Hcs 405 Essay

1010 WordsAug 31, 20115 Pages
Reporting Practices and Ethics Christine M Myers HCS 405 August 29, 2011 Kristin McFarland Reporting Practices and Ethics Headlines which read that Security and Exchange Commission wants to investigate Goldman Sachs for defrauding investors. By misstating and omitting key financial facts. Nobody knew what the truth was until later. For those who watched the trial, discovered that Securities Exchange commission had made allegations that Goldman Sachs structured and marketed a false Collateralized Debt Obligation that hinged on the performance of subprime residential mortgage-backed securities. This appears to be bad enough but this was not the crime. The crime that was committed was when Goldman Sachs failed to disclose to investor’s vital information about the collateralized debt obligation, in particular the role that a major hedge fund played in the portfolio selection process and that the hedge fund had taken a position against the collaterized debt obligation (U.S. Securities and Exchange Commission, 2011). Fraudulent behavior, misconduct, waste, and abuse are characteristics of humanity. Unfortunately, these traits are often found dwelling in areas where there is money. The following is a report on financial management in health care. The following topics will be included generally accepted accounting principles, corporate compliance, ethics, and fraud. We will also include a summary of the four elements of financial management as well as examples of ethical standard of conduct and financial reporting with an explanation of each. Generally Accepted Accounting Principles (GAAP) provides guidelines for a variety of business practices to be objective and realistic regarding financial performance report. Generally accepted accounting principles places a limit on chief executive officers and creative accounting. It is important to understand the
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