This applies to the moral, ethical, legal, and economical aspect of this case. References MacDonald, C. (2011, October). Ethics: Definition. Retrieved from The Business Ethics Blog: http://businessethicsblog.com/2010/03/21/ethics-definition/ (2011). The Nature of Moral Problems in Management.
Under Section 404 of the act, these findings must detail any uncovered control deficiencies or instances of employee fraud, and must also be reviewed and attested by the registered accounting firm. The authors of the report must certify that the report does not contain any false information, misleading statements or significant omissions, and that the financial statements and information included in the report accurately represent the financial condition of the company. Under Section 401 of the act, this representation must account for both balance and off-balance sheet debts, obligations and transactions in order to facilitate maximum transparency for shareholders (Nikolas, Daniel. Nd Effects of the Sarbanes-Oxley Act). The act serves as a guideline and governs what an accountant should and should not do when reporting financial flows.
What are your personal values on this ethical issue? 3. Why is it important to consult a supervisor or colleague when you have a value conflict with a counselee? 4. How can you prepare yourself to work ethically and effectively with clients who have different values than your own?
An organization that provides a financial statement to the public, investors or government funding entities must follow the set standards developed by Financial Accounting standards Board (FASB). Information documented within a report must be reliable, consistence, and have comparability outcomes and measurements delivery objectives. An
When prioritizing investments, it is vital that they are characterized and determined accordingly. Risk Assessments will have a role in this activity. The Risk Assessment will place a ranking system as to which risks are worth protecting and how cost effective mitigation will be. The issue with this activity is that some vital risks can be overlooked due to differing opinions. It also must be approved at the end of the activity to verify if it is done correctly.
The purpose of the financial statement audit is to ensure the entity being audited is preparing the financial statements in conformance with General Accepted Accounting Principles (GAAP). The information is important to investors, managers, banks,
Ethicality of Accounting Activities Learning Team E - Ashley Horne, Brochelle Shirley, Erika Schmidt, and Mareta Guerrero ETH/376 September 30, 2013 Tammie Holland Ethicality of Accounting Activities To evaluate the ethicality of accounting activities, Learning Team E will review the Cynthia Cooper and WorldCom case using the following criteria. This review will identify the key accounting activity involved in this case and evaluate the accounting activity in terms of the AICPA Code of Professional Conduct. Additionally, determine how the accounting activity was or was not equitable to internal and external stakeholders and which aspects were ethical or unethical. Finally, through the identification of key team members in this case, this review will explain his or her ethical or unethical actions and how those actions influenced the events that occurred. Key Accounting Activity Involved The key accounting activity involved in the case of Cynthia Cooper and WorldCom was capital expenditures, which is defined as “…the funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment” (Capital Expenditure - Capex, 2013, para.
To maintain as much independance as is possible. And to retain dignity and respect for the individual. Risk assessments should be regularly reviewed as an individuals health, independance and mental capacity can change. It is important to use an agreed risk assessment process as it allows you to evaluate any risks and possible consequences that may be involved in an activity or lifestyle that an individual wishes to partisipate in. It allows you to find other ways that maybe less risky and to record the alternatives.
Understand concepts of social responsibility and ethical principles, and ascertain how the concepts and principles are used in business, government and society relationships. 7. Use critical thinking through text review, selective readings, interactive class discussion, and case studies to apply social responsibility concepts and ethical principles to current business, government and society issues. 8. Evaluate and apply alternate dispute resolution methods toward defining and developing strategies for integrating and reconciling interests and issues arising in the business, government and society
For external purposes, hedge effectiveness and the fair market value of the swaps must be determined and reported. For internal purposes, the program’s effectiveness as well as future interest rates must be determined to make correct business decisions. QUESTIONS Follow your proposal for managing Union Carbide Corporation’s (UCC) interest rate risk, we, members of the finance and pension committee of UCC’s Board of Directions have questions that we believe will help