| Overview of the Book |
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| Preface |
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| PART I The Ethics Environment |
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1 | (126) |
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CHAPTER 1 Ethics Expectations |
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2 | (53) |
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2 | (1) |
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The Ethics Environment for Business: The Battle for Credibility, Reputation, and Competitive Advantage |
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2 | (8) |
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4 | (1) |
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5 | (1) |
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Bad Judgments and Activist Stakeholders |
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5 | (2) |
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Economic and Competitive Pressures |
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7 | (1) |
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Financial Scandals: the Expectations Gap and the Credibility Gap |
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7 | (1) |
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Governance Failures and Risk Assessment |
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8 | (1) |
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Increased Accountability Desired |
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9 | (1) |
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Synergy Among Factors and Institutional Reinforcement |
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9 | (1) |
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10 | (1) |
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New Expectations for Business |
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10 | (3) |
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10 | (2) |
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New Governance and Accountability Frameworks |
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12 | (1) |
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Reinforced Fiduciary Role for Professional Accountants |
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12 | (1) |
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Responses and Developments |
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13 | (9) |
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Emerging Governance and Stakeholder Accountability Models |
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13 | (3) |
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Management Based on Values, Reputation, and Risks |
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16 | (3) |
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19 | (1) |
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Developments in Business Ethics |
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20 | (2) |
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20 | (1) |
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Approaches to Ethical Decision Making Through Stakeholder Impact Analysis |
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21 | (1) |
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The Ethics Environment for Professional Accountants |
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22 | (2) |
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22 | (1) |
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23 | (1) |
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24 | (1) |
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24 | (1) |
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25 | (1) |
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25 | (14) |
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Martha Stewart's Lost Reputation |
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26 | (4) |
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30 | (2) |
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The Betaseron® Decision (A) |
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32 | (2) |
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Texaco: The Ecuador Issue |
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34 | (3) |
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Where Were the Accountants? |
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37 | (1) |
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38 | (1) |
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LYNN SHARP PAINS: Managing for Organizational Integrity |
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39 | (9) |
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ANDREW SINGER: Whistle-Blower: Patriot or Bounty Hunter? |
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48 | (6) |
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L.J. BROOKS: Law Case Summary: Caremark National Inc. |
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54 | (1) |
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CHAPTER 2 Governance, Accounting, and Auditing, Post-Enron |
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55 | (72) |
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55 | (1) |
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Governance and Accountability Reform |
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55 | (1) |
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Overview and Timeline of Events and Developments |
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55 | (1) |
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The Enron Debacle: A Discussion Covering the Powers Report Summary, Senate Subcommittee Summary, and Key Subcommittee Submissions |
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56 | (30) |
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56 | (2) |
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What Happened? Who Was to Blame? |
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58 | (3) |
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58 | (2) |
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The Senate Subcommittee Report |
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60 | (1) |
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Failure of the Directors to Oversee or Govern Enron Adequately |
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61 | (5) |
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What are Directors Expected to Do? |
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61 | (2) |
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How Was Enron's Board Organized, and How Did It Function? |
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63 | (3) |
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Enron's Questionable Transactions |
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66 | (12) |
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66 | (2) |
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LJM Partnerships and the Raptors: LJM1 |
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68 | (3) |
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LJM Partnerships and the Raptors: LJM2 |
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71 | (1) |
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72 | (6) |
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Enron Culture, Conflicts of Interest, and Whistle-Blowers |
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78 | (3) |
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81 | (1) |
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Enron's Governance and Control System Was Short-Circuited |
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82 | (1) |
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Banks Who Were Willing Accomplices in Enron "Prepays" |
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83 | (1) |
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84 | (1) |
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85 | (1) |
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Downloadable Enron Case Source Document Files |
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86 | (1) |
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Arthur Andersen's Troubles: A Review and Analysis |
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86 | (9) |
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Changing Personalities and Culture |
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87 | (3) |
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Arthur Andersen's Internal Control Flaw |
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90 | (1) |
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Arthur Andersen's Apparent Enron Mistakes |
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90 | (1) |
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Why Did Arthur Andersen Make These Apparent Mistakes? |
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91 | (1) |
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Shredding Enron Audit Documents: Obstruction of Justice |
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92 | (2) |
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94 | (1) |
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95 | (1) |
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Governance and Accounting Changes up to WorldCom |
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95 | (7) |
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97 | (1) |
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97 | (1) |
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WorldCom's Accounting Manipulations |
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97 | (3) |
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WorldCom's Other Revelations |
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100 | (1) |
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100 | (1) |
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101 | (1) |
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101 | (1) |
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The Catalyzed Outcome-The Sarbanes-Oxley Act of 2002 |
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102 | (5) |
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Sarbanes-Oxley Act (SOX): Future Governance for Corporations and the Accounting Profession |
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102 | (1) |
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New SOX Corporate Governance Framework |
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103 | (2) |
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New SOX Framework for the US. Accounting Profession |
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105 | (1) |
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New SOX Frameworks for Other Matters |
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106 | (1) |
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Implementation by the SEC |
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106 | (1) |
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Impact on Governance, Accountability and Reporting, and Management Practice |
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107 | (1) |
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Impact on the Accounting Profession and Auditing Practice |
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107 | (1) |
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Impact on Business Ethics Trends |
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108 | (1) |
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109 | (1) |
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109 | (1) |
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110 | (18) |
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110 | (1) |
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Arthur Andersen's Troubles |
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111 | (1) |
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111 | (1) |
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Sunbeam Corporation and Chainsaw Al |
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112 | (7) |
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119 | (8) |
| PART II Ethical Governance and Accountability |
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127 | (182) |
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CHAPTER 3 Corporate Ethical Governance and Accountability |
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128 | (75) |
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128 | (1) |
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The Emerging, Governance and Accountability Framework |
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129 | (7) |
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New Expectations New Framework |
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129 | (1) |
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Accountability to Shareholders or Stakeholders? |
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130 | (1) |
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Governance for Broad Stakeholder Accountability |
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131 | (4) |
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Governance Process Based on Stakeholder Interests |
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131 | (2) |
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Identifying Organizational Values--The Foundation of Behavior |
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133 | (2) |
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Guidance Mechanisms-Code of Conduct and Ethical Culture |
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135 | (1) |
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Threats to Good Governance and Accountability |
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136 | (9) |
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Misunderstanding Objectives and Fiduciary Duty |
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136 | (1) |
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Failure to Identify and Manage Ethics Risks |
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137 | (2) |
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139 | (6) |
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Management to Avoid and Minimize Consequences |
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141 | (2) |
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Agency Theory, Ethics, and Sears |
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143 | (1) |
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143 | (1) |
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Forensic Experts and Evidence: The 20/60/20 Rule |
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144 | (1) |
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The GONE Theory: Identifying Potentially Harmful Situations and Likely Perpetrators |
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144 | (1) |
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Duty Depends Upon a Person's Role |
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145 | (1) |
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Corporate Governance and Accountability |
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145 | (15) |
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Developing, Implementing, and Managing an Ethics Culture |
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145 | (5) |
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Corporate Codes of Conduct |
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150 | (10) |
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Purpose, Focus, and Orientation |
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150 | (4) |
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154 | (3) |
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157 | (3) |
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Public Accountability Benchmarks |
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160 | (1) |
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160 | (2) |
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162 | (1) |
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162 | (1) |
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163 | (32) |
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Ford/Firestone Tire Recall |
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164 | (10) |
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Conflicts of Interest on Wall Street |
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174 | (3) |
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177 | (4) |
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Bankers Trust: Learning from Derivatives |
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181 | (3) |
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Barings Bank: Rogue Trader |
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184 | (3) |
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Philip Services Corp...Into the Dumper |
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187 | (5) |
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Dow Corning Silicone Breast Implants |
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192 | (2) |
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194 | (1) |
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E.E. MURPHY. Creating Ethical Corporate Cultures |
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195 | (8) |
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CHAPTER 4 Professional Accounting in the Public Interest, Post-Enron Purpose of the Chapter |
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203 | (106) |
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Stakeholder Expectations Accountability and Governance Framework Rededication of the Role of a Professional Accountant |
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204 | (8) |
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Public Expectations of All Professionals |
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205 | (2) |
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Public Expectations of a Professional Accountant |
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207 | (1) |
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Dominance of Ethical Values Rather than Accounting or Audit Techniques |
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207 | (2) |
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Priority of Duty, Loyalty, and Trust in a Fiduciary |
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209 | (3) |
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Confidentiality: Strict or Assisted |
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212 | (1) |
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Implications for Services Offered |
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212 | (4) |
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Assurance and Other Services |
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212 | (1) |
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New SEC Independence Rules |
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213 | (2) |
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Critical Value Added by a Professional Accountant |
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215 | (1) |
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Standards Expected for Behavior |
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215 | (1) |
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216 | (2) |
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Importance To Value Added |
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216 | (1) |
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Development of Judgment and Values |
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216 | (2) |
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Sources of Ethical Guidance |
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218 | (1) |
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Professional Codes of Conduct |
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219 | (14) |
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219 | (1) |
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Fundamental Principles and Standards |
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219 | (3) |
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Rules: General and Specific |
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222 | (1) |
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222 | (2) |
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224 | (1) |
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Motivation for Changes in Professional Codes |
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224 | (2) |
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Current Codes of Professional Conduct |
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226 | (4) |
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International Comparison of Professional Codes |
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230 | (1) |
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Shortfalls with and in Professional Codes |
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231 | (1) |
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Issues Not Usually Resolved in Corporate Codes of Conduct |
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232 | (1) |
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Conflicts of Interest and Global Independence Standards |
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233 | (13) |
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A Global Perspective from the IFAC Code |
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234 | (4) |
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Types of Conflicts of Interest |
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238 | (1) |
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Spheres of Activity Affected |
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238 | (1) |
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Conflicts of Interest Affecting Services Offered |
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239 | (4) |
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Conflicts of Interest Involving Improper Use of Influence |
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243 | (1) |
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Conflicts of Interest Involving Use or Misuse of Information (Confidentiality) |
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244 | (2) |
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246 | (2) |
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When Codes and Laws Don't Help |
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248 | (1) |
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Broadening Role for Professional Accountants |
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248 | (1) |
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249 | (1) |
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250 | (1) |
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251 | (2) |
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253 | (21) |
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Allan Eagleson: The Eagle Has Landed |
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254 | (2) |
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256 | (3) |
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259 | (3) |
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262 | (1) |
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263 | (1) |
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Maple Leaf Gardens Shenanigans |
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263 | (2) |
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265 | (3) |
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Economic Realities or GAAP |
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268 | (1) |
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Multidisciplinary Practice-Ethical Challenges |
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268 | (1) |
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269 | (1) |
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270 | (1) |
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270 | (1) |
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271 | (1) |
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Lowballing a Fee Quotation |
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272 | (1) |
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273 | (1) |
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Risk Management of Taxes Payable-Is it Ethical? |
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274 | (1) |
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THE AICPA AT 100: Public Trust and Professional Pride |
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274 | (7) |
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APPENDIX A: international Comparison of Main Aspects of Professional Codes of Conduct |
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281 | (13) |
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G.D. ANDERSON: The Anderson Committee: Restructuring Professional Standards |
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294 | (1) |
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THE LIABILITY CRISIS IN THE UNITED STATES: Impact on the Accounting Profession, a Statement of Position |
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295 | (4) |
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TOM LYNCH: Ethics in Taxation Practice |
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299 | (3) |
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APPENDIX B: Trends in the Legal Liability of Accountants and Auditors and Legal Defenses Available |
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302 | (7) |
| PART III Significant Issues Facing Business and the Accounting Profession |
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309 | |
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CHAPTER 5 Approaches to Ethical Decision Making |
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310 | (42) |
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310 | (1) |
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310 | (1) |
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Stakeholder Impact Analysis |
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310 | (3) |
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310 | (2) |
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Fundamental Interests of Stakeholders |
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312 | (1) |
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Measurement of Quantifiable Impacts: |
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313 | (4) |
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313 | (1) |
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Items not included in Profit: |
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313 | (1) |
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Bringing the Future to the Present |
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314 | (1) |
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Dealing with Uncertain Outcomes |
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314 | (1) |
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Identifying Stakeholders and Ranking Their Interests |
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315 | (2) |
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317 | (1) |
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Assessment of Non-quantifiable Impacts: |
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317 | (1) |
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Fairness among Stakeholders |
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317 | (1) |
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317 | (1) |
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Comprehensive Decision Making Approaches |
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318 | (4) |
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318 | (1) |
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319 | (1) |
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320 | (2) |
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Extending and Blending the Approaches |
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322 | (1) |
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322 | (1) |
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Developing a More Ethical Action |
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322 | (1) |
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Common Ethical Decision Making Pitfalls |
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323 | (1) |
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Summary of Steps for an Ethical Decision |
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324 | (1) |
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324 | (1) |
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Illustrative Applications of Stakeholder Impact Analysis |
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325 | (1) |
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Bribery or Opportunity in China Case |
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327 | (3) |
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Proposed Audit Adjustment Case |
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330 | (5) |
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When Does an "Aggressive Accounting" Choice Become Fraudulent? |
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335 | |
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325 | (1) |
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326 | (1) |
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326 | (16) |
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Smokers are Good for the Economy-Really |
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336 | (1) |
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337 | (2) |
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339 | (3) |
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L.J. BROOKS: Cost-Benefit Analysis |
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342 | (6) |
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GRAHAM TUCKER: Ethical Analysis for Environmental Problem Solving |
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348 | (4) |
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CHAPTER 6 Managing Ethics Risks and Opportunities |
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352 | |
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352 | (1) |
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Ethics Risk and Opportunity Management |
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352 | (6) |
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352 | (3) |
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Over-reliance on External Auditors - New Fraud Standards |
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355 | (1) |
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356 | (1) |
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Ethics Risk and Opportunity Identification and Assessment |
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356 | (2) |
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358 | (1) |
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Ethics Strategies and Tactics for Effective Stakeholder Relations |
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358 | (1) |
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Workplace Ethics - A Significant Ethical Problem Area |
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359 | (5) |
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360 | (1) |
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360 | (2) |
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362 | (1) |
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Healthy and Safe Work Environment |
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362 | (1) |
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Ability to Exercise One's Conscience |
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363 | (1) |
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363 | (1) |
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364 | (1) |
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International Operations - A Significant Ethical Problem Area |
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364 | (3) |
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Impacts on Local Economies and Their Cultures |
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364 | (1) |
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Conflicts Between Domestic and Foreign Cultures |
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364 | (2) |
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Bribery, Facilitating Payments |
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366 | (1) |
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Apparent Cultural Conflicts with Banning Gifts, Bribes, or Facilitating Payments |
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366 | (1) |
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367 | (1) |
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Guidelines for Ethical Practice |
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367 | (1) |
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367 | (1) |
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Social Accountability and Audit |
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367 | (4) |
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Organizational Objectives for CSR |
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368 | (1) |
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Measurement of Corporate Ethical Performance |
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368 | (1) |
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369 | (1) |
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Audit or Verification of CSR Reports |
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370 | (1) |
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371 | (1) |
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Crisis Management - A Significant Ethical Problem Area |
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371 | (3) |
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374 | (1) |
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375 | (1) |
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375 | (1) |
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376 | (15) |
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Cases on Workplace Ethics |
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377 | (5) |
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377 | (4) |
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Downsize or Bonus Allocation Decisions |
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381 | (1) |
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Cases on International Operations |
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382 | (1) |
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Jail and a German Sub-contractor |
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382 | (1) |
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AIDS Medication in South Africa |
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383 | (1) |
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Cases on Crisis Management |
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383 | (8) |
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383 | (4) |
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The Brent Spar Decommissioning Disaster |
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387 | (2) |
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Crises at Wind River Energy Inc. |
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389 | |
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ROTH, NL. ET AL: Can't We All Just Get Along: Cultural Variables in Codes of Ethics |
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391 | (5) |
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DONALDSON, T.: Values in Tension: Ethics Away from Home |
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396 | (8) |
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MITROFF, I.I. ET AL: Effective Crisis Management |
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404 | (9) |
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A. Corporate Ethical Performance Indicators Used in the Corporate Ethics Monitor |
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413 | (3) |
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B. Ethics Audit Program Annual Audit Questions |
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416 | |
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