Ethics are values relating to human conduct‚ with respect to the rightness and wrongness of certain actions and to the goodness and badness of the motives and ends of such actions. If all people lived by this code the world would be a much better place. Having business ethics in the workplaces is very significant to having a truly successful business. Many companies have been forced to suffer losses or even forced to enter bankruptcy. Enron is one of the biggest examples of when making business
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Assignment 1: Scandals in Auditing Fortex Introduction Fortex was regarded as one of New Zealand’s top companies. They used innovative technology to add value to their product. They won awards‚ looked after employees‚ and paid suppliers well. But when the company collapsed in March 1994 it was revealed that the success was all based on false accounting. The management team was able to fool a company of respected auditors as well as everybody else for more than three years. Thousands
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Enron scandal Enron shocked the world from being “America’s most innovative company” to America’s biggest corporate bankruptcy at its time. At its peak‚ Enron was America’s seventh largest corporation.From the 1990’s until the fall of 2001‚ Enron was famous throughout the business world and was known as an innovator‚ technology powerhouse‚ and a corporation with no fear. The sudden fall of Enron in the end of 2001 shattered not just the business world but also the lives of their employees. Enron
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The Adelphia Scandal The Dawn of Adelphia Adelphia was founded in 1952 by John Rigas and his brother Gus Rigas in Coudersport‚ Pennsylvania with the purchase of their first cable franchise for $300. After 20 years‚ the Rigas brothers incorporated their company under the name Adelphia which derived its name from a Greek word which means brothers‚ an apt corporate title for a business that would employ generations of the Rigas family. Adelphia was a cable television company and built its success
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The Enron scandal‚ revealed in October 2001‚ eventually led to the bankruptcy of the Enron Corporation‚ an American energy company based in Houston‚ Texas‚ and the de facto dissolution of Arthur Andersen‚ which was one of the five largest audit and accountancy partnerships in the world. In addition to being the largest bankruptcy reorganization in American history at that time‚ Enron was attributed as the biggest audit failure.[1] Enron was formed in 1985 by Kenneth Lay after merging Houston Natural
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The commissioner position in major league professional sports arose in the 1920’s in Major League Baseball. The position was created to help prevent scandals following the 1919 World Series‚ in which the Chicago “Black-Sox” purposefully threw games for money. Ever since the creation of the position‚ the power to act in the “best interests” of the sport‚ regarding conduct detrimental to the league‚ has been entrusted to the commissioner. Currently all four major professional sports leagues in the
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Auditing failure is also a key factor contributing to the Wedtech scandal. It is presented as a result of independence of auditing reporting and confirmation.On the one hand‚ even if auditors complied with auditing process on the surface (Berg and barbanel‚ 1987)‚ they are not independent since they were bribed to forge auditing reports.In 1982‚ Wedtech employed the Main Hurdman to financially audit its financial statementswhen it went to Initial Public Offerings. One of the auditing partners‚ Richard
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| A Trifecta Scandal | Arthur Waldon | | Charter College | | Conspiracy to steal more than a quarter billion dollars from insurance companies. The plot involved 10 doctors‚ 9 separate clinics in New York and 105 different corporations‚ and all in service in a health care fraud ring. It all stems from Russian-speaking immigrant population‚ to who grew up in a communist society that bred despite for the rules and a willingness to cheat around them. Come to find out this scheme is the
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league’s Chairman and Commissioner. It is currently contested by nine teams‚ consisting of players from around the cricketing world. ------------------------------------------------- However‚ the league has been engulfed byseries of corruption scandals. ------------------------------------------------- Controversies involving the Indian Premier League From Wikipedia‚ the free encyclopedia The Board of Control for Cricket in India (BCCI) has found itself in the middle of many conflicts with
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Charles Ponzi .. The Scandal !!! By: Rawan Al-Deraibi Class of: Prof. Alan J. Pan Who is Ponzi?!! Born in 1882 in Parma‚ Itlay‚ Charles Ponzi was the infamous swindler who payed out returns (To give money in exchange for goods or services) with other investors’ money. The "Ponzi scheme" is named after him. After running a highly profitable and expansive investment scheme‚ Ponzi was arrested on August 12‚ 1920‚ and charged with 86 counts of mail fraud. Owing an estimated $7 million‚ he pleaded
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