mechanical‚ and electronic controls so that when jobs are segregated‚ there are more than one opportunities for a final verification of accuracy (Weygandt‚ Kimmel‚ & Kieso‚ 2008). Large events of fraud have happened within companies such as Enron and WorldCom (Weygandt‚ Kimmel‚ & Kieso‚ 2008). People generally remember only these because they are some of the most popular scandals in business history (Weygandt‚ Kimmel‚ & Kieso‚ 2008). However‚ there are many more reported each year. Because of
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Ms Vinson was the Senior of Corporate Reporting Department; for two years she chooses to continue to misrepresent and inflate figures that were to be used on WorldCom Financial Reports. Perhaps in the beginning it was strongly encouraged to her inflate the figures by Mr. Ebbers so that the Financial Reports would be favorable for WorldCom. And perhaps she convinced herself that she was just following orders and had no choice‚ but she had a choice and chooses the one most conducive to her career
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Ethics/Sarbanes Oxley Act of 2002 Article Summary The Sarbanes-Oxley Act‚ which was enacted July 30‚ 2002 in response to the Enron and WorldCom scandals‚ gives extended powers to the Securities and Exchange Commission. It was enacted to provide investors with accurate and timely disclosure of financial and other important data of public companies and to ensure that audits of this financial data are performed according to accepted standards and by independent accounting firms. The Compliance
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I partially agree with the statement that managers have a severely limited amount of discretion to pursue actions inconsistent with shareholder wealth maximization. By investing in a company‚ shareholders aim to maximize their wealth and achieve portfolio diversification. The objective of managers is assumed to be to further these interests by maximizing the firm’s share value. This can be achieved by taking on projects with positive NPV and good management of short-term capital and long-term
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costs are above the acceptable level‚ I will not recommend to make the investment. If not‚ I will recommend the board to think about it. Class 6 3. What was the prime motivation behind the decisions of Arthur Andersen’s audit partners on the Enron‚ WorldCom‚ Waste Management‚ and Sunbeam audits: the public interest or something else? Cite examples that reveal this
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Date and Observations: I’ll send you the picture by text message: (561-542-5608) Calculations: 1. Write the balanced equation for the reaction conducted in this lab‚ including appropriate phase symbols. Mg(s) + 2HCl(aq) --> H2(g) + MgCl2(aq) 2. Determine the partial pressure of the hydrogen gas collected in the gas collection tube. The partial pressure of the hydrogen gas is 1.07 atm 3. Calculate the moles of hydrogen gas collected. pv=mrt ; n= .0013mol of hydrogen gas 4. If magnesium was
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Concussions have consumed the minds of millions of young athletes in our world today. This injury has gone frequently undetected for a substantial amount of time‚ especially in high school sports. The time table for return with this injury is foggy as it could consist of weeks‚ months‚ and even in some cases years. Concussions in sports has been a widespread problem for athletes for many years‚ the damage they can do can be life threatening. 3‚800‚000 concussions were reported in 2012 regarding sports
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Is Sales Ethics an Oxymoron? Introduction It has been said that sales ethics is an oxymoron. In this paper‚ this topic will be discussed. First‚ what is an oxymoron? It can be explained as the bringing together of two apparently contradictory concepts such as ’a great defeat ’ or ’humiliating honor ’. From this topic‚ it is saying that sales ethics is an oxymoron which indicates that there is no ethic in sales. It is suggesting that sales are in some degree unethical. For example‚ it may believe
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Introduction In a time where every organization is looked at under a microscope the price of unethical behavior is expensive. Companies like World Com‚ Enron‚ AIG‚ Health South‚ and a host of other companies add to the growing list of entities involving unethical misconduct of some sort. This paper will point out the price a Tyco paid when his ethics were in question. In addition to the outcome of events surrounding Tyco and the punishment imposed on its CEO‚ ethical breaches are also prevalent
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ethics course for accountants to refresh their understanding of accounting ethics. The AICPA professional code of conduct is designed to protect the individual and users of the company’s financial information. The accounting scandals of Enron‚ WorldCom and Sunbeam during the early 2000s highlighted some significant deficiencies regarding individual accounting ethics. In order to combat the negative perceptions of the accounting industry arising from these scandals‚ the AICPA began focusing more
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