While consulting at Enron‚ Arthur Anderson CPAs did not maintain independence and performed both consulting services and auditing services‚ which are a violation of the CPA code of ethics. <>History<> In 1887‚ thirty-one accountants created the American Association of Public
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the case study of Enron and Arthur Andersen‚ the latter company and an independent auditor had to fire a partner who was acting unprofessional and had asked employees to destroy documents containing accounting information. This is after the partner realised that the Security and Exchange commission had picked interest in the Enron affairs and was scrutinising and investigation the company accounting information. The court ruled that Anderson Company was liable for the fall of Enron in 2001. Lots of
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AFM 201 – Part 1 Auditing Fall 2007 Group Assignment 2 Publicized Cases of Alleged Audit Failures Involving Large Public Companies 1) Ten Publicized Audit Failures i. Parmalat (2003) - Deloitte & Touche Tohmatsu /Grant Thornton Misleading investors with “Brazen Fraud” was what the United States (US) Securities and Exchange Commission (SEC) had sued Parmalat for in 2003. It all began when Parmalat defaulted on a bond payment worth $185 million. This raised a flag for auditors and banks
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com/what-is-the-computer-misuse-act-of-1990.htm [Accessed 20 April 2010] Computer hope (1010)‚ [Online] How to prevent unauthorized computer access‚ Computer hope‚ Available from: http://www.computerhope.com/issues/ch000464.htm [Accessed 20 April 2010] Enron Corporation (2001)‚ Enron Annual Report 2000‚ Houston‚ Financial department‚ 2001‚ p3 Chris Uba (2009)‚ [Online] Fraudulent Accounting Practice‚ Businessworld‚ Available from: http://businessworldng.com/web/articles/940/1/Fraudulent-Accounting-Practice/Page1.html
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to $4.4 million in 2005 (Labonte‚ & Shorter‚ 2008). At Enron executives had incentives to achieve high-revenue growth because their salary increase and cash bonus amount were linked to reported revenues. “In the proxy statement filed in 1997‚ Enron wrote that “base salaries are targeted at the median of competitor group that includes peer group companies…and general industry companies similar in size to Enron. Employees had incentives to achieve high revenues and earnings targets
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Kantian Ethics The relationship between society and an individual is as though between an object and its shadow. No one individual can function apart from society‚ nor can society operate without the support of individuals. Society‚ as we know‚ is the umbrella term for the collection of humans working as a community and sharing common ideals with regards to actions‚ ethics‚ and morals. The foundation of a society is always going to be the individuals that make it up. When the individuals in
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EBSCOhost. Wiesen‚ J. (2003). Congress Enacts Sarbanes-Oxley Act of 2002: A Two-Ton Gorilla Awakes and Speaks. Journal of Accounting‚ Auditing & Finance‚ 18(3)‚ 429-448. Retrieved from EBSCOhost. Yuhao‚ L. (2010). The Case Analysis of the Scandal of Enron. International Journal of Business & Management‚ 5(10)‚ 37-41. Retrieved from EBSCOhost.
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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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ethical problems within utilitarianism. Kantian theory follows the same principle but with greater emphasis on the respect for all things involved with ethical quandaries. Both have their critiques yet both ideas are conceived in an effort to understand and conceptualize some of the biggest controversies and questions that evolve around ethics. This paper will be an attempt to delineate the key components that fabricate each theory‚ first utilitarianism and then Kantian theory and through examples and practical
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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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