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Topic 14

office with table for meetings, bookshelf, coffee table.
by

Stephanie Yamini

on 20 November 2013

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Transcript of Topic 14

Discussion Questions
Topic 14: The Social Institution of Accounting: If You Are Not in Public Practice are there Rules that Must be Followed?
BMGT 411 | November 20, 2013
Russell Barnes, Benjamin Groeger, Suki Guo, Devin Hudgins, Stephanie Yamini

Agenda
Discussion Question
If you are not in public practice are there rules that must be followed?
Starburst game
Have you noticed any ethical variances in dealing with people from different cultures?
Do you think someone’s culture has an impact on their view of private vs public accounting regulation? Of regulations in general?
Discussion Questions
Private vs Public
Definition of rules
Cultural Diversity
Management & Incentives
Training Programs
Societal Rules
Public to Private
Conclusion
What kinds of ethical issues did you see in the skit?




What are the problems of the current ethics training programs?



What suggestions can you make to increase the quality of such programs?




Besides training programs, are there any other approaches to encourage ethical behavior?

Merriam-Webster
rule noun \rül\
: a statement that tells you what is or is not allowed in a particular game, situation, etc.

Definition of Rule
Public vs. Private
Discussion Questions
Discussion Question
Has anyone worked for a private firm? Public firm?

Can you name some firms that have iconic leaders or cultures?
Do you think that the leaders of a company drive that culture?
Do you think managing by objectives is good or bad? Why or Why not?
Discussion Questions
Discussion Questions
What rules,if any, is Stinky Pete's accounting department responsible for following?
What rules, if any, is the company not responsible for following?
Are there any societal rules that apply to public accounting rules but not private rules? How about private but not public?
Who has more at stake, public or private firms ethically?
Public
Owned by public via stocks
Required disclosure of quarterly earnings report
Ability to tap into financial market to raise capital

Private
Exe. A staff accountant inside of a non-accounting company
Owned by founders, management, or private investors
Not required to disclose financial information
Rely on private funding

Can anyone think of a part of GAAP that would be beneficial for private companies to follow?
Can you think of a time when a private company should/ should not follow GAAP?
Should a private company be legally obligated to have a system of internal controls?
Discussion Questions
Do you think the Big Four training and jobs have a widespread effect on accounting divisions of private companies? If so how?
Have any of your coworkers at any the Big Four left for a private company? Why?
Do you think this is one of the primary reasons many private companies adhere to GAAP?

Can you think of any other terms that would describe a rule?
Full transcript