United Thermostatic Controls Eth 376 Essay

The Enron and WorldCom scandals were arguably the incidents that permanently changed the procedures for accounting controls. In response to these incidents, the Sarbanes-Oxley Act (SOX) of 2002 was passed. Once the knowledge of these scandals was made public, a number of subsequent accounting scandals were discovered in public companies such as Tyco International, HealthSouth, and American Insurance Group. In addition, a then-employee-owned company, Post, Buckley, Schuh & Jernigan, Inc. (dba PBS&J, now known as “Atkins North America, Inc.”), was also hit by a similar accounting scandal. Henceforth, a case study of PBS&J is presented where we will examine the fraudulent transactions that

This summer I read an outstanding book called Heat by MIke Lupica. This book includes a lot of baseball and when you start this book you won’t stop reading it!If you like baseball this book is definitely for you, I was able to connect with the character and his love for the sport. The characters in this book are Michael, the main character who loves baseball and is the best pitcher in his league. Carlos, Michael’s brother who will do anything to keep them together. Mr.Gibbs, an official person who wants to know the truth about Michael and Carlos’ father,but also wants to help them. Manny, Michael’s best friend who wants to help as much as he can, but wants to make it to the Little League World Series. Another character is Mrs.C, Mrs.C tried

To ensure that they withhold the highest of ethics and standards, United HealthCare Corporation has published their “Code of Conduct” handbook on their website. For example, UnitedHealth Group is committed to the integrity of its records, books and financial reporting. Employees are responsible for ensuring that all books, records and accounting are accurate and complete and accurately reflect the actual transaction or event recorded. The Senior Financial Officers and individuals who assist them in the disclosure processes must be familiar with and comply with all controls and procedures that ensure that public reports and documents filed with the Securities and Exchange Commission meet the Company’s obligations under U.S. securities laws and rules. United HealthCare Corp made this decision because they want their employees, investors, and stakeholders etc., to trust them. This is a good ethical decision because by having such strict integrity when it comes to financial reporting; it protects not only the company, but the employees of any type of ethical dilemmas and/or wrong doing because of the company’s decision to remain

Although this practice was not fraudulent, the plaintiffs insisted that Campbell had a responsibility to record a reserve or allowance in anticipation of substantial customer returns likely to result from theses “sales.” Despite the fact that a large percentage of product sold under guaranteed sales contracts was returned, the company’s accounting staff apparently never recorded appropriate reserves for those sales returns. The plaintiffs charged that PwC must have known about Campbell’s bogus sales, but

When assessing the tradeoffs between suppressing drug use/abuse versus the creation of illicit crime, we see that there are many benefits as well as costs. If policymakers are trying to suppress drug use/abuse, then they will create policies specifically targeting the 20% of the users that consume 80% of the drugs, in other words targeting those who are heavy substance abusers. The benefits in suppressing drug use/ abuse is that we see a reduction in the number of alcohol/drug-related deaths as well as a reduction in addiction to drugs with a high capture rate. For example, according to Philip J Cook, “A Free Lunch,” an increase in federal alcohol taxes could provide everyone expect the alcohol abusers with a net financial gain, which indicates that the higher the taxes, the more likely they will decide not to drink as much. However, while this may be effective for alcohol it doesn’t mean that the same measures of suppression could be effective for other drugs. If we decide to implement higher taxes for cigarettes, then we will see an increase in illicit tobacco markets (as stated in “Unintended Consequences of Cigarette Production, Regulation, and Taxation). When deciding to suppress drug use/ abuse, policies must be tailored specifically to one drug or else we will be causing more harm than

The purpose of this paper is to evaluate the legality and ethicality of the corporate governance activities that occurred in an ethics case presented in the text. The paper will provide relevant details regarding the legality of the activities, the criteria by which Sarbanes-Oxley would apply to this case, the ethicality of the activities, whether or not the activities were equitable to internal and external stakeholders, and the next steps representing best interest of all stakeholders.

The government relies on collecting taxes in order to create revenue and function successfully. A decrease in taxes affects business and the government differently. A decrease in taxes is good for business and bad for the government. Many entitites rely on government funds in order to operate and function

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate (Louwers & Reynolds, 2007). We believe that the audit evidence obtained is sufficient and appropriate to provide a reasonable basis for our opinions.

This memo is regarding Hamilton Corporation and the fraud that occurred. When people make decisions they don’t always do it with the right mindset. There are limitations in our judgment processes and we can identify methods to mitigate bias and improve judgment (KPMG Judgment Framework). The four common tendencies that cause limitations in our judgment processes are, availability, confirmation, overconfidence, and anchoring. In this memo I will explain each of the four tendencies, talk about which tendency I believe to have manifested in the Hamilton case, clarify issues relating to auditing the warranty reserve and describe the alternatives that should be considered in auditing the warranty reserve, and finally provide factors that

According to Trevino & Nelson the Golden Rule is an “important deontological guide: do unto others as you would have them do unto you” (43). Which they go on to say, that the Golden Rule leads people to the best decision only if a person is ethical (p. 43). Many would agree that neither U-North nor the firm practice the Golden Rule, they do not treat the victims in the class action suit (against U-North) with the same consideration they would expect to receive. The second ethical issue is U-North’s lack of corporate social responsibility. We see this by their continual use of toxic chemicals, after discovering it has been responsible for the deaths of thousands of people. Their decision to continue to promote their product as a health and beneficial product for people, without disclosing the potential harm and even death it can cause shows a great lack of corporate social responsibility. U-North’s primary concern appears to be with making a profit.

Regulation is an important way to enforce ethic and accountability of business. Through the unit, we can see there are some argument against regulatory. Under the free market approach, even without regulation there are private economic-based incentives for the business to provide credible info to outside parties, to avoid an increase in cost of operations. When there is a free market, the theory of market for managers and market for corporate takeovers assume managers’ previous performance will impact on how much remuneration they command in future, or whether they would be replaced by an existing management team, they will be encouraged to adopt strategies to maximise the value of their organization. The assumption is based on the agency theory, which focuses on the self-interest motivation. However, self-interest may create lots of issues as we discussed earlier, holds that regulation

The ethical issues presented in HP were actions from the board members. They ignored the values and beliefs of the company. It resulted in disrespect amongst coworkers and even HP consumers. It broke the trust within the board of HP. Trust is imperative to a business and part of the “HP way,” the core value of the company. It is a tremendous fault for a company in a global level such as HP. During the investigation, other ethical issues evolved in an attempt to solve the

This essay explores the corporate collapse of Harris-Scarfe on April 3 2001, which before their collapse was Australia’s third largest retail group (Buchanan 2004, p. 55). It will explore the collapse in the context of the auditing framework. In particular, how the financial indiscretions were not discovered by the auditors, which were going on as early as six years prior to the collapse (Buchanan 2004, p. 62). To start with, we define what the auditing objective is in order to work out where it failed in this case. ASA 200.11/ISA 200.11 defines the auditing objective as one that needs to ascertain reasonable assurance that the financial report as a whole is free from misstatement, whether due to error or fraud. In doing so the auditor can give an opinion of whether the financial report was prepared in accordance with the financial reporting framework (Gay & Simnett 2012, p. 12).

“Audit committee members or their agents may proactively examine areas, functions, and personnel where collusive fraud risk is reasonably likely to be perpetrated,” (Zmags). The search for fraud, even if performed in the same location multiple times, may continue until the audit committee feels confident that they have ruled out the probability that fraud is prevalent. One of the biggest risks of fraud is management override of controls, requiring the extensive search for risk in, “journal entries and other adjustments and reviewing accounting estimates for possible biases that could result in material misstatements,” (Nysscpa).

Under the Sarbanes-Oxley Act of 2002, reports on internal control are required. Did the company’s management acknowledge its responsibility for establishing and