Preview

ACC 492 Week 5 Case Study Assignment

Satisfactory Essays
Open Document
Open Document
442 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
ACC 492 Week 5 Case Study Assignment
This file of ACC 492 Week 5 Case Study Assignment contains:

An Interactive Learning Approach, (3rd edition), by Beasley, Buckless, Glover, and Prawitt: Case 12.4: Surfer Dude Duds, Inc.: Considering the Going-Concern Assumption Business - Accounting Learning Team

Case Study Assignment and Presentation

Resource: Case 4.1: Enron Corporation and Andersen, LLP: Analyzing the Fall of Two Giants in Auditing Cases

Complete the questions at the end of the case.

Prepare a 150- to 350-word response to the following questions:

· What are the principles of the AICPA Code of Professional Conduct?

· What part(s) of the AICPA Code of Conduct was violated by Andersen? By any Enron employee who was a CPA?

Prepare 12-15 Microsoft® PowerPoint® slides, with speaker’s notes, illustrating your answers to the Case Study Assignment on Case 4.1.

When you enter your room on the first day of college, the best thing that you can do is to fraternize with your roommates. These are going to be the people that you spend the rest of the year with so it is very smart to make friends with them immediately.

This file of ACC 492 Week 5 Case Study Assignment contains:

An Interactive Learning Approach, (3rd edition), by Beasley, Buckless, Glover, and Prawitt: Case 12.4: Surfer Dude Duds, Inc.: Considering the Going-Concern Assumption Business - Accounting Learning Team

Case Study Assignment and Presentation

Resource: Case 4.1: Enron Corporation and Andersen, LLP: Analyzing the Fall of Two Giants in Auditing Cases

Complete the questions at the end of the case.

Prepare a 150- to 350-word response to the following questions:

· What are the principles of the AICPA Code of Professional Conduct?

· What part(s) of the AICPA Code of Conduct was violated by Andersen? By any E...

https://bitly.com/12BS1yS

When you enter your room on the first day of college, the
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Satisfactory Essays

    mgmt274
    • 353 Words
    • 2 Pages

    mgmt274

    Part A of Research and Case Analysis would be done in class in Week No. 3 (September 15 – 19, 2014). Part A questions would be some basic questions on the assigned materials. Part B questions would be distributed in class and would require colleagues to prepare a word document with their responses. The submission date for Part B…

    • 353 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    ACC 492 Week 5 Learning Team Case Study Assignment and Presentation Study Guide
    • 700 Words
    • 3 Pages

    ACC 492 Week 5 Learning Team Case Study Assignment and Presentation Study Guide

    Prepare 12-15 Microsoft® PowerPoint® slides, with speaker’s notes, illustrating your answers to the Case Study Assignment on Case 4.1.…

    • 700 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Arthur Andersen
    • 396 Words
    • 2 Pages

    Arthur Andersen

    8. The American Institute of Certified Public Accountants is the primary professional association for certified public accountants. It has developed a Code of professional conduct that sets standards of conduct for CPAs. People can file complaints about ethical conduct of a CPA with the AICPA, which can levy sanction and other penalties against its members. Do you think the unethical conduct at Andersen (and possibly other accounting firms) was the fault of the AICA for not setting and enforcing higher ethical standards among its members? Explain.…

    • 396 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    AC502 Unit 5 Assignment Case Study

    • 433 Words
    • 2 Pages

    AC502 Unit 5 Assignment Case Study

    In New London Ct, the town was going through a hardship and the unemployment rate was doubled then the normal for that state. This prompted the government to look at redeveloping an area for some new hotel and stores and even a research facility. This new development would also include some private residents. While most of the owners sold to the city some refused to sell and took it to court in protest stating that the city was violating the taking clause. The court found no evidence that the city was violating the taking clause. (Beatty, 2008)…

    • 433 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Enron Case Analysis
    • 827 Words
    • 4 Pages

    Enron Case Analysis

    Enron’s top management, especially misled not only the board of directors he was able to misled the investor which bring about Enron filing for bankruptcy in 2001. In early, 2002 criminal investigation was open by US department of Justice into Enron’s collapse. The Security exchange commission (SEC) also opened the investigation into Arthur Andersen as well because they destroy and hide evidence of Enron’s financial statement. The role of the auditing giant Arthur Andersen in the collapse of Enron is incomprehensible to some. The accounting firm overlooked significant debts that are not the Enron’s financial statement. US department of justice found them guilty on federal charges that it obstructed justice by destroying thousands of Enron documents.…

    • 827 Words
    • 4 Pages
    Good Essays
    Read More
  • Better Essays

    The Phar-Mor Case
    • 1023 Words
    • 5 Pages

    The Phar-Mor Case

    The criminal justice department and the SEC were conducting their investigations during the same time period as the development of Sarbanes-Oxley Act of 2002 (SOX). In the early 1990s, Enron had become successful for their innovative practices of improve companies financials through structuring Special Purpose Entities (SPE’s). Under these complex transactions, Enron clearly masked their debt liabilities by selling assets between these limited partner shell companies and fabricated profits. It was hardly a coincidence that yet another Houston commodities corporation in connection with Arthur Andersen had misrepresentation and fraudulent reporting. This systematic corporate scheme led shareholders loss of $74 billion and caused employees and investors to lost retirement accounts. Several key management players, along with Andersen, were found guilty of fraud and most of them severed prison time (Willits; Nicholls,…

    • 1023 Words
    • 5 Pages
    Better Essays
    Read More
  • Powerful Essays

    Corporate Scandals and the Sarbanes-Oxley Act of 2002
    • 3268 Words
    • 14 Pages

    Corporate Scandals and the Sarbanes-Oxley Act of 2002

    This paper will define the corporate scandals of the past decade using Enron and their auditors Arthur Andersen as a case study. The paper will focus on the financial statement misrepresentation involving Enron and their auditors. The paper will further define the effects that these scandals…

    • 3268 Words
    • 14 Pages
    Powerful Essays
    Read More
  • Good Essays

    Aicpa Code of Professional Conduct
    • 595 Words
    • 3 Pages

    Aicpa Code of Professional Conduct

    Founded in 1887, the American Institute of Certified Public Accountants (AICPA), a voluntary association of CPAs, created a strict code of professional conduct (AICPA, 2012, pg. 1). The purpose of the code of conduct is to discuss the ethical obligations of CPAs and to provide guidance and rules to the members. The AICPA code consists of six principles or purposes for which the members abide, honor, and respect. “The principles include responsibilities; the public interest; integrity; objectivity and independence; due care; and scope and nature of service” (Mintz & Morris, 2011, pg. 10). The three most important principles are integrity, objectivity, and due care.…

    • 595 Words
    • 3 Pages
    Good Essays
    Read More
  • Better Essays

    HCA 545: Role Of Governance In Health Care Organizations
    • 1175 Words
    • 5 Pages

    HCA 545: Role Of Governance In Health Care Organizations

    The failure of the Enron Corporation in the late 2001, apart from signaling the largest corporate bankruptcy in the USA, has raised several questions about the effectiveness of the contemporary accounting, auditing, and corporate governance practices. The committee followed all the rules that were put in place by the board. “However, it is said that the audit committee deserves much of the blame for Enron’s collapse and the corporate governance movement deserves much of the blame for the Enron audit committee. Governance experts say the audit committee’s lack of independence made it less inclined to question management.” (Lavelle, 2002). Businesses collapsing, like Enron, can be prevented. “Those executives can be criminally penalized for misleading auditors. For a successful corporate governance, board members should be properly inducted, trained and developed. The pros and cons of different types of corporate governance need to be explored and best practice disseminated. There needs to be more company sponsored practical researcher on governance, rather than the black box it often is at present.” (Vinten,…

    • 1175 Words
    • 5 Pages
    Better Essays
    Read More
  • Best Essays

    How to Reform Corporate Ethics in American Business Today
    • 2798 Words
    • 12 Pages

    How to Reform Corporate Ethics in American Business Today

    Li, Y. (2010). The Case Analysis of the Scandal of Enron. International journal of business and…

    • 2798 Words
    • 12 Pages
    Best Essays
    Read More
  • Good Essays

    Rules of Professionals
    • 4073 Words
    • 17 Pages

    Rules of Professionals

    This research paper is on Rules of Professional Ethics and Conduct of the American Institute of Certified Public Accountants. They will be four cases that will be discussed for violation for the following rules. They are Rule 102 – Integrity and Objectivity, Rule 201 – Professional Competence, Rule 202 – Compliance with Standards, and Rule 501- Acts Discreditable. They will be 4 main points that will be discussed on each case in the paper. They are the following:…

    • 4073 Words
    • 17 Pages
    Good Essays
    Read More
  • Good Essays

    Unethical Practices Of Arthur Anderson Essay
    • 754 Words
    • 4 Pages

    Unethical Practices Of Arthur Anderson Essay

    Assistance! Arthur Andersen assisted Enron in deceiving stakeholders by revealing ways to generate false profits and hide losses through the development of Special Purpose Entities (SPEs). Enron’s consolidated financial statements did not depict or clearly give investors an accurate assessment about the company’s operating and financing activities. Generally Accepted Accounting Principles (GAAP) were not observed nor enforced; Arthur Anderson okayed/ condoned Enron to issue shares “as…

    • 754 Words
    • 4 Pages
    Good Essays
    Read More
  • Better Essays

    Management Planning- Arthur Anderson
    • 1299 Words
    • 6 Pages

    Management Planning- Arthur Anderson

    The firm of Arthur Andersen LLP was founded in 1913 by Arthur Andersen and Clarence DeLany and named Andersen, DeLany & Co. The firm later changed its name to Arthur Andersen & Co. in 1918. Arthur Andersen LLP, based in Chicago, Illinois, was one of the “Big Five” accounting firms who perform auditing, tax, and consulting services for large corporations, such as Enron. In 2002, pending the outcome of the Department of Justice prosecution for obstruction of justice, the firm agreed and voluntarily surrendered its licenses and rights to practice auditing and other financial services in the United States. These charges stemmed from the firms handling of the auditing of Enron, an energy corporation, which resulted in the loss of over 85,000 jobs, devaluation of Enron’s stock from over $90 per share to pennies, and the bankruptcy of Enron. When Arthur Andersen was indicted, the firm lost almost all of its clients and faced over 100 civil suits related to its audits of Enron and other companies, such as Sunbeam and WorldCom. Additionally, Arthur Andersen’s reputation was so badly tarnished that no company wanted its name on their audit. In a 2005 Supreme Court ruling, the conviction against Arthur Andersen was unanimously reversed for serious flaws in the jury instructions. Specifically, “in the court's view, the instructions were far too vague to allow a jury to find obstruction of justice had really occurred. The court found that the instructions were worded in such a way…

    • 1299 Words
    • 6 Pages
    Better Essays
    Read More
  • Powerful Essays

    Arthur Andersen: Shredding the Reputation and Viability of a Once Venerable Accounting Firm
    • 938 Words
    • 4 Pages

    Arthur Andersen: Shredding the Reputation and Viability of a Once Venerable Accounting Firm

    Four days before the high-flying, energy-trading giant, Enron, disclosed a $618 million loss for the third quarter of 2001, an attorney for Arthur Andersen, the accounting firm that audited Enron’s books, wrote a memo to Andersen employees directing them to do something extraordinary.[i] Andersen had a policy of retaining the key documents behind an audit but getting rid of notes, drafts and memos that were produced during the audit. The attorney, Nancy Temple, wrote in an e-mail to David Duncan, the Andersen partner in Houston who oversaw the Enron account, “[i]t might be useful to consider reminding the [Enron] engagement team of our documentation and retention policy. ( It will be helpful to make sure that we have complied with the policy.”[ii] Duncan followed Temple’s advice, and the Andersen engagement team was ordered to destroy all audit material related to the Enron account except for the most basic work papers. As the destruction directive was being fulfilled, the United States Securities and Exchange Commission (SEC) initiated a probe of Enron’s business activities. In order to secure needed accounting documents and information, the SEC issued subpoenas to Enron’s auditor on November 8, 2001.[iii]…

    • 938 Words
    • 4 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    How the Enron Scandal Could Have Been Avoided
    • 283 Words
    • 2 Pages

    How the Enron Scandal Could Have Been Avoided

    2. There should have been measures in place to oversee the activities of accounting firms (Arthur Andersen), as they acted as both Enron’s “Consultant” and “Accountant”. These two must be separate organizations as seen as a conflict of interest.…

    • 283 Words
    • 2 Pages
    Satisfactory Essays
    Read More

Related Topics