Description: SNC-Lavalin, the Canadian engineering giant, has been charged by the RCMP for bribery. These charges stem from SNC-Lavalin’s alleged bribes to Libyan officials of at least $47.7 million. The company could also face additional charges according to the Globe and Mail. Source: Globe and Mail.com Date: February 19, 2015 Link: http://www.theglobeandmail.com/report-on-business/snc-lavalin-faces-rare-corporate-fraud-and-bribery-charges/article23108284/ Discussion Points: 1)… Read more »
Posts Categorized: Ethics
Fines not enough
Description: It seems that even big fines are not enough to prevent financial institutions from helping their clients hide from tax authorities. The International Consortium of Investigative Journalists recently released various details about HSBC’s Swiss operation, where “piles of cash” were hid from taxing authorities. Britain appears to have generated roughly $200 million in revenue… Read more »
Really, really, really smart t.v.
Description: Many were perhaps shocked this past week when Samsung revealed that while you are watching television, your television may be listening to you. While perhaps no one is quite sure what is going on in the mysterious cloud, Samsung’s new terms of use for its smart t.v. alerts users that spoken words and personal… Read more »
Target’s compensation timing
Description: In yet another story on Target’s decision to leave Canada, regulatory filings have revealed that a number of executives and board members received in total 113,298 performance share units on the same day the board voted to end the Canadian experiment. Although the timing of the compensation appears to be consistent with Target’s established… Read more »
Chip Wilson Exits
Description: This past week, Lululemon founder Chip Wilson left the board of the popular clothing retailer. Wilson has joined the a competitor clothing company founded by Shannon, his wife, and J.J., his son. This new company, Kit and Ace, appears set to compete with Lululemon in the high-end clothing market. Source: Globe and Mail.com Date: … Read more »
High frequency trader charged
Description: A Canadian has been arrested in Florida for his alleged involvement in a high-frequency trading scheme. Allegations suggest that the Canadian trader used a plan known as layering or spoofing to impact share prices. It appears that the scheme was detected when the trader approached an employee of a bank in an attempt to… Read more »
And speaking of corruption . . .
Description: Canadian companies have been lobbying the federal government to delay implementing its new anti-corruption rules. Public Works and Government Services Canada has been threatening to de-list suppliers – including major names such as HP and Siemens – for up to 10 years because of convictions for corruption in foreign countries. Public Works points out… Read more »
Kia, Hyundai pay $100 million fine
Description: It’s a tad more than your average traffic ticket. Automakers Hyundai and Kia (which are both controlled by Hyundai) paid $100 million in fines for over-stating gas mileage figures on automobile window stickers. The overstatements were detected by the US Environmental Protection Agency in its audits of audit company test results. In addition to the… Read more »
Benevolent cheating?
Description: It sounds like an oxymoron: benevolent cheating. The Globe and Mail’s Leadership Lab series discussed this intriguing concept, a form of cheating in which “well-intentioned employees” game the system. Its effects are far greater than the more sensational greed-based cheating that is more likely to draw the headlines. Source: Globe and Mail.com Date: October… Read more »
Garment factories fail inspections
Description: When a garment factory collapsed in Bangladesh in April 2013, calls rang out for change. Yet recent inspections of 1,100 Bangladeshi garment factories found safety hazards in them all. In approximately 20 factories, the inspections revealed conditions severe enough to provoke immediate closure. Source: Industry Week.com Date: October 14, 2014 Link: http://www.industryweek.com/safety/retailers-find-80000-safety-hazards-bangladesh-factories Questions for… Read more »
Burnley Understanding Financial Accounting, 3rd Canadian Edition
Kimmel Financial Accounting, 8th Canadian Edition
Weygandt Accounting Principles, 9th Canadian Edition
Kimmel Survey of Accounting, 2nd Edition
Kieso Intermediate Accounting, 13th Canadian Edition
Weygandt Managerial Accounting, 6th Canadian Edition
Farmer Cost Accounting, 1st Edition
Savage Accounting Information Systems, 1st Edition