StudentShare solutions
Triangle menu

Ethics of Financial Reporting Business Fraud - Essay Example

Nobody downloaded yet

Extract of sample
Ethics of Financial Reporting Business Fraud

This is not to say that management should ignore social responsibility such as protecting consumers, paying fair wages, maintaining fair hiring practices and safe working conditions, supporting education and becoming actively involved in environmental issues. Stakeholders other than stockholders can no longer be enrolled. These stakeholders include creditors, employees, customers, suppliers, communities in which a company operates and others. The impact of decisions must be recognized.
The Enron controversy resulted to different political and economic changes which affected both government and private agencies. Enron has developed into becoming a part of America’s top ten companies in the span of nearly two decades. Their sudden rise to power seemed impossible to many industries in the financial world. However, the scam which brought upon Enron success was discovered.
Deception was the name of the game for Enron. They concealed their controversial and suspicious dealings and transaction with their growing debt so that they appear debt-free and admirable to stockholders and the public.
At last, every lie and cover up was made known to many when the company suddenly and unexpectedly filed for Chapter 11 Bankruptcy. That was their last resort. Not even company partnerships and affiliations could save the money and the glory of Enron.
When the news of bankruptcy of Enron was revealed, the reasons behind Enron’s downfall remained unclear and uncertain. There were mixed reactions among businessmen, politicians, stockholders and others. Most of them were enraged while some felt concerned. There were those who were not surprise that the discrepancies with the financial statements could actually happen. It was as if it was the common habit among those who wish to decrease their debt.
Questions such as the reason behind the downfall as well as the possible ways and means for preventing bankruptcy rose among the interested public. What hindered the company or the ...Show more
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Ethics of Financial Reporting Business Fraud Essay - 1”, n.d.)
Retrieved from https://studentshare.net/miscellaneous/344475-ethics-of-financial-reporting-business-fraud
(Ethics of Financial Reporting Business Fraud Essay - 1)
https://studentshare.net/miscellaneous/344475-ethics-of-financial-reporting-business-fraud.
“Ethics of Financial Reporting Business Fraud Essay - 1”, n.d. https://studentshare.net/miscellaneous/344475-ethics-of-financial-reporting-business-fraud.
  • Cited: 0 times

Summary

Accounting education needs to teach future CPAs the skills to effectively meet the public’s expectations in the area of fraud. This includes a basic knowledge of criminology and the laws…
Ethics of Financial Reporting Business Fraud
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Ethics of Financial Reporting Business Fraud"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Business: Financial Reporting 3
They are nonmonetary in nature. They are capable of being separated and arising out of contractual and other legal rights. Such rights need not be transferable and separable from the entity owning them or other rights and obligations of the entity (IFRS.org).
5 pages (1250 words) Coursework
Business Ethics : Fraud of the century
Conducting a formal oath ceremony for all employees will help nurture the ethical culture within the company that will be reflected in the dealings with customers, creditors and suppliers at all levels.
4 pages (1000 words) Essay
Financial Fraud: Impact on National Economies
The negative impact is also transferred to the national economy and the people therein. Therefore, since national economies contribute to the global or international economy, financial frauds anywhere will result in a negative impact on the international economy.
9 pages (2250 words) Essay
Govenance,Reporting and Ethics
The Combined Code on Corporate Governance dictates that companies should address their Directors and also provide in training services to the Directors and the working staff so as to enable the prosperity of the company. Remuneration levels should be sufficient so as to attract, as well as retain and motivate directors and the other working staff towards working very hard so as to achieve success of the company (Nam & Jinn 2000).
6 pages (1500 words) Essay
Comparative Financial Reporting
(McMeeking, 2006). Only small companies are exempted from statutory audits in some countries e.g., the United Kingdom. Registered auditors are expected to express an opinion on the financial statements on whether they are free from material misstatements.
12 pages (3000 words) Essay
Business Ethics
inancial reporting and to develop greater transparency in financial reporting to investors and other stakeholders” (Ferrell, Fraedrich, Ferrell 102). It is a significant act because it shows just how important business ethics are, and the penalties that can stem from not
1 pages (250 words) Essay
Financial crimes:internal fraud
They have asked that you make particular reference to HR systems and controls in your report. The increase of complexity of organizational activities worldwide has led to the limitation of the effectiveness of the measures taken for the control of
14 pages (3500 words) Essay
Ethical issues business financial reporting
People who prepare the financial statements often distort communication between the shareholders and entities in the organization and pass on totally different message. This is known as ‘creative accounting’ or ‘earnings
4 pages (1000 words) Essay
Business Ethics
Mainly the external stakeholders like the shareholders, prospective investors, bank and government use the financial statements for taking decision about their further association
6 pages (1500 words) Essay
Financial Reporting Fraud

The author provides the following accounting principle. The matching principle requires firms to apply the accrual basis of accounting where expenses are matched with revenues. For example, the wages of an employee should be reported in the week that the employee worked and not when the employee was paid.

 

4 pages (1000 words) Essay
Comments (0)
Click to create a comment
Let us find you another Essay on topic Ethics of Financial Reporting Business Fraud for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us