practices always illegal or can they ever be justified? This case study will present examples of companies who have used inappropriate accounting practices‚ the results of their deceptions and the government’s plan to avoid future incidents. WorldCom scandal brings subpoenas‚ condmnation By Andrew Backover and Thor Vladmanis Andersen’s partners chart firm’s future today By Greg Farrell Client-starved Arthur Andersen cuts 7‚000 jobs By Greg Farrell Dominoes hit WorldCom partners‚ clients By
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Before Sarbanes-Oxley Act of 2002‚ auditing for both public and privately held companies followed the AICPA ’s standards of the 10 generally accepted auditing standards. In the years 2000-2002‚ there had been an increased of major corporate accounting scandals. Large corporations such as Enron and WorldCom went into bankruptcy by trying to cover up their losses and debt. In response to the all the fraud‚ the US government passed the Sarbanes-Oxley Act. The Sarbanes-Oxley Act created the Public Company
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its ups and downs. The Watergate scandal could be considered a moment of disgust. On June 17‚ 1972 five men were caught breaking into the Watergate complex in Washington D.C.‚ trying to photograph documents and place wiretaps on the telephones in the office. At that point the White House should have forced those people to resign but instead began to cover it up because Nixon relied so heavily on those workers. In the end Nixon was forced resign because the scandal was uncovered. That is a moment in
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1. In your opinion‚ did Vaughn overreact to Walker’s admission that she had been untruthful regarding the CPA exam? If so‚ how would you have dealt with the situation if you had been in Vaughn’s position? Vaughn did not over react to Walker’s untruthfulness regarding the CPA exam. She lied that she had not taken it because she feared that she was going to fail. I believe it is important to be completely honest and have integrity while working in an audit firm. If Walker lied about not taking
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After a break in at the Watergate Hotel‚ two journalist names Carl Bernstein and Bob Woodward were assigned to take the story and find out what really happened. Throughout this paper I will give a summary‚ talk about historical accuracies and inaccuracies‚ and also include the social/political impact form the film. In the film the White House aide told Bob that Howard Hunt was investigating Senator Kennedy. Carl Bernstein had a conversation with the white house librarian about books that Howard Hunt
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recording $5‚500 that were received from a customer and planned to steal the money to buy a new cell phone for himself. This action is an example of error. a. True b. False 2. What key piece of legislation was passed in response to corporate accounting scandals by Enron‚ WorldCom‚ and others? a. Sarbanes-Oxley Act. b. 1933 Securities Act. c. 1934 Securities Exchange Act. d. Regulation Fair Disclosure. 3. Internal controls represent plans to: a. Safeguard the assets b. Continually improve the efficiency
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The Effects of Power on Responsibility Power and responsibility have a complex relationship that is connected by factors such as a person’s morals and ethics‚ personality‚ and under what conditions the person was raised. In a world where power can be found in many forms and in many places‚ the use and abuse of power can be seen regularly. Power is not just being the CEO of a fortune five-hundred company‚ or being an elected political representative‚ the manager of Taco Bell has power‚ as well
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achievements of: withdrawing the U.S. from Vietnam‚ restored relations with China‚ reasoned the first major arms agreement with the Soviet Union; his lasting legacy that haunts him is that he was the chief perpetrator and chief victim of the Watergate scandal. Also the only President ever to resign in disgrace. By all means he was an intelligent man that received offers from Harvard and Yale‚ however‚ he contained a quality of self-destructiveness that would hurt his reputation and overall strategy. Richard
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The sharp‚ strained movements and demonic screeching in Anna Halprin’s 1975 improvisational piece‚ Darkside Dance‚ make it is easy to understand the amount of despair Halprin went through upon hearing that she had been diagnosed with colon cancer a second time. In an interview‚ Halprin described her feelings regarding this diagnosis when she said‚ “For those of you who have cancer or have had cancer‚ you know how life threatening it can be. You’re unprepared suddenly to face the possibility of dying
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broadcast scene for a while and took a job as a press aide to the Nixon administration. She worked at this job until 1974‚ when President Nixon was forced to resign from the presidency after the Watergate Scandal. Even after Diane was accused of being the Deep Throat during the Watergate Scandal‚ she remained close with the former president‚ and went on to help him write his memoirs. She is said to be a big Nixon fan to this day. In 1978‚ Diane jumped back into broadcasting and became a political
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