Business/Professional Ethics Directors/Executives/Acct
8th Edition
ISBN: 9781337485913
Author: BROOKS
Publisher: Cengage
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How does an accounting professional's commitment to the firm, the profession, and to colleagues influence whether he/she will blow the whistle on financial wrongdoing? What other factors, related to organizational culture, could contribute to whether or not a professional decides to blow the whistle on a financial wrongdoing?
Why have there have been so many business scandals mentioned in the media over the past few years? Have companies simply gotten worse, or have people become more sophisticated in identifying improper activity? What is the role of the Accountant? Sarbanes-Oxley, for example, has placed much more responsibility on the CEO and corporate officers? Are there additional laws that should be considered to ensure these scandals do not continue to occur? Should non-executives be held liable for corporate wrongdoing?
in 200 words, please.
Under the current system, the risk of engaging in criminal behaviours is evaluated by corporate managers who have very little to lose". Is this statement accurate or inaccurate? (Explain why or why not sufficiently)
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- Controversy tends to surround the topic of whistleblowers. For example, should they be considered heroes or traitors? Many pro-whistleblowing policies have been enacted by the federal government to allow these individuals to reap significant monetary rewards for coming forward and giving information about behaviors and actions such as corporate fraud and unethical deeds. Many corporate whistleblowers face negative consequences of their actions, such as reassignment, revenge, and hate crimes, and are seen as traitors (e.g., Edward Snowden and Gina Gray). Yet Sherron Watkins and Cynthia Cooper were celebrated as heroes. Look up the stories of Sherron Watkins and Cynthia Cooper. Why do you think that some whistleblowers are vilified and others made to be heroes?arrow_forwardHow do the concepts of cognitive dissonance and organizational/ethical dissonance relate to whether an accountant might choose to blow the whistle on corporate wrongdoing?arrow_forwardDo some research (use sources other than your prescribed textbook) and explain why it is important for businesses to have ethical standards and codes of conduct for financial managers.Include another example where poor ethical practices by people in a management or trust position have led to significant losses.arrow_forward
- Mr. Bader is leaving his Auditing Firm to become the Finance Director of his client company. The ethical dilemma that he is most likely to face would be conflict in: a. Confidentiality b. Due Care c. Professional Competence d. Professional Behaviorarrow_forwardDo you think there are any circumstances when you should go outside the company to report financial wrongdoing? If so, to what person/organization would you go? Why? If not, why would you not take the information outside the company?arrow_forwardMany financial managers and corporate officers are often criticized for (a) poor decisions, (b) lack of ethical behavior, (c) large salaries, (d) lucrative severance packagesworth millions of dollars, and (e) extravagant lifestyles. Is this criticism justified? Justify your opinion.arrow_forward
- .Identify some of the corporate scandals that took place in the recent past worldwide and discuss to what extent you think the scandals are a result of ineffective corporate governance.arrow_forward1. Do you think that financial managers should be held to a higher standard of ethical behavior? 2. In the video on ethics and my article from the Conway Daily Sun, there were several examples of unethical behavior, Please discuss a real life example of unethical behavior either from your personal experience or from the news. What do you think can be done to change the unethical behavior, or do you think it can't be stopped?arrow_forwardAfter dissolution caused by the illegal acts, fraud, corruption and etc. of the directors, trustees, officers, or employees, what will happen to the innocent stockholders and employees? Are they going to receive something from the company's assets since they are not involved to that act?arrow_forward
- The SEC is trying to get companies to notify the investment community more quickly when a "material change" will affect their forthcoming financial results. In what sense might a financial manager be seen as "more ethical" if he or she follows this directive and issues a press release indicating that sales will not be as high as previously anticipated?arrow_forwardwhat happens when director is being irresponsible in the company?arrow_forwardPlease describe a time when you were faced with a personal dilemma regarding whether to blow the whistle on a wrongdoing. Some examples of a wrongdoing are witnessing cheating on an exam, witnessing someone trying to steal, noticing someone trying to take advantage of another, and completing a project at work without recording time spent in order to meet time constraints. Who were the stakeholders in the situation and how were they impacted by the wrongdoing? How did rationalization encourage the wrongdoer to follow through with their wrongdoing? What did you do and why?arrow_forward
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