StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Week 5 Discussion questions - Essay Example

Cite this document
Summary
Sometimes a lack of compliance by a company exposes a firm to unnecessary risks. If the risks are not detected by the internal control mechanisms of a company a firm can get into danger of…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94.5% of users find it useful
Week 5 Discussion questions
Read Text Preview

Extract of sample "Week 5 Discussion questions"

3. I tend to agree with you that sometimes internal controls do not evolve fast enough. Sometimes a lack of compliance by a company exposes a firm tounnecessary risks. If the risks are not detected by the internal control mechanisms of a company a firm can get into danger of financial distress. An example of a company in which the internal controls where bypassed due to human override was the Enron case. The executives of this company masterminded a corrupt scheme in which they paid the auditors over $1 million in revenues weekly to keep the lie a secret.4.A company’s growth can outpace the established internal controls in place.

Sometimes management is naïve and they think that the same rules apply to a company in a large scale. With growth come a lot of hidden costs to monitor a larger operation. Enron was the largest energy producer in the world. The company got so big that a lot of lower level managers and accountants could not see that a huge scam was occurring right beneath their feet. I think that companies are more vulnerable to this phenomenon when they are in their early stages of development due to a lack of economic resources to implement proper internal control mechanisms. 5.I think that employee growth is often not managed well as company start growth.

For instances when a company has thousands of employees it become harder to implement control mechanisms to maintain a drug free environment because it is too costly to test all the employees. Firms can only implement random testing of a small population of the employees due to cost constraints. Sometimes firm underestimate the importance of experience and they hire too many college recruits at once. Bad management of human resources complicates human resource issues. 6.I believe that one of the biggest changes in the accounting profession is that accountants have become bigger assets of the managerial staff due to their ability to analyze business information.

The utilization of accounting information systems provides companies with precise up to date information that can be used to make informed business decisions. Technology has helped managers and accountants a lot. The accounting profession is changing in the United States due to the influence of new regulations that arrived in the 21st century such as the Sarbanes Oxley Act (SOX) of 2002. A branch of accounting that will grow a lot in the near future is auditing and forensic accounting. 7. Sometimes when companies begin to growth they don’t pay adequate attention to their inventory numbers.

This is an area in which for many companies the internal controls that are in place are virtually worthless because mangers do not think that fraud could occur from within. A corrupt warehouse manager could take advantage of these types of opportunity to defraud a company out of thousands of dollars in inventory without the company noticing. This course has taught me that sometimes companies have weaknesses in internal controls that they don’t even realize. 8.What you mentioned is extremely interesting since you were talking about gold.

In the 19th century we had the gold rush. The cowboys would kill for that precious metal during that era, but gold has been valuable forever. I like that you also mentioned how the price of gold has skyrocketed. It is truly amazing. A small investor tip is that silver is a better investment right now than gold. The historical ratio of value between silver and gold is 10:1. I’m not sure about the exact ratio right now but I believe is higher than that which means that silver is undervalued. 9.

I once worked in a company a few years ago where a lack on internal controls ruined the company. The firm was a new company, but they had a contract worth $10 million for a year from one of the most recognized companies in the social media game. The owner of the firm was stealing money from the start. He would pay the employees less than what the social media company had authorized for the services we were providing. I mentioned this case because I saw first hand what could happen when upper management is colluded. 10.In the business world sometimes companies do not do the right thing.

When this occurs the corruption more often than not start at the top. In all the big corruption cases of the 21st century such as Enron, WorldCom, and Tyco the problems started at the top. I sometimes think that the board of directors might not be doing their job adequately for letting these types of things to occur. SOX helped a lot because it created harsh penalties for violators. White collar criminals have to think twice before doing crimes for which they might receive 20 years of prison time.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Week 5 Discussion questions Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
Week 5 Discussion questions Essay Example | Topics and Well Written Essays - 500 words. Retrieved from https://studentshare.org/business/1586925-week-5-discussion-questions
(Week 5 Discussion Questions Essay Example | Topics and Well Written Essays - 500 Words)
Week 5 Discussion Questions Essay Example | Topics and Well Written Essays - 500 Words. https://studentshare.org/business/1586925-week-5-discussion-questions.
“Week 5 Discussion Questions Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/business/1586925-week-5-discussion-questions.
  • Cited: 0 times

CHECK THESE SAMPLES OF Week 5 Discussion questions

Week 1 discussion questions

Managing change has become intrinsic part of business strategy to facilitate process improvement opportunities of projects within the organizations.... hellip; different contextual factors vis-à-vis size, technology, environment, diversification and globalization are vital elements that have significant impact on the managerial decision making....
2 Pages (500 words) Essay

Week 1 discussion questions

The Fundamental Counting Principle is a counting technique used to find out the number of possible outcomes without actually counting and listing all the possible events of any trial.... The fundamental counting principle helps us to identify the number of choices we are available… There are various methods through which this principle can be clearly illustrated; one such method is the tree diagram....
1 Pages (250 words) Coursework

Week 7 Discussion Questions

The Indian website of the Company also provides product information but in a colorful way, Multiple Markets Sharp Company's electronic product, Multifunctional Printer Series MX 2600N is examined in two different markets for discussion purpose.... As per the survey conducted by Premier Healthcare Alliance in 2011, a call for gray market drugs was posted in the Premier Pharmacy Weekly Update in the last week of April 2011, specifying the national drug codes (NDCs) and their retail prices for comparison with Premier base contract prices (Cherici et al....
2 Pages (500 words) Assignment

Week 5 discussion Questions #1 & #2

As a government, he United States has always frowned upon any nation that represses the rights of its people and hands over the authority to govern a nation to only one person, a shared government leadership, or a military junta.... Though the U.... .... must safeguard the fragile… e that exists in the region in order to maintain a stable oil supply for the world, it is important that our nation do so without compromising our political foundation....
1 Pages (250 words) Personal Statement

Week 3 DISCUSSION QUESTIONS

This means that for a contract to be binding, the parties involved need to come to an agreement using an amalgamation of acceptance and offer.... The individual making an offer needs to make an… ective offer to the individual getting the offer, who in turn needs to take the offer so that the two parties could be bound by the terms of the agreement (pp....
1 Pages (250 words) Assignment

Discussion question week 5

On the other hand, informal social control refers to a mild reflection of social interaction between people in the society.... While formal social control has… ablished mechanisms that prevent or discourage engagement in social ills like crime, informal social control is simply a reaction of friends, family, and the community at large toward correcting an individual's unwanted behaviors (Innes 42). Failure to comply with the set Formal and Informal social control Formal social control is the value system that is set and practiced by social agencies to maintain order in the society....
1 Pages (250 words) Essay

Discussing Issues Concerning the Wrongful Death Claim

The paper "Discussing questions Concerning Business Law" highlights that the Liebeck v.... McDonald's case is a perfect illustration of the modern civil justice system which allows the individuals to rise for their rights against the autonomy of big corporate companies.... hellip; The imposing of an unorthodox form of punishment, public shaming, is the issue in the case....
6 Pages (1500 words) Assignment

Week 4 discussion questions

This reality is complicating for most Americans as the recession period offered alarming levels of social inequality.... The decline in the high social mobility that characterizes the Americans is because of the immigration and… In addition to those, the subsequent low demand of semi skilled human resource and the technological developments also contribute to further widening of the social gap in the American social mobility context. Income represents the amount Sociology al Affiliation) Question The American dream of social mobility is a myth....
1 Pages (250 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us