Waste Management

In the article, “From Gadget to Garbage: Tackling The Problem of Discarded Technology” from the Orange County Register, the NewsELA staff states, “No one is sure how much e-waste ends up being exported from the U.S., the EPA says, but “the United States government is concerned that these exports are being mismanaged abroad, causing serious public health and environmental hazards.” The quote explains that by exporting e-waste incorrectly, public health and the environment are being put at risk. The quoted statement implies that e-waste shouldn’t be exported and should stay in it’s country, for public health and environmental safety. When the author uses the word, “mismanaged” it means the incorrect handling of things, which in the article the

The company’s revenues were not growing fast enough to meet these targets, so defendants instead resorted to improperly eliminating and deferring current period expenses to inflate earnings. They employed a multitude of imp roper accounting practices to achieve this objective. Among other things; the complaint charges that defendants:

Infectious waste is stored in yellow clinical bags, sharps are stored in a sharps container and household waste is stored in black bags. Each of these containers can only be filled up until they are 75% full at which point they must be closed and stored in a separate room prior to collection.

Organizational misconduct is the chief cause behind corporate accounting scandals. The trusted executives of the corporation participation in actions during a scandal are corrupt and illegal. In the United States, the Securities and Exchange Commission (SEC) is typically the government agency that investigates such scandals. One of the most notorious corporate accounting scandals in the United States is the HealthSouth Corporation scandal of 2003. HealthSouth Corporation is one of the United States largest health care providers with locations nationwide. A deeper inspection of the HealthSouth scandal is needed to understand how it transpired by assessing how it was executed, the accounting issues and root of the issue, how it was exposed, the results to the company and its officers, and warranted ramifications as an outcome of the scandal.

From farm to table getting our food and produce to the consumer is a tricky task. Even with all the planning millions of food ends up wasted a year. Many steps are already taken to reduce the amount of food being wasted but are they enough? In America alone 200 to 250 pounds is wasted per person per year! According the world resources institute “32 percent of the world’s food was never consumed in 2009”.

In recent year we have seen numerous companies fail as a result of these bad and/or fraudulent practices. In 1998 the publicly traded Waste Management Company falsely reported 1.7 billion in earnings. They got caught when the new CEO and management team went through the books.

The audit world was transformed more than ten years ago due to a series of accounting scandals. This change took place when The Sarbanes–Oxley Act of 2002, otherwise known as SOX, was passed affecting not only business entities but also the firms that audit those companies (Thomas). One of the companies whose fraud was unmasked by the passage of SOX was HealthSouth Corporation. A company in the healthcare industry who had overstated about $2.7 billion dollars in earnings since 1996. The company’s CEO, Richard Scrushy, was the first to be tried under SOX for misrepresenting and signing off on misleading financial statements(Accounting Fraud at HealthSouth).

This event was unprecedented. The seventh largest company in the United States disintegrated from an annually profitable company in business for over sixteen years to a company claiming to be bankrupt over a period of a few months (O’Leary). Ultimately, fraudulent accounting and misstatements of revenues and debt obligations orchestrated by the CEO, CFO, and other senior managers were to blame. These revelations roiled stakeholder trust in public companies' financial reporting, accounting methodology, and overall transparency. In addition to Enron’s admissions, their accountant and auditor, Arthur Andersen LLP, was determined to have conspired to assist in the inflation of stated profits mainly by not disclosing Enron's money-losing partnerships in the financial statements (PBS). Arthur Andersen eventually surrendered the practices’ CPA licenses in the United States after being found guilty of criminal charges relating to the firm's handling of auditing for Enron

One would assume that they should have brought a new person in to do the audit but then that person would have been on the job at the beginning of the scandal and carried it through until the very end.

The agencies not only discovered the complex web of fictitious partnerships that hid Enron’s massive debt but also that the company’s external accounting firm, Arthur Anderson, was creating materially false and misleading audit reports. . The true nature of Enron’s massive financial losses was shown to the public and the stock price plunged, causing investors to lose billions of dollars. Enron, however, was just the first and largest scandal to become public. Numerous companies including Tyco, WorldCom, and Kmart were found to have inflated earnings (Martin & Combs, 2010, 103). Investors had been manipulated to invest into companies that followed unethical business practice thereby shattering future investor confidence.

(3) 1984-1987: As a public company, overstating income to help insiders dump stock at inflated prices using a variety of fraudulent

As time progress every business can find ways to be more efficient and effective. This can be achieved by analyzing each step of the process and find ways to eliminate "waste". "Waste" can be define here as variables of but limited to time, raw materials, employees, steps in the process, and or

Many people are often surprised at the small amount of energy used by their garage door openers. Given that garage doors weigh several hundred pounds, one would think that a lot of energy is needed to do that kind of heavy lifting.

Ahmad et al. (2013) indicated that the company created $35 million in inappropriate restructuring reserves in 1996 that were reversed in 1997 to inflate income through ' 'cookie jar ' ' reserves to create fake profits and creating the illusion of a rapid turn-around (pp.8-10). Ahmad et al. mentioned that the company reported a $109 million revenue in 1997, of which over $70 million of revenue from bill and hold sales, channel stuffing by putting inventory onto the books of distributors and retailers and other inappropriate accounting practice, such as, reduction of inventory to fabricate large profits when the goods were sold, recorded some sales that were not real and restated down to $38 million (pp.8-10). Ahmad et al. mentioned that the SEC charged the CEO for violating federal laws by misrepresenting material information and settled by paying portion of the $141 million, while former controller and chief accounting officer each agreed to pay $100,000 in fines, as well as Arthur Andersen settled for undisclosed amount (pp.8-10).

Waste Management, Inc., incorporated in 1968, had become a leader in the industry of waste management services ranging from industrial operations to curbside collection. This company had become synonymous with many different kinds of disposal services that allowed for the company to grow and grow with a solid base over the course of twenty-eight years. Finally in 1996, the company reported total assets of almost $20 billion with net income close to $200 million. However, even with this growth and solid base, the company was feeling competitive pressures and net income was on the decline.