Index

  • Aboody, Prof David, 131, 137
  • accountability, 86
  • accountants’ roles, 19–21
  • accounting as a business, 198–200
  • accounting as a profession, 4–5, 75–82
  • Accounting and Review Services Committee (ARSC), 118
  • accounting firms, 3, 75–82, 197–214
    • code of conduct principles, 83–100
    • code of conduct rules, 103–127
    • code of ethics, 39–40
    • ethical responsibilities, 206
    • profession in crisis, 206–212
    • sanctions, 221–222
    • SOX, 25–27, 219–230
  • accounting nature, 10–13
  • accounting principles, 118–119
  • accounting standards and regulations, 21–25
  • actions, 36–37
    • justification, 43–48
    • reasons, 36–39, 43–49
  • acts discreditable, 119–120
  • advertising, 22, 24, 43, 121
  • aggressive accounting, 13, 132
  • Allegheny, 139
  • alternative business structures, 208, 210
  • American Accounting Association (AAA), 24–25
  • American Institute of Certified Public Accountants (AICPA), 37
    • accounting standards, 22–25
    • code of conduct, 83–85, 140–141
    • code of conduct principles, 85–96
    • code of conduct rules, 103–124
    • code of ethics, 6, 39–40, 72, 76, 78–81
    • Cohen Report, 108, 137–139
    • due care, 40, 86, 94–95, 150–151
    • independence, 140–144
    • professional skepticism, 148–150
    • SOX, 26
    • SSTS, 178–184, 187–190
    • tax accounting, 178–185
  • American International Group (AIG), 9
  • AOL, 159
  • Aristotle, 72, 91, 198
  • Arthur Andersen, 1–3, 6, 9, 17, 21, 25–28, 79, 198, 205
    • accounting profession in crisis, 206, 208
    • accounting standards, 22, 25
    • auditing function, 129, 141, 148
    • code of conduct, 87, 92
    • fraud, 33–35
    • SOX, 26–27
  • Arthur Young and Company, 133–134, 183
  • asset cost, 17
  • assets on the balance sheet, 12–13
  • asset value, 12, 17
  • audit committees, 23–26, 34
    • fraud, 34
    • SOX, 25–26, 223–225, 228
  • Auditing, 1–3, 6, 16, 19, 129–151
    • accountants’ roles, 19
    • accounting standards, 21–25
    • basic responsibilities, 137–140
    • codes of conduct, 83, 85, 86, 92–95
    • ethics of public accounting, 132–134
    • fraud, 33–35
    • independence, 22–25, 140–144
    • independence risk, 144–148
    • professional skepticism, 148–150
    • prohibited activities, 223–224
    • reasonable assurance, 150–151
    • responsibility to public, 135–137
    • SOX, 25–27, 220, 223–224
    • Trust, 134–135
  • Auditing Standards Board, 25, 118
  • average cost, 18
  • Baker, C. Richard and Hayes, Rick S., 136
  • balance sheet, 11–12
  • Bank of America, 50
  • Bankruptcy, 2, 33–34, 129–130
  • Barr, Andrew, 22
  • BDO Seidman, 29, 34
  • Beach, John E., 139–140
  • Bentham, Jeremy, 65, 67
  • best interests of and responsibilities to the client, 58–59, 76, 78
    • accountants as professionals, 75–81
    • auditing function, 132
    • code of conduct principles, 83, 85–89, 94–95
    • code of conduct rules, 122
    • due care, 94–95
  • black box accounting, 92
  • BLIPS (tax shelter), 177–178
  • boards of directors, 23
    • managerial accounting, 159–160
    • SOX, 25–27, 225
  • Bogle, John C., 132–133, 141, 146–147, 198, 210–211
  • Briloff, Abraham, 185, 206
  • Burger, Warren E., 133–134, 136–138, 140
  • business ethics, 79, 83, 167, 198–199
  • business ethics community, 2
  • Byrnes, Nanette, 33–34
  • capitalism, 34, 132, 201
    • justification, 65
    • social responsibility, 201
  • Carmichael, Douglas, 162
  • Carroll, Archie, 205
  • categorical imperative, 68–69, 134
    • first formula, 69–70
    • second formula, 70–71
  • Cendant, 33, 164–166, 197–198
  • certified public accountants (CPAs), 19–21, 23–25
  • changes in cash flow, 11
  • changes in financial position, 13
  • changes in retained earnings, 13
  • charity, 68–69, 203
  • chief executive officers (CEOs), 26–27, 159–161
  • chief financial officers (CFOs), 26–27, 134
  • Cisco Systems, 207, 211
  • classic moral dilemmas, 49–50
  • codes of conduct
    • AICPA, 84–85, 140–141
    • criticism, 96
    • IMA, 25, 84, 231–233
    • principles, 85–96
    • rules, 103–124
  • Cohen Commission Report, 23, 137–139
  • Cohn, Gordon, 143
  • colleagues, 75–77
    • code of conduct, 85
    • responsibilities, 123–124
    • subordination of judgment, 111–113
  • Commission on Standards of Education and Experience for CPAs, 75, 77
  • commissions, 120–121
  • commitment, 46
  • competence, 136, 189, 231
  • conceptual framework, 11, 103–106, 111, 115, 141–142
  • confidentiality, 98
  • conflicts of interest, 22–23, 134, 135
    • code of conduct, 95–96, 108–110, 121
    • consulting, 26–27, 93
    • independence, 143, 147–148
    • integrity and objectivity, 107–110
    • managerial accounting, 160
    • SOX, 26–27, 93, 228
  • Congressional Budget Office, 5
  • consent, 14–15, 45, 109, 122, 160, 221
  • consulting, 2–3, 19, 24, 118, 199–200
  • contingent fees, 120
  • Cooper, Robert, 186–187
  • Corporate and Criminal Fraud Accountability Act 2002, 229
  • cost of goods sold formulas, 18
  • creative accounting, 13, 209
  • Crenshaw, Albert B., 10
  • current assets, 12
  • Dell, 34
  • Deloitte and Touche, 29–30, 98, 207
  • deontology, 49, 57–58, 64–65, 68–69
    • Kant, 67–68, 70–71
  • Department of Justice, 34, 177–178
  • depreciation, 12, 18
  • Dickens, Charles Christmas Carol, 205
  • DiLullo, Charles, 162–163
  • director bars, 225–226
  • disclosure, 10–11, 13–17, 24, 121, 133, 144, 160, 183
    • conflicts of interest, 108
    • duty to report errors, 139–140
    • SOX, 26, 224–232
  • dispute resolution, 59, 111
  • distribution problem, 64–65
  • divorce, 109
  • Dodd–Frank, 27–28
  • due care, 40, 86, 94–95, 117, 150–151
  • duty, 66–71, 135–136, 151, 170, 179
  • earnings management, 159, 163, 208, 209
  • economic man, 61
  • efficient market, 45
  • egoism, 57–63, 71
  • Enron, 2, 6, 9, 14, 17, 33–34
    • accounting firms, 79, 205
    • accounting profession in crisis, 198, 206–208
    • accounting standards, 21, 27
    • auditing function, 129, 141
    • code of conduct, 80, 87, 92
    • justifications, 162, 164, 199
    • SOX, 26–27, 141, 148
    • tax accounting, 180
    • whistle‐blowing, 170
  • Ernst and Young, 27, 29–30, 35, 37
  • errors, 97, 150, 165
    • New Century, 129
    • responsibility to report, 25, 139–140
    • tax accounting, 179, 181–182, 187–190
  • ethical beliefs, 36, 38
    • actions, 36–37, 39–48
    • evaluation, 37–39, 58
    • professional code, 39–40
  • ethical dilemmas, 48–50
  • ethics defined, 35–36
  • eudaemonists, 65
  • Everson, Mark, 177
  • external accountants, 112–113
  • extrinsic good, 65
  • Fannie Mae, 157–158
  • Fastow, Andrew, 9, 33
  • Federal Reserve Board, 147, 219
  • Federal Trade Commission (FTC), 22
  • fees, 3, 23–24, 92, 103, 120–121, 227–228
  • financial accounting see managerial accounting
  • Financial Accounting Standards Board (FASB), 17, 19, 118, 119, 210
    • justification of formulas used, 19
  • Financial Executives International (FEI), 25
  • financial market, 4, 11, 28, 132–134, 141, 146–147, 211
  • financial planning, 19, 109, 118, 123
  • financial statement, 6, 10–13, 16–19, 28
    • basic responsibilities, 137–138
    • professional skepticism, 148–150
    • public accounting, 132–134
    • reasonable assurance, 150–151
    • reporting errors, 139–140
  • first in, first out (FIFO), 18
  • FLIP (tax shelter), 177
  • Forensic and Valuation Services, 118
  • form of organization, 122–123
  • Frank, Garry, 186–187
  • Franklin, Benjamin, 163
  • fraud, 9, 23, 200
    • auditing, 33–35, 139, 197
    • GE, 163–164
    • Grace, 164–166
    • Happy’s Pizza, 190–192
    • HealthSouth, 9
    • KPMG, 178–179
    • Micro Strategy, 164–166
    • reasonable assurance, 150–151
    • reporting, 139–140
    • SOX, 25–26
    • WorldCom, 27, 229–230
  • Friedman, Milton, 77, 200–202
  • Friehling and Horowitz, 35
  • Friehling, David, 33
  • Gateway, 159
  • Gellerman, Saul W., 161–166
  • General Accounting Standards Board (GASB), 118
  • General Electric (GE), 163–194
  • generally accepted accounting principles (GAAP), 38, 138, 208–209
    • code of conduct rules, 118–119
    • errors and fraud, 34
    • financial statement, 16–19
    • justifications, 161–166
    • New Century, 129–130
    • SOX, 220, 224, 227
  • Goldman Sachs, 130, 147–148, 180
  • good ethics as good business, 204–205
  • Government Accountability Office (GAO), 114
  • Grace, W.R., 165–166
  • Grant Thornton, 34–35
  • Greed, 199, 202–205
  • Gunneman, Jon, 169–170
  • HealthSouth, 27
  • Hedonists, 65
  • Heilig‐Meyers Company, 17
  • historical cost less depreciation, 18
  • Hobbes, Thomas, 60
  • Holmes, Oliver Wendell, 184
  • Howard, Richard P., 12
  • Huebner, Solomon, 76–77, 79, 167
  • Hugo, Victor Les Miserables, 49, 57
  • human activity, 3
  • hypothetical imperatives, 68
    • first formula, 69–70
    • second formula, 70–71
  • improper influence, 225
  • income statement, 11–13
  • independence, 92–94, 114–117, 140–144, 207
    • alternative business structure, 208
    • auditing function, 19, 132–133, 136–138, 140–144, 151
    • code of conduct principles, 85–86, 92–94, 98–95
    • code of conduct rules, 103–110, 124
    • consulting, 19, 141–143
    • managerial accounting, 161
    • professional skepticism, 148–150
    • risk, 143–148
    • SOX, 220
    • threats, 142–144
  • Independence Standards Board (ISB), 141–142, 144, 158
  • insider trading, 37, 97–98
  • Institute of American Accountants (IAA), 22
  • Institute of Internal Auditors (IIA), 25
  • Institute of Management Accountants (IMA), 25
    • code of conduct, 84, 231–233
    • code of ethics, 158–161, 166–167
  • integrity, 89–92, 107–114
    • auditing function, 132, 133, 135
    • code of conduct, 84–86,90–87–92, 94–95
    • code of conduct rules, 103, 107–114, 124
    • IMA code of conduct, 232
    • managerial accounting, 160, 170
  • intellectual enterprise of ethics, 36
  • intended incentives, 184–185
  • internal auditing control, 138–139, 227
  • Internal Revenue Service (IRS), 13, 18, 177–178, 182–183, 185–186, 189, 191–192
    • disclosure, 13
    • tax shelters, 34, 177–179, 185
  • International Accounting Standard Board (IASB), 118
  • International Ethics Standard Board for Accountants (IESRA), 84
  • International Federation of Accountants (IFAC), 84
  • International Financial Reporting Standards (IFRS), 209, 211
  • intrinsic good, 65–66
  • Johnson and Johnson, 44, 204
  • JP Morgan Chase, 50, 130
  • justifications for unethical behavior, 161–166
  • Madoff, Bernard, 33
  • Management Consulting Services, 118
  • management services, 22–25, 138–139
  • managerial accounting, 6, 19, 157–171, 211–212
  • manipulation, 15, 19, 21
  • market transactions disclosure, 13–14
  • Manza, Robert D., 159
  • McGinn, Daniel, 162
  • McGregor, Douglas The Human Side of Enterprise, 205
  • Metcalf Committee, 23–24, 201
  • Micro Strategy, 164–165
  • Mill, John Stuart, 62, 65–68
  • misrepresentation, 111, 112, 134
  • Missal, Michael, 130
  • National Commission on Fraudulent Financial Reporting, 24
  • negligence in failing to detect fraud, 34
  • net income, 18
  • New Century Financial Corporation, 129–132, 137, 138, 143
  • New York Stock Exchange, 130
  • non‐current assets, 12
  • non‐current liabilities, 12
  • Novack, Jane, 207
  • numbers game, 10
  • objectivity, 92–94, 107–110
    • code of conduct, 84, 86–87, 93–96
    • code of conduct rules, 103, 105–109, 124
    • IMA code of conduct, 232
    • managerial accounting, 159, 160, 170
  • Office of Federal Housing Enterprise Oversight, 157
  • opinion shopping, 120
  • OPIS (tax shelter), 178
  • owners’ equity, 12, 13
  • Oxford Health Plans, 162
  • partner rotation, 27, 148, 224
  • Peat Marwick, 207, 211
  • personal financial planning (PFP), 109, 118
  • Pinocchio, 90–91
  • Plato, 72, 91, 198
  • pluralists, 65
  • Powers, Charles, 169
  • predicting the future, 66
  • Price, T. Rowe, 12
  • Pricewaterhouse Coopers, 33, 35, 139, 144, 165, 198, 211
    • Allegheny, 139–140
  • Price Waterhouse, India, 37
  • Private Companies Practice Section, 24
  • pro forma accounting, 13, 119, 209
  • problem of illicit means, 66
  • professional code of ethics, 39–41
  • professional skepticism, 148–151
  • professionalism, 4–7, 86–87, 197–198, 200, 208
    • auditing function, 136
    • code of conduct, 83–88, 97–98
    • tax accounting, 186
    • whistle‐blowing, 166–170
  • prohibition on personal loans, 227
  • projections, 9–10
  • psychological egoism, 60–62
  • public accounting, 132–134
  • Public Company Accounting Oversight Board (PCAOB), 2, 16, 96
    • fraud, 9–10
    • independence, 114
    • professional skepticism, 139, 151
    • reasonable assurance, 151
    • SOX, 25–27, 35, 219
    • standards, 117–118
    • tax accounting, 178–179
  • public interest, 87–89, 178–179, 202
    • accountants as professionals, 75–79
    • auditing function, 132, 135–137, 140
    • code of conduct, 84–89
  • Public Interest Oversight Board (PIOB), 84
  • Public Oversight Board (POB), 24, 25
  • qualifications, 75–76, 80–81
  • Raju, B. Ramalinga, 35
  • reasonable assurance, 150–151
  • reasons for actions, 36–39, 42–49
  • recognition of income, 18
  • referral fees, 120–121
  • repurchase reserve, 129–130
  • rights, 45–46, 70
  • Rite Aid, 164
  • Ross, W.D., 66–67, 71
  • Salinger, J.D. The Catcher in the Rye, 60
  • sanctions, 221–223
  • Sarbanes–Oxley Act 2002(SOX), 2, 6, 20, 25–28, 179, 219–221
    • accounting firms, 198, 211–212
    • adequacy of GAAP, 208
    • alternative business structure, 210–212
    • enforcement of code of conduct, 96
    • objectivity and independence, 93, 141, 148
    • standards, 21, 35, 118
  • Satyam, 35
  • Schilit, Howard M., 17, 162
  • Schroeder, Michael, 32
  • Scrushy, Richard, 27
  • Securities Act 1933, 21–22
  • Securities Act 1934, 21–22
  • Securities Exchange Act 1934, 16
  • Securities Exchange Commission (SEC), 16–17, 108, 198
  • Securities Exchange Commission Practice Section (SECPS), 24
  • self‐governance, 86–87
  • self‐interest, 77–78, 143, 186, 205
    • egoism, 57–62
    • managerial accounting, 160–161
    • social responsibilities, 199–201
  • selfishness, 59–62, 76–78
  • self‐regulation, 197
  • selling and disclosure, 13–16
  • Server, Andy, 163
  • Silber, Steven, 139
  • Simon, John, 169
  • Smith, Adam, 60–62, 77, 200–202
    • Egoism, 59–62
    • The Wealth of Nations, 77, 200
  • social practices, institution and system, 37, 43–44, 62–63
  • social responsibilities, 200–204
    • accountants as professionals, 75–77, 79–80
    • code of conduct, 84, 86, 88
  • SOS (tax shelter), 177
  • standards, 111–113
  • Statements on Auditing Standards (SASs), 25
  • stock options, 208, 210
  • study of ethics, 37–39
  • subordination of judgment, 151–152
  • Sunbeam, 33, 164, 197
  • tampering with a record, 229–230
  • tax accounting, 6, 10–11, 19, 92, 177–196, 211–212
    • conflict of interest, 108–110
  • tax evasion, 79, 178
  • Tax Executive Committee, 118
  • tax shelters, 34, 185, 208, 210
  • Telberg, Rick, 20, 135, 207
  • temporary freeze authority, 230
  • Teresa, Mother, 61
  • Todd, John, 159
  • transactions approach, 18
  • Treadway Commission, 24–25
  • Truman, President Harry, 49–50
  • trust, 134–135
  • Turner, Lynn E., 129, 147, 198
  • Tylenol (painkiller), 204
  • United Health Care, 162
  • universalizability, 107, 134–135, 180–181
  • universal law, 69–70
  • utilitarianism, 62–67, 89
    • categorical imperative, 69–71
    • deontology, 68–69
    • Kant, 67–68
    • virtue ethics, 72
  • Vanguard Group, 132, 198
  • Vatter, Bill, 161
  • virtue ethics, 72, 89
  • Vogel, David, 206
  • Volcker, Paul, 147
  • Waste Management, 198
  • Watkins, Sherron, 170
  • Weitzen, Jeffrey, 159
  • whistle‐blowing, 166–170
  • Whitehead, John, 147–148
  • Willkie, Farr & Gallagher, 34
  • WorldCom, 9, 27
  • Yetmar, Scott, 186
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