Financial Ethics

Financial Ethics

Introduction

Ethical failures in multinational corporations have been prominent in the world news headlines over the last decade. Accounting scandals in particular, highlighted as many billion dollar global corporations, including Arthur Andersen, one of the five largest auditing firms in the world, collapsed under the weight of fraudulent financial reporting. Annual costs to the world economies of fraudulent financial reporting are in the billions, and, in the U.S. alone, corporate fraud, estimated to cost at least $600 billion each year. In addition to the direct costs associated with financial fraud, shareholders of firms registered on the U.S. stock exchange ...