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The WorldCom Accounting Scandal - The WorldCom Scandal   Contents Key elements at WorldCom………………………………………………………………………3 Corporate Governance Issues at WorldCom…………………………………………….........4 UK Corporate Governance...................................................................................…...5, 6 Conclusion………………………………………………………………………………………… 6 References………………………………………………………………………………………….7   Key Elements at WorldCom WorldCom began as a small provider of long distance telephone service. During the 1990s, the firm made a series of acquisitions of other telecommunications firms that boosted its reported revenues from $154 million in 1990 to $39.2 billion in 2001 (Lyke and Jickling, 2002)....   [tags: WorldCom ]
:: 4 Works Cited
1587 words
(4.5 pages)
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Worldcom Accounting Scandal - It has been noticed that during the accounting scandal of WorldCom, journal entries in the amount of $150 million and $771 million, respectively, were made by two General Accounting employees – Dan Renfroe and Angela Walter—without detailed support. Although, this was not out of the ordinary at WorldCom, this is not a correct accounting practice as it is against the basic principles of bookkeeping and accounting. This is because detailed support in the form of documentation is the key element in providing support to a journal entry and explains the reason or purpose why the journal entry was created in the first place....   [tags: Worldcom Accounting Fraud]
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1228 words
(3.5 pages)
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A Look Inside The WorldCom Scandal - WorldCom was the ultimate success story among telecommunications companies. Bernard Ebbers took the reigns as CEO in 1985 and turned the company into a highly profitable one, at least on the outside. In 2002, Ebbers resigned, WorldCom admitted fraud and the company declared bankruptcy (Noe, Hollenbeck, Gerhart, &Wright 2007). The company was at the heart of one of the biggest accounting frauds seen in the United States. The demise of this telecommunications monster can be accredited to many factors including their aggressive-defensive organizational culture based on power and the bullying tactics that they employed....   [tags: Business Fraud]
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958 words
(2.7 pages)
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The Accounting Fraud At Worldcom - From the time of WorldCom’s inception there always seemed to be a tradition in management as if the company was only 100 or so employees. There was a “good old boys” mentality among the limited few running the company and if you were outside that circle then were told only what they wanted you to hear. An unspoken rule among employees was to do what you were told without questions or risk the consequences. One example of this situation occurred when senior management member Gene Morse told an employee “If you show those damn numbers to the f****ing auditors, I’ll throw you out the window” (Kaplan, R.S., & Kiron, D., 2007, p....   [tags: Critical Thinking Essays]
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1350 words
(3.9 pages)
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Business Analysis: WorldCom Inc. - Imagine if you would, being a brand new business school graduate and being offered the opportunity to work for one of the largest and most prestigious company in the United States. Not only that, at WorldCom, you may be "granted compensation beyond the company's approval salary and bonus guidelines."(Kaplan & Kiron, p. 3) If you are exceeding more talented, you could be like the CEO who "in addition to his full-time job [...] was managing several unrelated businesses."(Kaplan & Kiron 2007, p. 11) It is fair to say that a majority of job seekers, to say the least, would jump at the opportunity to perform in that role and within that culture of aggressive performance and rewards....   [tags: Business Analysis ]
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1066 words
(3 pages)
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WorldCom Fraud Case - In 1983, while in a small coffee shop in Hattiesburg Mississippi, Bernard Ebbers developed the business concept that would eventually become the second largest long distance telephone company in the United States, WorldCom (Romar and Calkins). In 2002, the company that Bernard Ebbers grew from the ground up declared the largest bankruptcy in United States history. The unethical and illegal accounting treatments that WorldCom participated in eventually led to the demise of the company and a new company, MCI, rising from the rubble of what was WorldCom....   [tags: Case Study, solution]
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2239 words
(6.4 pages)
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WorldCom and The Mississippi Scheme Scandals - WorldCom and The Mississippi Scheme are both large financial scandals that have occurred. WorldCom was a telecommunication company that overstated their cash flow by reporting $7.6 billion in operating expenses as capital expenses. WorldCom is the largest accounting scandal in US history as of March 2002. The Mississippi Scheme was a business scheme that destroyed the economy of France during the 1700’s. The scheme involved the loss of paper money’s purchasing power as a result of asset inflation....   [tags: Finance Accounting Scandals Fraud White Collar Cri] 1703 words
(4.9 pages)
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Worldcom - Worldcom Question 1. A summary of Worldcom, historical data and background. Worldcom will soon be one of the largest telecommunication companies on the planet. Worldcom has built its global presence through a multitude of financial acquisitions and investments, highly successful product marketing programs, while making business alliances with many of the most successful companies in the technology and telecommunications sector. Worldcom (stock symbol: WCOM), formerly MCI, Worldcom and MCIWorldcom, is one of the world's most well known companies because it's global objective has been part of the company's strategy since day one....   [tags: Papers] 2862 words
(8.2 pages)
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Overview of Business Ethics - Business Ethics In today’s business world, organizations have an effect on many people especially in the working class of our society. They have an obligation to their employee, customers, society and the world to set a good sample of an ethical environment. It is their responsibility to conduct business in a way that is not harmful and which positively benefits as many people as possible and themselves. Although this sounds simple, and it is easier said than done, as there will always be a conflict of interest between various groups of people or organization....   [tags: Enron, WorldCom]
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659 words
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Worldcom Fraud - Worldcom Fraud TABLE OF CONTENTS WORLDCOM MISSION STATEMENT..........................................PG. 3 THE ETHICAL PRINCIPLES AND TENETS OF WORLDCOM ............PG. 4 THE BEHAVIOR OF WORLDCOM ADMINISTRATORS ....................PG. 5 WAS CYNTHIA COOPER A HERO?.............................................PG. 6 WHAT WORLDCOM DID NOT RECOGNIZE .................................PG. 7 THE CONCLUSION..................................................................PG. 8 WORKS CITED.......................................................................PG....   [tags: Business Fraud Fraudulent] 1456 words
(4.2 pages)
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Worldcom Fraud - Abstract On March 15, 2005 former CEO of WorldCom, Bernard Ebbers sat in a federal courtroom waiting for the verdict. As the former CEO of WorldCom, Ebbers was accused of being personally responsible for the financial destruction of the communications giant. An internal investigation had uncovered $11 billion dollars in fraudulent accounting practices. Later a second report in 2003 found that during Ebber’s 2001 tenure as CEO, the company had over-reported earnings and understated expenses by an astonishing $74.5 billion dollars (Martin, 2005, para 3)....   [tags: Business finance scandal]
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1356 words
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Management Planning: Worldcom - Organizations are responsible for the legal, ethical, and social issues that affect each stakeholder within the company. These factors continually impact the planning process performed at each level of management. An organization that neglects to establish and monitor plans can become disorganized and ultimately lose control of practices performed throughout the corporation. A prime example of poor planning due to disregard of legal, ethical, and social issues were the executives employed at WorldCom....   [tags: Business Management ] 1246 words
(3.6 pages)
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Report On Amex, Nasdaq And Worldcom Inc. - Report on AMEX, NASDAQ; Different/Similar. WorldCom Inc. This report will cover the AMEX and NASDAQ and how they are similar and how they are different and will give some background on each. It will also cover the WorldCom Inc chief executive Bernard J. Ebbers conviction and how it affected them and the Telecommunication Industry as a whole. It will also discuss the merger of AMEX and the NYSE Euronext and a little background on that as well (Assignment List, 2008, Unit 1, Assignment 2). When the marker opened in 1971 all markets worldwide were floor based....   [tags: Compare Contrast Finance Investment] 793 words
(2.3 pages)
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The Consequences of Bad Business Decisions - In today's world business is very competitive. To compete with other company's executives have turned to corrupt practices. Once respected businesses like Enron, WorldCom, and Arthur Anderson have been found deceiving there customers, stockholders, and employees. C.E.O.'s try to achieve the American dream and pursue capitalism to its fullest potential. In doing so, business leaders have lost their values and ethics, and make bad business decisions. The downfalls of a company are the consequence of C.E.O.'s bad decisions....   [tags: Marketing] 1312 words
(3.7 pages)
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The Detrimental Effects of the Sarbanes-Oxley Act - ... One of these new measures requires a company listed on a national stock exchange to have an audit committee with independent board members. The auditors of the financial statements now work for, and report to, these independent boards and not the company itself increasing auditor independence. In the past, many cases of fraud have come about by auditors being too closely related to the companies they review. An example of this was the compliance of the Big 5 accounting firm Arthur Andersen. To further protect against collusion between auditors and the businesses the audit, SOX prohibits an accounting firm from providing other services and consultations to business they audit (Braddock)....   [tags: fraud, corruption, financial scandals]
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1741 words
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Ethics And Enron - ENRON Introduction Enron was the country’s largest trader and marketer for electric and natural gas energy. Its core business was buying energy at a negotiated price and later, selling the energy when prices increased. As an energy broker, Enron provided a service by allowing producers to negotiate a certain price while Enron took the risk that prices would fall below what it bought energy. Buyers of energy also benefited because Enron could ensure the supply of energy. In 2000 Enron was listed number five on the Fortune 500....   [tags: Business Ethics]
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1917 words
(5.5 pages)
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Accountant Independence - What exactly is accountant independence. I have determined that accountant independence is very similar to being an independent auditor. When it comes to auditor independence, it refers to the independence of the internal auditor or the external auditor from parties that may have a financial interest in the business being audited. The initial concept of auditor independence was developed in the 19th century, which primarily originated with the British. In that era, British investors didn’t allow auditors to work in the businesses that they audited....   [tags: Definition, Auditing, History] 783 words
(2.2 pages)
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The Ethics for Internal Auditors in Communicating Inappropriate Financial Procedures to Management - Ethical dilemmas occur every day in the accounting industry. We have witnessed scandals such as Adelphia, Enron, and WorldCom. They demonstrate the extent of unethical practices. The introduction of Sarbanes Oxley Act and stricter accounting standards have definitely helped mitigate unethical acts. Unfortunately, the incorporation of these systems is not sufficient to accomplish ethical business practices. Businesses use internal auditors to help protect their financial reputation. An internal auditor’s role is to assure the organization’s operations are conducted systematically, properly controlled, and with discipline (The Institute of Internal Auditors Research Foundation 3)....   [tags: Ethics ]
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1442 words
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Business Ethics and the 1989 Exxon Valdez Oil Spill - Ethics are very important in the business world and to the general public. Ethics is defined as a system of moral principles or the rules of conduct recognized in respect to a particular class of human actions or a particular group. Using a moral compass should be a requirement for every CEO and executive. Any person who will have some impact on society needs to understand the difference between right and wrong. Since businesses touch such a large segment of our society, codes of ethics must be established and followed to protect the general public....   [tags: Corporate Ethics Program]
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3438 words
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The Effects of a Bust Economy on Audit Risk - Assessing audit risk correctly and completely is important to the beginning of a successful audit. Not only should an auditor have an understanding of the individual risk factors of the company itself, but also how those risk factors are affected by external influences. A crucial external influence affecting audit risk is the state of the economy. When an economy enters a recession or an economy bubble bursts, there is a greater likelihood that inherent risk and control risk will increase. These increases are mainly driven by the sudden pressure placed on employees and management to keep the appearance of a positive financial status, which sometimes leads to fraudulent activity....   [tags: Economics]
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859 words
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Changing the Security and Exchange Commission Regulations - I would like to propose the following changes and/or additions to the Security and Exchange Commission’s regulations. These changes are in regards to the last ten years of corporate fraud in the financial world involving such companies as Enron, WorldCom, Tyco, and Xerox. The primary changes include the addition of a Reserve Bond and an adjustment in the Bounty Payment program. Secondary changes include a Board of Directors mix-up program for securities companies, and SEC involvement in external auditing....   [tags: Finance]
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2417 words
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Economic Liablity System of the Kingdom of Saudi Arabia - Risk is a fact of human life. And, contemporary living has more risk of a certain kind than living in the past. Take the case of economic activities particularly now in the international context. There are definitely more and greater risks now, especially in the securities or capital market, than when barter was still the medium of economic exchange in any country in the world. The current risks are not only occasioned by the hugeness of the business or organizational entities at play , the enormity of finances that are involved, and the complexity of the transactions that are concerned – among others....   [tags: Economics] 541 words
(1.5 pages)
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Criminalization of Corporate Behavior - Crime takes place in all aspects of society. From criminal, to civil, to corporate, there are many different types of crime. Corporate Crime, also known as white-collar crime, is a crime committed while employed with a corporation. It is a collective and organized effort to deceive investors and to serve the economic interests of a corporation, and/or its management, even if unlawful. Whenever employees of a corporation use the corporate assets or infrastructure to commit a crime intended to boost profits, the corporation can be held liable....   [tags: Crime ]
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1382 words
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Investment Risk In Stock Market Securities - Investment Risk in Stock Market Securities Introduction: Stories of people making fortunes from the securities market have enticed many others into risky investments. Congress created the Securities & Exchange Commission (SEC) to protect investors. Many corporation managers became greedy and made self-serving decisions that created the principle-agent problems. The solutions for these problems lead to more unethical behavior from management. The creative use of financial statements even tricked analysts and brokers....   [tags: Investment Stock Market Accounting] 1259 words
(3.6 pages)
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Telecommunications and Networking Report - Telecommunications and Networking Report 1.“Free Web Services Challenge AOL’s Dominance” - Internet business analysts generally are not yet convinced of the viability of the free web service business model for bring profitable. None-the-less, most agree that the free access will probably take a significant chunk of AOL’s market share before running out of investor’s money. 2.“Visitalk.com Builds White Pages for Web Phone Calls” - Visitalk.com has unveiled plans to simplify the routing of phone calls over the Internet....   [tags: Telecommunications Technology Essays] 4420 words
(12.6 pages)
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Downfall Of Major Corporations - Downfall Of Major Corporations CONFIDETIAL In this report I will be talking about how businesses choose the road to greed instead of choosing the ethical road. Some of the largest companies in the world fell to this type of thinking, naming some such as Worldcom and Enron. But as stated in the article "business ethics at work", There are huge ethical dilemmas plaguing the world today because it is very hard to mix ethics and profits because the main focus of many businesses are to make a profit for themselves and their shareholders....   [tags: Business Ethics] 1166 words
(3.3 pages)
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The Standard.com Case Study - The Standard.com Case Study The Standard provides critical and timely information about the Internet economy and furthermore gives a sophisticated coverage of the people, the companies, and the business models shaping it. Their content comprises insightful news analysis, business model reviews, personality profiles, and industry metrics, which support are both a print magazine, The Industry Standard and the online publication TheStandard.com. The Standard is a business-to-business Web site designed for senior-level executives who wants to keep up with the e-business....   [tags: GCSE Business Marketing Coursework]
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369 words
(1.1 pages)
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Public Company Accounting Oversight Board (PCAOB) - Will it Protect Investors? - Public Company Accounting Oversight Board; Will it Protect Investors.      The Public Company Accounting Oversight Board (PCAOB) was created by Sarbanes-Oxley Act of 2002. This board was created to oversee the audit of public companies, subject to the securities laws, in order to protect the interests of investors (15 USC 7201, 2002). It was created in wake of the recent financial scandals of Enron, WorldCom, and Global Crossing to name a few. This “Act” established by Congress is to create an oversight board, so that such scandals will never occur again....   [tags: Business Accounting]
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1118 words
(3.2 pages)
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Technical Advancement in the Field of Telecommunication - Technical Advancement in the Field of Telecommunication The move into the Information Society is driven by the market for new information and communications technologies and services. Whilst the large number of technologies and services and their providers bring expectations of higher economic growth, there has been a growing concern about the social, ethical, cultural, political and economic aspects of the coming society. For some time there has been a considerable interest in the prospects of obtaining a "sustainable development" through the use of telecommunication technologies....   [tags: Papers] 3074 words
(8.8 pages)
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Private Companies Struggle With The Sarbanes-Oxley Act - Samuel Smiles, an 18th century Scottish, writer once said, "It is possible that the scrupulously honest man may not grow rich so fast as the unscrupulous and dishonest one; but, the success will be of a truer kind, earned without fraud or injustice. And even though a man should for a time be unsuccessful, still he must be honest: better lose all and save character. For character is itself a fortune…" (Zaadz, 2005). Major corporate scandals such as Enron and WorldCom shook the business world at the turn of the century in a powerful way....   [tags: Business Ethics Morals ] 1962 words
(5.6 pages)
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Market Watch: Regulation of the Stock Market - Market Watch: Regulation of the Stock Market The Enrons and Worldcoms made it clear that the financial markets cannot be left under the auspices of corporate directors and officers, without oversight authority. "The corporate abuses and fraud that Enron exemplified, while not a first in the financial markets, they were certainly a first in terms of the magnitude of the losses to stockholders and the confidence the public reposed in the financial sector (Bequai 2003)." As a result of the stock market crash of 1929 regulations such as the Securities Act of 1933 and Securities Exchange Act of 1934 were established to prevent such practices as those that contributed to the downfalls of Enron an...   [tags: Stock Market Crash 1929 History] 1666 words
(4.8 pages)
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Competition Among The Telecommunications Industry - Competition Among The Telecommunications Industry There are currently 807 companies in the TIA (Telecommunications Industry Association) database of companies. Of the 807 companies, 251 of them currently offer wireless services. Also 281 offer broadband services, of those offering broadband 160 of them offer cable, 72 offer DSL (Digital Subscriber Line), and 49 offer T-Carriers. There are currently 242 member companies in the MMTA (Multimedia Telecommunications Association) Database of companies....   [tags: Telecommunications Essays] 548 words
(1.6 pages)
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Effects Of Sarbanes-Oxley Act SOX - ABSTRACT This paper provides an in-depth evaluation of Sarbanes-Oxley Act, which is said to be promoted to produce change in the corporate environment, in general, by stressing issues of public accountability and disclosure in the financial operations of business. It explains how this is an Act that represents the government's and the Security and Exchange Commission's concern in promoting ethical standards in terms of financial disclosure in the corporate environment. This paper addresses the current criticism of the exportation of U.S....   [tags: Business Regulation Accounting] 1866 words
(5.3 pages)
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Ethics In Financial Business Decisions - Ethics in Financial Business Decisions Student Name School Name Class Title Course Number Instructor’s Name Date Written Ethics in Financial Business decisions The work I reviewed begins with a simple introduction explaining the roots of ethics in America wrought with quotes from our earliest leaders including George Washington and John Adams. Additional quotes identify and support the “Ten Universal Values” of “honesty, integrity, promise-keeping, fidelity, fairness, caring, respect for others, responsible citizenship, pursuit of excellence, and accountability (Smith & Smith, 2003)....   [tags: Business Ethics] 965 words
(2.8 pages)
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Internal Control - There are two primary goals of internal control. The first goal is to keep assets safe from robbery, theft by the employees, and any other unauthorized use. The second goal is to assure the reliability and accuracy of the accounting records. This step is done to reduce the risks of mistakes, intentional or unintentional in the accounting process. The Sarbanes-Oxley Act was implemented in 2002. This act was implemented as a result of a number of accounting scandals that resulted in the loss of billions of dollars to the investors....   [tags: Accounting]
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852 words
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Financial Statements - Financial Statements basically show the historical performance or record of the company at some previous point of time. By the time when financial statements are made public, changes are many economical areas such as market conditions, currency exchange rate and inflations can change the values of assets and liabilities. In this case there often exist discrepancies between book value of assets and their market values. In above case there might be companies that are healthy and many go through period of financial distress....   [tags: Economy, Financial Distress] 2290 words
(6.5 pages)
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Financial Accounting Theory: Reducing Balance Method vs. Straight Line Method - ... It predicts managers’ actions, with the assumption that people are self-driven (Deegan and Unerman, 2011). For instance, the bonus plan hypothesis states that managers will increase the current period income by choosing accounting methods that shift future periods’ earnings to the current period (Watts and Zimmerman, 1986). One of the criticisms of PAT is that the self-driven individuals’ assumption is too simplistic and may be unrealistic, for instance, if the managers are the relatives of the owner....   [tags: flexibility in accounting, machinery, buildings]
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898 words
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"Bean Counter": Analysis of Television Commercial for Apple - Successful product advertisement relies upon the use of images and ideas that are easily recognizable by modern audiences and express a common point of view. Companies often use cultural stereotypes, exaggerated characters, and iconic representations of larger social groups to quickly and effectively portray a message about their product and the type of people who use it. Apple, the makers of Macintosh computers and electronics, use familiar stereotypes of computer users to appeal to their target demographic and increase the appeal of the items they are trying to sell....   [tags: advertising, technology]
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1048 words
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Do Governmental CSR Policies Assist Consumers or Organizations - Do Governmental CSR Policies Assist Consumers or Organizations Governmental CSR policies are beneficial for consumers and organizations. Consumers are protected from abuse when organizations adhere to policies set forth by the government. The government has passed laws and created regulations as a guide for organizations to follow for the protection of the environment. According to Masahudu (2004) “several governmental CSR policies, such as the National Environmental Protection Act, Clean Air Act, Safe Drinking Water Act, Toxic Substances Control Act and the Clean Water Act assist in protecting consumers and organizations”....   [tags: Government]
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910 words
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Critique of the Effectiveness of the Sarbanes-Oxley Act - ... That is, the overall cost associated with SOX Act is long lasting regardless of the decreasing direct SOX compliance cost. The decrease of the compliance costs should be attributed to the increasingly sound audit standards and guidelines, “efficiencies as a result of the learning curve effect, and from first-year documentation efforts that did not need to be repeated in year two” (CRA International, 2006). In 2008, in order to judge the results of SOX Act, SEC gathered feedback from thousands of public companies through a survey....   [tags: Indirect Costs, Managerial Diversion]
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2708 words
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Business and Its Publics: Cycle 1 Essay - Imagine you own a fishing company in a small lakeside town. Your company has been profitable for five years and your family lives a prosperous lifestyle. All of a sudden, everything dramatically changes. A new factory moves to the lakeside and begins to pollute PCB's into the lake, causing many of the fish to die. Years of hard work, motivation, and dedication have now gone to waste. Your business has been forced to close because of reasons out of your control. Much like the fishery, the livelihood of many businesses is threatened by negative externalities- unintended consequences brought upon a third party through regular business operations....   [tags: Business Management ]
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1691 words
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The Sarbanes-Oxley Act: Protecting Corporate Assets - Internal Controls. Kind of like a brick wall, or a fire wall on a computer. Internal controls act as a way to keep a company and its assets safe, as well as make sure that the company maintains complete and accurate accounting records. Internal controls are in charge of the overall well being of a company from its assets to its employees, even to its sales and reputation. A lot of things are involved with internal controls such as; Sarbanes-Oxley Act, stock well being, well being and safety of assets and accounting accuracy....   [tags: SOX Act, Internal Controls] 1024 words
(2.9 pages)
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Benefits of the Sarbanes Oxley Act - Internal controls are measures put into place that allow for more accurate and deliberate representation of a company’s financial data. Internal controls also serve to protect a company’s assets from theft, fraud or misuse. With internal controls in place it becomes more visible to recognize if someone is stealing or misusing funds in any way. Internal controls also help to zoom in on errors or unintentional mistakes. When these errors are picked up on early it eliminates future problems for the company and its investors down the road....   [tags: Business Controls, Internal Controls] 887 words
(2.5 pages)
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Is the Operation of Auditing Necessary? - [IS THE OPERATION OF AUDITS NECESSARY?] [We need to understand that audit is about achieving customer satisfaction in order to gain repeat business and overall increase company revenue.] What is business ethics. The ethics of a particular business can be diverse. Business ethics is the behavior that a business devotes to in its daily dealings with the world. Auditing is the analysis and inspection of the financial accounts/records whether or not a company has a qualified accountant and procedures of a firm or organization....   [tags: Business Ethics ]
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1833 words
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Auditors in the Business World - Accounting is the process of identifying, recording, and communicating the economic events of an organization to interested users to make sound decisions. In accounting identifying economic events involves selecting the economic activities related to a particular organization such as paying out salaries to employees of a particular entity. In turn, once these economic activities have been identified they are recorded in the books daily into a systematic system measured in dollars. These economic events are then classified and summarized by an accounting system....   [tags: Accounting]
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1631 words
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The Integrity of Capital Markets - Introduction Capital market is constituted of both primary and secondary markets all of which provide long-term investment opportunities. They are markets for long term funds with maturity period of more than one year. Examples of Financial instruments which are used in capital markets are debentures, terms, loans, bonds, warrants, preference shares and ordinary shares among others. These markets constitute of bond market and stock market in which debts and equity securities are traded respectively....   [tags: Economics]
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1444 words
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Connections Between Crime and Poverty - In March 2007 a study done by the McClatchy Newspapers had found that the ranks of the severely impoverished are rapidly escalating (Williams, 2007). The study showed that the poverty level in America had reached its highest point in 32 years (Williams, 2007). Nearly Sixteen million Americans had been found to be in a deep to severe level of poverty (Williams, 2007). The level of poverty on went up after the economic crash in 2009. But has the increased level of poverty led to an increase in violence....   [tags: Crime and Poverty]
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2058 words
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Government Oversight and Corporate Ethics - Ethical corporate behavior has been a recurring issue of public policy. Recent events have brought this issue into sharp focus beginning with the Enron scandal in 2001 and more recently the financial crisis of 2008. Subsequent regulation such as the Sarbanes-Oxley act seem to be in reaction to the public clamoring for government action in the wake of painful economic outcomes. A deeper examination of the events leading up to Enron and the financial crisis both seem to indicate that government agencies were asleep at the switch....   [tags: Business Ethics ]
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2011 words
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Globalization and Corporate Social Responsibility - Globalization and Corporate Social Responsibility Events in resent history have made a clear statement to the executives of the world that Globalization and Corporate Social Responsibility (CSR) are tightly linked in projecting a positive brand image. Most of the negative publicity surrounding the globalization debate is directed at one key area, the perceived lack of corporate social responsibility in the business culture of the developed world. The European Commission defines Corporate Social Responsibility as, “a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis."(Europe...   [tags: transnational corporations, environment] 764 words
(2.2 pages)
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Globalization and Corporate Social Responsibility - Globalization and Corporate Social Responsibility Events in recent history have made a clear statement to the executives of the world that Globalization and Corporate Social Responsibility (CSR) are tightly linked in projecting a positive brand image. Most of the negative publicity surrounding the globalization debate is directed at one key area, the perceived lack of corporate social responsibility in the business culture of the developed world. The European Commission defines Corporate Social Responsibility as, “a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis."(Europe...   [tags: cultural awareness, TNC, MNC, CSR] 2056 words
(5.9 pages)
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Role and Function of Law - Role and Function of Law Law is an essential part of business and society. The definition of law is, “Any system of regulations to govern the conduct of the people of a community, society or nation, in response to the need for regularity, consistency and justice based upon collective human experience” (ALM, 2013, P. 1). There are four common types of law constitutional law, statutory law, common law, and administrative law. Each of these four types plays a different role in the regulation of business and society....   [tags: regulations, businesw, society, Constitution]
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978 words
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Corporate Governance and Ethics - As a CEO of a corporation there is nothing more rewarding then maximizing the wealth of your shareholders, in addition, to increasing the value of the firm. However, it should not be done unethically and jeopardize the financial, social status as well as the reputation of the company, ultimately causing them to suffer in the end. There are systems put into place to avoid such acts that are generally overseen by the board of the directors of organization. In most companies the board of directors consists of shareholders or former employees of the company....   [tags: Business Ethics ]
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1497 words
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Taxation of Foreign Corporations - The past 150 years has seen corporations rise and become the main social institution for doing business in America and across the globe. During the eighteenth and early nineteenth centuries America was marked by individually owned family oriented businesses. This framework began to change with the economic growth in both America and Europe during the period between the Civil War and World War I. A system once driven by granting charters seen as privileges has evolved into a complex system beyond the understanding of any one person....   [tags: Government]
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1930 words
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History of Corporate Governance - What is Corporate Governance. Corporate governance is the policies, rules and regulations, by which a corporation shapes the way corporate officers, managers, and stakeholders perform their duties to create wealth for the entity. According to Lipman (2006), good corporate governance helps to prevent corporate scandals, fraud, and potential civil and criminal liability of the organization (p. 3). Most companies, whether formal or informal, have some type of corporate governance for the management to follow....   [tags: Business Management ]
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1065 words
(3 pages)
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Factors of Ethical Collapse - Many successful businesses operated under a set of normative standards, expected behaviors and guidelines that are generally accepted by society (Jennings, 2009). That is, businesses operated under ethical principles that “consist of standards and norms for behaviors that are beyond laws and legal rights” (Jennings, 2009). These ethical principles are reflected in an organization application of trust, integrity, fairness and responsibility. Research groups have identified overarching ethical principles as the application of honesty, fairness, objectivity, and responsibility....   [tags: Standards of Success]
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3514 words
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Policy and Compliance (Tracey) - Policy and Compliance (Tracey) Organizations develop regulations, standards and practices for securing their data. These standards enforce access security practices and policies set forth by government agencies and adopted by organizations, of these include DoD and National Security Agency. (Goodrich & Tamassia, 2011). By implementing these standards, a company or agency may be allowed to store and transfer sensitive content. Of these government regulations and standards includes; Federal Information Processing standardization (FIPS) 140 which is a set of standards requiring cryptographic modules used by government organizations....   [tags: data encryption, security, sensitive content, FIPS]
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1923 words
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Auditing and Risk Management - Introduction Rosenberg indicates that transnational union of accounting specifications is not a new concept. The theory of convergence first started in the late 1950s as a result of the post WWII monetary integration and assimilated increases in cross-border wealth flows. At the onset, the focus was primarily centered on coordination that reduces among the accounting standards employed in major capital markets globally. FASB and IASB are two bodies that have been working in unison since 2002 to enhance and integrate U.S generally allow accounting principles (GAAP) as well as IFRS....   [tags: RBIA, efficacy, internal control, accounting, FASB]
:: 11 Works Cited
1976 words
(5.6 pages)
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Capitalism or Constitution: Who Runs the United States - After reading two different views on what influences political power in the United States, I have set out to answer 4 questions assigned to me to help define how laws and regulations are laid out, and in most cases, gone around all together. In the text "American Government", the reading was a very fundamental basis of how the federal government was ran according to the constitution and the various philosophies that members of political leadership employ to wield power to influence voters and fellow congressional leaders....   [tags: Politics] 447 words
(1.3 pages)
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Vitamix Revenue Recognition - Vitamix Revenue Recognition – “Special Cases” Proper revenue recognition is important in because it has a direct impact on quarterly income statements, incentive calculations, investor confidence, and perception of an organizations financial health. The scandals at Enron and WorldCom illustrate how important properly recognize revenue is to the financial integrity of a company and how abuse can be extremely dangerous. (Labaton, 2006) To maintain consistency across organizations, the Securities and Exchange Commission (SEC) relies on the standards published by the Financial Accounting Standards Board (FASB) to establish the guidelines for revenue recognition....   [tags: Accounting]
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1128 words
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Finance: The Basis - The most important principle of studying finance is to achieve an understanding of the financial performance of a company, corporation or industry. By looking at a company's financial performance, decisions can be prepared about various things by numerous different players. Corporations are rated by diverse agencies that inspect financial records and prospective for growth. Fitch ratings are an excellent example of this. You can that your employer has an A++ Fitch rating. This soaring rating allows a non-profit company to accept money at lower interest rates....   [tags: Finances. Companies, Business] 793 words
(2.3 pages)
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Business Strategic Plan - Overview In developing a business strategic plan, the goal is to provide a product or service that ultimately generates profit. More so, this plan helps identifies a business desire at a particular time during the life-cycle, which is beyond the day-to-day operations (http://managementhelp.org/fp_progs/sp_mod/str_plan.htm) OR (http://www.businesslink.gov.uk/bdotg/action/detail?itemId=1079687246&type=RESOURCES). In doing so, incorporating business ethics and social responsibilities initiatives, policies, or best practices are key....   [tags: Social Responsibilities, Business Ethics] 983 words
(2.8 pages)
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Sarbanes-Oxley Act (SOX) - Introduction In July of 2002, Congress swiftly passed the Public Company Accounting Reform and Investors Protection Act at the time when corporations like Arthur Anderson, Enron and WorldCom fell due to fraudulent accounting practices and bad internal control. This bill, sponsored by Mike Oxley (R-OH) and Paul Sarbanes (D-MD), became known as Sarbanes-Oxley Act (SOX).It sought to restore public confidence in publicly traded companies and their accounting practices, though the companies listed above were prosecuted on laws that were already in place before SOX....   [tags: accounting, cost, law, efficiency, market, economy]
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1765 words
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The Sarbanes-Oxley Act - Sarbanes-Oxley Act (SOX) Name Name of Institution Introduction The Sarbanes-Oxley Act is a legislation aimed at increasing the accuracy of financial statements that were issued by companies that are publicly held (Livingstone, 2011). The passing of this act was a response to some of the financial malpractices that took place at companies such as WorldCom and Enron. According to Livingstone, making ethical decisions is critical because ethical lapses can lead to severe unforeseen consequences (Livingstone, 2011)....   [tags: Legislation, Financial Malpractice]
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1444 words
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Tactical Decision Making - ... What happened with Enron, and other corporations that failed to be accountable for their actions, was that they engaged in “destructive self-dealing activities,” (Shirur, 2011, 19) as a result of faulty decisions, and which, had it been corrected at the time, could have had the potential to save their operations by restoring the confidence of their investors. Because of this, the new corporations that have emerged after the downfall of Enron and its peers absolutely need to be transparent about its operations and ensure that their decisions are completely carried out by its executives and employees, instead of allowing fraud to flower in its financials and activities....   [tags: ethical behavior, corporate ethics]
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1863 words
(5.3 pages)
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Distance Learning - Distance Learning "As we enter the Information Age, more and more adults from various economic and cultural backgrounds, already in the workplace, and with families are seeking to educate themselves to keep up in their careers" (Duderstadt, J., 1999). Whether that is through Higher Education, the university system, or their company's Intranet is usually dependent upon the learner. The ways that they seek to educate and re-educate themselves to stay abreast with current trends in their jobs is the topic of this paper, Distance Learning....   [tags: Education Distant Learn Essays]
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1993 words
(5.7 pages)
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Ethical Behaviour - For most organizations, values statements are simply rhetoric that sits on a fancy plaque on the wall. The real values are seen in the halls, not on the walls. High performing organizations are clear about their values and about what they translate into in day-to-day behavior. They use their values strategically, to guide every decision and action. The challenge with values is that they are usually vague concepts that have different meanings to different people. Every person usually has a strong sense of what typical values (trust, hard-work, etc.) mean, but the definitions different people have for the same value are usually not the same....   [tags: Business Ethics] 1006 words
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Oligopoly - An oligopoly describes a market situation in which there are limited or few sellers. Each seller knows that the other seller or sellers will react to its changes in prices and also quantities. This can cause a type of chain reaction in a market situation. In the world market there are oligopolies in steel production, automobiles, semi-conductor manufacturing, cigarettes, cereals, and also in telecommunications. Often times oligopolistic industries supply a similar or identical product. These companies tend to maximize their profits by forming a cartel and acting like a monopoly....   [tags: Business Oligopolistic Industries] 1446 words
(4.1 pages)
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Memo to Martha Stewart, CEO of Martha Stewart Omnimedia - Memo to Martha Stewart, CEO of Martha Stewart Omnimedia Dear Ms. Stewart, I am writing to address some concerns I have about the future of your company, Martha Stewart Omnimedia (MSO). Perhaps the one issue that you are grappling with at present is about the Imclone scandal. You have been accused of selling $227,000 worth of Imclone stock based on inside information. Because of these charges of insider trading, your critics have summarily associated you with other disgraced company directors: Kenneth Lay of Enron and Bernard Ebbers of WorldCom....   [tags: Letter Martha Stewart Business Essays]
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1577 words
(4.5 pages)
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Sox Compliance: Eleven Essential Controls For The Sme - SOX Compliance: Eleven Essential Controls for the SME Small to mid-sized enterprises (SMEs) can benefit from implementing control objectives for governance, compliance, and improved security. The Securities and Exchange Commission’s (SEC) recent Sarbanes-Oxley (SOX) announcement puts an end to several years of speculation, so SMEs must get on top of their control game. Executive Summary Sarbanes-Oxley (SOX) is here to stay for small to mid-sized enterprises (SMEs), which the Securities and Exchange Commission (SEC) defines as any publicly traded company with less than $75 million in market capitalization....   [tags: Business Analysis] 1555 words
(4.4 pages)
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Why Are Ethics Important In The Accounting Profession - Why Are Ethics Important In The Accounting Profession. What does ethics have to do with accounting. Everything, since there have been some recent financial accounting scandals; a few examples being Xerox, WorldCom, Enron, which have generated much unwanted and unfavorable publicity for CPA's, including those working as controllers or chief financial officers for organizations. When you hear the word "ethics," what is the first thing that comes to mind. Having to make the decision of doing what is right versus doing what is wrong....   [tags: Business Ethics] 1384 words
(4 pages)
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Cost Accounting: Its role and ethical considerations - Cost Accounting: Its role and ethical considerations Introduction: Accounting is the process of identifying, measuring, and communicating economic information about an entity for the purpose of making decisions and informed judgements. The major areas of within the accounting are: Financial Accounting, Managerial Accounting/Cost Accounting and Auditing- Public Accounting Managerial accounting is concerned with the use of economic and financial information to plan and control the activities of an entity and to support the management in planning and decision-making process....   [tags: Business Finance Accountant Essays]
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1039 words
(3 pages)
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Enron And The Fall Of The Company - Enron and the fall of the company Enron was a company that was known by many people and corporation not only in the United States but also around the world. It grew to be one of the largest companies, so as imaged a lot of people were affected by the fall of the company. Over 210000 employees lost there jobs without even knowing what was coming to them and what was going on behind the doors by the people who were running the company. Apart from losing their job, their form of income for their families, they also lost any money that they had invested in shares of the company and their pension funds, because the company encouraged their employees to invest their money in its own shares and...   [tags: Corporate Scandal] 1928 words
(5.5 pages)
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Securities And Exchange Commission Vs. Richard Hawkins - Securities and Exchange Commission vs. Richard H. Hawkins While the widely exposed and discussed trials of WorldCom's and Tyco's top executives were all over the media, one of the most interesting cases of securities fraud was happening without any public acknowledgement. Richard Hawkins, ex-CFO of a health service industry giant McKesson, was accused and later brought to court for inflating revenue at McKessonHBOC. The acquisition of HBOC, a medical software company, happened long after Hawkins became the CFO, but right before the management of both companies decided to falsify the facts....   [tags: white collar crime ] 1331 words
(3.8 pages)
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Toyota: An Example Of Good Corporate Governance - 1.0 INTRODUCTION Corporations the world over have been publicly criticized for improving their firm’s bottom line at any moral or social cost. Ethics essentially “refers to the issues of right, wrong, fairness and justice.” Clearly, examples such as Enron, WorldCom, and even Conrad Black tested society’s views on sound ethical business and the link to what society sees as “good” governance practices. Although the controversies involve issues matched in variety only by the types of companies, they all virtually involve some form of abuse of stakeholders trust....   [tags: Business Analysis Toyota] 1802 words
(5.1 pages)
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The Pros and Cons of Greed - When the word “greed” is used it is most often in a negative connotation describing some sort of socially unacceptable behavior. Individuals who are described as “greedy” are often considered thieves or usurpers. Yet, is greed really that bad. Is it not greed that, ultimately, motivates one to excel. In a commencement speech at the University of California-Berkeley’s School of Business Administration stock speculator Ivan Boesky declared, “Greed is all right, by the way…. I think greed is healthy” (James), could a man who seemed so successful be so very wrong....   [tags: Pro Con Essays]
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1166 words
(3.3 pages)
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Mo' Money, Mo' Greed & Corruption - Mo' Money, Mo' Greed & Corruption The American dream: a spouse, a few children, a lucrative job, a nice home, and of course, some material luxuries. Those who are able to realize this goal have my respect and they should be proud of their accomplishments. However, my beef arises with the very few Americans who greatly surpass this dream. Yes, I mean the multi-millionaires and billionaires of America. The wealthiest one percent of our nation owns half the financial assets and 38 percent of the total wealth....   [tags: Economics Finance Papers Financial] 1800 words
(5.1 pages)
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Barclays plc: Socially Responsible Corporate Behaviour - Barclays plc: Socially Responsible Corporate Behaviour How does Barclays plc fulfil its obligations to their stakeholders in terms of ethical business practice and socially responsible corporate behaviour. According to The Institute of Business Ethics (cited in MORI, 2003), “80% of the public believe that large companies have a moral responsibility to society but 61% also thought large companies don’t care”. Why this shocking conclusion. Due to major accounting scandals such as Enron and WorldCom the public’s confidence in organisations have decreased....   [tags: Business Management Studies] 1640 words
(4.7 pages)
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Business Ethics in Today's Corporate World - Business Ethics in Today's Corporate World Business ethics is part of today’s society whether you like it or not. There are many things happening in today’s corporate world that needs to be opinioned. Are ethical judgments merely a matter of personal opinion. Yes because we live in a free society I think that most ethical judgments are based on a matter of what you believe in. Everyone has the right to think differently. There will also be similarities and differences in your ethical point of view because of religion, race, and education but I don’t think it will be much different than someone else’s opinion if it all comes down to these factors....   [tags: Business Morals Ethical Judgements Essays] 2971 words
(8.5 pages)
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The Sarbanes-Oxley Act and Corporate Coruption - Most of us think about the Coca-Cola Company in a positive light because it continues to bring us what is arguably the tastiest soft drink around. One would expect that a company that describes itself on its website as “a company that exists to benefit and refresh everyone it touches” and has been so successful for years would have a corporate culture and code of ethics that matches this image. However, a closer look at the Coca-Cola Company, its corporate culture and allegations of corruption paint a less than rosy picture of the soft drink leader....   [tags: essays research papers fc]
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2366 words
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The Sarbanes Oxley Act of 2002 - H.R.3763 - The Sarbanes-Oxley Act of 2002 A lot has been made, perhaps without justification, of the July 30, 2002 passage of H.R. 3763, The Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley" or The Act). Having read the Act, I suspect that the great praise is unfounded. I intend to address three issues presented within the act. First, I will address stock options as considered (or neglected, as the case may be) by Sarbanes-Oxley. Second, I will address the creation of a Commission designed to oversee audits and corporate accounting practices, and the potential efficacy of this Commission....   [tags: essays research papers] 1464 words
(4.2 pages)
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