• Gen 480
    Code of Professional Conduct. Retrieved March 21, 2008 from http://www.aicpa.org/about/code/index.html 2) What part(s) of the AICPA Code of Conduct was violated by Andersen? By any Enron employee who was a CPA? Andersen biggest two violations of the principles of the Code of Professional...
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  • Enron What Happened
    procedures allow managers who want to manipulate net income the opportunity to make ‘‘reasonable’’ assumptions that would give them the gains they want to record. Such appears to have been what Enron did. Enron employees interviewed by National Public Radio claimed that Enron’s policy was to reward section...
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  • Enron
    on conduct of audits (SOXCPA). Section 303 was abused countless times by Jeff Skilling who would constantly influence the conduct of the audits. He would do so by bringing in other audit firms to meet with. This would indirectly mean for Andersen to comply with them or else they would go with...
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  • Enron
    annual report of a major US corporation will have 30 or more footnote disclosures. 40 Cunningham, and Harris PART IV WHAT WAS WRONG WITH ENRON AND ANDERSEN This case focuses on financial reporting and auditing issues, although there were obviously many serious problems within Enron and...
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  • Accounting Ethics
    addresses referral fees: Any member who accepts a referral fee for recommending or referring any service of a CPA to any person or entity or who pays a referral fee to obtain a client shall disclose such acceptance or payment to the client.33 30 31 –33 AICPA Code of Professional Conduct...
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  • Arthur Andersen Case
    to release a set of standards for the conduct of CPAs, the Arthur Andersen scandal certainly gave rise to the development of the Code of Professional Conduct. When scandals pertaining to audit of financial statements occur the first person to blame is the firm of the CPA on the audit engagement...
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  • Accountant's Liability to Third Parties
    employee of any company. This is the reason it's very crucial for the auditor to comply with GAAS and GAAP to prevent or discover possible unlawful acts which can cost millions of dollars for the company (client) and third parties. BDO Seidman was sue by Portuguese bank Espirito Santo for not detecting...
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  • The Rise and Fall of Enron by C. W I L L I a M T H O M a S
    the company's television commercial of not so long ago, ending with the reverberating phrase, "Ask why, why, why?" That question is now on everyone's lips. The Enron case is a dream for academics who conduct research and teach. For those currently or formerly involved with the company, such as...
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  • Exam notes Audit
    . Lessons from 1136 Tenants’ Corp. Case CPAs who prepare unaudited financial statements should adhere closely to Rules of Conduct 102 and 202 of AICPA Code of Professional Conduct Engagements letters are essential Should still be alert for and follow up on unusual items such as missing invoices...
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  • Accounting Scandal Preventation
    unlikely to be far from our minds after his arrest for running a hedge fund which allegedly racked up a phenomenal $50bn (£33.5bn) of fraudulent losses, making it the biggest case of its kind. Looking back, few can forget the false accounting scandal at Enron in which Arthur Andersen LLP was found guilty...
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  • Worldcom
    specifically to the profession on a daily basis (Schroeder et al., 2009). The AICPA Code of Professional Conduct describes the accounting profession's public as consisting of "clients, credit grantors, governments, employers, investors, the business and financial community, and others who rely on...
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  • Management
    Enron Based in Texas, Enron became one of the world’s largest energy companies of the 1990’s. Enron was one of the major movers in selling natural gas and electricity, providing risk management and financial services, and bandwidth interest connection to customers worldwide. By 2001, the year...
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  • In Dependence of Auditor – Enron and Arthur Andersen Case
    this fact became obvious in September 2001 these constructions had to be assigned. Insufficient internal control system By Enron´s corporate culture an environment which promoted the disregard of controls had developed, although there was a “Code of Conduct” which should rule the conflicts of...
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  • Enron Scandal
    Institute of Certified Public Accountants (AICPA), Managing Partner, Rubin, Brown, Gornstein Co., LLP Mr. James S. Gerson, CPA, Chairman, Auditing Standards Board, AICPA, Partner, National Office of PricewaterhouseCoopers, LLP Mr. William E. Balhoff, CPA, CFE, Chairman, Executive Committee AICPA...
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  • Enron
    earlier in 2001, is preparing for a storm of litigation as well as a possible criminal investigation in the wake of the Enron collapse. Enron was the firm’s second-largest client. Andersen, who had the job not only of Enron’s external but also its internal audits for the years in question, kept a...
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  • Enron Case
    appear to be in connection to the fact that Anderson did not find any fraud in Enron’s books, where fraud existed.  These changes all came from within the AICPA. In conclusion, Enron executives and Arthur Andersen did not have any positive impact on the accounting industry or any industry.  Their goal...
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  • Possible Ethical Issues Multiple Choices
    depends upon the duty, rights, and justice involved: a. Consequentialism b. Virtue ethics c. Duty ethics d. Righteousness e. Deontology 70) Who does the AICPA Code of Professional Conduct apply to: a. Members in Public practice b. Members in Industry c. Members in Government d. Members...
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  • Ethics
    -Oxley legislation that resulted in response to the scandals. BUSINESS SCANDALS  Let’s start by looking at some business scandals in recent years. What exactly happened, what ethical rules were violated, and who was affected? Enron. This scandal involved the giant energy company Enron. Basically...
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  • Business Ethics
    professional association for Certified Public Accountants (CPA). AICPA provides ethical standards and resources to CPA’s across the country. AICPA has a “Professional Code of Conduct” that consists of “Principles and rules” which they require their members to believe in and follow (AICPA.org, 2009). The...
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  • An Analysis of the Sarbanes-Oxley Act of 2002
    . Who is to Blame? That is what at least a half-dozen Congressional Committees, the SEC, the U.S. Justice Department, and an investigative panel appointed by Andersen LLP are trying to find out. Several parties may have contributed to this national tragedy - Enron top management and audit...
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