Business Economics College - Essay Example

Only on StudentShare

Extract of sample
Business Economics College

As a top partner at an accounting firm, I would put in place a high powered internal team that would have sweeping powers and would be responsible to study past failures, recommend and implement changes and more importantly, conduct a random or systematic 2nd round of auditing on team/partners/clients. (The Demise of Arthur Andersen, 2002)
2. Forbid team members and partners to work with clients with insider connection: Another major factor that was responsible for the lapse in adhering to the accounting standards was the fact that one/multiple members of the auditing team had professional and/or personal interests in Colonial Realty. This seriously diminished the willingness of the auditor to evaluate the financial reports with strict objectivity.
3. Closely monitor clients that are taking accounting as well as consulting services: Accounting firm offering consulting services derive significant synergies from the consulting services. Among others, cross selling of services helps accounting firms increase their revenues and profits. Additionally, rapid change in business environment resulted in new forms of transactions, and hence an auditing firm needed more than just accountants - they needed computer professionals, lawyers and management professional to understand and audit these transactions. ...
Download paper


1. Lack of 2nd line of regulation: Enron turned out to be the final act of wrong doing for Arthur Anderson LLP, but it was not certainly the first. Arthur Anderson has been forced to settle over a dozen cases of financial and accounting irregularities over the previous 25 years…
Author : tryciahaag

Related Essays

Micro Economics College Essay
There are exceptions to this general rule. However, in the case of commodities that are normally consumed, this rule can be applied. It can be therefore, inferred that demand and supply are two opposite extremes of the same phenomenon and when it comes together (it is necessary), the price is determined, called the equilibrium price. This equilibrium price ensures that quantity demanded is just equal to the quantity supplied at any time point and this decides the price of that good (Forget 1999, p. 141). In the context of hike in the price of enriched wheat flour in Malaysia, the following...
4 pages (1004 words) Essay
Economics for Business Essay
Parkin and Bade go on to explain: A business cycle is not a regular, predictable, or repeating phenomenon like the swing of the pendulum of a clock. Its timing is random and, to a large degress, unpredictable. A business cycle is identified as a sequence of four phases:...
5 pages (1255 words) Essay
Economics College Essay
This event has crippled the economy, leading to a quarterly decline of 1.4% in the third quarter. The attack has "shut down the economy for several days and has had a lasting impact on tourism, the airline industry, and other businesses" (Economists Call it Recession 2001). In an annual basis, the US economy only managed to grow by 0.8% during 2001....
2 pages (502 words) Essay
Business College Essay
Therefore, in order to understand these markets, it is important for the western country to comprehend these differences from country to country by using the five contexts of framework. The five contexts include a country's social and political arrangements, openness, product, labor, and capital markets. Business executives can form their strategies around this by asking questions that relate to the five contexts, and thus begin to develop upon the country's individual strengths. While doing this, it is also important for the business to measure the positives and negatives of forming a...
8 pages (2008 words) Essay
Monetary Economics College Essay
This means that the Fed have set their rates at very low levels in the last ten years, this is policy measure to encourage investment and also to check inflation, therefore the statement is true....
2 pages (502 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!