Worldcom Essay

Ethics is a part of almost everything in our lives. It’s what allows us to consciously make good decisions and avoid bad decisions to guide us through life. Even if someone is unfamiliar with the word ethics, a majority of people can distinguish what is the right thing to do in most situations but can also consciously do the wrong thing. This can apply to anything from miniscule daily tasks to giant corporate decisions that can affect many lives, that is ethics. In the following pages, we will…

Organizations posses a lot of information, including strategic plans, trade secrets, cost information, legal documents, and process improvements. Of course, preserving the confidentiality the organization’s intellectual property is the basic objective of information security. Protecting the privacy of their customers’ information is also equally important. That means a company and its management team is also responsible in protecting confidentiality and in implementing privacy controls. If they…

Introduction Audit committees have an important role to play in order to uphold both perceived and actual independence of the external audit process and this role will continue to evolve going forward (Cohen, Krishnamoorthy & Wright, 2002a). KPMG's Audit Committee Institute (2003) states: “Today, as never before, the role, responsibility, and accountability of the audit committee continue to be the focus of lawmakers, regulators, and shareholders. The audit committee's role in overseeing a…

Question Four The Sarbanes-Oxley Act of 2002, referred to as the SOX Act, was passed with the intention of curbing fraudulent accounting practices. In response to the many scandals proceeding 2002, such as those surrounding the Enron Corporation and WorldCom, this act of legislation demands full disclosure of the financial practices of a corporation in order to build investor confidence in financial statements and the market as a whole. The three main sections of the SOX Act are sections…

Competitive Tendering and Audit Quality The UK Competition and Markets Authority(CMA) implemented a compulsory Order in September 2014 for the purpose of improving audit independence. This essay will discuss whether the order will improve audit quality by answering several questions from two perspectives, academic research and auditing theory. The questions include the meaning of ‘audit quality ', opinions for and against mandatory rotation, the advantages and disadvantages of competitive…

In the modern day, Superiors, Managers and Business organizations are looking for an antidote to eradicate corporation’s sickness to rely on out of date knowledge they picked up in colleges and universities, patterns traditions, and techniques they happen to be skilled in implementing while on the job. They could learn one or two things from practitioners of evidence-based management in the Strategic leadership and Organizational Change. One would ask what evidence -based management is before…

Stephen M. R. Covey, author of The Speed of Trust is the co-founder and CEO of CoveyLink Worldwide, and the former CEO of Covey Leadership Center. In addition to these accomplishments he is the son of Stephen R. Covey, bestselling author of The 7 Habits of Highly Effective People. Mr. Covey has an extensive speaking background and a multitude of stories that provide much needed practicality and insight in today 's business world. The Speed of Trust is something that we can all relate to.…

On July 30, 2002, Congress passed with a near unanimous vote what is considered by many to be “the most comprehensive financial reporting legislation since the Securities Acts of 1933 and 1934” (Louwers at al., 2015). The Sarbanes-Oxley Act of 2002, commonly referred to as “SOX”, was named after its two main creators U.S. Senator Paul Sarbanes and U.S. Representative Michael G. Oxley. The Sarbanes-Oxley Act has a goal “To protect investors by improving the accuracy and reliability of corporate…

development (Zsolnai 2004). In contrast, dishonest practices such as fraud and corruption, especially in business, impact the functioning of the market (Rose-Ackerman 2001) and cause immense financial and reputational damage (e.g. Enron, Tycom or WorldCom). Whilst the outcome of honest civic behaviour is usually observable, the drivers thereof have not been fully investigated, despite being studied in great variety (e.g. Darley & Batson 1973, Fischbacher & Föllmi-Heusi 2013). Civic honesty is…

The importance of global ethical business responsibilities has gained recognition for many reasons. Today, companies have set standards for which they must go through in order to conduct a global business. For many, the motivation to earn a profit and transfer the capital is not the primary driver in doing business; rather it is the primary enabler of sustained activity (Freeman et al. 39). One’s decisions can be affected by establishment of personal qualities, including things such as moral…