FIN 324 Week 1 Individual Assignment Ethics Article Review
FIN 324 Week 1 Individual Assignment Ethics Article Review
CSU - Dominguez hills
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Date Created: 11/16/15
Ethics Article Review Thought Leadership From Chaos to Clarity in Financial Investigations Article Review Name University of Phoenix Ethics Article Review Abstract This paper Will discuss a forensic accountant s point of View and recommendations on how technological innovations have become better equipped to handle 100 of data to ensure financial accountability and ethical decisionmaking My statements Will not only agree With the articles but include how SarbanesOxley intertwines With the forensic investigator s role With an organization Ethics Article Review Thought Leadership From Chaos to Clarity in Financial Investigations Article Review I read this article over three weeks ago and found it to be very interesting The article is called Thought Leadership From Chaos to Clarity in Financial Investigations by Tracy L Coenen a forensic accountant and fraud investigator for Sequence Inc Tracy is a regular writer for the website Securities Docket and lends her expertise when it comes to fraud forensic accounting financial investigations and SarbanesOxley Her article goes into detail the chaos that a forensic accountant can be involved in if a company s financial records have to be scrutinized with a fine tooth comb Sometimes that is overwhelming and takes away from the time and energy of the enforcer What some forensic accountants do is something called scoping or sampling technique in which any amount that s small they would disregard By focusing on large amount items they feel that forensic accountant s time will be put to better and more efficient ways and uses The problem with this method is that that small amount that they were told to overlook may lead to something bigger or a pattern The old way of doing this job involved a lot of manual examination and exceeds the overall capacity of the forensic team Coenen 2010 With the invention of technology the financial investigators now have a system that helps them input all data big and small while allowing the investigators to focus on the examination of the selected funds patterns among transactions detection of anomalies and identifying additional culprits hidden accounts and additional accounts within the organization This article reminds me of the threaded discussion question that asks what Sarbanes Oxley is and how and why it was developed I am currently unemployed so I can not relate this Ethics Article Review to a current job but I would like to relate this article to a speaker that I was introduced to in May of this year He was a former investment banker and went through the trials and tribulations within his company worked for Lehman Brothers Bear Stearns and Morgan Stanley The hardships that he dealt with and had to witness goes back into how these companies might have used forensic investigators who overlooked small items that could have lead to bigger accountability efforts The lack of knowledge by the employees and their assumption that the Board of Directors were effectively accounting for the CEO s decisions led to the downfall of those companies and heavy fines To combat that forensic accounting investigations have been revamped and improved working conditions for investigators by providing technological help The recommendations for the companies mentioned above would have been to provide them with the required forensic investigators and the technological speed to sort out and identify theft securities fraud and a need for a risk assessment team to veto the CEO s unethical behavior in order to save the company from ruin Ethics in business is very important in order to keeping your customers stake and shareholders For example a lot of college students are now looking for companies that follow ethical practices sustainability and philanthropy Business is not about stepping on people s toes to get to where you need to go anymore People want to be happy and dealing with clients that bribe or accounts payable employees that underaccount overtime funds or CEO s who throw their wives 50000 birthday parties instead of bonuses to employees for a job well done is a part of the past The collapse of the financial system gave all of us a wakeup call into doing and being good again Ethics Article Review Financial accountability helps our environment employee and client wellbeing and accounts for more jobs instead of unemployment SarbanesOxley opened the door to stricter regulations and rules that companies big and small domestic or international that we can follow and should It s up to our Board of Directors and risk assessment committees to uphold those regulations and teach the organization ethical decisionmaking and how a successful company should be run when they do good Everyone in business is bad and in order to show our shareholders positive return on their investments we have to show them good business practices SarbanesOxley is a good starting point and a great way to prepare a company for forensic investigations in the 21st century
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