A3 (Delete the “Topic No” for Assignment 2). B.2 Instructions for Assignment 1 1. Your report should contain the following sections in the order given below: Section 1: Introduction and Background Section 2: Discussion of Current Issues Section 3: Case
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Evaluate the auditor’s role in the certification of the financial statements and conclude whether its work is effective in preventing major scandals on the lines of Enron and Worldcom. 1.0 ABSTRACT 2.0 ENRON-CORPORATE FIASCOS 3.0 HOW DID THE AUDITORS FAIL TO CATCH PROBLEMS AT ENRON? 4.0 HOW TO PREVENT RECURRENCE OF ENRON? 5.0 NEW RESPONSIBILITIES OF AUDITORS ACCORDING TO SARBANES-OXLEY ACT 2002 6.0 CONCLUSION 7.0 REFERENCES 1.0 ABSTRACT The responsibility of an auditor is to express
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Enron Corporation Question 1‚ In my point of view‚ the parties are most responsible for the “crisis of confidence” on the part of the public in the accounting profession as following. • The parties who create these auditing standard rules‚ such as SEC‚ Auditing Standard Board. They should publish the Sarbanes-Oxley Act earlier. They should be considered the non-auditing services for auditing clients is a serious issue earlier. • The auditors of the Andersen firm. They didn’t do their
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choices and perhaps their ethical beliefs‚ we start to understand where ethics belongs in the journey of life‚ which leads me to what I am going to discuss‚ virtue theory. I will explain and offer an evaluation of this theory’s strengths and weaknesses‚ as well as what it means to be virtuous. Aristotle believed that there are two types of virtue: intellectual virtues and moral virtues. Intellectual virtues are taught and moral virtues are developed through habit. (Richard Kraut‚ 2012). He believed that
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Asking the Right Questions? Lecture 12 Learning Objectives • Ask Why‚ Asshole? • Identify the types of threats professional accountants encounter and identify ways of minimising these. • Outline the disciplinary procedures for accountants. • Discuss the role of ethics in a global environment Enron: The Smartest Guys in the Room? Threats to Accountants • Code of Ethical Conduct • Compliance with these principles may be undermined by the following 5 threats from APES 110: • Self-Interest
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East Meets West: Toward a Universal Ethic of Virtue for Global Business Some Western cultures operate upon an individualistic rights-centered morality‚ while Eastern cultures favor a more community-centered ethic of virtue (Wong 1984). There is no universal ethic. In particular‚ it is recognized that the Western thinker Aristotle and his virtue ethic strongly resembles that of the Eastern thinker Confucius. This similarity suggests that a universal virtue ethic may already exist in the form of a
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one of the biggest companies in the world went bankrupt. Enron was a world leader in natural gas and oil‚ or so the investors thought. What seemed to be a booming company in a booming economy turned out to be one of the biggest financial scandals in the history of the world. Executives at Enron misled investors into thinking they were continuously growing‚ when the real numbers insured that they were losing money every quarter. Enron‚ founded by Kenneth Lay in 1985‚ became popular based on
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The five general principles of the APA code of ethics are non-enforceable in nature. They are there to guide psychologists in achieving the highest moral and ethical standards of the profession. Respecting and adhering to those principles enriches‚ and elevates the reputation of the field and protects psychologists and consumers as well. Principle A: Beneficence and Nonmaleficence Psychologists endeavor to benefit those with whom they work and are careful not to harm them. They seek to protect the
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Dilemmas Case Studies Professional Accountants in Business December 20112 Contents Introduction ...............................................................................................................................3 Case Study 1...............................................................................................................................5 Pressure to overstate stock valuation ...................................................................................5 Case Study 2
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Enron Questionable Transactions Question 1 The question which segment of its operations got Enron into difficulties is simple to answer‚ everything. Almost every all segments of their operation were improper. First of all‚ they practice unethical and dishonest practices which victimized workers‚ consumers‚ taxpayers and stockholders. Enron created partnerships within their own organization which led to them creating new financial instruments‚ called SPE’s (special purpose entities) which was
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