The aims of the School Based Assessment are:
1. To gain an insight into the many laws and precepts that governs the daily operations of Scotia Bank.
2. To unearth the legal, social, ethical and technological issues that affects Scotia Bank and their impact on its operations.
3. To come to a...
addition, you will be prepared to design them to meet legal obligations—such as those defined in the United States’ Sarbanes-Oxley Act of 2002—as well as ethical obligations.
A. Develop a conceptual knowledge of the nature and functionality of an accounting information system...
, employees, customers, interest groups, the legal system, and the community often determine whether a specific action is right or wrong and ethical or unethical.
II. Why Study Business Ethics?
A. A Crisis in Business Ethics
1. Reports of unethical activities (accounting fraud, insider...
the taxes paid by using a legal strategy plan. The Federal Government provides such incentives to the businesses, so making use of deferring tax payable incentive, does not bring any legal or ethical issue. On the other hand, there is a concern that Acme is not paying its “fair share” of taxes...
. The proposal lists nineteen practices within the two categories of misleading and
aggressive practices. (Consalient, 2006). Discussed here are two practices that are being
transformed in the age of technology that will affect the legal adherence to ethical practices by
businesses in Europe...
accountability and the roles of accountants in the global context; Describe the legal framework for businesses and accountants; and Explain professional (statement of accounting standards) and legal requirements in financial reporting and auditing.
CORPORATION THE CORPORATION AND ITS...
the creation of ethical and legal compliance programs
C) Requires codes of ethics for financial reporting in corporations
D) Makes fraudulent financial reporting a criminal offense
E) Requires greater transparency in financial reporting
Points Earned: 2.5/2.5
Correct Answer(s): B
practice. Qualified accountants provide a range of financial services to organizations and businesses. When the financial structures of these organizations and businesses change, then the CPA practice is also bound to change. The practice of accountancy also changes in response to other changes in...
In the UK, the introduction of legal measures to allow government agencies to monitor email messages has sparked a huge controversy that still continues today.
Businesses have expressed concern that such measures will harm competitiveness and damage business relations. Other people are concerned...
discusses the social and ethical responsibilities of management
H4 analyses business functions and processes in large and global businesses
H5 explains management strategies and their impact on businesses
H6 evaluates the effectiveness of management in the performance of businesses
H7 plans and...
practices implemented by improving the company’s financial reporting procedures and strengthening the company’s compliance report. “The company has continuously evaluates its corporate governance practices and discusses these practices with our shareholders. Listening to our shareholders, learning from...
national practices and changing to accounting standards set by the International Accounting Standards Board (IASB). IASB issued IRS 1 First- time Adoption of International Financial Reporting Standards, which requires an entity to comply with every IASB standard in force in the first year when the...
be disclosed. (p. 301). Generally accepted accounting principles (GAAP) A set of rules and practices, having substantial authoritative support, that are recognized as a general guide for financial reporting purposes. (p. 294). Going concern assumption The assumption that the enterprise will continue...
Table of Contents
The rules of the game 2
Social responsibility of business 4
Reference List 7
This report discusses the accounting perspective of the “rules of the game...
organisations in both their strategy formulation and day to day operations. Businesses and organisations have thus realised the importance of ethical standards necessary for both corporate success and maintaining or achieving a positive corporate image.
Continued pressure from the consumer market...
. The system is highly transparent with an audit trail tied to each transaction and user.
The legal issues mostly comprise of accounting processes and it must comply with the country’s legislation which is GAAP, IFRS (International Financial reporting standards) and best practice. Capturing of time...
AG 200 REGULATION OF ACCOUNTING DISCLOSURE
Credit 15 Level 2
This class is concerned with the regulation of financial reporting. It includes the preparation of the financial statements of limited companies under the Companies Act 1985 and the...
outcomes require of them. The report analysis’s the three companies financial collapses and discusses the accounting reporting issues in regards to the both agency theory and the ASX principles.
Agency Theory and Relevant Hypotheses.
Corporations are made up of many groups such as owners...
(accounting standards boards “ASB”) and the stock exchange. Regulatory framework also brings market and legal regulations and therefore they are relevant for accounting standards.
In any system such as financial reporting or accounting standards, potential conflicts of interest may appear. That is...
integrity of the Company’s financial statements; (ii) the effectiveness of the Company’s internal control over financial reporting; (3) the Company’s compliance with legal and regulatory requirements; (iv) the independent registered public accounting firm’s qualifications and independence; (v) and the...
; we are simply at loss as to whom to trust. This begs the question; isn't there some regulation or regulatory body who oversees accounting functions?
The bottom line is this; it is the individuals have a ethical and legal obligation in their financial reporting and because of human nature, it...
and fraudulent financial reporting. Each of these issues requires different but equally important internal controls to ensure they do not occur. This is where a company’s accounting information system (AIS) plays a large roll. Along with the many other aspects of an AIS, internal control is...
post WTO perspective. While there is no single, commonly accepted definition of Corporate Social Responsibility, or CSR, it generally refers to business decision-making linked to ethical values, compliance with legal requirements, and respect for people, communities, and the environment. For purposes...
Which of the following, according to SAS 2, does not need to be stated in
the financial statements of a reporting enterprise?
Enterprise’s legal form.
Business of the enterprise.
Intention to cease being a going concern
Relationship with local and overseas...
business ethical matters. MacDonald and Norman (2007) responded to Pava (2007) arguing that the multiplicity of measures needed to evaluate ethical performance cannot be compared to the handful of standard measures of financial performance reporting. The discussion on the TBL outlines the need for a...
the idea that businesses are accountable for the effects of their actions on the community and should seek socially and economically beneficial results. It involves operating a business in a way that meets ethical and legal standards as well as meeting public expectation. Decisions taken by managers...
and continues with legal, ethical, and discretionary responsibilities respectively. However, what was ethical or even discretionary in Carroll’s model is becoming increasingly necessary today because of the changing environment within which businesses operate and because the ethical responsibilities...
terms alone is not enough. Accountability requires data” (Epstein and Birchard, 1999).
The notion of accountability is commonly described in regards to an organisation’s legal compliance and its financial reporting to shareholders and governmental authorities, and only very recently extended to social...
. • Prepare the ﬁnancial statements for single companies. • Apply the correct accounting treatment for transactions according to the approved accounting standards • Explain the contemporary issues in ﬁnancial accounting and reporting. Synopsis of Course Contents This course discusses the ﬁnancial...
In recent years, accounting ethical breaches has emerged as a major problem for most of the organizations. With growth of businesses, the number of accounting ethical breaches has also increased in organizations. Accounting ethical breaches may be defined as the...