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Centro Escolar University *

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Accounting

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Nov 24, 2024

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TASK 1 Watch this Damon Horowitz 15min Ted Talk and do the following: https://www.ted.com/talks/damon_horowitz#t-757213 Links to an external site. 1. As discussed in the talk, think about a decision you had to make and you were worried about doing the right thing. Reflect on it and explain how you came up with the decision (as discussed in the talk). 2. Having read through the first 6 (and almost the entire text at this point), chapters, do you think you will use any of the theories going forward to think through your decisions? 3. Are ethics hard and really require thinking? Do you think it is important that you think before you speak? How do you do that (most people just say what they think before even thinking about it)? Also: Watch this 2 min clip https://www.youtube.com/watch? v=aY9Rhm0oWUI Links to an external site. and tell me what you think the lessons learned were from the Andersen, Enron and WorldCom Frauds (as discussed endlessly in your text) or what should have been learned? Can auditors completely mitigate fraud? Who has the ability to mitigate fraud? TASK 2 Please answer any 5 of the following questions. REFERENCE THE TEXT for all 5 questions you choose. Label your answers by question number below. 1. In what ways do ethics risk and opportunity management, as described in this chapter, go beyond the scope of traditional risk management? 2. If a corporation’s governance process does not involve ethics risk management, what unfortunate consequences might befall a corporation?

3. How will the U.S. external auditor’s mindset change in order to discharge the duties contemplated by SAS 99 on finding fraud? 4. Corporate reporting to stakeholders other than shareholders has exploded. Why is this? Can stakeholders really make good use of all the information now available? 5. How could a corporation utilize stakeholder analysis to formulate strategies? 6. Descriptive commentary about corporate social performance is sometimes included in annual reports. Is this indicative of good performance, or is it just window dressing? How can the credibility of such commentary be enhanced? 7. Why should a corporation make use of a comprehensive framework for considering, managing and reporting corporate social performance? How should they do so? 8. Do professional accountants have the expertise to audit corporate social performance reports? 9. What would you list as the five most important ethical guidelines for dealing with North American employees? 10. Is trust really important—can’t employees work effectively for someone they are afraid of or at least where there is some “creative tension”? 11. Should a North American corporation operating abroad respect each foreign culture encountered, or insist that all employees and agents follow only one corporate culture? 12. What should a North American company do in a foreign country where women are regarded as secondary to men and are not allowed to negotiate contracts or undertake senior corporate positions? 13. The #MeToo Movement has finally succeeded in getting women’s allegations of sexual abuse to be taken seriously by management and boards of directors. Why did it take so long for this tipping point to be reached? 14. How would you advise your company’s personnel to act with regard to expectations of guanxi in China? 15. What would you advise that corporations do to recognize the new worldwide reach of antibribery enforcement related to the FCPA and the U.K. Bribery Act ? 16. If a company is to be sentenced for paying bribes 10 years ago, should the company be banned from all government contracts for 10 years, just made to pay a fine, or both? Consider the impacts on all stakeholder groups, including current and past shareholders, current employees and their families, people who paid the bribes, and current and past members of the board of directors, as well as competitors from other countries that may just have to pay a fine. 17. Why should ethical decision making be incorporated into crisis management?

TASK 3 Read the case "Walt Pavlo's MCI Scams/Frauds" on page 613-615 and answer the 6 questions at the end of the case . Make sure to watch your grammar, do not use contractions, and CITE THE TEXT to support you response (not doing so will result in a poor grade). What this case has to offer: This case illustrates some of the techniques that fraudsters can use in order to hide their fraudulent activities. These include:  kiting payments,  falsifying documents,  lapping payments, and  recording false transactions. Students who want to become auditors need to know about these techniques so that, when conducting audits, they will be alert to signs of their presence. Referred to as ‘red flags’ these indicators may be internal control weaknesses in the firm’s accounting and/or operating systems.

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