Objectives • Ask Why‚ Asshole? • Identify the types of threats professional accountants encounter and identify ways of minimising these. • Outline the disciplinary procedures for accountants. • Discuss the role of ethics in a global environment Enron: The Smartest Guys in the Room? Threats to Accountants • Code of Ethical Conduct • Compliance with these principles may be undermined by the following 5 threats from APES 110: • Self-Interest Threat ▫ may occur as a result of the financial or
Premium Ethics Audit Profession
References: Weik‚ J. (2010‚ August). Over 30 workers trapped after Chilean copper mine collapse. American Metal Market‚ 5(224)‚ 65. Yang‚ J. (2010‚ Oct). From collapse to rescue: Inside the Chile mine disaster. Retrieved from http://www.thestar.com/news/world/chile/article/873382
Premium Mining
Is Isom’s business vision responsive to the situation? In general‚ most of the companies in property and casualty insurance business would want to be high performing specialists rather than generalists. Yes‚ in this case however his vision was responsive to the situation. He had a good view of the situation and knew that radical shift in the divisions strategy is required to turn around the future. P&C was a low performing generalist insurance division • Years of
Premium Insurance Insurance Knowledge management
Introduction: BP has been operating in Russia since the early 1990s. In 1997‚ it purchased a 10 per cent stake in Sidanco‚ the Russia’s 4th largest oil company. The stake was subsequently increased to 25 per cent plus one share in 2002. In 2003‚ BP merged its interests in Russia with those of TNK to create TNK-BP‚ a hugely successful joint venture employing around 50‚000 people and operating in nearly all of Russia’s major hydrocarbon regions. Since its formation‚ TNK-BP went on to become Russia’s
Premium Petroleum Strategic management Russia
bankruptcy of Enron not only significantly impact the employment and pension of workers‚ but also the relevant major financial institutions‚ including investment Banks‚ commercial Banks‚ pension funds and mutual funds. On Feb. 14th‚ 2002‚ the international accounting standards foundation chairman and former Federal Reserve chairman Paul pointed out that the obvious problems in accounting and auditing profession has formed a kind of crisis after a long-term period of existence. A typical case of this
Premium Enron Enron scandal Arthur Andersen
hear the word Enron‚ they immediately associate it with the most important accounting scandal of our lifetimes. Enron was an American gas company that began as the Northern Natural Gas Company in 1931. Internorth‚ a holding company in headquartered in Omaha‚ Nebraska‚ purchased the Northern Natural Gas Company and reorganized it is 1979. Enron arose from the 1985 merger of Houston Natural Gas and Internorth. After building a large‚ new corporate headquarters in Omaha‚ the new Enron named former
Premium Enron
1. Is Eye Vision’s arrangement with Holland Hospital within the scope of ASC 985-605‚ Software: Revenue Recognition? In this case‚ the main content of the Eye Vision’s arrangement with Holland Hospital include embedded software medical equipment and an initial option to purchase a two-year separately priced maintenance agreement. In this case‚ because“Eye Vision has never sold‚ nor does it offer to sell‚ the Clear View Laser without the embedded software because the software is necessary to perform
Premium Contract Eye Generally Accepted Accounting Principles
*Microsoft’s Financial Reporting Strategy 1. What are the factors that likely explain the difference between Microsoft’s market value of equity and its reported book value of equity? The most obvious reason for the difference between the market value of equity and the book value of equity is the inability to record certain intangible assets such as brand value‚ customer loyalty‚ and perhaps most importantly‚ human capital. These intangible assets are likely to provide tremendous earnings
Premium Generally Accepted Accounting Principles Income statement
Nothing lasts forever. Government‚ societies‚ and empires are no exception. Government corrupts‚ societies collapse‚ and empires fall. The disintegration and eventual failure of an empire is often the result of bad decisions and fatal mistakes. Even the smallest of mistakes can send an empire into a sudden and uncontrollable decent. Making the society and its people accessible to foreign attacks. The Roman Empire began its deterioration shortly after Diocletian split Rome into two halves‚ the East
Premium World War II Adolf Hitler World War I
Today marks the three year anniversary of the collapse of Rana Plaza. Before the structurally flawed factory crumbled‚ Rana Plaza produced fashions for companies such as Joe Fresh‚ Primark‚ Walmart and the Gap. Over 1‚130 people died when the building caved and 2‚500 more were pulled from the rubble alive but injured and mentally scarred. Rana Plaza is just one example of how workers in the garment industry are being exploited. We don’t think about where the clothes we buy come from; we ignore the
Premium Marketing Business ethics Ethics