XACC 280 Week 8

CheckPoint: Impacts of Unethical Behavior

Research a company that has been in the news for unethical practices, such as Enron, Tyco,

Global Crossing, or WorldCom.

Post a 250- to 300-word response that summarizes your ideas about the following:

o What was the nature of the controversy regarding this companys practices?

o How were accounting practices involved?

o If you had been an accountant for this company, how would you have acted? Explain

why.

o What might have been done to prevent the controversy?

o What was the affect of unethical behavior on the profitability of the company?

CheckPoint: Regulatory Bodies

Post your response to the following question, using 250 to 300 words: What are the major

regulatory bodies and their functions?

Assignment: Internal Controls

Write a 750- to 1,050-word paper in APA format, including citations and references,

summarizing your ideas about internal controls.

Include the following:

o An introduction to internal controls, explaining in your own words the two primary goals of

internal control

o A description of how the Sarbanes-Oxley Act of 2002 has affected internal controls

o An explanation of why a company that announces deficiencies in its internal controls

would probably experience a fall in the price of its stock

o A synopsis of what you consider to be the limitations of internal controls Cite specific

examples.

o A conclusion that summarizes your main points

o A comparison of the internal control principles of (1) establishing responsibility, (2) using

physical, mechanical, and electronic controls, (3) segregation of duties, and (4)

independent internal verification.

Post your completed paper as an attachment.