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Greg Smith told us in his speech, why he left Goldman Sachs. One of his reasons was what he described with a situation in a casino. Is it unethical if an investment bank like Goldman Sachs uses the knowledge, that they gain by consulting their clients, to speculate? If you conclude that this is unethical, please support arguments with ethical theories and / or laws in charge.
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- 6-11. Assume that an automotive company discloses the following risk factors, listed as (1) through (7), that might affect the specific assertion of primary concern to the financial statements. Continued decline in market share, and a market shift (or an increase in acceleration of market shift) away from sales of trucks or sport utility vehicles, or from sales of other more profitable vehicles in the U.S. Continued or increased price competition resulting from industry overcapacity, currency fluctuations, or other factors. Lower than anticipated market acceptance of new or existing products. Substantial pension and postretirement health care and life insurance liabilities impairing our liquidity or financial condition. Worse than assumed economic and demographic experience for our postretirement benefit plans (e.g., discount rates, investment returns, and health care cost trends). The discovery of defects in vehicles resulting in delays in a new model launches, recall campaigns, or…How did the US Justice Department learn about Chiquita’s payments to illegal groups in Colombia? A private company cable was discovered by US investigators Colombian politicians filed a complaint A competitor spilled the beans The company came forward and admitted it In the film “The Curse of Inca Gold,” Newmont executive Larry Kurlander is caught on tape telling Peruvian intelligence chief Vladamiro Montesinos that he wants a ______ $1 million kickback deposited into his Swiss bank account friend for life guarantee that the government will suppress protests at the Yanacocha mine guarantee that the government will award Newmont and its partners a $1 billion mining concession Why would a manufacturing firm prefer to execute a green-field investment instead of acquiring an existing asset in a foreign country? Because green-field investments are typically less costly to execute Because green-field investments are typically less risky Because green-field investments are…READ THE ARTICLE BELOW AND ANSWER THE QUESTIONS THAT FOLLOW:Ernst & Young to Pay $100 Million Penalty for Employees Cheating on CPA EthicsExams and Misleading InvestigationLargest Penalty Ever Imposed by SEC Against an Audit FirmWashington D.C., June 28, 2022The Securities and Exchange Commission today charged Ernst & Young LLP (EY) for cheatingby its audit professionals on exams required to obtain and maintain Certified Public Accountant(CPA) licenses, and for withholding evidence of this misconduct from the SEC’s EnforcementDivision during the Division’s investigation of the matter. EY admits the facts underlying theSEC’s charges and agrees to pay a $100 million penalty and undertake extensive remedialmeasures to fix the firm’s ethical issues.“This action involves breaches of trust by gatekeepers within the gatekeeper entrusted to auditmany of our Nation’s public companies. It’s simply outrageous that the very professionalsresponsible for catching cheating by clients cheated…
- Some restaurants offer a 10% discount on the payment of bills in cash because they do not have to pay the tax then. Assuming both customers and restaurants are comfortable with such a situation. Do such practices should be permitted or restricted? Explain the reasons and perform an ethical analysis of such situations using at least 2 workable ethical theories. Indicate at least one ethical theory that makes this situation ethical for both parties.READ THE ARTICLE BELOW AND ANSWER THE QUESTIONS THAT FOLLOW:Ernst & Young to Pay $100 Million Penalty for Employees Cheating on CPA EthicsExams and Misleading InvestigationLargest Penalty Ever Imposed by SEC Against an Audit FirmWashington D.C., June 28, 2022The Securities and Exchange Commission today charged Ernst & Young LLP (EY) for cheatingby its audit professionals on exams required to obtain and maintain Certified Public Accountant(CPA) licenses, and for withholding evidence of this misconduct from the SEC’s EnforcementDivision during the Division’s investigation of the matter. EY admits the facts underlying theSEC’s charges and agrees to pay a $100 million penalty and undertake extensive remedialmeasures to fix the firm’s ethical issues.“This action involves breaches of trust by gatekeepers within the gatekeeper entrusted to auditmany of our Nation’s public companies. It’s simply outrageous that the very professionalsresponsible for catching cheating by clients cheated…Select a real case situation. Use one which you either know about already or have identified through research. Select a case(s) of weak regulatory framework which resulted in the demise of a credit institution and do the following: i. Outline and discuss two (2) ways the regulatory bodies’ timely intervention could have prevented such a situation? ii. How effective do you think the response was to such a crisis? ii. Outline and discuss two ways/actions that could have been pursued to further strengthen the regulatory environment?
- Discuss the link between ethics and trust using relevant evidence and research to support your answer.Your Group has formed a tax advisory firm. One of your clients in considering investing in Barbados. The company has requested general tax advice in respect of the VAT regime in Barbados. Your Group is required to provide this advice. Additionally, the company has requested the high-level of all other applicable taxes in Barbados including all the matters that the investor needs to be aware of. Making the necessary assumption as appropriate.You know that you will be returning to college in the fall. Is it ethical for you to apply for the job without mentioning this fact? Why or why not? If you believe it is unethical to withhold that information,is there any ethical way you can apply?
- The Securities and Exchange Commission in the U.S.A. charged Ernst & Young LLP (EY) for cheating by its audit professionals and fined the organization a $100 million penalty. Identify the ethical aspects of this episode, analyze the likely factors that led to this occurrence, and examine the remedial measures that the organization needs to take to prevent this from happening again.what are ways the external auditor's responsibilities regarding a public company's system of internal controls have changed since SAS 78 became effective in the late 1990s. Were these changes necessary? Do you believe the changes have been effective at reducing risk for the company and the users of the financial statements? Explain your rationale.Dolla going Ultra Microfinancier launches new business geared towards wealthy DOLLA Financial Services Limited will be launching its newest subsidiary, Ultra Financier Limited, on November 1 to be led by CEO David Henriques. The company was incorporated on August 3, according to the Companies Office of Jamaica records, but only received approval for its formation by its board of directors recently. The subsidiary will be injected with $350 million from Dolla's upsized $1.5-billion secured corporate notes (bond). Dolla is the sole shareholder with 1 million ordinary shares, with Dolla Chairman Ryan-Kwesi Reid, Dolla CEO Kadeen Mairs, Dolla Chief Financial Officer Trevene McKenzie, First Rock Private Equity (FRPE) Managing Director Christopher Yeung and Henriques as directors. "Ultra is going to be lending to high net worth (HNW) individuals. We'll lend between $1 million to $100 million per person and we take luxury assets, prime investments, and properties as collateral. A person can…