Enhancing Performance In Sports Essay

First and foremost, the accounting system used should be updated. The case stated that the system was 30 years old and that prior accounting period transactions could not be locked down, which enabled internal control processes to be bypassed. Enhancing internal

7. There should more separation of duties to help with this issues as well as a better process put in place for deposit reconciliations. There should also be an approved vendor list as to whom Madon does business

In the past few years, enterprise integrity has come up on a regular subject of conversation. In the past ten years only, we have seen numerous situations associated with collaborative scams which have shaken the people 's trust in businesses and also the general economic climate. A few of the many salient frauds are the WorldCom and Enron 's scams, the ponzi scheme perpetrated by Bernard Madoff 's, the latest accusations of Goldman Sachs tricking option traders to guarantee the company 's personal profit. Incidents such as these designed us all, as upcoming corporation professionals as well as market leaders, think about ethics and its particular function in the commercial world (Gross, 2010.)

There are procedures set in place for the purchasing of goods/services in an organization. The process involves any action or data handling associated with the buying and paying of goods or services. Departments work interdependently to produce information that can later be used in the preparation of financial records and reports; these documents are used by decision makers to evaluate how well a business is doing. Businesses are becoming more complex and it has become increasingly more important to keep up with the demand to provide quality accounting records. One way for stakeholders to measure how true and fair a company’s statements is by enlisting the expertise of auditors. Auditors are called upon to comment on the accounting methods used and truthfulness in the reporting of financial activities; internal auditors are especially interested in detecting mistakes and fraud that can be costly for the company if exposed. Businesses are becoming more complex and it has become increasingly more important to keep up with the demand to provide quality accounting records. For that reason firms install accounting information systems to assist in the management of business practices.

The scandal that broke up in wells Fargo last year involving the fake accounts with the customer money was found to be a corporate scandal. The case has been determined to issue important lessons in the way a company should avoid forming a culture that is vulnerable to corruption. The unethical behavior characterizing the Wells Fargo scandal had spread at the bank and many employees were engaged in the secret creation of the new bank credits and the credit-card accounts for the clients without their knowledge that later resulted in an overdraft and other fees. Most of the headline creating the unethical behavior was aimed at promoting financial gains for the firm and individuals. However, the case for Wells Fargo appeared to be more related

The ones that are affected in this case are Mary, Brian, employees at Hewsen and government. Mary is the one who is mostly affected, as she is the one who is facing this ethical dilemma. She is the one who does the internal audit of the company and so the whole company and its employees rely much on her. In this case her decision matters the most as if she decides to be honest and tell the truth about the wrong doings of the company, the company may go out of business and she may lose her job. But if she decides to fabricate the fact, the company will do good but misled the government. Brian as being the president of the company is affected because his company is facing the hard times and may soon lose the business. Employees will also be affected because if Mary makes her decision to tell the truth the company may be close and their jobs will not be there. The government is affected because the company is misleading them as the company is misusing the fund they have received and they are also being cheated upon because Hewsen is not facilitating its operations in Arcticview.

Athletes are mostly known for the records they’ve broken, the points they score, and how many championships they’ve won. Today in sports you see record fall every year as athletes have new training techniques and improved technology In the past athletes were asked to play the sport and focus on the game. They did not have to really worry on what was going on outside their sport. Recently we have seen athletes roles grow in society. One example is Lebron James asking more athletes to use their stardom to help stop the violence and start helping to repair the damages to communities. Athletes personal lives are also more criticized and under the microscope of their fans. A criminal background or offense can mean ruin for their career.

Performance drugs have become a worldwide predicament in the United States and other countries regarding the competitive aspects that are needed in order to succeed. Most high school students feel pressured into earning a scholarship in order to pertain a spot in a specific college of their choice. Most of these teen athletes turn to common enhancement drugs such as creatine, steroid precursors, oxycontin, vicodin, and many other addictive drugs in order to acquire a specific body image that society would perceive as “acceptable.” The use of these amphetamines is compelling and is becoming a major health and ethical issue in sports and scholarship programs worldwide.

Some industry-specific factors, such as having valuable near-cash assets, can increase the organization's vulnerability. Also they will need to rationalize the actions as justifiable. The individuals committing the fraud must first convince themselves that their behavior is acceptable or will be temporary. For example, Barry Minkow’s believed that the lies and deceit are for the betterment of his company and that with time everything will eventually return to normal.

Fraud Risk: These weakness affects all levels of the internal control environment and other areas of the company. It shows that internal controls are not as important as meeting the company’s performance outlooks. If management does not openly display ethical conduct, the expectation of fraud and misappropriation

(Hellriegel & Slocum, 2011, p.563) This ethical dilemma will not just hurt her but others in the company as well and she doesn’t know their circumstances. Being that Valerie is unsure if she should report her boss she is worrying herself. She knows that their policy state, “Personal payments, bribes or kickbacks to customers or suppliers or the receipt of kickbacks, bribes or personal payments by employees are absolutely prohibited.”, so this is a dilemma that she should let go and reported. (Hellriegel & Slocum, 2011, p.564) Ethics plays a big role in this dilemma because this was a time to determine the values and principles that differentiate if the boss is right for what he is doing or if he is wrong. There wouldn’t be anything that would justify what he is doing is right, but is there a way to determine if Valerie was right or wrong for not telling on her boss because he wasn’t following the company’s policy and she was aware of it. Valerie situation contain multiple ethics so that is why she shouldn’t be judged on the decision that she made not to tell.

Integrity might cause problems in this case as the main persons in this organization are family members and there are also family members with high functions in the bank and JRW Realty with which Prefab has close business relations. Moreover, the members of the audit and compensation committee are not all independent of the firm and therefore, the likelihood of fraud or material misstatements in the financial statements is quite high. The profitability of the engagement to the auditor should be considered as well. Due to the extensive investigation the auditor has to do, especially due to the relationships between the people at the top management and the independence of the audit and compensation committee, the profitability might be a concern. Furthermore, from the analysis of the business risks of accepting the audit it can be concluded that there are several severe problem areas in which fraud or material misstatements in the financial statements can take place. At the Prefab Sprout Company the risk of fraud or material misstatements is considered to be very high and therefore, the engagement should not be accepted.

Finance professionals are always ranked high for their professional integrity and ethics. But various scandals in companies like World Com, Tyco, Quest,

However, if the caller decides to resign from the company immediately there are also a few risks. One risk of resigning immediately is that if she does so, she will not be able to collect proof showing the senior executives illegally increased their sales and receivable accounts in the financial statements by recording transactions that had not yet took place. These supporting documents can be extremely important and helpful if the company tries to direct the blame towards the caller for the improper accounting practices. Another risk of resigning immediately, is that she will be unemployed temporarily, due to the fact that she more than likely do not have another job to replace this one.

You are the engagement partner in a firm of chartered accountant and are reviewing the audit fire of a client ABC ltd. the audit manager has recommended that the audit option is qualified because he is in dispute with the directors of ABC ltd. The audit manager wishes the directors to create a large doubtful debts provision against a major debtor that is over six months old. The directors do not witch to alarm the public about the current liquidity problems of their major costumer because they are sure that as soon as their costumer has completed the development on their latest product, which is due to finish very soon, the costumer will settle their debt. The audit manager says that the client has contacted another for a