ACCT 9-17 Ethics and Costing

ACCT 9-17 Ethics and Costing - 1. Organization Chart a....

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1. Organization Chart a. Assist in carrying out management functions b. Organization charts show i. Interrelationships of activities ii. Delegations of authority iii. Delegations of responsibility c. Stockholders   board of directors   CEO and President   general counsel and  secretary, vice president marketing, vice president finance/CFO, vice president  operations, vice president HR   Treasurer, controller 2. Business Ethics a. Business scandals cause massive investment losses and employee layoffs b. Corporate fraud has increased c. Employee fraud includes expense account abuses, theft of assets, etc., majority  of fraud d. Intentional misstatement of financial reports (financial reporting fraud) is the next  costly to companies 3. Ethics a. Identify stakeholders b. Identify ethical issues c. Plan course of action d. Cases are usually easy, real-life situation are usually difficult 4. Sarbanes – Oxley Act of 2002 (Sarbox or Sox) a. Clarifies managements responsibilities
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b. CEO and CFO must clarify fairness of financial statements and adequacy of  internal control c. Board of directors, especially the audit committee, must meet certain criteria d. Penalties for misconduct are substantially increased
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This note was uploaded on 04/16/2008 for the course BCOR 2000 taught by Professor Brush during the Fall '07 term at Colorado.

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ACCT 9-17 Ethics and Costing - 1. Organization Chart a....

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