Business Essentials (12th Edition) (What's New in Intro to Business)
12th Edition
ISBN: 9780134728391
Author: Ronald J. Ebert, Ricky W. Griffin
Publisher: PEARSON
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Question
Chapter 15, Problem 15.31C
Summary Introduction
Case summary:
The case deals with the future directions for the modern accountant. The role of the traditional accountant was analyzing past data, providing interpretation of financial data, and creating financial statements. The roles of modern Certified Public Accountant are demonstrating financial implications for overall operations, human resources, technical resources, data management, and strategy.
The trends that are emerged to the additional roles of the modem accountant are as follows:
- Project management in the expanded role of an accountant
- Social media has changed relationships and the way business is conducted
- Effectiveness as a communicator is a must for the accountant
- Fewer restrictions from physical and geographic boundaries.
To determine: Whether the emerging role of the modern accountant brings with it a greater emphasis on ethics.
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Please answer to quetion No.1
1. What were the responsibilities of the accountants at Arthur Andersen? To whom did they owe these responsibilities?
2. Who was harmed by the insider trading of Enron executives? What harm, if any, was done to employees who were prevented from selling Enron stock in their 401(k) accounts?
Consider the following statement:
“The public's perception of corporate ethics changed dramatically with the revelation of the unethical decision-making at Enron, WorldCom, Adelphia, Tyco International, Peregrine Systems and iVillage. The scandals took a toll on consumers' confidence and portfolios, and undermined their faith in the accounting profession. Corporate stakeholders have called for more transparent financial reporting and evidence of better ethical conduct”.
Required:
Describe and explain THREE (3) broad categories of fraud schemes that may arise base on the situation above. Give one example for each category.
Discuss the increased scrutiny is enough, what controls might prevent governmental accounting fraud from happening.
Chapter 15 Solutions
Business Essentials (12th Edition) (What's New in Intro to Business)
Ch. 15 - Prob. 15.1QRCh. 15 - Prob. 15.2QRCh. 15 - Prob. 15.3QRCh. 15 - Prob. 15.4QRCh. 15 - Prob. 15.5QRCh. 15 - Prob. 15.6QACh. 15 - Prob. 15.7QACh. 15 - Prob. 15.8QACh. 15 - Prob. 15.9AECh. 15 - Prob. 15.10AE
Ch. 15 - Prob. 15.11ACh. 15 - Prob. 15.12ACh. 15 - Prob. 15.13ACh. 15 - Prob. 15.14ACh. 15 - Prob. 15.15ACh. 15 - Prob. 15.20EECh. 15 - Prob. 15.21EECh. 15 - Prob. 15.22EECh. 15 - Prob. 15.23CCh. 15 - Prob. 15.24CCh. 15 - Prob. 15.25CCh. 15 - Prob. 15.26CCh. 15 - Prob. 15.27CCh. 15 - Prob. 15.28CCh. 15 - Prob. 15.29CCh. 15 - Prob. 15.30CCh. 15 - Prob. 15.31C
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