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You have discovered that a business unit for which you are responsible is still engaged in irregular accounting practices, and there is evidence of bribery of local officials. Discuss the applicable laws that have been potentially violated and the ethical dilemma that this situation may create for the organization. Provide an example of a similar case and discuss the outcome and consequences to support your argument.

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Accounting records should always reflect accurate and complete data. Transactions that have occurred must permit preparation of financial statements in accordance with generally accepted accounting principles and maintain the accountability for all assets.

All irregular accounting practices are specifically prohibited. By way of example, prohibited irregular accounting practices include the following:

a. "off-book" accounts and "slush funds";
b. false entries in Firm's books, records and supporting documents of any nature;
c. over billing arrangements; ...

Solution Summary

About 300 words of discussion to assist you. No references.

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