance sheet are present in the warehouse on the balance sheet date. 3. Inventory quantities include all products‚ materials‚ and supplies on hand. 4. Liens on the inventories are properly disclosed in notes to the financial statements. 5. The client has legal title to the inventories
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