Grade awarded: B Criterion A 6 Criterion B 7 Criterion C 6 Criterion D 7 Total 26 This is a good essay. Despite some localized difficulties (for example‚ lines 10–11‚ confusion with the truth tests‚ line 76‚ error with “a priori”) there is some sense of personal engagement and the essay does consistently identify relevant knowledge issues. Criterion A: Understanding knowledge issues Mark awarded: 6 The essay is consistently relevant to the title and there is evidence of real ambition and
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grounded in natural law‚ religious tenets‚ parental and family influence‚ educational experiences‚ life experiences‚ and cultural and societal expectations. The days of when people were simply trusted to always do the right thing are over with ENRON and WorldCom and the devastation that followed in the business world you are now guilty until proven innocent. Ethics are now written clearly out in agreements that are signed when people are newly hired and the employee is expected to follow those guidelines
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and employees of such powerhouse companies like Enron and WorldCom that went bankrupt without ever publicizing financial hard times. How could this ever happen? According to Horngren‚ Harrison Jr.‚ and Oliver (2010)‚ both Enron and WorldCom overstated profits‚ but WorldCom took it a step further by reporting expenses as assets (p. 380). Almost overnight‚ lives were ruined and the business community shaken; “the Enron and WorldCom accounting scandals rocked the United States” (Horngren‚ Harrison
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several high profile corporate scandals shook the public trust. Insider trading‚ fraudulent financial reporting and other illegal practices caused investors to question reliability and integrity of the publically traded companies. Every week brought different news on misrepresentations at major American corporations and financial institutions. As soon as the report of accounting fraud at Enron reached public‚ media revealed similar scandals at WorldCom‚ Tyco and number of other publically traded companies
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many factors that inspire organizations to assure and push ethical policies. In the last seven years‚ the world has witnessed stunning financial collapse in many companies that were ranked among the most admired in America. Companies like Enron and WorldCom‚ left an impact the way ethics is valued and viewed among companies. What went wrong? The question that arises is what form of ethics or education training did the involved auditors‚ accountants and managers receive? Ethics training and study
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References: Barlaup‚ Kristine.‚ Drønen‚ Hanne I.‚ & Stuart‚ Iris. (2009). Restoring trust in auditing: ethical discernment and the Adelphia scandal. Managerial Auditing Journal‚ 24(2). Yukl‚ G. (2006). Leadership in organizations (6th ed.). Upper Saddle River‚ NJ: Pearson Education. (2004). Next up on Scandal Parade: Adelphia. USA
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Sarbanes and Representative Michael Oxley drafted the Sarbanes-Oxley Act or "SOX" in 2002 in order to curb the incidence of corporate fraud. The “Act” was signed into law on July 30th 2002 by President George W. Bush with the express purpose of restoring public confidence in the financial markets; and after enacting “the Act”‚ neither Sarbanes or Oxley would run for re-election in the 2006 elections (Jahmani & Dowling‚ 2008). The intent of the SOX Act was to protect investors‚ and any other stakeholders
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about WorldCom. Briefly explain how WorldCom did not honor their statement. WorldCom - "our objective is to be the most profitable ‚ single source provider of communications services to customers around the world. Unstated Mission - Increase shareholder value." WorldCom’s mission statement neatly encapsulated aspirations and strategies to be the leading facilities-based provider of end-to-end Telecommunications and Internet services to business customers globally".(WorldCom.com) WorldCom was the
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companies and in some of those it results in the ruin of what started out to be a good thing. Some of these companies started out as small prosperous businesses that later grew into large dominate organizations for example; Enron‚ and of course WorldCom. These businesses began with good intentions and ended up internally combusting. All of it was due to the result of GREED. Greed is a disease‚ and has plagued several organizational leaders over time and caused them to go against their good ethics
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disadvantages of the Act and the effect of the Act on the future of the Accounting profession. In the end I shall state my personal opinion about the Act. Between December 2001 and July 2002‚ four major US corporationsEnron‚ Global Crossing‚ Adelphia and WorldCom filed for bankruptcysix of the largest corporate bankruptcies in U.S. history (Recine 1535). These companies had hidden their true financial health from creditors and shareholders until an inability to meet financial commitments forced them to restate
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