Importance of Reflective Practice in Counselling

Importance of Reflective Practice in Counselling Reflective practice refers to the capability to reflect on our everyday actions and frameworks, as well as concepts on personal experience as part of a process of life-long learning (Schon, 1983). According to this definition, Bolton (2010) termed this as developmental insight, where the emphasis is placed on the learning from our own experience rather than knowledge gained from lectures or tutorials. On a personal note, I think what is significant about reflection during the course of our practice in this subject is that I am not just looking back on events and actions that has happened to us in the past, but also I am conscious of my emotions, experiences, actions, and behavioural reactions, and thus the utilization of these factors to add on to my existing knowledge database. As such, it is to draw out new and perhaps better knowledge, and in the long run, I hope to have a higher level of understanding. These would be achievable via the few factors that would be discussed in the e ssay, such as questioning and reflecting on my own moral and ethical values and comparing it with the Ethics Code in situations where I am required to act extremely. On another note, by reflecting on my personality profile, I check and reflect if my ideals and passion are congruent with the test that measured my psychological preference and my criterions on decision making. By reflecting on these frameworks, I hope to shed some light on my self-awareness and hopefully gain some new insights so that ultimately, I can improve as a better human being. The Ethics Code The Ethical Principles of Psychologists and Code of Conduct, in another light denoted as the Ethics Code, consists of several clause and terms which serves as a guideline as how a psychologist should behave when conflicting scenarios arise, which could possibly happen on a daily basis. The Ethics Code, however, applies only to psychologists and their work-related activities that are part of their nature of job scope. These usually include an array of activities such as counselling, teaching, supervision, social intervention, as well as conducting assessments through the development of assessment instruments. On the other hand, the violation of the Ethics Code itself does not instantly determine whether a psychologist has violated a law and is liable for legal actions in court. When considering a professional behaviour to be conducted, psychologists must not only consider the Ethics Code, but also to put into consideration applicable laws and the relevant board regulations. Psychologi sts must ensure that the ethical standards are met if the Ethics Code establishes a more stringent standard of conduct that is mandatory by law. Greenberg and Shuman (1998) elucidate that although not always the case, during practice, the law would usually be compliant with the Ethics Code. If, at any point in time, the Ethics Code happens to be with conflict with the requirements of law, I feel that psychologists are supposed to remain committed to the Ethics Code and exercise caution to resolve any conflict while not violating any civil laws. Since the work of a psychologist is to develop a reliable and valid construct of information which are backed by research, and are applied with the intention of broadening our vision and knowledge on behaviour, which essentially creates an opportunity to improve conditions of interaction between society and the individual, the Ethics Code is thought to be able to provide a common set of values in which it is envisioned to offer the general pr inciples as well as rules of decision making to ensure that most of the possible situations encountered by a psychologist can be referred to and resolved. However, Corey, Corey and Callanan (1998) argues that while it holds true that the Ethics Code provides guidelines for ethical conducts, it was not intended to be able to provide specific guidance or solutions to each and every situations that could arise. Though I feel that the Ethics Code is very thorough in its descriptions as it covers a wide scope of possible situations, it is still nonetheless not fool-proof as in specific field such as forensic psychology, where there is a fine line between ethical practice and legal laws. This was backed up by Day and White (2008), who mentioned that ethical dilemmas would arise and explain that especially in the field of forensic psychology, it is not uncommon that practitioners are drawn into legal proceedings. Furthermore, it was brought up by Herlihy and Corey (1997) that although it m ay be consistent with the Ethics Code to breach client confidentiality in situations such as when a client is seen as a threat to self or others, there are many occasions when the ethically responsible course of action is less clear. As such, I feel that while the Ethics Code offers a valid guideline on actions to be conducted in various situations, psychologists should still take into considerations which are the correct and just actions to take and certainly to exercise caution in the behaviours to be taken as a wrong decision could damage a person’s life or damage their reputation. Field trip to Institute of Mental Health The grey area of applicability of ethics in mental health settings is an intriguing issue, especially with personal experience, i.e., field trip to the Institute of Mental Health. While many consider the correct course of action to be in a particular way, health practitioners and their set of code and values may present itself differently. I realized that there exist difficult and conflicting cases that may arise when dealing with people with mental disorders. For example, the ethical standard of conduct would be to inform the clients the truth of their conditions, and avoid actions that are likely to harm clients. However, the very act of informing the clients of their conditions is likely to invoke a response, which in return would most likely aggravate their emotional suffering. An array of misconceptions was cleared when the nurses at the Institute of Mental Health provided a clear explanation of the evolution of treatment of patients changed from the past to the present. One exa mple brought up by the nurse was the usage of straitjacket. A straitjacket is a garment which resembles a jacket, but with long sleeves and is generally used to restrain individuals who would possibly harm themselves, damage furniture, or injure surrounding staffs. Before the development of psychiatric medications, doctors did not know how to properly treat mental disorders such as depression and anxiety disorders. A variety of treatments that was deemed to be cruel by current standards were thus attempted by the doctors, and the straitjacket was one of the treatments used. However, as research allows the development of drugs to suppress the effects of the mental disorders, such treatments were stopped and disallowed to be continued to be carried out to the clients. It was very fortunate to hear from the nurse at the institute that the straitjacket is no longer in usage as it was deemed to be inhumane, and I personally think so as well. Since the drugs are now capable of suppressing the effects of mental disorders, the approach of institutionalizing the clients has been reviewed. Townsend (1976) posits that clients who are institutionalized gets convinced that they are mentally ill, and as they integrate themselves with the institutional life, it would reduce the client’s ability to live outside if they were to get deinstitutionalized. Personally, I feel that dealing with individuals who are affected by mental disorders is a tricky issue, as there are many possible ways to approach the situation. One example would be making the decision as to whether an individual should be institutionalized or not. However, as far as I would suggest, I think that it should be advocated that the criterion of institutionalizing the clients be more strict, for example, admitting only the extreme cases of mental disorders where the clients are not able to sustain normal daily life, as the said effect would cause them to rely on the institution and progressively unable to l ive by themselves, even if symptoms of mental disorders were to subside and doctors claim that they can be discharged from the institution. Awareness Program Autism disorder was the focal point of the awareness program for my group, and there are several pointers in which I am ashamed that I personally have committed. Firstly, it has been found that the lack of awareness in autism disorders has been a very concerning issue, especially in Singapore. Sigman, Mundy, Sherman and Ungerer (1986) explains that many people correctly identified some of the key characteristics of autism, including difficulty communicating, difficulty making friends, love of routine, as well as obsessive behaviours. However, some other common characteristics which I realized upon research, was that individuals who are affected by autism require the need for clear and unambiguous instructions and are susceptible to being disturbed by noise and touch; these points were less well known and could develop misconceptions if the other party was not aware; these were the points in which I was unaware of and would negligibly scrutinize them if I had to repeat my words multip le times and yet they would not understand what I would have said. Upon raising my own awareness of the particular disorder and through some reflection, I felt that many individuals with autism act differently when compared to our typical population. Whether at school, at work or in social settings, people with autism are often taken at face value and thus misunderstood. Individuals with autism may not respond when spoken to or may avoid eye contact from the people asking the question. They could possibly behave in unusual manners in which most people do not understand. Some behaviours are so out of the norm that they were misinterpreted as poor discipline. However, people in society tend to arrive at this opinion solely based on just a brief observation, rather than putting in effort to try to look for further signs to comprehend the nature of those actions taken by these individuals affected with autism, and as such, they often suffer discrimination, intolerance and isolation. For many, that means a lifetime of exclusion from everyday society. We, as individuals, should not be doing this, but rather, embrace the difference and aid them into being comfortable with their surroundings so that they can cope with their everyday lives. Just a simple act of observing them would go a long way in creating a society in which such individuals affected by autism disorder can coexist with us. Nonetheless, the completion for the autism awareness program did not come as an easy task, as it was difficult to acquire access to the relevant institutes of interest. For example, my group was not able to gain access and direct first-hand experience of understanding how individuals with autism would behave in schools, where they are required to interact with their surroundings, and more importantly, their peers. However, this setback did not deter my group from obtaining information. Pathlight school, a school for individuals with autism, however, did release some interactive info rmation such as articles and newspaper cut-outs with regards to the related field, and were cooperative in allowing us to gain as much knowledge as possible despite our lack of first-hand experience. As such, the only methods we were able to procure information was through the information released by the management of Pathlight, as well as the many questions that were relayed through e-mails so that we can gain accurate knowledge regarding autism disorders, and shed some light to others who are not as aware of such a disorder. Nonetheless, I feel that even with the information amassed through research; it is still insufficient to properly account for the wide array of characteristics that are exclusive to individuals with autism. Personality Profile Individuals who go through personal development includes going through events that improve our self-awareness, and it allows us to cultivate our talents and potential, and as such, enrich our quality of life which ultimately contributes to the realization of our passion and aspirations. Based on the MBTI, Davies (2008) proposed that it is an assessment tool used to measure psychological preferences in how individuals perceive the world and make decisions, my personality profile is INTJ. Lawrence and Martin (2001) suggested that the MBTI is a reliable and valid instrument to measure our personality. They mentioned that the test is capable of being retested and are good across age and ethnic groups, and they pointed out that the instrument is set out to measure what the test is supposed to test originally. Based on the MBTI assessment by Myers (1998), it is conceived that INTJs see things from a top-down approach, and are capable of relating new information to overall patterns. They al so find themselves readily synthesizing abstract and complicated theoretical matters, and such mind-sets would lead the INTJs them to value knowledge, as well as expect competence of themselves and others. Personally, I would agree to these points as my ideals of work reside in the fact that if all of the group members are competent, we would be able to complete the work beforehand and leave time and room for improvements to be made before any actual submission is due. This is especially important as having gone through numerous group works, my belief is that the more the content is reviewed, the more insightful it gets as we gain mastery and command in the particular context of research. I feel that in aspects of productive work, even if it is a group project, I prefer to work independently and thereafter team members come together to share their points to strengthen the validity and reliability of the entire project; though I favour the notion of working independently, I would not differ from group norms and still be cooperative towards team members. This was supported by Baron and Baron-Tieger (1995), where they elucidated that INTJs prefer to work independently, and have no particular problems in meeting group requirements as teamwork is not an issue. In another aspect, I value accuracy in my work and ensure that most, if not all of my curiosity in the area I am researching in is satisfied, and, because of my values I find myself inclined to field such as science and research, particularly in fields of forensic psychology. Through the test in which also supports my ideals of inclination to abstract matters and challenges, I feel that forensic psychology is a very interesting path in psychology as it presents abstract ideas and challenges in actual situations and it is my passion, as well as satisfaction to be able to decipher the true meaning and rationale behind human behaviour. Another technique in which I find useful in promoting my self-awareness is th e Johari window. Based on what I understand, the concept of reducing the blind spot by being inquisitive about myself would help in promoting self-awareness, because by understanding how others perceive my in another aspect which I was not able to see, I would be able to reflect on my actions and determine whether adjustments to my behaviour are required. Similarly, Joseph (1969) clarifies that in order to become self-aware and develop as a person, we should know more about ourselves and be informed about what others know about us as well. To conclude, reflection and practice can be considered a subset of the many concepts and values we can pick up along the way of gaining insight on skills that are useful and applicable in our field of study. Through various lessons and facilitation, i.e. the Ethics Code, I was able to build up knowledge with regards to identifying, accessing, as well as making evaluations of information and its applicability to actual practice. Furthermore, the development of skills in professional and personal reflection was significant, as seen I feel that I have gained the capability to identify approaches for the development of appropriate outcomes and predict the indicators of success. Furthermore, by reflecting on the various concepts brought up in the essay, as well as through the course of subject, I feel that I have gained some new knowledge about myself; for example through the concept of Johari window, I realized that to be better self-aware, I needed to be inquisitive about myself, and th is is one of the crucial part of what I think helps in my personal development. References Bolton, G. (2010). Reflective Practice, Writing and Professional Development (3rd ed.). California: SAGE Publications. Corey, G., Corey, M., Callanan, G. (1998). Issues and ethics in the helping professions (5th ed.). California, CA: Brooks/Cole. Davies, S. J. (2008). Psychometric testing: what is Myers Briggs? The Foundation Years, 4(2), 81-82. Day, A., White, J. (2008). Ethical practice from the perspective of the forensic psychologist:Commentary on the uses and value of the Australian Psychological Society (2007) Code of Ethics. Australian Psychologist, 43(3), 186-193. Greenberg, S. A., Shuman, D. W. (1997). Irreconcilable conflict between therapeutic and forensic roles. Professional Psychology: Research and Practice, 28, 50-57. Herlihy, B., Corey, G. (1997). Boundary issues in counselling: Multiple roles and responsiblities. Alexandria: American Counselling Association. Joseph, L. (1969). Of Human Interaction. Palo Alto, CA: National Press. Lawrence, G., Martin, C. R. (2001). Building People, Building Programs: A Practitioners Guide for Introducing the Myers-Briggs Type Indicator to Individuals and Organizations. United States of America: Center for Application of Psychological Type. Myers, I. B. (1998). Introduction to type: A guide to understanding your results on the Myers-Briggs Type Indicator. Palo Alto, CA: Consulting Psychologists Press. Schà ¶n, D. A. (1983). The Reflective Practitioner, How Professionals Think In Action. United States of America: Basic Books. Sigman, M., Mundy, P., Sherman, T., Ungerer, J. (1986). Social interactions of autistic, mentally retarded and normal children and their caregivers. Journal of child psychology and psychiatry, 27(5), 647-656. Tieger, P. D., Barron-Tieger, B. (1995). Do what you are: discover the perfect career for you through the secrets of personality type (2nd ed.). Boston: Brown. Townsend, J. M. (1976). Self-concept and the institutionalization of mental patients: An overview and Critique. Journal of Health and Social Behaviour, 17, 263-271.

Enron Case Study

When Sharron Watkins, the former UP of Corporate Development offered to show the problems in counting decisions, Ken Lay, the Chair of the Board refused and said â€Å"He rather not see it†. 2. Regulatory Agencies, SEC and BAS Enron was able to hide their losses behind their ESP. or Special Purpose Entities by omitting an Spec's assets and liabilities from its consolidated financial statements and both SEC and BAS failed to provide formal guidelines for companies to follow in ESP. accounting and reporting.As a result of the minimal legal and accounting guidelines for Esp., Enron along with other companies was able to divert huge amounts of their liabilities and asses to off-balance sheet entities. 3. Management and Accounting team of Enron Both management and accounting team Of Enron manipulated the revenue recognition principle by making vague assumptions that inflated the profits booked on Enron's commodity contracts. There attempt was to keep the stock prices high by showin g inflated financial statements in order to receive high credit ratings and increased lender cash flow into the company. 4.Anderson Accounting Firm The Anderson firm, an independent audit firm failed to provide a more transparent financial statements of Enron. Anderson firm audited the many for 1 5 years where its auditors failed to perform their duties and professional standards of accounting. In fact, Anderson made efforts to restructure Enron's ESP. to continue to qualify as unconsolidated entities once they became aware of Enron's rapidly deteriorating financial condition. Anderson firm was more interested in retaining Enron as their client to provide consulting services hence creating a conflict of interest.Lists three type of consulting services that audit firm have provided to their audit client in recent years. For each item, indicate the specific threats, if any, that the reversion of the given services can pose for an audit firm independence. Auditors independence is consi dered a cornerstone in the accounting profession since they are entrusted by the general public to provide true picture of a company's financial position. It is believed that non-audit services provided by audit firms impair auditors independence to fairly attest the financial statements produced by the client company.Consulting and audit a same firm causes conflict of interest. Anderson firm earned approximately $52 million in fees from Enron in 2000, less than half of which was directly elated to the auditing, rest were for non-audit services. Audit firm may provide many types of consulting services such as: 1. Tax consulting services 2. Accounting system design services 3. Bookkeeping or other related services 4. Financial advice services, including internal audit consulting service. In this highly competitive market, non-audit services have taken precedence over the traditional accounting and auditing services.Even if an audit firm is fairly attesting financial statements and pr ovides honest opinion of a company, its stakeholders and other users may still presume otherwise due o the recent accounting debacles such as Enron and Anderson firm. The additional non-audit services may prove to be a threat to the audit firm's independence. By providing financial advice services for Enron's accounting procedures, Anderson provided them an opportunity to manipulate the reporting and treatment of the Esp..Bookkeeping and following correct accounting procedures are very important components of preparing financial statements. Manipulations of these data are likely to show up when it is audited accurately, and with precision. When the same company repaper and audits the financial statements, it can create conflict of interest just like in this case, where the creators of accounting procedures I. E the management and Anderson team fabricated the financial statements by using complex accounting procedures and loopholes that users could not understand.Any other consulting services such as tax advisory also creates a threat to the independence of the auditing firm, where manipulations are more likely to happen which can hurt the creditability of the audited statements and the auditor's opinion about the company. For purpose of this question, assume that the excerpts from the Power Report shown in Exhibit 3 provide accurate description of Andersen's involvement in Enron accounting and financial reporting decisions. Given this assumption, do you believe that Andersen's involvement in those decisions violated any professional auditing standards?If so, lists those standards and briefly explain your rationale. Arthur Anderson, once known as one of the top accounting firms in nation, was ridiculed and criticized for their questionable accounting and auditing procedures of their client Enron, which ultimately lead to its demise. Their faulty accounting practices shattered investor confidence in auditors throughout the country and made way to Serbians-Solely Act of 2002 and the creation of Public Company Accounting Oversight Board (PEPCO) to oversee the rule-making process for independent audit function.Anderson provided external auditing, internal auditing and consulting services to Enron. They violated several of their professional and ethical standards by accepting large suns in fees and perhaps by looking the other way to the faulty accounting practices contemplated by Enron's management ND giving them an unqualified audit opinion on the financial statements. Andersen earned around $52 million from Enron during 2000, but only $25 million was payment in reference to the 2000 audit. With such an involvement in non-audit services they were not independent of the company, violating the most important standard of auditing.They put their own interest before the interest of the users of their audited financial statements and opinion. From the excerpts it can be concluded that they were deeply involved in the accounting and structuring of the Esp., where they were more interested in electing millions of dollars in fees and failed to provide objective accounting judgment that should have prevented these transactions from going forward. Andersen failed to bring to the attention of Enron internal Audit and Compliance Committee about the serious reservations brought on internally about the related-party transactions, I. . Esp., which clearly shows the violation of professional auditing standards. Anderson firm should have supervised the auditing services provided by its auditors to maintain independence. This lacks of planning and supervision made Anderson to be highly involved in client accounting and financial porting decisions. Anderson had concerns about the disclosures of the related third-party transactions in the financial statement footnotes and instead of pointing those out to the Audit and Compliance Committee they vouched on its accuracy and issued an unqualified opinion on the financial. Enron Case Study Executive Summary: As per requested this group assignment prepared from Group 2 (NASA) contributed by Norazman Saharum , Shaufi Akil , Abd Manaf Jalil and Zubir Zainal Abidin . This group assignment part of final course entitle for 25 marks . This assignment to fulfill our MSU MBA Syllabus for subject Accounting For Corporate and Evaluation (DAC 5013) instructed by Dr Mazlinah Mat Zain . Our group have chosen The Arthur Andersen Troubles. The most famous scandal case Arthur Anderson scandal was involved in was the fraudulent auditing of Enron. In this case Arthur Anderson shredded vital documents sourcing the audit of Enron which occurred in the year 2002. Enron has clearly done some damage to the U. S. economy, but it will not hold up recovery from the current recession. The fundamental health of the U. S. economy is strong and now getting stronger. Some individual new economy companies will have depressed stock prices for some time, but they, too, will recover as they demonstrate that they are prepared to prevent Enron-like behaviour. We do believe Enron will be the morality play of the new economy. It will teach executives and the American public the most important ethics lessons of this decade. We will discuss more information on this issues based on the question given on Arthur Andersen and among them are the conflict of interest between the two roles played by Arthur Andersen, as auditor but also as consultant to Enron; the lack of attention shown by members of the Enron board of directors to the off-books financial entities with which Enron did business; and the lack of truthfulness by management about the health of the company and its business operations. Lastly, we would like to thanks to Dr Mazlinah on her dedicated and helpful to achieve our mission and mission to be a successful entrepreneur for the future. Arthur Andersen case study reminds us the most important ethics lessons of this decade. AMIN. Introduction; Arthur Andersen LLP, based in Chicago, was once one the â€Å"Big Five† accounting firms among Price Water House Coopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG , providing auditing, tax, and consulting services to large corporations. In 2002, the firm voluntarily surrendered its licenses to practice as Certified Public Accounting in the United States after being found guilty of criminal charges relating to the firm’s handling of the auditing of Enron, the energy corporation, resulting in the loss of 85,000 jobs. In this case Arthur Andersen shredded the vital documents sourcing the audit of Enron which occurred in the year 2002 . Although the verdict was subsequently overturned by the Supreme Court of the United States, it has not returned as a viable business. However, how did this company get the reputation that it has while following such a moral slogan? As the clients demanded for more profit margins , Arthur Andersen scandal had to compromise his morality leading to the allegation that he had fraudulently altered the statement of such companies and corporation for example Sunbeam Products, Waste Management Inc. , Asia Pulp and Paper, The Baptist Foundation of Arizona , and WorldCom . Due to the downfall of Arthur Andersen, it lost nearly all of its business and clients. It lost not millions but billions of dollars due to this intense investigation. Although it is still in business and operating under Omega Management and has not as of yet declared bankruptcy, the firm will never reach its past legacy. Arthur Anderson's motto of â€Å"Think straight, talk straight† has forever been tainted in the eyes of Americans corporations. This devastation of fraudulent activity has forever left a deep and painful scar on America’s businesses. . The Arthur Andersen’s Troubles: Question 1: What did Arthur Andersen (AA) contribute to the Enron disaster? The most famous scandal case Arthur Andersen was involved in was the fraudulent auditing of Enron. In this case Arthur Andersen shredded vital documents sourcing the audit of Enron which occurred in the year 2002. According to Watkin, a financial executive who worked with Andrew Fastow told Enron CEO Kenneth Lay she feared that Enron would â€Å"implode in a wave of accounting audit scandal â€Å" (1: USA Today, Wed, Jan 16, 2002) AA apparent mistakes may have been made for several reasons to the Enron disaster including: †¢ Incompetence , as displayed and admitted in the rhythms case . Judgement errors; . as to the significants of each of the audit findings, or of the aggregate impact in any fiscal year. †¢ Lack of information caused by Enron staff not providing critical information, or failure on the part of AA personal to search it out . †¢ Time pressures :related to revenue generations and budget pressures that prevented adequate audit work and the full considera tions of complex SPE and prepay financial arrangements . †¢ Desire not to confront Enron management or advise the Enron board in order not to upset management, and particularly fastow, Skilling and Lay Lack of Independence. The Board of Directors failed to ensure the independence of the company auditor , allowing AA to provide internal audit and consulting services while serving the Enron outside auditors . †¢ A failure of AA’s internal policies whereby the concerns of a quality control or practice standards partner can and was overruled by the audit partner in charge of the Enron account. AA was the only one of the Big 5 accounting forms to have this flaw and it left the entire firm vulnerable to the decisions of the person with the most to lose by saying no to a client. A misunderstanding of the fiduciary role required by auditors . for example AA allowing Enron to engage in high risk accounting , inappropriate conflict of interest transactions, extensive undisclo sed off-the-books activities and excessive executive compensation . Given this â€Å"tone at the top’. It is reasonable to assume that AA partners were going to be motivated by revenue generations. But if too many risks are taken in the pursuit of revenue the probability of a series of audit problems leading to increasingly unfavorable consequences becomes greater . That is exactly what happened to Enron disaster. Unfortunately, the leaders of AA failed to recognize the cumulative degree to which the public, the politicians, and the SEC (The Securities and Exchange Commission) were angered by the progression of AA audit failures . Question 2: What Arthur Andersen (AA) decision were faulty? Arthur Andersen (AA) decision were faulty . This is the ‘ Enron Debacle† section presented previously covers in detail many of the questionable accounting transactions, legal structures, and related disclosures that AA reviewed as auditors of and consultants to Enron. AA faulty may have been made for several reason , including: †¢ AA apparently approved as auditors and consultants (and collected fees for the consulting advice) the structure of many special purpose entities (SPEs) that were used to generate false profits, hide losses, and keep financing off Enron’s consolidated financial statements , failed to meet the required outsiders 3 percent equity at risk, and decision control criteria for non consolidation . AA failed to recognize the generally accepted accounting principle (GAAP) that prohibits the recording of shares issued as an increase in shareholders’ equity unless they are issued for cash . †¢ AA did not advise Enron’s audit committee that Andrew Fastow, Enron’s CFO and his helpers were involved in significant conflict of interest situations without adequate alternative means of managing these conflicts. †¢ AA did not advise the Enron audit committee that Enron’s policies and internal control were not adequate to protect the shareholders’ interests even though AA had assumed Enron’s internal audit functions . Many transactions between Enron and the SPEs were not in the interest of Enron shareholders since: a) Enron profits and cash flow were manipulated and grossly inflated, misleading investors and falsely boosting management bonus arrangements. b) Extraordinarily overgenerous deals, fees, and liquidation arrangements were made by Fastow, or under his influence, with SPEs owned to Fastow , his family, and Kopper, who was also as employee of Enron . AA aparently did not adequately consider, the advice of its quality control partner, Carl Bass. He asked AA for an accounting change that would have resulted in a $30 – $50 million charge to Enron’s earnings. †¢ AA apparently did not find significant audit evidence, or did not act upon evidence found, related to the: 1)Mistaken valuation of shares or share rights transferred to SPEs 2 )Side deals between Enron and banks removing the bank’s risk from transactions such as the : a) Chewco SPE Rhythms hedge. ) Numerous prepay deals for energy futures, even though AA made a presentations to Enron on the GAAP and AA requirements that preclude such arrangements. Questions 3: What was the prime motivation behind the decision of Arthur Andersen’s audit partners on the Enron, WorldCom, Waste Management the public interest or†¦? Cite examples that reveal this motivation . The AA was motivated by greed instead of serving the public interest. The amount of money they got from the consulting fee has compromised their auditing works. In 1997, client Waste Management Inc. had the largest earnings restatement to date, wiping out $1. 7 billion in profits that it pulled in through the 1990s. The lead auditor on Waste Management was Robert Allgyer, who was known inside the firm as â€Å"the Rainmaker† for his success in cross-selling extra services to auditing clients. He was clearly successful at selling to Waste Management, which paid $17. 8 million in fees unrelated to the audit between 1991 and 1997, against audit fees of $7. 5 million. But he was also signing off on drastically inaccurate books. Among other things, the fast-growing trash hauler wasn't properly writing off the value of assets such as garbage trucks as they aged, a ruse that pumped up reported profits. The SEC's acting commissioner, Laura Unger, concluded that the agency had the â€Å"smoking gun† it was looking for to prove that the lure of consulting fees compromised auditor independence. The SEC filed suit in March 2002, accusing six former Waste Management executives of fraud. It alleges that Mr. Allgyer's judgment was skewed by consulting fees, in particular a $3. 7 million â€Å"strategic overview† of Waste Management operations. The project lasted for 11 months, but the client didn't adopt the recommendations. Bellow table shown example AA’s involvements in the major financial scandals as the audit firm that failed to discover their mistakes that reveal this motivation: |CLIENT |PROBLEM MISSED, DATE |LOSSES TO SHAREHOLDERS |JOB LOSSES |AA FINE | |WorldCom |$4. billion overstatement of |4179. 3 Million |17,000 |N. A | | |earnings announced on June 25,| | | | | |2002 | | | | | | | | | | | |Inflation of ncome, asset, | | | | | |etc bankrupt Dec 2, 2001 | | | | |Enron | |$66. 4 Billion |6,100 |$. 5 Million | | |Overstatement of income by | | |(for shredding) | | |$1. billion, 1992-1996 | | | | | | | | |$7 Million | | | | | | | |Waste Management | |420. 5 Billion |11,000 | | Question 7: Under what circumstances should audit firm shred or destroy working paper ? According to section 802 of the Sarbanes-Oxley Act of 2002, accountants who audit or review an issuer's financial statements are required to retain certain records relevant to that audit or review. These records include workpapers and other documents that form the basis of the audit or review, and memoranda, correspondence, communications, other documents, and records (including electronic records), which are created, sent or received in connection with the audit or review, and contain conclusions, opinions, analyses, or financial data related to the audit or review. To coordinate with forthcoming auditing standards concerning the retention of audit documentation, the rule requires that these records be retained for seven years after the auditor concludes the audit or review of the financial statements. Refer to the above question, for example if we as a professional audit firm can’t simply shred or destroy working paper. How long to keep a document, when and how to store the document, and how to dispose of the document, will depend on the type of document . As any internal auditor knows, there are numerous types of documents that may be accumulated as part f an audit or review. The final rule here requires the retention of all records relevant to the audit, including working papers and other documents that form the basis of the audited financial statements, as well as certain supporting documents. The guideline for document retention is that they must meet two criteria: (1) Documents are created, sent, or received in connection with the a udit or review, (2) the documents contain conclusions, opinions, analyses, or financial data related to the audit or review. Both Enron and Arthur Andersen are now gone, but this audit work-paper clean-up exercise, no doubt, was a major motivating factor for the Sarbanes-Oxley Act , Section 802 rules outlining penalties for the destruction of documents. The rules require external auditors who audit or review an enterprise's financial statements to retain certain records relevant to that work, including work papers and other documents that form the basis of the audit or review. These retention requirements include memoranda, correspondence, communications, other documents, and records, as well as related electronic records that are created, sent, or received in connection with the audit work and contain conclusions, opinions, analyses, or financial data related to the work. These records are to be retained for seven years after the auditor concludes the financial statements review. This rule was nothing new for many internal auditors as many audit functions have followed similar document retention rules based on U. S. tax document retention guidelines. The rules also states that if you know your company is under investigation, or even suspect that it might be, all document destruction and alteration must stop immediately. And, you must create a company records showing that you’ve ordered a halt to all automatic e-data destruction practices. Question 8: Answer the â€Å"Lingering Question† on page 94 . Enron has clearly done some damage to the U. S. economy, but it will not hold up recovery from the current recession. The fundamental health of the U. S. economy is strong and now getting stronger. I do believe Enron will be the morality play of the new economy. It will teach executives and the American public the most important ethics lessons of this decade. Among these lessons are: 1. You make money in the new economy in the same ways you make money in the old economy – by providing goods or services that have real value. 2. Financial cleverness is no substitute for a good corporate strategy. . The arrogance of corporate executives who claim they are the best and the brightest, â€Å"the most innovative,† and who present themselves as superstars should be a â€Å"red flag† for investors, directors and the public. 4. Executives who are paid too much can think they are above the rules and can be tempted to cut ethical corners to retain their wealth and perquisites. 5. Government regulations and rules need to be updated for the new economy, not relaxed and eliminated. Due to the downfall of Arthur Anderson, it lost nearly all of its business ,employees, and clients. It lost not millions but billions of dollars due to this intense investigation. Although it is still in business and operating under Omega Management and has not as of yet declared bankruptcy, the firm will never reach its past legacy. We believe accounting regulations should be altered to prohibit ownership of both auditing and consulting services by the same accounting firm. Accounting firms are already moving to sever their consulting businesses. The SEC should probably adopt additional disclosure requirements. Various regulators should tighten requirements for directors to be alert and provide protections for whistleblowers who bring improper behaviour to public attention. But, in the final analysis, the solution to an Enron-type scandal lies in the attentiveness of directors and in the truthfulness and integrity of executives. Clever individuals will always find ways to conceal information or to engage in fraud. Enron Case Study Executive Summary: As per requested this group assignment prepared from Group 2 (NASA) contributed by Norazman Saharum , Shaufi Akil , Abd Manaf Jalil and Zubir Zainal Abidin . This group assignment part of final course entitle for 25 marks . This assignment to fulfill our MSU MBA Syllabus for subject Accounting For Corporate and Evaluation (DAC 5013) instructed by Dr Mazlinah Mat Zain . Our group have chosen The Arthur Andersen Troubles. The most famous scandal case Arthur Anderson scandal was involved in was the fraudulent auditing of Enron. In this case Arthur Anderson shredded vital documents sourcing the audit of Enron which occurred in the year 2002. Enron has clearly done some damage to the U. S. economy, but it will not hold up recovery from the current recession. The fundamental health of the U. S. economy is strong and now getting stronger. Some individual new economy companies will have depressed stock prices for some time, but they, too, will recover as they demonstrate that they are prepared to prevent Enron-like behaviour. We do believe Enron will be the morality play of the new economy. It will teach executives and the American public the most important ethics lessons of this decade. We will discuss more information on this issues based on the question given on Arthur Andersen and among them are the conflict of interest between the two roles played by Arthur Andersen, as auditor but also as consultant to Enron; the lack of attention shown by members of the Enron board of directors to the off-books financial entities with which Enron did business; and the lack of truthfulness by management about the health of the company and its business operations. Lastly, we would like to thanks to Dr Mazlinah on her dedicated and helpful to achieve our mission and mission to be a successful entrepreneur for the future. Arthur Andersen case study reminds us the most important ethics lessons of this decade. AMIN. Introduction; Arthur Andersen LLP, based in Chicago, was once one the â€Å"Big Five† accounting firms among Price Water House Coopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG , providing auditing, tax, and consulting services to large corporations. In 2002, the firm voluntarily surrendered its licenses to practice as Certified Public Accounting in the United States after being found guilty of criminal charges relating to the firm’s handling of the auditing of Enron, the energy corporation, resulting in the loss of 85,000 jobs. In this case Arthur Andersen shredded the vital documents sourcing the audit of Enron which occurred in the year 2002 . Although the verdict was subsequently overturned by the Supreme Court of the United States, it has not returned as a viable business. However, how did this company get the reputation that it has while following such a moral slogan? As the clients demanded for more profit margins , Arthur Andersen scandal had to compromise his morality leading to the allegation that he had fraudulently altered the statement of such companies and corporation for example Sunbeam Products, Waste Management Inc. , Asia Pulp and Paper, The Baptist Foundation of Arizona , and WorldCom . Due to the downfall of Arthur Andersen, it lost nearly all of its business and clients. It lost not millions but billions of dollars due to this intense investigation. Although it is still in business and operating under Omega Management and has not as of yet declared bankruptcy, the firm will never reach its past legacy. Arthur Anderson's motto of â€Å"Think straight, talk straight† has forever been tainted in the eyes of Americans corporations. This devastation of fraudulent activity has forever left a deep and painful scar on America’s businesses. . The Arthur Andersen’s Troubles: Question 1: What did Arthur Andersen (AA) contribute to the Enron disaster? The most famous scandal case Arthur Andersen was involved in was the fraudulent auditing of Enron. In this case Arthur Andersen shredded vital documents sourcing the audit of Enron which occurred in the year 2002. According to Watkin, a financial executive who worked with Andrew Fastow told Enron CEO Kenneth Lay she feared that Enron would â€Å"implode in a wave of accounting audit scandal â€Å" (1: USA Today, Wed, Jan 16, 2002) AA apparent mistakes may have been made for several reasons to the Enron disaster including: †¢ Incompetence , as displayed and admitted in the rhythms case . Judgement errors; . as to the significants of each of the audit findings, or of the aggregate impact in any fiscal year. †¢ Lack of information caused by Enron staff not providing critical information, or failure on the part of AA personal to search it out . †¢ Time pressures :related to revenue generations and budget pressures that prevented adequate audit work and the full considera tions of complex SPE and prepay financial arrangements . †¢ Desire not to confront Enron management or advise the Enron board in order not to upset management, and particularly fastow, Skilling and Lay Lack of Independence. The Board of Directors failed to ensure the independence of the company auditor , allowing AA to provide internal audit and consulting services while serving the Enron outside auditors . †¢ A failure of AA’s internal policies whereby the concerns of a quality control or practice standards partner can and was overruled by the audit partner in charge of the Enron account. AA was the only one of the Big 5 accounting forms to have this flaw and it left the entire firm vulnerable to the decisions of the person with the most to lose by saying no to a client. A misunderstanding of the fiduciary role required by auditors . for example AA allowing Enron to engage in high risk accounting , inappropriate conflict of interest transactions, extensive undisclo sed off-the-books activities and excessive executive compensation . Given this â€Å"tone at the top’. It is reasonable to assume that AA partners were going to be motivated by revenue generations. But if too many risks are taken in the pursuit of revenue the probability of a series of audit problems leading to increasingly unfavorable consequences becomes greater . That is exactly what happened to Enron disaster. Unfortunately, the leaders of AA failed to recognize the cumulative degree to which the public, the politicians, and the SEC (The Securities and Exchange Commission) were angered by the progression of AA audit failures . Question 2: What Arthur Andersen (AA) decision were faulty? Arthur Andersen (AA) decision were faulty . This is the ‘ Enron Debacle† section presented previously covers in detail many of the questionable accounting transactions, legal structures, and related disclosures that AA reviewed as auditors of and consultants to Enron. AA faulty may have been made for several reason , including: †¢ AA apparently approved as auditors and consultants (and collected fees for the consulting advice) the structure of many special purpose entities (SPEs) that were used to generate false profits, hide losses, and keep financing off Enron’s consolidated financial statements , failed to meet the required outsiders 3 percent equity at risk, and decision control criteria for non consolidation . AA failed to recognize the generally accepted accounting principle (GAAP) that prohibits the recording of shares issued as an increase in shareholders’ equity unless they are issued for cash . †¢ AA did not advise Enron’s audit committee that Andrew Fastow, Enron’s CFO and his helpers were involved in significant conflict of interest situations without adequate alternative means of managing these conflicts. †¢ AA did not advise the Enron audit committee that Enron’s policies and internal control were not adequate to protect the shareholders’ interests even though AA had assumed Enron’s internal audit functions . Many transactions between Enron and the SPEs were not in the interest of Enron shareholders since: a) Enron profits and cash flow were manipulated and grossly inflated, misleading investors and falsely boosting management bonus arrangements. b) Extraordinarily overgenerous deals, fees, and liquidation arrangements were made by Fastow, or under his influence, with SPEs owned to Fastow , his family, and Kopper, who was also as employee of Enron . AA aparently did not adequately consider, the advice of its quality control partner, Carl Bass. He asked AA for an accounting change that would have resulted in a $30 – $50 million charge to Enron’s earnings. †¢ AA apparently did not find significant audit evidence, or did not act upon evidence found, related to the: 1)Mistaken valuation of shares or share rights transferred to SPEs 2 )Side deals between Enron and banks removing the bank’s risk from transactions such as the : a) Chewco SPE Rhythms hedge. ) Numerous prepay deals for energy futures, even though AA made a presentations to Enron on the GAAP and AA requirements that preclude such arrangements. Questions 3: What was the prime motivation behind the decision of Arthur Andersen’s audit partners on the Enron, WorldCom, Waste Management the public interest or†¦? Cite examples that reveal this motivation . The AA was motivated by greed instead of serving the public interest. The amount of money they got from the consulting fee has compromised their auditing works. In 1997, client Waste Management Inc. had the largest earnings restatement to date, wiping out $1. 7 billion in profits that it pulled in through the 1990s. The lead auditor on Waste Management was Robert Allgyer, who was known inside the firm as â€Å"the Rainmaker† for his success in cross-selling extra services to auditing clients. He was clearly successful at selling to Waste Management, which paid $17. 8 million in fees unrelated to the audit between 1991 and 1997, against audit fees of $7. 5 million. But he was also signing off on drastically inaccurate books. Among other things, the fast-growing trash hauler wasn't properly writing off the value of assets such as garbage trucks as they aged, a ruse that pumped up reported profits. The SEC's acting commissioner, Laura Unger, concluded that the agency had the â€Å"smoking gun† it was looking for to prove that the lure of consulting fees compromised auditor independence. The SEC filed suit in March 2002, accusing six former Waste Management executives of fraud. It alleges that Mr. Allgyer's judgment was skewed by consulting fees, in particular a $3. 7 million â€Å"strategic overview† of Waste Management operations. The project lasted for 11 months, but the client didn't adopt the recommendations. Bellow table shown example AA’s involvements in the major financial scandals as the audit firm that failed to discover their mistakes that reveal this motivation: |CLIENT |PROBLEM MISSED, DATE |LOSSES TO SHAREHOLDERS |JOB LOSSES |AA FINE | |WorldCom |$4. billion overstatement of |4179. 3 Million |17,000 |N. A | | |earnings announced on June 25,| | | | | |2002 | | | | | | | | | | | |Inflation of ncome, asset, | | | | | |etc bankrupt Dec 2, 2001 | | | | |Enron | |$66. 4 Billion |6,100 |$. 5 Million | | |Overstatement of income by | | |(for shredding) | | |$1. billion, 1992-1996 | | | | | | | | |$7 Million | | | | | | | |Waste Management | |420. 5 Billion |11,000 | | Question 7: Under what circumstances should audit firm shred or destroy working paper ? According to section 802 of the Sarbanes-Oxley Act of 2002, accountants who audit or review an issuer's financial statements are required to retain certain records relevant to that audit or review. These records include workpapers and other documents that form the basis of the audit or review, and memoranda, correspondence, communications, other documents, and records (including electronic records), which are created, sent or received in connection with the audit or review, and contain conclusions, opinions, analyses, or financial data related to the audit or review. To coordinate with forthcoming auditing standards concerning the retention of audit documentation, the rule requires that these records be retained for seven years after the auditor concludes the audit or review of the financial statements. Refer to the above question, for example if we as a professional audit firm can’t simply shred or destroy working paper. How long to keep a document, when and how to store the document, and how to dispose of the document, will depend on the type of document . As any internal auditor knows, there are numerous types of documents that may be accumulated as part f an audit or review. The final rule here requires the retention of all records relevant to the audit, including working papers and other documents that form the basis of the audited financial statements, as well as certain supporting documents. The guideline for document retention is that they must meet two criteria: (1) Documents are created, sent, or received in connection with the a udit or review, (2) the documents contain conclusions, opinions, analyses, or financial data related to the audit or review. Both Enron and Arthur Andersen are now gone, but this audit work-paper clean-up exercise, no doubt, was a major motivating factor for the Sarbanes-Oxley Act , Section 802 rules outlining penalties for the destruction of documents. The rules require external auditors who audit or review an enterprise's financial statements to retain certain records relevant to that work, including work papers and other documents that form the basis of the audit or review. These retention requirements include memoranda, correspondence, communications, other documents, and records, as well as related electronic records that are created, sent, or received in connection with the audit work and contain conclusions, opinions, analyses, or financial data related to the work. These records are to be retained for seven years after the auditor concludes the financial statements review. This rule was nothing new for many internal auditors as many audit functions have followed similar document retention rules based on U. S. tax document retention guidelines. The rules also states that if you know your company is under investigation, or even suspect that it might be, all document destruction and alteration must stop immediately. And, you must create a company records showing that you’ve ordered a halt to all automatic e-data destruction practices. Question 8: Answer the â€Å"Lingering Question† on page 94 . Enron has clearly done some damage to the U. S. economy, but it will not hold up recovery from the current recession. The fundamental health of the U. S. economy is strong and now getting stronger. I do believe Enron will be the morality play of the new economy. It will teach executives and the American public the most important ethics lessons of this decade. Among these lessons are: 1. You make money in the new economy in the same ways you make money in the old economy – by providing goods or services that have real value. 2. Financial cleverness is no substitute for a good corporate strategy. . The arrogance of corporate executives who claim they are the best and the brightest, â€Å"the most innovative,† and who present themselves as superstars should be a â€Å"red flag† for investors, directors and the public. 4. Executives who are paid too much can think they are above the rules and can be tempted to cut ethical corners to retain their wealth and perquisites. 5. Government regulations and rules need to be updated for the new economy, not relaxed and eliminated. Due to the downfall of Arthur Anderson, it lost nearly all of its business ,employees, and clients. It lost not millions but billions of dollars due to this intense investigation. Although it is still in business and operating under Omega Management and has not as of yet declared bankruptcy, the firm will never reach its past legacy. We believe accounting regulations should be altered to prohibit ownership of both auditing and consulting services by the same accounting firm. Accounting firms are already moving to sever their consulting businesses. The SEC should probably adopt additional disclosure requirements. Various regulators should tighten requirements for directors to be alert and provide protections for whistleblowers who bring improper behaviour to public attention. But, in the final analysis, the solution to an Enron-type scandal lies in the attentiveness of directors and in the truthfulness and integrity of executives. Clever individuals will always find ways to conceal information or to engage in fraud.

The Dirty Facts on Topics for Reflective Essay

The Dirty Facts on Topics for Reflective Essay A reflective essay may take unique formats based on the audience. The average form employed for presentation of a reflective paper is generally the diary format. Every essay paper has a particular format based on the instructions given by the examiner. Reading samples of response papers is also an additional way by which you can easily learn how to compose a reaction paper to documentary. The journey indicates the manner. If you wish to understand how to compose a reflective essay, we'll tell you many secrets for creating powerful and productive work. You should come up with an idea based on the way the documentary touched you. Nevertheless, you might not have all the details to create the story full. A number of the things learned can be a true eye-opener. It is imperative to pick the right words and phrases while reflecting your ideas and showing what you feel. When some professors might tell you what things to speak abo ut, others are going to leave it to your imagination. Moreover, writing such papers can help you understand and on occasion resolve your feelings. Reflective essay writing is part of English composition that's somewhat simpler to write from different varieties of essay writing comparatively. Write down everything which you can use as the framework of your upcoming essay. Basically, the sections of an essay proved just 3 divisions. Moreover, in the majority of scenarios, application essays are a kind of personal reflective essay also. The Basics of Topics for Reflective Essay Choosing our service, you are going to understand that studying can be simple if you gain from the help of capable experts. If it doesn't, you will have to put a much, MUCH greater effort to tune in the beat and present a thorough work. The quantity of work that you put in to every training course is outstanding. You also ought to think of what you'd like to modify in your course work or project. The Do's and Don'ts of Topics for Reflective Essay So be certain the next time you compose a reflective essay, it's the true you that is writing and not someone who only wished to please the crowd. Make sure it can be read easily for the readers to understand what you are speaking about. If you wish to secure better at anything in life, you will need to evaluate where you stand at the current moment. Just make certain that you get information you have to have in writing so you won't have much a tough time getting started. Choosing Topics for Reflective Essay You know that you want to compose a paper, but don't understand how to begin a reflective essay. Essays may look very dull sometimes. Essay outline acts as a spine for writing essays. Essay outlines shows you that even if you aren't an expert writer, it is still possible to make a great essay. If you wish to compose a reflective essay but have no clue how to begin, you can use our Essay Outline Template and use its structure for a reference in creating your own reflective essay. Even if you're taught how to compose the reflective essay, you might not be in a position to get a relevant and intriguing topic. Making an essay isn't an easy job. The great component of experiencing a family that's divided in how they practice religion is they are tolerant of different religions. A reflective paper is about relating a present situation with some previous events. It is possible to write about a genuine experience you had in nature or you can just imagine being in an area of wild poppies, getting caressed by sunlight. The lessons might be used in a number of means. The Fundamentals of Topics for Reflective Essay Revealed Reflection essays aren't only a school ex ercise. Life is neither reasonable nor unfair. Reality brings forth external conditions based on your thoughts. Relationships are frequently associated with the strongest emotions. Make an outline An outline is a very simple plan showing how you mean to present the review. Your thesis statement is the significance of that function. Conclusion it's essentially an overview of the principal points presented above. Essay outline for college plays an important function. Hearsay, Deception and Topics for Reflective Essay Stereotypes also are developing a false idea of the way that they interact with different individuals. Students lead busy lives and frequently forget about a coming deadline. Teacher explains the aim of the class, reminds students of the questions they prepared.

Cp Case Study - 962 Words

Ty Taylor ------------------------------------------------- MISM 2301 1. Itemize the nature of the information security breach at ChoicePoint and how this adversely affected the organization. Be sure to include both tangible and intangible losses in preparing your response. [table] Security Breach | Effect on ChoicePoint | A pass of the authentication of customers | * Data soon became available after authentication breach * Revealed hole in ChoicePoint security system * Trust of security standards instantly lost | Social security numbers accessed | * Many individuals lost their SSN to the criminals * More info can be accessed as a result which makes the customer or ChoicePoint more vulnerable to other crimes |†¦show more content†¦What proactive steps by ChoicePoint might deter a reoccurrence of such an information security breach? Explain/justify your choices. 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