of white collar crime would be the Enron scandal that took place from 1985 until 2001. Enron was an energy company which utilized a complex business model which confused even professional analysts and share holders. Enron was formed in 1985 by Kenneth Lay. Kenneth Lay and a staff of executives used accounting loopholes and poor financial reporting in order to steal large sums of money from shareholders. The shareholders filed a $40 billion dollar lawsuit. Enron was a major white collar crime case
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accounting practices are linked to the objectives of the parties who will use the financial information‚ including investors‚ lender and governments. While International AccountingStandard Committee‚ is trying to make a single set of high quality understandable‚ enforceable accounting standards worldwide. The USA is resisting‚ insisting that no standard are good as ours. We use the GAAP‚ or the Generally Accepted Accounting Principles. However because of the Enron situation‚ the US standards dropped
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Review the Enron case information presented in the textbook. If you were a high-level leader in this corporation‚ how might applying your personal ethics have changed the outcome? Greed‚ power and personal satisfaction are all characteristics that motivate people to do things that might not always be in the best interest of others. In the case of Lay and Skilling‚ along with dozens of other executives‚ this is exactly what happened. There was no acceptance of blame‚ only ignorance and death.
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groups or non-criminal‚ different‚ differentiated or differential‚ for Sutherland was the only possible explanation of the behavior Criminal. The theory of Sutherland is clearly reflected in this film: “Enron: the smartest guys in the room”. The ambition of the top executives of Enron: Jeffrey Skilling‚ Kenneth Lay and Andrew Fastow led them to commit the fraudulent bankruptcy
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Ethical Observations Sean Kearns ACC291 May 27‚ 2012 Unethical accounting behavior and the resulting practices of it within businesses today is a very hot topic since the Enron accounting scandal of 2001. One might ask how does a scandal of this proportion come to be and can it happen again? What situations could lead to unethical behaviors and practices in accounting today that might cause history to repeat itself? The author intends to answer these questions and shed light on some insight
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References: http://today.msnbc.msn.com http://www.creatingloyalty.com/story.cfm?article_id=165 Morris‚ G. (1998). The Importance of Integrity. http://ministryhealth.net/mh artcles/218 gm importance integrity www.cnnmoney.com Pasha‚ S. (2006). Former Enron CFO sentenced to 6 years. www.scribblers-ink.com Scribbler’s Ink (2005). What Do You Stand For? www.navpress.com Tamsey‚ R. (1987) Integrity in the Workplace. www.msnbc.msn.com The Associated Press (2005) Ex-Tyco CEO Kozlowski found guilty.
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Bibliography: Enron in context: perfectly legal creative accounting. (2013). Retrieved 2013‚ from epress.anu.edu.au: http://epress.anu.edu.au/ethics_auditing/ch02s03.html Cotter‚ D. (2012). Advanced Financial Reporting A Complete Guide to IFRS. Prentice Hall/Financial
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misrepresenting or misstatements in financial statements etc. However‚ accountants are required to behave ethically and professionally by providing clear‚ accurate information. In other words‚ true and fair statements are to be provided by accountants. Enron‚ Tyco international‚ are examples of accounting scandal. There’re some reason that cause those ethical issues arise which is due to the greedy mindset of accountant‚ tempted by money and take chance to fraud‚ Pressured by company’s executive and so
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The possibility of non-verbal communication — A discussion on the Expectancy Violations Theory of Judee Burgoon Introduction In addition to verbal communication‚ the use of non-verbal communication in daily life is actually frequently. Birdwhistell (1970) found that 63% of human communication are non-verbal interaction.[1] Sometimes‚ non-verbal communication is more powerful and more influential than verbal communication. This paper aims to through the Expectancy Violations Theory (EVT)
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Kevin Ong Research 1. In the article “Is the Sarbanes-Oxley Act Working?” the author Stephen D. Willits and Curtis Nicholls talks about the Sarbanes-Oxley Act of 2002 that helps protect firms from fraud after Enron and other accounting scandals. The article touches on the objectives of SOX‚ the criticisms of SOX companies had after the law was passed‚ the impact it has on firms and auditors‚ the detriments of the SOX ‚ the evidence‚ analysis‚ and the further study of the act. The author of the
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