What is the term for an employee who detects and tries to put an end to a company's unethical, illegal, and/or socially irresponsible actions by publicizing them? O a. corporate lookout O b. whistle-blower O c. government inspector d. fast-track manager
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- A code of ethics is an important element of a fraud prevention program. Which of the following would diminish the effectiveness of a company’s code of conduct?a. The establishment of a chief ethics officer.b. The establishment of a hotline for reporting unethical behavior.c. The violation of the code of ethics by senior management.d. The posting of the code of ethics in the company workplace.Having a corporate code of ethics that prohibits employees from accepting gifts from customers or vendors is an example of which component of internal control?a. Control environmentb. Risk assessmentc. Control proceduresd. Information systemThere are many possible risks involved in becoming a whistle blower. Demonstrate on how managers or supervisors should respond to an employee who brings evidence of questionable behaviour to their attention.
- Internal control does not consist of policies and procedures that a. ensure employees and managers comply with laws and regulations b. protect assets from misuse C. guarantee the company will earn a profit d. ensure that business information is accuratenternal control does not consist of policies and procedures that Select one: a. Ensure that business information is accurate b. Protect assets from misuse c. Guarantee the company will earn a profit d. Ensure employees and managers comply with laws and regulationsHow do the concepts of cognitive dissonance and organizational/ethical dissonance relate to whether an accountant might choose to blow the whistle on corporate wrongdoing?
- Two very common ways that employees commit fraud against their employers is the misstatement of reimbursable expense accounts and the misuse of office supplies for personal purposes. Although these schemes are usually not individually significant, their magnitude can be damaging if these practices are widespread. Please comment on these types of fraud (and other examples of employee fraud) and what internal controls they would put in place in an organization to curb this activity.Senior executives cannot be criminally prosecuted for the wrong doings they commit on behalf of the companies where they work. Group of answer choices True FalseThe impact of weak internal controls can affect an employee’s fraud behavior. The role of information technology (IT) controls facilitate and help detect fraud. Design a method from the accounting information system (AIS) readings to help eliminate such employee fraud activity. Chapter 3 in your textbook discusses the need for a code of ethics and internal controls.
- What is the primary role of internal controls in managing a business? a.To ensure that the financial statements are presented in such a manner as to provide relevant and reliable information for financial statement decision makers and the company's creditors. b.To constrain subordinates' activities in order to prevent employees from deviating from the scope of their responsibilities and encourage them to act in the best interest of the business. c.To encourage theft and to ensure that segregation of duties does not take place. d.To prevent cash from being stolen.Although top management’s attitude toward ethics sets the tone for business practice, sometimes it is the role of lower-level managers to uphold a firm’s ethical standards. John, an operations-level manager, discovers that the company is illegally dumping toxic materials and is in violation of environmental regulations. John’s immediate supervisor is involved in the dumping. What action should John take?Objectivity refers to the obligation that all members of the professional bodies: a. be straightforward and honest. b. refrain from disclosing information to people outside of their workplace that is learned as a result of their employment. c. not allow their personal feelings or prejudices to influence their professional judgment. d. ensure that they do not harm the reputation of the accounting profession.