Ethics | Accounting homework help

Instructions:

Paper should be NO LESS than five pages, double spaced, 1” margins. Minimum of five references, APA style

Evaluating Ethical Considerations arising in Financial Accounting

There have been a number of high profile accounting scandals. Enron and Worldcom are well known and have been extensively evaluated by regulatory agencies, the courts and others. You are requested to research and write a paper ( 5 pages, double spaced using 12 point font) evaluating a questionable accounting practice (excluding Enron and Worldcom). You can select from the examples provided in Appendix A or conduct independent research regarding another questionable accounting practice. You should select a matter that interests you. As an example, the PNC matter included in Appendix A involves the company, a third-party provider of financial services to the company and an external auditor providing advice to the third-party provider. The topic should not be fairly recent. Please check with your professor if you are in doubt about the topic.  

You cannot submit a paper you used for other ethics assignments in a different course. This is considered to be plagiarism and consequences are very serious.

The paper should summarize the facts giving rise to the questionable accounting practice(s) and include (but is not limited to):

  • What parties were involved in the questionable practice?
    • CEO?
    • CFO?
    • Internal accounting or tax departments?
    • Third-party provider of financial products or services?
    • External Auditor?
    • Other?
  • What enabled the accounting scandal?
    • Corporate culture – (tone at the top)?
    • External or internal pressure?
    • Corporate compensation practices and policies?
  • What controls or processes could have been instituted to deter the questionable accounting practices?
  • Statement of corporate value (Code of Conduct) and other policies?
  • Corporate culture that encourages reporting of questionable activities?
  • External auditor awareness and/or engagement?
  • Internal audit oversight including independent Audit Accounting Committee oversight?
  • Other?
  • What principles as provided by the Institute of Management Accountants (IMA) Statement of Ethical Professional Practice were violated or placed into question?
  • Competence?
  • Confidentiality?
  • Integrity?
  • Credibility?
  • What penalties, if any, were imposed? Were they adequate from your perspective?
  • Loss of position or compensation?
  • Suspension of license or other privileges?
  • Civil?
  • Criminal?
  • As provided in the Interagency Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Activities (January 11, 2007), did the questionable accounting practice (such as PNC included in Appendix A) involve a Complex Financial Structured Transaction (“CFST”)? Your evaluation should be principles based, considered in broad terms and not limited to whether a defined “financial institution” was involved. If not, why not? If yes, what principles provided in the Interagency Statement may have deterred the CFST(s)?
  • Formal, written firm-wide policies and procedures to identify, evaluate, assess and document reputational risk?
  • Transaction lacked economic substance or business purpose?
  • Transaction was designed for questionable accounting, regulatory or tax objectives?
  • Concerns that transaction would be properly reported or disclosed in financial reports?
  • Circular transfers of risk?
  • Oral or undocumented agreements?
  • Economic terms that were inconsistent with market norms including substantially disproportionate compensation?
  • Sufficient due diligence performed to evaluate the reputational risk?
  • Were experienced senior experts and senior members of management without a direct financial interest in the outcome involved in the approval process?
  • Other principles or guidance provided in the Interagency Statement?

Appendix A

(References listed below are representative and not comprehensive – 

additional research recommended)

Weatherford (2016)

http://ww2.cfo.com/fraud/2016/09/weatherford-fined-140-accounting-fraud/

https://www.sec.gov/news/pressrelease/2016-194.html

https://www.sec.gov/litigation/admin/2016/33-10221.pdf

http://www.marketwatch.com/story/sec-wont-pursue-clawbacks-in-weatherford-accounting-fraud-case-2016-09-27

Toshiba (2015) 

http://blogs.wsj.com/briefly/2015/07/21/5-things-to-know-about-toshibas-accounting-scandal-2/

http://www.investopedia.com/articles/investing/081315/toshibas-accounting-scandal-how-it-happened.asp

https://www.toshiba.co.jp/about/ir/en/news/20151208_2.pdf

http://www.glasslewis.com/toshiba-accounting-scandal http://law.emory.edu/ecgar/_documents/volumes/3/3/essays/engelberg.pdf

PNC (2001) – Example of Complex Financial Structured Transaction 

http://www.investmentnews.com/article/20061212/REG/612120716/pnc-exec-sanctioned-in-accounting-scandal

https://www.sec.gov/litigation/admin/33-8112.htm

https://www.sec.gov/litigation/complaints/comp18985.pdf

https://www.sec.gov/news/press/2004-163.htm

https://www.sec.gov/litigation/litreleases/lr18985.htm

https://www.sec.gov/litigation/admin/2007/34-55523.pdf

https://www.sec.gov/litigation/admin/2006/33-8759.pdf

Interagency Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Activities

https://www.federalreserve.gov/boarddocs/srletters/2007/SR0705a1.pdf

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency