Get a Free E-Book! ($50 Value)
HIRE A WRITER!
Paper Types
Disciplines
Get a Free E-Book! ($50 Value)

Diesel: When Accountants Act as Bankers, Research Paper Example

Pages: 1

Words: 381

Research Paper

In the New York Times’ High and Low Finance found in the Business Section.

The article highlights how Deloitte L.L.P. had, according to the law, failed in its professional duties in its work for the failed automaker MG Rover. MG Rover is a failed automobile company which was taken over by four businessmen in 2000 (Norris). The businessmen ran the company into the ground by making suspicious business transactions that assisted them in stealing millions of pounds in the process.

While this was happening, Deloitte L.L.P. was the company’s auditor. The company failed to put the interest of the public first, as is the law in Britain, and instead put their own interest first. The law requires that each and every accountant in Britain work in the best interest of the public. All the employees for MG Rover lost their jobs. As such, Deloitte L.L.P. failed to work in the interest of the public.

The underlying issue raised by the article is the manner in which auditing firms fail to protect the interest of the public by allowing companies to be run down with the aim of maintaining business. Deloitte L.L.P. failed to blow the whistle on the dubious deals being conducted by the Phoenix Venture company. Though the dealings were not illegal, they led to the loss of jobs for many workers.

The public has positively reacted to the fact that Deloitte L.L.P. was fined heavily, £14 million. The public believe that most audit forma have become accountants for the firms they audit. This has led to many companies being run to the ground with hundreds, if not thousands of people losing their jobs.

Deloitte L.L.P. in its defence claimed that there was no public interest involved in the case as the company was a private firm. There was no option for the firm but to accept the fine (Norris).

Deloitte L.L.P.’s response and defence was ill-put and only looks to undermine the role of ethics in business as there was conflict of interest with the manner in which they handled the matter. (Campbell, T., Houghton, K. A., & Australian National University)

Works Cited

Campbell, T., Houghton, K. A., & Australian National University. Ethics and auditing. Canberra: ANU E Press, 2005. Print.

Norris, F. “When Accountants Act as Bankers.” The New York Times 12 September 2013. Internet Source. 21 September 2013. <http://www.nytimes.com/2013/09/13/business/when-auditors-act-as-bankers.html?pagewanted=1&ref=ethics&adxnnlx=1379761535-xm6fTM3lgoRVeFw7mi/lkg>.

Time is precious

Time is precious

don’t waste it!

Get instant essay
writing help!
Get instant essay writing help!
Plagiarism-free guarantee

Plagiarism-free
guarantee

Privacy guarantee

Privacy
guarantee

Secure checkout

Secure
checkout

Money back guarantee

Money back
guarantee

Related Research Paper Samples & Examples

Artists Rights and Lady and the Tramp, Research Paper Example

Product costing could be understood in conjunction with inventory valuation in a manner that provides a total cost of goods and a total cost of [...]

Pages: 1

Words: 545

Research Paper

Florida Weather and It’s Effects, Research Paper Example

Florida’s weather and climatic conditions are always varying, and that has attracted policymakers into the matter. The majority of the impact is blamed upon increased [...]

Pages: 1

Words: 2718

Research Paper

Risk and ‘Risk Society in Historical Perspective, Research Paper Example

History The paper will discuss MacMillan, and Quinton-Brown’s article, “The uses of history in international society: from the Paris peace conference to the present”. The [...]

Pages: 1

Words: 3248

Research Paper

Physical Therapy and Sports Training, Research Paper Example

Introduction It is ironic that what so powerfully motivates athletes to engage in sports, at both college and professional levels, also enables significant potentials for [...]

Pages: 1

Words: 2858

Research Paper

External and Process Environment, Research Paper Example

Porter’s Five Forces Model was utilized to determine the external threats present to Coca-Cola Company. Coca-Cola has a low threat of new entrants into the [...]

Pages: 1

Words: 562

Research Paper

Purpose of RFI and RFP, Research Paper Example

The Request for Information (RFI) and Request For Proposal (RFP) are normally associated with procurement searches by the federal, state or city contracts that are [...]

Pages: 1

Words: 2122

Research Paper

Artists Rights and Lady and the Tramp, Research Paper Example

Product costing could be understood in conjunction with inventory valuation in a manner that provides a total cost of goods and a total cost of [...]

Pages: 1

Words: 545

Research Paper

Florida Weather and It’s Effects, Research Paper Example

Florida’s weather and climatic conditions are always varying, and that has attracted policymakers into the matter. The majority of the impact is blamed upon increased [...]

Pages: 1

Words: 2718

Research Paper

Risk and ‘Risk Society in Historical Perspective, Research Paper Example

History The paper will discuss MacMillan, and Quinton-Brown’s article, “The uses of history in international society: from the Paris peace conference to the present”. The [...]

Pages: 1

Words: 3248

Research Paper

Physical Therapy and Sports Training, Research Paper Example

Introduction It is ironic that what so powerfully motivates athletes to engage in sports, at both college and professional levels, also enables significant potentials for [...]

Pages: 1

Words: 2858

Research Paper

External and Process Environment, Research Paper Example

Porter’s Five Forces Model was utilized to determine the external threats present to Coca-Cola Company. Coca-Cola has a low threat of new entrants into the [...]

Pages: 1

Words: 562

Research Paper

Purpose of RFI and RFP, Research Paper Example

The Request for Information (RFI) and Request For Proposal (RFP) are normally associated with procurement searches by the federal, state or city contracts that are [...]

Pages: 1

Words: 2122

Research Paper

Get a Free E-Book ($50 in value)

Get a Free E-Book

How To Write The Best Essay Ever!

How To Write The Best Essay Ever!