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- Unethical acts are generally committed by unethical people. What are some things companies can do to help ensure that their employees act ethically?Controversy tends to surround the topic of whistleblowers. For example, should they be considered heroes or traitors? Many pro-whistleblowing policies have been enacted by the federal government to allow these individuals to reap significant monetary rewards for coming forward and giving information about behaviors and actions such as corporate fraud and unethical deeds. Many corporate whistleblowers face negative consequences of their actions, such as reassignment, revenge, and hate crimes, and are seen as traitors (e.g., Edward Snowden and Gina Gray). Yet Sherron Watkins and Cynthia Cooper were celebrated as heroes. Look up the stories of Sherron Watkins and Cynthia Cooper. Why do you think that some whistleblowers are vilified and others made to be heroes?Look up the term corrupt in the dictionary. What is its definition? Was corrupt appropriately applied to the actions of Arthur Andersen?
- Although Andersen’s conviction was overturned, do you believe that its employees acted in an ethical manner?Viljoen plc has suffered the following events:(1) An accidental failure of IT security resulting in publication of confidential client data(2) A deliberate breach of IT security resulting in client data being passed to a competitor(3) A new government regulation resulting in increased IT security costsWhich of these events are examples of cyber risks materialising?A. (1) and (2) onlyB. (1) and (3) onlyC. (2) and (3) only OD. (1), (2) and (3)The Sarbanes-Oxley (SOX) Act was passed by Congress in 2002 in response to the accounting and reporting failures associated wit high-profile investor fraud schemes carried-out by companies such as Enron an WorldCom. True False
- The Boeing Company, manufacturer of jet aircraft, is the defendant in numerous lawsuits claiming unfair trade practices. Boeing has strong incentives not to disclose these contingent liabilities. However, financial accounting standards require that companies report their contingent liabilities. Required: a. Why would a company prefer not to disclose its contingent liabilities? b. Describe how a bank could be harmed if a company seeking a loan did not disclose its contingent liabilities. c. What is the ethical tightrope that each company must walk when it reports its contingent liabilities?Piracy, however, is the direct copy of a company’s product and is unethical. Piracy is most prevalent in the video, music, perfume, and designer clothing industries, and is not a replacement for new-product development. Think about and discuss: Does the AMA Statement of Ethics address this issue? Go to ama.org/codesofconduct and review the statement. Then write a paragraph on what the AMA Statement of Ethics contains that might relate to knock-off products.Waste Management Scandal (1998), is one of the top 10 accounting scandals of all times. The Securities and Exchange Commission (SEC) found the company's owner and former CEO, Dean L Buntrock, guilty, along with several other top executives, and Waste Management's auditors, Arthur Andersen. How does this fact coordinates with the reasons that force an accountant to go for unethical practices?
- The Sarbanes-Oxley (SOX) Act of 2002 is federal legislation designed to protect publicly held companies from frivolous litigation. The Act makes it m pursue litigation based solely on commentary by company executives and decreased penalties for violation of existing securities laws. True or False True FalseWhich of the following losses can be considered as operational risk losses?a) A counterparty going bankrupt and not payingb) Damage to the company’s reputation from a cyber attackc) Inability to process customer transactions due to a cyber attackd) The failure of a central counter party to correctly execute a tradee) An employee suing the company for discriminationf) A new business venture in another company failing to be profitableg) Violating financial regulations in another countryII. Answer the following questions:a) What are credit ratings? b) Define Enterprise Risk Management c) Why is it important that risk models are back tested? What does it mean if a modelfails a back test?One way of analyzing whether National Security Agency (NSA) whistleblower Edward Snowden’s actions were justified in leaking classified materials exposing the breadth of the U.S. government’s surveillance activities is by weighing personal morality against the morality that comes with one’s adopted professional role. Using this perspective, do you believe Snowden’s act was ethical?
