Business Report Sec J Essay

Submitted By misteranonymous
Words: 2469
Pages: 10
Open Document
DECREASING DESIRES TO
COMMIT FRAUDULENT BUSINESS PRACTICES
TO INCREASE SUSTAINIBILITY

Presented to

Professor Philippe Colas
Concordia University (JMSB)

Prepared by

November 9, 2011

LETTER OF TRANSMITTAL
TO: Philippe Colas, Department of Marketing, Concordia University (JMSB)

Corporate scandals can be defined as widely publicized incidents involving allegations of managerial wrongdoing, disgrace, or moral outrage on the part of one or more members of a company (Stefano Bonini & Diana Boraschi, 2010). This phenomenon shows how some businesses have been led by greed and self-interest rather than corporate social responsibility. Being involved in common business frauds such as insider trading, tax fraud, and embezzlement has advantages, but also bring upon many risks to company employees and the industry as a whole. Today, Corporate scandals have attracted considerable attention because of their large, negative effects on shareholder value. (Stefano Bonini & Diana Boraschi, 2010)
In this report I will be exploring the reasons, a high level chief officer would commit a massive corporate fraud, and the fraudulent practices involved in concealing it. Research will be conducted in two forms: A primary source analysis through a survey specific to local business managers, and a secondary source analysis via peer reviewed scholarly articles, articles, newspaper, books, and the Internet.
Yours Sincerely,
Kyle Feigenbaum
Kyle Feigenbaum

TABLE OF CONENTS
LETTER OF TRANSMITTAL ii
EXECUTIVE SUMMARY 1
INTRODUCTION 2
Corporate Businesses Led By Self-Interest 2
Purposes of the Study 2
Scope of the Study 3
Sources and Methods 3
RESULTS OF THE STUDY 4
Motivations to Commit Business Fraud 4
Importance of Social Responsibility 5
CONCLUSIONS 6
RECOMMENDATIONS 6
APPENDIX 7
WORKS CITED 9

LIST OF FIGURES

Figure

1 Composition of Survey Sample …………………………………………………....…. 3
2 Awareness of Corporate Scandals …………………………………...………………...4
3 Executive Satisfaction With Income ………………………...……………..………… 4

EXECUTIVE SUMMARY

Purpose of the Report

The core purposes of the report are to 1) attain information on the motivations to take part in fraudulent business practices 2) get a general perception on the effects of corporate scandals on human sustainability 3) develop reasonable recommendations to ultimately decrease the desire to take part in a corporate scandal and increase corporate social sustainability.

A questionnaire survey was formed to learn about the knowledge and to asses the motivations to commit corporate fraud. A simple random sample of 16 surveys was handed out to local business managers. Surveys were handed out to both, males and females. Primary data was also collected through several scholarly peer-reviewed articles from numerous business management journals.

Corporate Responsibility of Montreal Business Owners

What was found through this research is that the population is aware of corporate scandals and realize that American business executives are affected by greed and self-interest. There is a lack of knowledge amongst the general public about the actual magnitude of harm that mass scandals have on human sustainability. The study also demonstrates that males tend to be less satisfied with their annual income than females. While the great majority believes corporate fraud not only affects business executives but also the industry and particularly the employees around them.

Recommendations for Decreasing Desires to Commit Fraud

Based on the findings from the survey of 16 respondents, the following recommendations are made in order to decrease the desire to take part in fraudulent business practices.

1. A company of large scale should conduct in-depth investigations for all of its high-level executives in order to avoid hiring ones with ulterior motives.
2. A company should oversee all of its department’s business practices in order to avoid deceptive ones. Thus a company is
Show More

Related Documents: Business Report Sec J Essay

Short Essay

Please read and respond to the question(s) at the end of the Ethics in Investing box on page 450, titled, "When Mutual Funds Behaved Badly." The Securities and Exchange Commission (SEC) have recently identified two significant types of trading abuses in the mutual fund industry--market timing and late trading. The most common abuse was market timing, because some favored customs are allowed to trade frequently in mutual fund firms. These actions will harm mutual fund shareholders by increasing…

Words 624 - Pages 3

Innovation In The Era Of Big Data

standardized Computer Readable Language & eXtensible Business Reporting Language Oversight & The U.S. Securities & Exchange Commission’s “RoboCop” Introducing... XBRL  In 1998, Charlie Hoffman, the “father of XBRL,” combined XML with HTML for user-defined data tagging  Each tagged element offers currency, balance type, and period.  Layer in taxonomies linking the data to accounting principles.  Offers standardized financial report format.  XBRL becomes a “Twitter hashtag for the financially…

Words 693 - Pages 3

Gaap: Financial Statements and Technical Line Ipo Essay

Public company accounting disclosures .................................... 7 Earnings per share.......................... 7 Segment reporting ......................... 8 Other public company enhanced disclosures ................................. 8 SEC disclosure requirements ............. 9 Financial statements of other entities .............................. 9 Summarized financial information about equity method investees .. 14 Pro forma financial information..... 14 Quarterly financial data ..…

Words 8303 - Pages 34

Improper Or Illegal Methods

resulting impact to the business. The name of the company is Beazer Homes USA. The U.S. Securities and Exchange Commission (SEC) found them guilty of “ manipulating its earnings by hiding money in certain accounts” (Caulfield, 2008). The SEC found discrepancies in its quarterly and annual earnings on statements from 2000 to 2007. The company created reserves for land inventory and construction costs that resulted in the company being able to manipulate earnings that they were to report to the shareholders…

Words 393 - Pages 2

The Evolution of the Accounting Quality Model Essay

set of taxonomies comprised of the Accounting Standard Codification reassuring users the information can be compared to other XBRL reports. The SEC adapted the XBRL language into its EDGAR system and compliance standards for disclosure in a three-stage process to allow time for registrants to incorporate the technology into their reporting supply chain. Required reports include the 6-K, 8-K, 10-Q, and 10-K as well as supporting detailed footnotes and management discussion & analysis. The new technology…

Words 4740 - Pages 19

Types Of Professionals In Accounting

Management accountants are employed by a single organization that retains their services exclusively. These professionals are responsible for managing the financial performance of their respective employers. They might be tasked with preparing financial reports detailing investments or returns. Management accountants may also be in charge of preparing budgets or financial forecasts. Internal auditors, forensic accountants, and chief financial officers would fall into this category. A forensic accountant…

Words 1470 - Pages 6

Essay on Internal Control and publically Traded Companies

accounting fraud. In addition, the “Public Company Accounting Oversight Board” (PCAOB) was established to oversee the activities of the auditing process. The Sarbanes-Oxley act is under the oversight of the U.S. Securities and Exchange Commission (SEC). The SEC appoints the PCAOB, which consists of five members to supervise the auditors of public companies. The PCAOB performs regular inspections of the audit quality control systems of registered audit firms. All firms that perform public company audits…

Words 2519 - Pages 11

TireeCherise ACC290 IFRS v GAAP Essay

IFRS vs. GAAP Tiree-Cherise Ealey ACC 290 April 6th 2015 Gary Foote Accounting is an important feature in every business worldwide. Essentially, it is necessary in order to keep track of the economic events that occur within a business. These records are used within a company, however they are also used for other purposes, one of them being to report their financial activities. For this to be effective, there must be standards that businesses to adhere to in order to make financial reporting…

Words 1548 - Pages 7

Assignment 3 Assignment 1

Seeronie Singh AC502-Business Law Unit 3 Assignment #1 Final Project Part 1-Research Paper 1 Professor Lerner January 7, 2014 TABLE OF CONTENTS I. INTRODUCTION ………………………………………………………....…..……………....1 II. SECURITIES ACT OF 1933 AND 1934………………………….…....……….…………....1 II.1 SECURITIES AND EXCHANGE COMMISSION V. SUBAYE, INC ...……….....3 III. THE FOREIGN CORRUPT PRACTICES ACT OF 1977.………...…………...…………....4 III.1 THE BANANAGATE SCANDAL...………….……………………..…..………….5…

Words 2373 - Pages 10

Essay on Explaining Basic Accounting Concepts Revised 2

and Business Structures Tiffany Jacobs ACC/537 Financial Accounting Word Count: 752 Generally Accepted Accounting Principles & Sources General Accepted Accounting Principles (GAAP) are standards and procedures used by companies to assemble their financial statements. A company’s financial are regulated by these standards in order to provide sound support documentation to end- users. These reports have internal end-users such as management that will make future business decisions…

Words 744 - Pages 3