Business/Professional Ethics Directors/Executives/Acct
8th Edition
ISBN: 9781337485913
Author: BROOKS
Publisher: Cengage
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Which of the following is a remedy for the Agency Problem in the U.S.?
Shareholders have the right to elect the board of directors, which can serve as an effective check if the board remains independent of management.
Shareholders have the right to overrule any managerial decisions.
The U.S. government directly intervenes in company decisions to ensure shareholder interests are protected.
The board of directors should always take management roles in the company.
Should U.S. public accounting firms try to audit internationally in cultures they may not understand? If so, how can they maintain quality audits?
Assume a U.S. company operates overseas and is approached by foreign governments officials with a request to provide family members with student internships with the company. The company does business in that country with foreign customers and is negotiating for a contract with one such customer to provide services. Under what circumstances might such a request violate the FCPA?
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- Which of the following is true about the Sarbanes-Oxley Act? A. It was passed to ensure that internal controls are properly documented and tested by public companies. B. It applies to both public and smaller companies. C. It requires all companies to report their internal control policies to the US Securities and Exchange Commission. D. It does not require additional costs or resources to have adequate controls.arrow_forwardHow does auditing differ in the global environment? If the US publicly traded companies are required to have their financial statements audited by firms registered and inspected by the PCAOB, what are the implications if the foreign governments will not allow PCAOB inspectors into these audit firms?arrow_forward13 XYZ Corporation is a U.S.-based corporation. It has decided to move some of its accounting operations abroad. The company will continue to use U.S. GAAP for external reporting purposes. Should the company insist that the employees located in the international locations follow the U.S.-based corporate culture? Explain?arrow_forward
- Under the Foreign Corrupt Practices Act of 1977 (FCPA): a. No US person or company that has securities listed on US markets may make a payment to a foreign officical for the purpose of obtaining or retaining business (pay a bribe) b. Companies that have securities listed on U. S. markets must make and keep financial records that accurately and fairly reflect transactions of the company and must design and maintain an adequate system of internal accounting controls. c. Certain payments to foreign officials known as “grease payments” made to an official to expedite the performance of duties that the official would already be bound to perform are permitted. d. only A and B are included in the FCPA e. A, B, and C are included in the FCPAarrow_forwardDo you believe that the current international accounting standard-setting arrangements, based around the IASB, are at risk of regulatory capture? Why or why not?arrow_forwardShould the SEC and the Department of Justice have tried Andersen as a firm, or should they have targeted specific individuals who had engaged in acts the two bodies believed to be unlawful?arrow_forward
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