Lessons learned: Auditing firms can be held responsible for the misrepresentation of financial information if they don’t practice due care. Auditing firms should asses risky accounts and suspicious transactions to ensure the reliability of the financial statement. Questions 1. Identify legitimate business practices that corporate executives can use for the primary purpose of manipulating or “managing” their company’s reported operating results. Are such practices ethical?
3、 To increase employees who violated company contract and punished to legal. Case #2: Anne Boswin works closely with Robert Acertado The solution of the case is that: 1. Acertado violated the loyalty Code of Ethics and Standards of Professional Conduct when he downloading the model from Greenfield Financial Corporation. Although Anne Boswin developed the financial model and consent Acertado downloads, but the proprietary of the model belongs to the company, not Boswin. 2.
Discuss how administrative agencies like the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC) take action in order to be effective in preventing high-risk gambles in securities / banking, a foundation of the economy. The economy in the US needs to be protected from high-risk gambles in securities/banking, a foundation of the economy. So what does the Securities and Exchange Commission (SEC) well “the mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation” (SEC, 2012). The way that SEC takes action in order
B. An individual engaged in the active conduct of a business must elect not to be taxed as a partnership. C. If two people (or business entities) work together to carry on any business or financial operation with the intention of making a profit and sharing that profit as co-owners, a partnership exists for federal income tax purposes. D. The partnership form of business creates double-taxation because individual partners are taxed, and the partnership is also taxed as a separate legal entity. Want to download the Final Exam answers..??
Governments protect consumers from business. The federal government, for example, uses antitrust laws to control or break up monopolistic business combinations that become powerful enough to escape competition. Governments redress consumers' grievances about business fraud and enforce recalls of dangerous products. Governments regulate private companies' activities to protect public health and safety or maintain a healthy environment. The U.S. Food and Drug Administration bans harmful drugs, for example, and the Occupational
Despite what the ACLU thinks that obtaining personal records is unconstitutional, it allows the government to get hold of certain records, if needed, to aid in an investigation. Investigators may need to examine business records in order to solve certain crimes. The ACLU says that this violates the First and Fourth Amendment by infringing upon freedom of speech and conducting searches without a warrant. However, in matters concerning national security, the government should be able conducted these searches despite the fact that it violates the First Amendment. Since law enforcement is able to obtain business records, it would only make sense for federal agents to access records in national security cases from federal courts.
When does insider trading occur? What government agency is responsible for protecting against the unethical practice of insider trading? Explain by giving examples. (25 points) Insider trading occurs when someone within a firm has knowledge of information and uses it to his or her advantage before the information is made public. The Securities and Exchange Commission is responsible for protecting against the unethical practice of insider trading.
Intergovernmental Power between Federal and State Governments Suzette S. James John Jay College of Criminal Justice Abstract Should States and Local officials who are accused of corrupt activity be prosecuted under Federal laws by U.S attorneys? The statutes most often used to prosecute public corruption are the Hobbs Act, Travel Act, RICO, the program bribery statute, and mail and wire fraud statutes. These statutes have been upheld as exercises of Congress's Commerce Clause power. Intergovernmental Power between Federal and State Governments According to Wikipedia “The prosecution of state and local political corruption became a "major federal law enforcement priority" in the 1970s. [11] United States v. Addonizio (3d Cir.
Given PCAOB oversight of accounting firms and the AICPA Code of Conduct, discuss whether or not you believe that public accounting firms can successfully manipulate audit work papers and records of clients engaged in fraudulent activity. The PCAOB Audit standard set the guidelines for revising audit working papers which is deemed necessary at times. However, the reason for the changes must be stated, when the change occurred and who
A company should keep this in mind when implementing policies and procedures to elevate awareness by making the focuse of achieving the goal of proving that the risks outweigh the benefits. This can be achieved by strategies such as: • creating a fraud awareness program for all employees • hiring a company forensic accountant to search for inconsistencies and errors in accounting • including articles regarding white collar crime in company newsletters or bulletins • requiring a background check on key employees • creating a checklist of things to do or policies to follow and distribute them to anyone within the company who has buying power • research sellers before buying • prevent "blind" trust with other companies • terminate corrupt employees - and prosecute when necessary Some of the