ACC 375 Complete Class /Accounting Ethics and Professional Regulations
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ACC 375 Week 1 Assignment Understanding Ethics Matrix Resource: Understanding Ethics Matrix located on the student website Complete the Understanding Ethics Matrix by writing a short paragraph for each theory by considering the following:
Give a brief summary of each theory.
Identify the history and major proponents or theorists of each theory.
Define the terms utility, justice, and liberty under each theory.
Describe how each theory advocates the distribution of resources.
Cite all sources used to obtain information. DQ1: Explain the concept of utility under the utilitarianism theory. How can a business achieve a level of utility? DQ2: What is the connection between justice and utility under utilitarianism theory? What are a few assumptions and problems with utilitarianism theory? DQ3: What are the similarities and differences between the concepts of justice under the utilitarianism theory and distributive justice theory? What is the difference between concepts of ethics and morality? DQ4: What is meant by the term of management fraud? What are some red flags, or warning signs, associated with identifying fraud? DQ5: What are some social and legal implications of management fraud? How can a company protect itself from fraudulent acts? DQ 6: Explain the different types of risk, such as audit risk, inherent risk, control risk, and detection risk. How can a company assess its fraud risk?
ACC 375 Week 2 Learning Team Assignment Sarbanes-Oxley Act Training Manual
Your accounting firm has been hired to consult a privately held company. The company is considering becoming public in the near future. As part of preparing for this transition, they have asked your firm to create training materials they can use to ensure their company aligns to the Sarbanes-Oxley Act. At this point, the company is unsure of what this act really means and how it might affect them. Create a 1,050- to 1,400-word training manual to introduce the Sarbanes-Oxley Act and describe its implications to the company. Create your training manual in the Microsoft Office ® format of your choice, such as Word®, Publisher®, or PowerPoint®. If you opt to use PowerPoint®, include comprehensive speaker notes. Research using your textbooks and at least two outside sources. Include the following information:
The reasons the act was brought forth and the role of accounting in making ethical decisions
· The current U.S. accounting rule-making bodies (FASB, SEC and PCAOB) and their influence regarding this act ·
The documentation standards that the company must adopt to be in compliance with the act
· The changes required to hold management accountable for ensuring that internal controls function properly Format your assignment consistent with APA guidelines. DQ1: Explain the differences among the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC), and the Public Company Accounting Oversight Board (PCAOB). DQ2: What concepts of independence and integrity mean to the accounting profession? DQ3: According to the AICPA Code of Professional Conduct, what does it mean to serve the public interest? Provide a recent example from a news article addressing an instance in which someone was working in their self-interest rather than the public interest. DQ 4: The SEC and the PCAOB place restrictions on 14 different types of non-audit services in an effort to guarantee the continued independence of accounting firms. What are three of these services? Why might there be a restriction imposed? DQ 5: How has the Sarbanes-Oxley Act affected professional independence among accountants? DQ 6: Distinguish between the ethical standards of CPAs and non-CPAs. Which services might CPAs be able to perform that non-CPAs are unable to perform?
ACC 375 Week 3 Individual Assignment Ethics Situation 1 Fraudulent Schemes Report
Your accounting firm has been hired to consult with a small company regarding fraudulent schemes. The company has experienced fraudulent behavior and recently terminated a few employees as a result of unethical behavior, including the theft of cash. They are looking for information regarding common fraudulent schemes surrounding an organization’s inflow of customer payments and outflow of funds. They have indicated that, though they do not have a large staff, they are interested in developing more effective internal controls to safeguard against future occurrences. Write a 1,050- to 1,400-word report that provides a background of common fraudulent schemes. Research using your textbooks and at least three outside sources. Include the following:
Analysis of the following types of fraudulent acts: skimming, cash larceny and billing schemes
· A brief example of a company that has had similar issues but has been able to continue after the result of a fraudulent act ·
Discussion of how ethical theory and real-world business practices are sometimes different
· A recommendation to the company in order to establish some internal controls surrounding their cash receipts and cash disbursements Format your report consistent with APA guidelines. DQ1: Review the case study Just Because it’s Legal, Is it Ethical in Perspectives in Business Ethics. How might bankruptcy law provide an outlet for unethical behavior? DQ 2: Consider the topic of air pollution. Discuss whether a business should go beyond what the law requires. How might a company be rewarded or punished for making an ethical or unethical decision? DQ 3: Review the case study “It Seems Right in Theory but Does It Work in Practice?” in Perspectives in Business Ethics. How is ethical theory applied in practice? DQ 4: Review the case study “Where and Why Did Business Ethicists Go Wrong? The Case of Dow Corning Corporation’ in Perspectives in Business ethics. What are some ethical and legal issues Dow Corning faced in considering filing for bankruptcy? DQ 5: What is meant by the team skimming? How can a company detect if skimming is occurring? What is meant by the term lapping? How might an employee use lapping to conceal skimming? DQ 6: What are the three types of billing schemes? What type of proactive test is used to detect these schemes?
ACC 375 Week 4 Individual Assignment Unethical Behavior Individual: Unethical Behavior Memo
You have been hired as the new controller of a large manufacturing company. The 30-year-old company produces a selection of profitable products, but has also experienced some ethical lapses.
A few months into your new role, the CEO has asked you to prepare a memo that will provide guidance to management for handling some of these ethical lapses. As you investigate, you discover a negative atmosphere in the company. Your investigation reveals the following information: CEO: “We need to create a way to make sure our company goals are defined and align with the highest ethical standards. We have experienced issues in almost every department, and I am trying to focus on what we can do. I know you have spoken with others, and I suspect there is some unethical behavior occurring. I have heard that the accounting department has experienced some issues in the past. Specifically, issues with fake suppliers being created and paid. While this did result in the termination of one employee, I’m not sure it has stopped.” Accounts Receivable Supervisor: “Things are pretty bad around here. There doesn’t seem to be any leadership or direction for the company. Upper management rarely conducts meetings to discuss anything, positive or negative. There are no clear goals and we only receive feedback once a year at our annual review. I have difficulty keeping the staff motivated because the meager raises. We all receive the same raise, even in a booming year when sales are high.” Accounts Payable Supervisor: “I used to be energetic when I started working here. I suppose this place just wears you down after awhile. There doesn’t seem to be any correlation between pay and performance. You can be a high performer and receive a 2% raise or be a low performer and receive a 1% raise. Most of the staff have given up, and view their position as a job rather than a career.”
Upon further inspection, you discover that the vendor files are in disarray, and there is no proper backup to support the invoice and expense reports that have been paid.” Sales Team Manager: “I am having difficulty getting the sales team to visit their accounts and provide acceptable customer service. Part of the problem is that the company has set the commission schedule to prior standards, when sales were easy to acquire. Each salesperson receives only 1% commission on the sales in his or her territory. I am beginning to wonder if they are visiting the existing accounts anymore. Sales are still healthy—no one seems to ask questions when the sales are healthy—but we are not seeing many new sales.” Prepare a 750- to 1,050-word memo addressed to the management. Explain some of the underlying motives contributing to the unethical behavior. Recommend a few changes that might alleviate some of the unethical behavior and improve employee morale. Address the common fraud schemes in the outflow of company funds, including check tampering, payroll schemes, and expense reimbursement schemes. Suggest several controls for the company to implement in order to prevent these schemes. Research using your textbooks and at least two outside sources. Format your report consistent with APA guidelines.
DQ1: What are the four steps involved in the fraud theory approach? Describe and give examples of each. DQ 2: Describe the three components of the fraud triangle. Which component does management control? DQ3: What is meant by the term check tampering? What are the five methods of check tampering? DQ 4: Search the Internet for an article related to fraudulent behavior. What was the motive behind the ethical behavior? What might the organization have done to mitigate the unethical behavior? DQ 5: Discuss three common methods used to overstate expense reports. What types of controls might a company implement to limit this behavior?
ACC 375 Week 5 Learning Team Assignment Code of Conduct and Ethics Report Your team has recently been hired by a newly formed, start-up manufacturing company. You are attending a meeting to discuss the establishment of company policies in anticipation of future hiring. As you begin the meeting, the CEO addresses the need for a code of conduct policy, with an emphasis on ethical behavior. Other members of the team discuss the issue of growing business at any cost in order to keep the company growing. The CEO acknowledges the need for growth but demands that the team determines a way for the company to maintain the highest degree of ethical standards. One member asks if it is possible to maintain the highest degree of ethical standards and still remain profitable— which draws some laughter from the group. The discussion turns to the various business cycles that are common in a manufacturing organization—specifically, the revenue and collection cycle, the acquisition and expenditure cycle, and the production cycle. The CEO has asked your team to find 3 or 4 code of ethics documents from other companies, analyze them, and recommend ideas for your company’s code of ethics. Search the Internet for 3 or 4 code of ethics documents from other companies. Analyze each document, including how each addresses the three business cycles:
The revenue and collection cycle
The acquisition and expenditure cycle
The production cycle
Identify the internal controls that limit unethical behavior during these cycles. Write a 1,400- to 1,750 word report on your findings.
Address the following concepts:
The importance of a corporate code of conduct
The need to establish a business culture that is committed to ethical behavior
The tradeoff between ethics and profits
Analysis of each code of ethics document your retrieved from other companies
Recommendations for your company’s code of ethics
Format your paper consistent with APA guidelines. DQ 1: Should maximizing stock holder wealth always be the top goal of a company? How does this lead to unethical decisions? DQ 2: Explain how ethics affect company goals. Do you think that ethics always guide management’s decisions? Why? DQ 3: What are two platforms that business leaders can use to demonstrate and articulate their purpose, principles, and values? Discuss them. DQ 4: Do you think consumers hold companies responsible for their actions? Why is it important to have a corporate code of conduct? How does having a code of conduct influence the company’s reputation and culture? DQ 5: Is it possible to have a profitable ethical program? Search the internet for an example, and provide the details on how a company is developing this, and whether you think it will work in the long run. DQ 6: What are some of the common unethical behaviors surrounding the revenue and collection cycle and the acquisitions and expenditure cycle?