...In the National Gallery ”In the National Gallery” is a short story by Doris Lessing form 2007. The themes in the story are that older are more patient than younger, a person can be attracted by another without showing it, and you must follow the time otherwise it can become ugly. The narrator is first person point of view “She was the boss girl in this group, even if nit officially a head girl or monitor” (page 3, line 43). The narrator has an objective sight, but the narrator reflects and interprets what he sees. Therefore gets the reader a subjective view on the text. Because it is his thoughts we read. “Her eyes focused, on the great brilliant horse, so close, towering there on the golden canvas, on his hind legs.” (page 4, line 102) The French girl did not say anything about the horse; therefore can the narrator not tell what the French girl thinks about the horse. We only get the narrator thoughts therefore the narrator becomes unreliable. Strubbs horse is a symbol of the older man. “But then a man sat down, on the other side of the bench’s arm and he leaned forward, elbows on knees, and locked hard at the horse” (Page 1, Line 19). Before had the horse an important role in the society. Every great leader in history has sat on a horseback, because it was a strong, powerful, and fast. Now we only use the horse as a hobby. When the older man was young he was a strong and marvellous man. He cut pick up a sixteen-year-old girl when he just where twelve years old. ”She...
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...Ethics. The ethics of many American companies are not law but should be treated as such however these regulations are rarely followed and sometimes not followed at all. The risks that companies have been taking to increase profits and put more money into the CEO’s pockets use illegal actions. In recent times, companies such as Enron, Wal-Mart and BP have been guilty of multiple charges against ethical principles which have led to bankruptcies, housing market crashes and environmental disasters. The most famous case related to Enron and their aggressive accounting practices of reporting losses as profits to keep the stock price high. This act ultimately led to the bankruptcy of the company. Enron was founded in Omaha, Nebraska by Kenneth Lay in 1985. It was an American energy, commodities and services company based in Houston, Texas. Enron was once viewed as one of the best companies in America during its initial years of operation. Fortune magazine named Enron “America’s Most Innovative Company” for six consecutive years. Enron employed 20,000 employees, owned multiple pipelines and power plants in addition to a stock price that hit a peak of $90. Enron had an extensive code of ethics policy. This policy was 64 pages long and described each policy and the consequences for breaking them. All aspects of the company made it look like the shining star they wanted to people to believe. What was actually going on...
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...BACHELOR OF COMMERCE YEAR 3 - ACADEMIC CALENDER | | | Appendix A: ASSIGNMENT COVER SHEET | | | | | | | | | | Date Received: ………………………….. | | | | Date Returned: ……………....………… | | | Programme | BACHELOR OF COMMERCE DEGREE | Module Name | BUSINESS MANAGEMENT 3 | Assignment Number | ASSIGNMENT 1 | Surname | De Villiers | First Name/s | Cornèl | Student Number | BCOM 1121041 | Date Submitted | | Postal Address | P O Box 252 | | Henties Bay | | Namibia | | 9000 | E-MAIL | | myregent email addresss | (Please note that confirmation of assignment receipt as well as | | return assignment will be forwarded to this e-mail address) | E-MAIL | renier@iway.na & Cornel.deVilliers@hbaymun.com.na | (alternate e-mail address) | | Contacte Numbers | Cell: 0812575079 | | Home: 064-500694 | | Work: 064-502022 | Alternate Contact: Name | Renier Henning de Villiers | Relationship | Husband | Contact Number | 0812403219 | | | I hereby confirm that the assignment submitted herein is my own original work. | | | | | Signature of Student: | ……………………………………………………………….Date: ……………………………….. | BUSINESS MANAGEMENT 3: ASSIGNMENT 1 Table of Content: Question: Page: Question 1 3-6 Question 2 7-9 Question 3 10-12 Question 4 13-14 Bibliography 15 QUESTION 1: (40) Read the...
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...Enron and World Finance A Case Study in Ethics Edited by Paul H. Dembinski, Carole Lager, Andrew Cornford and Jean-Michel Bonvin Enron and World Finance Also by Observatoire de la Finance From Bretton Woods to Basel Finance & the Common Good/Bien Commun, no. 21, Spring 2005 Ethics of Taxation and Banking Secrecy Finance & the Common Good/Bien Commun, no. 12, Autumn 2002 Will the Euro Shape Europe? Finance & the Common Good/Bien Commun, no. 9, Winter 2001–2 Dommen, E. (ed.) Debt Beyond Contract Finance & the Common Good/Bien Commun, Supplement no. 2, 2001 Bonvin, J.-M. Debt and the Jubilee: Pacing the Economy Finance & the Common Good/Bien Commun, Supplement no. 1, 1999 Dembinski, P. H. (leading contributor) Economic and Financial Globalization: What the Numbers Say United Nations, Geneva, 2003 Enron and World Finance A Case Study in Ethics Edited by Paul H. Dembinski Carole Lager Andrew Cornford and Jean-Michel Bonvin in association with the Observatoire de la Finance Selection, editorial matter and Chapters 1, 2 and 16 © Observatoire de la Finance Remaining chapters © contributors 2006 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence ...
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...Web of Details Did Enron In as Warnings Went Unheeded Sun Feb 10, 3:15 PM ET By KURT EICHENWALD with DIANA B. HENRIQUES The New York Times Jeff Gerth, Richard A. Oppel Jr., Richard W. Stevenson, and Don Van Natta Jr. also contributed to this article. HOUSTON, Feb. 9 Kenneth L. Lay strode onto a ballroom stage at the Hyatt Regency Hill Country Resort in San Antonio, walking between two giant screens that displayed his projected image. Before him, bright light from the ballroom's chandeliers spilled across scores of round tables where executives from the Enron Corporation waited to hear the words of Mr. Lay, their longtime chairman and chief executive. This meeting of hundreds of Enron executives in the first week of January 2001 was a time of revelry, a chance to celebrate a year when business seemed good even better than good. At night, according to executives who attended, Champagne and liquor flowed from the open bar, while fistfuls of free cigars were available for the taking. Executives could belly up to temporary gambling tables for high-stakes games of poker. Others found their excitement in the company- sponsored car race; one executive had even hired a truck to transport his three Ferraris from Houston for the event. Now, as waiters wearing bolo ties scurried about, the executives listened eagerly to Mr. Lay's descriptions of Enron's recent year of success, and the new successes that were within reach. Already, Enron was near the top of the Fortune 500, a...
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...Enron and World Finance A Case Study in Ethics Edited by Paul H. Dembinski, Carole Lager, Andrew Cornford and Jean-Michel Bonvin Enron and World Finance Also by Observatoire de la Finance From Bretton Woods to Basel Finance & the Common Good/Bien Commun, no. 21, Spring 2005 Ethics of Taxation and Banking Secrecy Finance & the Common Good/Bien Commun, no. 12, Autumn 2002 Will the Euro Shape Europe? Finance & the Common Good/Bien Commun, no. 9, Winter 2001–2 Dommen, E. (ed.) Debt Beyond Contract Finance & the Common Good/Bien Commun, Supplement no. 2, 2001 Bonvin, J.-M. Debt and the Jubilee: Pacing the Economy Finance & the Common Good/Bien Commun, Supplement no. 1, 1999 Dembinski, P. H. (leading contributor) Economic and Financial Globalization: What the Numbers Say United Nations, Geneva, 2003 Enron and World Finance A Case Study in Ethics Edited by Paul H. Dembinski Carole Lager Andrew Cornford and Jean-Michel Bonvin in association with the Observatoire de la Finance Selection, editorial matter and Chapters 1, 2 and 16 © Observatoire de la Finance Remaining chapters © contributors 2006 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying...
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...Sarbanes-Oxley Act of 2002 SE584: Forensic and Business Investigations Techniques February 22, 2009 The passage of the Sarbanes-Oxley Act of 2002 (SOX) changed how accounting is practiced and how corporations handle their accounting departments, to include auditing and internal controls. Some of these changes are for better accountability and some are for governing the application of stricter rules. The accounting profession was dramatically affected by the events leading up to and after the passing of this law. In the days before SOX, there were many high valued fraudulent activities. The news was flooded with employees, managers, and executives who were committing fraud against their investors, their organizations, or both. Millions and billions of dollars were being lost. The acts that brought about SOX began many years before its inception but were especially prevalent during the dot-com boom. These company’s executives fraudulently reported increases in revenue dollars, bringing their net income up in order to keep pace with their growth projected by analysts. The collapse of these “fast and furious” companies did not mean the last of the major fraudulent activities by executives against organizations or their investors. The 1990s was a time that saw many changes affecting business. The Internet was beginning to open more to commercial use, no more was it just for academics and the government. The age of technology that had started in the 1960s truly took off. The...
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...Effect of unethical article ACC 291 June 27, 2013 Julio Medina The unethical behavior of Enron Corporation The unethical habits and behavior's in accounting would be deceptive under financial analysis such as gainings, misuses of fundings, overstating the value of corporate assets or underreporting the existence of liabilities, overdoing revenue as well as understanding expenses. Another unethical systems would be securities fraud, manipulation of the financial markets and bribery. Enron is one of the greatest example that impact the unethical behavior. Enron corporation was an American energy company was formed from the merger of Houston Natural Gas including the inter north a Nebraska pipeline company. Enron employed around 21,000 people and was one of the worlds leading natural gas, pulp, electricity, and communications companies. Enron reported financial situations of were the company constant of institutionalized systematic planning accounting fraud having rumors of corruption to secure contracts in central America. Enron's ethics of coding was created on respect, integrity, communication, and excellence. These values were described as follows. Respect. We treat others as we would like to be treated ourselves. We do not tolerate abusive or disrespectful treatment. Ruthlessness, callousness and arrogance don’t belong here. Integrity. We work with customers and prospects openly, honestly and sincerely. When we say we will do something, we will do it; when we say we...
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...through those illegal financial documents would go to an elite set of men and women, called forensic accountant. Forensic accountants help America recover huge amounts of financial dollars by bring corporate leaders to justice who made illegal business decisions (Davis, Farrell, & Ogilby, 2009). Attributes of the Elite Forensic accounting/accountant (FA) involves the application of accounting concepts and techniques to legal problems (Davis, Farrell, & Ogilby, 2009). “Initially, forensic accountants were used by government agencies, such as the CIA, the FBI and the IRS, to uncover and investigate fraud” (Ramaswamy, 2005, p. 2).With the recent economic downturn the profession of forensic accounting has seen a 200% increase since the Enron and...
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...ACCOUNTING TRANSPARENCY Charles Katoroogo Prof Brandy Havens ACC 303 12/1/2013 ACCOUNTING TRANSPARENCY Accounting is mainly concerned with general rules, concepts and principles that are established with the purpose of governing different fields of financial reporting. Accounting principles are also known as accounting principles and guidelines, these acts as the base on which more complex and critical rules are based. The authority responsible for issuing the accounting standards (i.e. financial accounting standard board) also uses these basic principles to formulate the accounting standards in a more efficient manner. Generally accepted accounting principles (GAAP) consist of various rules and principles which are used for preparing the financial statements. GAAP consist of three important fields:- 1) Basic accounting principles and guidelines. 2) Various accounting standards issued by FASB. 3) Generally accepted practices in the industry. All those companies which are providing its financial statement to public is required to follow the GAAP while preparing the financial statements. Further, if the company is a listed entity then the federal law of the nation requires the company to get its accounts audited by an independent certified public accountant. There has been various corporate scams in past years which has made it compulsory for the regulatory bodies to create various laws and amend the existing laws so that more accurate and transparent financial...
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...Enron Corporation was established in 1985 by Ken Lay after merging Houston Natural Gas and Internorth, it has more than 20,000 employees and it's one of the seven largest electricity, natural gas company. Before it went to bankruptcy, Enron claimed revenues of almost $101 billion in 2000, placed Enron at sixth on the Fortune Global 500, it also named "America's most innovative company" for the past six years(1996-2001). In 10/22/2001, The "street.com website pronounced a message revealed the complex financial transaction between Enron and Osprey Co., through Osprey, Enron debited 340 billion dollars"○1 which never appeared in the financial statement. At the same time, SEC began to investigate Enron, thus, the Enron's accounting scandal finally above the water. The first person who became the whistleblower disclosure Enron's financial fraud was Watkins and Cooper, although the CFO asked cooper to postpone her investigation, Cooper still doing her audit to alert the board about the financial statement problems, at the meantime, Watkins outlined the problems in a memo to Ken Lay, "but by the time Watkins and Cooper blew the whistle, much damage had already been done and the shareholders and employees were the ultimate losers."○2 Whistleblower program is very important to minimum a corporation's hazardous activities, but the blower often face some awkward situations, such as fear of the manager's retaliation, fear to be treat as a betrayer by the workmates, unwilling to be...
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...around, leave things off the books, and write checks to put money into their own hands. ENRON is a prime example of fraud being committed in a company. They not only caused the company to go bankrupt, but shareholders lost $74 billion, employees lost their jobs and retirement accounts were lost as well. ENRON is energy, commodities and service corporation based out of Houston, Texas. They committed many fraudulent crimes in which one was practically given to them by the government. Most organizations are regulated by the government. Financial regulation is a type of regulation or supervision that holds an organization to certain requirements, restrictions and guidelines which is aimed at maintaining the integrity of the financial system. Its’ objectives are to keep market confidence, financial stability, consumer protection and reduce financial crimes and unethical behavior. However, ENRON filed for deregulation, in which when it was granted, the executives were able to hide and not divulge certain items such as losses, which had investors wanting to invest in that company since it looked to be so profitable. However, this lead to a bigger scandal in which finance.laws.com/enron-scandal-summary says, “By misrepresenting earnings reports while continuing to enjoy the revenue provided by the investors not privy to the true financial condition of ENRON, the executives of ENRON embezzled funds funneling in from investments while reporting fraudulent earnings to those...
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...breaches in recent times. 3 2.0 Accounting ethical breaches and their impacts 3 2.1 The Scandal of Enron 3 3.0 Organizational ethical issues and the management failure 5 4.0 Breach of the accounting practices and its impacts 5 5.0 Recommendations by the CFO 6 6.0 References 8 1.0 Corporate ethical breaches in recent times. Ethics is an important aspect of business in today’s enironment. Sometimes management ignores or leaves to state laws to govern the code of ethics within a company. Companies have faced a lot of issues regarding ethical situations in modern times. According to Baker (2012) contrary to the popular belief of the recent global financial crisis resulting from failures of accounting ethics, he argues that there is not enough evidence to support this connection. 2.0 Accounting ethical breaches and its impacts Breaches of the accounting ethical policies have become a source of concern for the firms today. The proper application of IFRS and GAAP standards is vital for each firm. In recent years as more scandals have come into the spotlight firms have taken more and more internal measures in addition to the policy making at the governmental level to ensure breach of consumers’ trust and laws does not take place in the future. There has been a tremendous increase in the interest in accounting ethics (Cowton, 2013). 2.1 The Scandal of Enron The scandal of Enron in 1990’s is well known in history. When due to misrepresentation in the accounting procedures the...
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...Enron Scandal: Who did what? What went down between Fastow, Lay, Skilling, and Causey? Dillon Benjamin Lock Haven University Enron operated one of the largest natural gas transmission networks in North America, totaling over 36,000 miles (Frontain, 2002 p. 1). The company was formed in 1985 when InterNorth purchased Houston Natural Gas (McLeon, 2013, p. 1). According to Frontain (2002), “Enron managed the world’s largest portfolio of natural gas risk management contracts and pioneered innovative trading products” (p. 1). By the year of 2000 Enron was the 7th largest corporation in the United States” (McLeon, 2013, p. 1). That is who and what Enron was before everything came crashing down. Enron employed sketchy and misleading accounting practices to hide its financial losses (McLeon, 2013, p. 1). Under Jeffrey Skilling the trading operation adopted market-to-market accounting in which the present value of anticipated revenue is realized and the expected costs of fulfilling the contract are expensed once a contract is signed (Frontain, 2002, p. 2). Enron got into trouble in 2001 when Arthur Anderson, Enron’s outside auditor, correctly accounted one partnership deal that created severe quarterly losses (Frontain, 2002, p. 2). According McLeon (2013), “Those losses and subsequent profit and debt restatements caused Enron's stock price to drop, triggering the unraveling of the partnership and resulting in a sudden and dramatic financial collapse. This event led them into...
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...The Impact of the Sarbanes-Oxley Act on Auditing Prior to the 2002, there were numerous accounting and corporate scandals that rocked the business world. Foremost of which is the Enron debacle which was followed by WorldCom, Tyco International and Global Crossing (CIO Decisions). The collapse of these businesses was attributed to the lack of regulatory controls in the part of the government as well as transparency of operations of corporations which can be of help to its stakeholders in the analysis of profitability and assurance of good governance to the public. They importance of the Act lies on the accountability and security of financial reporting that the stakeholders would have in a corporation’s implementation of good business practices and adherence to laws and regulations in the administration and operations of the company. The Sarbanes-Oxley Act revised a significant portion of the federation securities laws which had been in place for 60 years already (Sarbanes-Oxley Information). Before SOX, there is a self-regulation in the accounting profession whereby the Securities and Exchange Commission was “given statutory authority to set accounting standards and oversight over the Activities of the auditors…the role of establishing standards was left to the accounting profession” (CPCAF). One of the key changes in internal audits is that the “Act requires all financial reports to include an internal control report” (Sarbanes...
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