ACC375 – Week 1 – Week 5 All Discussion Questions

ACC 375 – Week 1 – Week 5 All Discussion Questions:Week 1:DQ 1: Explain the concept of utility under the utilitarianism theory. How can a business achieve a level of utility?DQ 2: What is the connection between justice and utility under utilitarianism theory? What are a few assumptions and problems with utilitarianism theory?DQ 3: What are the similarities and differences between the concepts of justice under the utilitarianism theory and distributive justice theory? What is the difference between concepts of ethics and morality?DQ 4: What is meant by the term of management fraud? What are some red flags, or warning signs, associated with identifying fraud?DQ 5: What are some social and legal implications of management fraud? How can a company protect itself from fraudulent acts?DQ 6: Explain the different types of risk, such as audit risk, inherent risk, control risk, and detection risk. How can a company assess its fraud risk?Week 2:DQ 1: Explain the differences among the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC), and the Public Company Accounting Oversight Board (PCAOB).DQ 2: What concepts of independence and integrity mean to the accounting profession?DQ 3: According to the AICPA Code of Professional Conduct, what does it mean to serve the public interest? Provide a recent example from a news article addressing an instance in which someone was working in their self-interest rather than the public interest. DQ 4: The SEC and the PCAOB place restrictions on 14 different types of non-audit services in an effort to guarantee the continued independence of accounting firms. What are three of these services? Why might there be a restriction imposed?DQ 5: How has the Sarbanes-Oxley Act affected professional independence among accountants?DQ 6: Distinguish between the ethical standards of CPAs and non-CPAs. Which services might CPAs be able to perform that non-CPAs are unable to perform?Week 3:DQ 1: Review the case study Just Because it’s Legal, Is it Ethical in Perspectives in Business Ethics. How might bankruptcy law provide an outlet for unethical behavior?DQ 2: Consider the topic of air pollution. Discuss whether a business should go beyond what the law requires. How might a company be rewarded or punished for making an ethical or unethical decision?DQ 3: Review the case study “It Seems Right in Theory but Does It Work in Practice?” in Perspectives in Business Ethics. How is ethical theory applied in practice?DQ 4: Review the case study “Where and Why Did Business Ethicists Go Wrong? The Case of Dow Corning Corporation’ in Perspectives in Business ethics. What are some ethical and legal issues Dow Corning faced in considering filing for bankruptcy?DQ 5: What is meant by the team skimming? How can a company detect if skimming is occurring? What is meant by the term lapping? How might an employee use lapping to conceal skimming? DQ 6: What are the three types of billing schemes? What type of proactive test is used to detect these schemes?Week 4:DQ 1: What are the four steps involved in the fraud theory approach? Describe and give examples of each.DQ 2: Describe the three components of the fraud triangle. Which component does management control?DQ 3: What is meant by the term check tampering? What are the five methods of check tampering?DQ 4: Search the Internet for an article related to fraudulent behavior. What was the motive behind the ethical behavior? What might the organization have done to mitigate the unethical behavior?DQ 5: Discuss three common methods used to overstate expense reports. What types of controls might a company implement to limit this behavior?Week 5:DQ 1: Should maximizing stock holder wealth always be the top goal of a company? How does this lead to unethical decisions?DQ 2: Explain how ethics affect company goals. Do you think that ethics always guide management’s decisions? Why?DQ 3: What are two platforms that business leaders can use to demonstrate and articulate their purpose, principles, and values? Discuss them.DQ 4: Do you think consumers hold companies responsible for their actions? Why is it important to have a corporate code of conduct? How does having a code of conduct influence the company’s reputation and culture? DQ 5: Is it possible to have a profitable ethical program? Search the internet for an example, and provide the details on how a company is developing this, and whether you think it will work in the long run.DQ 6: What are some of the common unethical behaviors surrounding the revenue and collection cycle and the acquisitions and expenditure cycle?