Exam 3: Corporate Governance and Ethical Management

SAS 78 describes internal control as a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding achievement of:

The corporate governance system includes each of the following elements except for:

A unique aspect of occupational fraud is:

Which of the following is not used to overcome the agency problem?

Each of the following is an ethical issue in business except for:

A school district decided to add an ethics officer to its administration.The district had watched how often the district was dealing with ethically sensitive situations.After doing research into how many organizations used an ethics officer and the desired education and background for such an officer, the district advertised for a person with the following qualifications: education in accounting, finance, or criminal justice; CPA preferred; and experience with compliance or audits.The district hired a person with a CPA license, degree in accounting and experience as an internal auditor doing compliance audits. At the press conference to introduce the new ethics officer, a local news reporter pointedly asked about the candidate's background.The ethics officer stated as a CPA he knew how to handle ethical issues and he had the highest integrity.The reporter decided to a little more background research before writing the article.The state board of public accountancy of that state maintained an online database for the public to verify that a CPA was currently licensed.When the reporter could not find the ethics officer as a currently licensed CPA, he called the district and the ethics officer for a comment. What should the district and ethics officer do? Use the ethical decision making model to defend your answer.

Analyze the reaction of Toyota from an ethical perspective to disclosures that occurred in late 2009 and early 2010 that the accelerator in some brands might get stuck and result in unintended acceleration of the car.How does Toyota's reaction relate to that of Ford with the Pinto and Johnson & Johnson with the Tylenol poisoning?

To whom does the management owe its ultimate allegiance?

Which case that deals with exercising the proper degree of professional skepticism?

Each of the following is part of the New York Stock Exchange listing requirements except for:

What are the most important values to include in a corporate code of ethics or credo and why are these important values?

Tommy Hubbs is the controller of XYZ Corporation.Recently, Hubbs was approached by Carol Franks, the CFO, and told in no uncertain terms to record $100,000 in revenue at the end of 2010 even though the sale was not made until January 3, 2011.Describe Hubbs' ethical responsibilities in this matter if he is a CPA?

One of the reasons Bernie Madoff was able to pull off the Ponzi scheme for so long was:

The term disgorgement means:

The term "co-determination" refers to:

The motivating factor for Sears to charge customers for repairs that were not needed was:

What is a university's equivalent of a code of ethics?

What is the most important factor in encouraging employees to observe ethical guidelines?

In the Pinto case, Ford relied on which approaches to ethical reasoning to decide on a course of action with respect to the faulty gas tank placement?

The expectation gap is the difference between what the public perceived as the responsibilities of accountants and __________________.