Evaluate the auditor’s role in the certification of the financial statements and conclude whether its work is effective in preventing major scandals on the lines of Enron and Worldcom. 1.0 ABSTRACT 2.0 ENRON-CORPORATE FIASCOS 3.0 HOW DID THE AUDITORS FAIL TO CATCH PROBLEMS AT ENRON? 4.0 HOW TO PREVENT RECURRENCE OF ENRON? 5.0 NEW RESPONSIBILITIES OF AUDITORS ACCORDING TO SARBANES-OXLEY ACT 2002 6.0 CONCLUSION 7.0 REFERENCES 1.0 ABSTRACT The responsibility of an auditor is to express
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Asking the Right Questions? Lecture 12 Learning 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
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Out of all the ethical theories‚ natural rights ethics is the best overall theory. Natural rights theory is the best theory because it stays consistent and promotes equality among people. Also‚ the natural rights theory can help people maintain their dignity by allowing their rights to not be taken away. There are theories that are not as adequate as natural rights theory. Mill’s utilitarianism‚ Kantian deontology‚ and virtue ethics have flaws. Natural rights theory is better than the others theories
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Case Study: What will you do? Your organization is undergoing human resource reengineering and it was agreed by your Management Committee (ManCom) to terminate the services of the “deadwoods” (those unproductive and obsolete employees) of the organization. In reviewing their employment records‚ you found out that the “deadwoods” involved have been in the company from 12 to 17 years and they practically gave the best of their working lives to your company. Per year company policy‚ full retirement
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Virtue ethics‚ emphasising techniques promoting an agent’s character and instructing their conscience‚ has become a significant mode of discourse in modern medical ethics. Healthcare whistleblowers‚ whose complaints are reasonable‚ made in good faith‚ in the public interest‚ and not vexatious‚ we argue‚ are practising those obligations of professional conscience foundational to virtue based medical ethics. Yet‚ little extant virtue ethics scholarship seriously considers the theoretical foundations
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one of the biggest companies in the world went bankrupt. Enron was a world leader in natural gas and oil‚ or so the investors thought. What seemed to be a booming company in a booming economy turned out to be one of the biggest financial scandals in the history of the world. Executives at Enron misled investors into thinking they were continuously growing‚ when the real numbers insured that they were losing money every quarter. Enron‚ founded by Kenneth Lay in 1985‚ became popular based on
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Enron Questionable Transactions Question 1 The question which segment of its operations got Enron into difficulties is simple to answer‚ everything. Almost every all segments of their operation were improper. First of all‚ they practice unethical and dishonest practices which victimized workers‚ consumers‚ taxpayers and stockholders. Enron created partnerships within their own organization which led to them creating new financial instruments‚ called SPE’s (special purpose entities) which was
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Dilemmas Case Studies Professional Accountants in Business December 20112 Contents Introduction ...............................................................................................................................3 Case Study 1...............................................................................................................................5 Pressure to overstate stock valuation ...................................................................................5 Case Study 2
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NOTES for “The Four Cardinal Virtues” Prudence: The virtue of prudence is the mold and mother of all the other cardinal virtues‚ of justice‚ fortitude‚ and temperance. For Pieper the fact that people feel strange when they hear the discussion of prudence occur indicates that they are genuinely lost in terms of the relationship to Western culture. “…there is a larger significance in the fact that people today can respond to this assertion of the pre-eminence of prudence only with incomprehension
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“Patience is a Virtue” Patience is a virtue that every man and woman must strive to have. Without it‚ things can go horribly wrong‚ people would have faced much fights and arguments and there will be chaos in this world. Those who are impatient waste their lives thinking of the future. Furthermore many times‚ bad experiences often help build a better character‚ so if you are always rushing throughout your life without waiting for the results‚ how can you learn from your mistakes? Impatience will
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