Greenwich did not do any “due diligence” which is the reason for getting sued because they did not check and that’s how Madoff was able to get away with the scheme. Greenwich should have seen that he was using his own money while he was pocketing the money from investors and they could have stopped him. 8. The SEC did not act upon the information by Markopolos because Madoff had a good reputation at the SEC and had many connections with the people within the SEC, so they didn’t even bother conducting an investigation. 9.
The interoperability was never put into place for reasons that can only be speculated on. There are assumptions that Grant Holcomb the architect of the proposed system had a conflict of interest that may have profited him. There are also allegations that Greg Meffert, Nagin's chief technology officer, stated that the technology wouldn't work. Many controversial issues of being unethical by several parties involved in this system caused a delay that unfortunately wasn’t in play for Katrina. Interoperability is dangerous to the concept of Federalism because although New Orleans was granted money to fund the system by the national government, at the state level, it was never implemented.
Contrary to the District’s contention, the record also does not show that the Association indicated that it could not beat the savings under a subcontract. In support of its contention, the District submits that the Association’s chief negotiator (Mr. Kurtz) admitted to the District’s business administrator (Mr. Richards) that the Association could not meet the terms of the subcontract and that the Association did not request further negotiations after the District declared an impasse. According to Mr. Richards, however, Mr. Kurtz said, “Yes, the numbers, they’re showing a savings for the District” (N.T. 145), which is hardly an indication that the Association could not beat the savings under the subcontract. Mr. Richards also testified that Mr. Kurtz “didn’t feel that the Association could, in fact, come up with that type of savings, but the negotiations still had to move forward.” Id.
Thus, an agent owes a fiduciary duty not to act adversely to the interests of the principal. If this duty is breached, the agent is liable to the principal. 4. What action should Gloria take involving John? Sue this damage his company she can sue him so he can be liable for the loss and damages she’s goanna have with john
The local government will influence the opening of the store as if the government does not agree with letting the shop open, it will not succeed. Also if the business is causing litter problems and there have been complaints off it from customers then they could tell them about it however they would not have the power to shut the business down or affect profit maximisation therefore it won’t influence the business a great amount. The national government will only influence the business by setting standard, in which the company must for-fill, such as, hygiene, health and safety, quality of food, etc.. and if the business does not reach these standards the store could be closed. In some ways this could affect the profit maximisation of the business as training would need to be required to the staff for health and safety, although this would not affect it too much. If the company wanted to keep the customers satisfied they would exceed these standards anyway therefore the government is not a great
Regulatory frameworks are requiring organizations, like yours to implement the necessary safeguards to ensure the confidentiality, integrity and availability of information. (Khansa & Liginlal, 2009, p. 1) The importance of information security cannot be over-emphasized. It is imperative that you invest in information security as it comes with protection and resilience against malicious attacks. According to Khansa & Liginlal, if we prevent malicious attacks on this company, monetary damages from attacks would be reduced and customers’ information would be saved from compromise, preventing any negative publicity for this company, (Khansa & Liginlal, 2009, p. 17) In a nutshell, information security tries to set security controls to prevent theft or damage to data or assets on your computer. The damage could be from internal or external.
Question 1: Auditors should not insist that their clients accept all proposed audit adjustments even though those that have an immaterial effect on the financial report. The auditors should be suspicious of any rejection of the clients and have to investigate deeper into the suspicious accounts. Moreover, auditors should not be careless even though they have close relationships with the clients and fear that they would lose potential auditing fees. Question 2: Materiality is a concept or convention within auditing and accounting relating to the importance/significance of an amount, transaction, or discrepancy. The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in conformity with an identified financial reporting framework of Generally Accepted Accounting Principles.
One of the important ethical issues to check, is that you do not know the person, and that you are not connected in anyway that is inappropriate, this is called a dual relationship this may be unavoidable in small towns, we would also need to assess that that there are no sexual attractions, on this basis the therapist may decide they cannot work with the client, and may offer the client an alternative therapist. The prospect that this could happen must be explained to the client in the initial consultation, so you can build trust, and the client can feel that you are working in their best interests. It is also important to make sure that the power of the relationships formed between therapist and client is of an equal one, it is extremely valuable to empower your client, and not take the power. The only time a therapist should show authoritarian power is when using inductions which require this
A person that doesn’t promise,,has to follow certain rules to disclaim the warranty of merchantability. A seller’s promise of fit goods, can also be enforced by members of the buyers household. In a few states it, warranty protects the family, and whoever uses, get injured because of the breach. In the past “ privity of contract meant you could only sue the seller, now you can sue retailers, wholesalers, and manufacturers if goods are not fit. Contract law promotes commerce, by guaranteeing that the law protects them.
The act can be fulfilling an obligation rather than performing a selfless act. Deontology, is more commanding, it focuses more on your moral duty. Although, a deontologist may assign a duty to his or her self, there is no rationale for deciding an individual’s duty. Looking back on the person who committed the financial crimes, in virtue theory he may have just accidentally wrote the check off the wrong account. In utilitarianism theory, he may have written the check for his mother’s mortgage so that she can buy time to avoid foreclosure on her home.