Week 5 Assignment What is the correct relationship of internal audit to senior management? The correct relationship to exist between internal auditors to senior management is one that meets the risk areas as defined by importance to senior management; this includes assurance and consultative reporting result. The same premise is also true for creating a correct relationship with operational management and the audit committee; under these cases‚ operational management desires consultative results
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International Accounting Standards Board Dawn Becker University of Phoenix- ACC440 Mike Raponi September 5‚ 2005 International Accounting Standards Board History "The International Accounting Standards Board (IASB) was preceded by the Board of the International Accounting Standards Committee (IASC)‚ which operated from 1973 until 2001." http://www.lasb.org/about/history.asp . The International Accounting Standards Board (IASB) was founded on April 1‚ 2001. Its role is to encourage companies
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Probably without knowing it Ebbers was setting the example for the rest of the company to act the same way‚ hold onto the power‚ micromanage and don’t worry if our personal ethics and your business ethics are different. In the after math of the WorldCom collapse reports showed that the accounting fraud occurred at the executive level and was clearly allowed by and caused by the culture that Ebbers had created in the staff (Ackman‚ 2003)
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Trading The 2002 Enron and the WorldCom scandals are two perfect examples of unethical accounting practices. While Enron was accused of a lot of shady dealings that included concealing debts in order keep them from being reflected on the company’s accounts‚ WorldCom’s accounting practices were so fraudulent that the company was led into the largest bankruptcy in history of mankind. Because of the unethical accounting practices and scandals of Enron and the WorldCom‚ the U.S. government had to get
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Ethical Issues in the workforce [pic] Stephanie Wilcox Bus 610 Kathleen Henry June 6‚ 2011 Ethical issues in the workforce In my own opinion ethical issues are a major concern because of the people trying to sell products. They have to build trust and integrity with their employees and consumers about their product. According to Knicki & Kretner‚ “ethics involves the study of moral issues and choices” (Knicki & Kretner‚ 2009‚ pg.23). Knicki
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Microeconomics July 7‚ 2010 JP Morgan/Chase JP Morgan is one of the oldest and financial firms with its leading financial Services. In order to understand how JP Morgan/Chase came to be one of the oldest financial service firms in the world we need to understand the background of the banking institution. The commercial banking started in the revolutionary war and played a major role in the growth of the nation’s economy. One of the first banks was The bank of New York in 1784
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Cited: Ackman‚ Dan. "The WorldCom We Hardly Knew." Forbes. Forbes Magazine‚ 26 July 2002. Web. 13 Dec. 2012. Aguilar‚ Rose. "Yahoo IPO Closes at $33 after $43 Peak." CNET News. CBS Interactive‚ 12 Apr. 1996. Web. 11 Dec. 2012. Blank‚ Steve. "New Rules for the New Internet Bubble
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Retrieved December 05‚ 2011 from Business Source Premier. http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=44676060&site=ehost-live. Patra‚ B. P. (2010). "Moral Weakness: An Analysis Of Self Indulgent Actions Of Ceos Of Enron‚ Worldcom And Satyam Computers.". Vilakshan: The XIMB Journal Of Management‚ 7.2‚ 167-182. Retrieved December 05‚ 2011 from Business Source Premier. http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=54078230&site=ehost-live. Rosner‚
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Corporate Scandals: How Greed Consumed the American Dream Enron is not even at the top of the list. More and more corporate scandals are happening in America. Why have these scandals just shown up in recent years? What causes these corporations to lie and be deceitful towards investors? Though once seen as legitimate‚ fair‚ honest‚ and respectable‚ corporations have arrived at a stage of greed and deception. This can be explained by a number of factors such as the how the stock market works‚ the
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management. The creative use of financial statements even tricked analysts and brokers. Public trust began to erode with unethical corporation behavior. Analyst’s suspicions of some corporations cooking the books were confirmed with an announcement from WorldCom. The public’s distrust started to mount while accusing brokers of hyping stocks. People began to invest without brokers’ advice. With numerous risks rising for individual investors‚ Congress passed the Sarbanes-Oxley Act and the SEC responded by
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