The Literature of Corporate Governance Principles 2 words - 15 pages investments.
Hire Writer Furthermore, a determination on whether or not the activities were equitable to internal and external stakeholders and what would be the best next step decision. Financial Statements are designed to define the health and well-being of a company. It is necessary that the information on the financial statements is accurate.
The Sarbanes-Oxley SOX Act of was a law that was passed because of a several unethical companies who decided that they could cook the books with the financial statement reports to benefit from the companies.
It was apparent to the auditors that what they found was a situation that needed further investigation. The information already coming to light, did not follow suit with the concentration of what the SOX Act was established for.
The Statement of Auditing Standards requires the internal audit staff which, has responsibilities to the company in which he works for.
The auditors went to Cupertino which, is the director of the internal auditing department as well as a licensed Certified Public Accountant CPA and also holds the certified internal auditor CIA designator. Cupertino approached Campbell regarding the transactions and which was told that upper management would support the actions of what Mr.
Campbell did in the last two months, because of the pressure, it exceed budgeted revenue, nevertheless it would not affect the stock prices. The ethicality issues of this case are simple.
The transactions were done during the fourth quarter but at the cost of not doing proper business with the customers.
The customers did not receive their product how they requested it full shipment of product versus partial and delivered product when they did not want them yet due to room or space.
Campbell wanted the company to look better than what was actual. The other ethical issue is the Mr. Cupertino would like to take his concerns further to Walter Hayward, who is the chief financial officer CFOwho is also a member of the board of directors, or to take his concerns to the audit committee.
Cupertino understands that the majority of the members of the board, including those on the audit committee, which includes the ties into the company and members of top management.
This causes a decision that he has to make even though he knows that there is financial performance pressures, and he may not get the support he seeks.
Cupertino is serious about his responsibilities and obligations for coordinating the work of the internal auditing department and the external auditors. Plus, he has responsibility to the public of having accurate financial statements.
The internal and external stakeholders could be potentially negatively affected because of what Campbell decided to do with the transactions, just to have enough or over enough revenue in sales. The production and shipment of the transactions and pushing them out to the customer prior to their desired receipt date theoretically will cause loss of future orders from the customer, in turn losing future revenues.
Additionally, possibly losing prospect customers from the negative feedback from the customers who did not receive moral customer service that they deserved. Both the internal and external stakeholders will be affected by loss of business because it will be lose in revenue and could ruin the company.
It was clear from the beginning of this case that Campbell and Lorenzo acted unethically and put the company at risk for future investigation and losses of revenue.
It was apparent that they were thinking short-term of the goals than having a long-term goals for the company. Campbell was only thinking about what numbers they needed but he was not taking any consideration of the public interest for the company financial state.
Cupertino was put into a position that he believed that he would not be able to do anything about because of the members which are on the board and the top management. It seems that Cupertino is an ethical accountant and passionate about his responsibilities and obligations and should discuss with the external auditors regarding his findings and allow the external auditors to further their investigations regarding the practices of the company.
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ETH Week 2 Learning Team Assignment Ethicality of Accounting Activities.
Resource: Case , Cynthia Cooper and WorldCom in Ch. 2 of Ethical Obligations and Decision Making in Accounting. Write a 1, to 1,word paper evaluating the ethicality of the Cynthia Cooper and WorldCom benjaminpohle.com://benjaminpohle.com /ETHComplete-Course-WKWK 2 Legality and Ethicality of Corporate Governance United Thermostatic Controls is a publically traded company that manufactures and sales residential and commercial thermostats.
Because of worsening economics, Frank Campbell, the Director of the Southern Sales Division, is feeling pressure from top management concerning sales targets and goals. After viewing shipments of products to the benjaminpohle.com