¶ … consensus as to whether accounting is more 'bean counting' or more shady dealing, most will agree that accounting is extremely important to the operations of an organization." Address that statement, what is your opinion of accounting with regards to bean counting vs. shady dealing? Also without using a book definition, why do you feel accounting is important to the operations of an organization?
In my experience, accounting would be similar to the "been counting" perception. Most of the companies I have worked for have taken accounting very serious and I wasn't aware of any attempts to try to fudge numbers or be shady in anyway. In my jobs there was an emphasis placed on accounting for everything and keeping accurate records. However, in most cases I wasn't involved in any of the official preparation of the actual reporting of the financial statements. It is reasonable to suspect that if any shady activities were to occur, it would be in this accounting activity and less with the day-to-day stuff.
However, I have heard of some fairly minor accounting violations in experience. For example, one employee was reimbursed for mileage for driving his own vehicle to a training session in a distant location. He admittedly "padded" the miles that he drove so that he would receive more compensation for driving. However, although this could be considered a serious offense, it would not actually change the company's financial statements in any significant manner. I think the worst shady violations would come from within the accounting department and would consist of purposely misrepresenting the company's position to reduce its tax liability or appear more financially attractive to investors.
Accounting is one of the most important operations in the organization and it literally supports everything that the company does. Although it is an administrative function and isn't directly responsible for any kind of value creation, an effective accounting department will add substantial value to an...
The first trial for the two began on September 29th, 2003. The trial was not concluded as one of the jurors had complained of been pressurized to convict the two former executives. The retrial was conducted, and the jury reached its verdict on June 17th, 2005. They were both acquitted for one count and convicted for 22 criminal counts. They were not found guilty of falsifying business documents. Both of
This was designed to limit the total amounts of insider selling for tax purposes. As time went by, Swartz used this program to give all employees loans for any reason. This helped Kozlowski and other executives to receive large loans from this program (that were forgiven in the future). ("Tyco," n.d., pp. 389 -- 402) (Farrell, 2011, pp. 442 -- 446) The Impact of Auditors Price Waterhouse Coopers was the auditor
Tyco International is a worldwide manufacturing company that is involved in production of various products since its inception in the 1960s. The company is currently divided into five main business segments which are Safety Products, ADT Worldwide, Flow Control, Fire Protection Services as well as Electrical and Metal Products. Furthermore, the company recently split its corporate sections into three independent companies i.e. Tyco Healthcare, Tyco International Ltd. And Tyco Electronics
" (Cummins, 2006). The VP for Corporate Governance, Pillmore announced a series of ethical principles, to prevent such scandals. The first principle "calls for strong leaders who see themselves as stewards of the company and mentors for its future leaders." (Cummins, 2006). The second principle is to establish a "web of accountability," where corporate leaders are constantly questioned about ethics-based decisions. (Cummins, 2006). The third principle is to investigate actual
First of all, they should implement a better control of the executives' actions by limiting their rights and access to corporate funds. No major decision regarding future mergers, acquisitions or investments should be taken by a single executive. All significant activities and fund usage should be approved by the Tyco board during general meetings. The number of these meetings should be of at least one or two per week. The
The UETA gives legal recognition to electronic records, electronic signatures, and electronic contracts. The UETA provides that a contract cannot be denied enforceability solely because it is in electronic form, or because an electronic form was used in its formation. If the law requires a written record, an electronic record satisfies the law. Furthermore, an electronic signature satisfies legal requirements for a signature. An electronic record or electronic signature is
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now