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A common ethical failing in cases of fraud occurs when the management of a firm decides to make financial results look the way they want them to look rather than in accordance with GAAP. Conduct some
A common ethical failing in cases of fraud occurs when the management of a firm decides to make financial results look the way they want them to look rather than in accordance with GAAP. Conduct some research and provide at least 2-3 internal and external measures which work to prevent such accounting issues.
Please read the case study and answer the questions that follow. Case Study: Nortel Networks Corporation—https://uwaterloo.ca/centre-for-accounting-ethics/sites/ca.centre-for-accounting-ethics/files/uploads/files/nortel_case.pdf
Every firm that has had ethical lapses had them centered on several areas of stress: Tone at the top that conveyed a message that earnings targets had to be met through whatever practices were necessary, and that it was not acceptable to question the practices; weak or ineffective internal controls; and, a complex corporate structure which contributed to a lack of clear responsibility and accountability. Using either consequentialism or deontology, review the background, accounting management at Nortel and prepare the following?
- What effect, if any, did upper management messages have on the decision to have ethical lapses?
- What might have been the ethical justification creating fraudulent accounting entries in view of internal controls?
- What might the board of directors have done to foster and create an ethical environment?
- What might be the benefits and costs sought by top management? What might be the results and consequences of fraudulent accounting statements, breaking the law, and lack of integrity by top management?
- Your written paper should be 4-5 pages in length not counting the title and reference pages, which you must include.
- Use terms, evidence, and concepts from class readings.
- You need to cite at least three sources for this assignment, outside of the textbook. The CSU-Global Library is a great place to find resources.
- Your paper must be formatted according to the CSU-Global Guide to Writing and APA.
- If you need assistance with your writing style, start with the links under the Research Help and Writing Help tabs on the CSU-Global Library’s homepage.
Review the Module 5 Critical Thinking rubric for full details on how you will be graded on this assignment.