Enron

According to section 301.4 of SOX 2002, the public company audit committee is required to implement procedures for the receipt, retention, and treatment of complaints received by the whistleblowers concerning auditing matters, internal accounting controls, or accounting. Also, the complaints have to be treated confidentially by the audit committee by making whistleblowing procedures for the submission around dubitable accounting or auditing matters to be anonymous. To encourage this, the audit…

Assignment 3 One important aspect of the nonprofit world is the undeniable need for accounting and transparency of organizations. Prior to 1994, nonprofit organizations used fund accounting to represent balanced sheets. Fund accounting offered an overall picture of the organization’s finances in a complicated fragmented way, in other words it made reporting difficult and therefore seeing a clear picture of the organizations finances became very challenging (McLaughlin, 2010). On the other hand,…

However, Steffensmeier et al. (2013:469) state that women are risk averse and do not play major roles in white-collar crime. Two prolific women have defied qualities of normative femininity and have played major roles in the orchestration of a corporate crime challenging Steffensmeier’s argument. By taking risks and demonstrating assertiveness while holding a dominant position in their businesses, Michelle Tobin and Monica Iles were able to carry out corporate offences in their unmonitored and…

First, I would tell my coworker that arguing and violence is not going to solve the problem. After my coworker calms down, I will discuss possible ideas that we can share with our boss to solve this problem. So what’s really the issue? The company fired 5 employees because they lost a large client. Now the company has 95 employees and two employees must do the workload of 5 employees. In addition, a project must be completed within 3 days. Solution 1: There are 95 employees why should two…

Barriers to entry are factors that prevent a startup from entering a particular market. Jack and Stephen Teeling faced two kinds of barriers to entry in the Irish whiskey business in 2012. The two barriers to entry were capital requirements, such as financial and human capital, and access to distribution channels. As in any industry, there are costs for starting and operating a business. Some of the high capital costs Jack and Stephen incurred are mostly start-up costs; High capital costs…

Trinity Industries is a successful and properly operating company who never had to restate their earning from previous years. However, Don Collum VP of Trinity Industries, had described the company in 2003 as a candidate for material weakness as defined by Sarbanes-Oxley Act (SOX). The company was deficient in internal control process in the area of documentation and evidence that controls had been performed which could lead to material weakness. Sarbanes-Oxley (SOX) was created in 2002 because…

During the 1800s, flour was very important in Minnesota’s economy. It provided money, food, and jobs to hundreds of people. The basic cooking ingredient made from wheat was not only popular, but was also plentiful. The flour industry in Minnesota started off as small and were not very profitable. The mills were tiny and locally owned, and didn't make very much money. That all changed, however, when a man named Charles Pillsbury came to Minnesota from New Hampshire. He was not rich when he…

The leaders I identified to research were the creators of the firm Perella Weinberg and Partners. Joe Perella was born in Newark, New Jersey and graduated with a degree in accounting from Leigh University, and received his MBA from the Harvard Business School. Peter Weinberg graduated his undergraduate studies from Claremont McKenna College, and also received his MBA from Harvard. Both individuals came up through the investment banking world in different ways, but each ended up very successful.…

According to utilitarian, Lerome plays a vital role within economic system making sure the benefit of the whole society is taking place. Lerome had no personal intention to lose a job or anything, but he stood for the society. He stood for all those mothers and for those entire infants who would drink apple juice. He had an ethical responsibility towards the public and the company. The Zonar Corporation paid the research and development team and so did the contractor paid their team for the…

Phar-Mor Inc. was one of the largest super discount drugstores in the early 1980’S.The Company was a complete success with over 300 discount super stores across the United States and employing thousands of workers. The company’s first signs of financial difficulty became obvious in 1988 as speculation increased about Phar-Mor’s decreasing profit margins. The fraud team consisted of several former auditors, including auditors who had worked for Coopers & Lybrand on prior Phar-Mor audits. The…