Corporate ethics and fraud have received much media attention through reporting of scandals at major corporations. You have been hired as an outside advisor to Salem Corporation to make sure that its financial reporting and tax reporting are of the highest ethical standards. So that you understand the types of ethical misconducts that corporations are subject to and the penalties that can be given when uncovered, use the Internet to research and discuss the following:
Cases in the past 15 years or so where corporations have committed unethical business practices and the resulting consequences.
Ethical standards for corporations
Recent changes to financial and reporting laws to take into account ethical standards as a result of the earlier corporate scandals
The well-organized, well-written memorandum to your client should be approximately 500 words. Be sure in your memorandum to discuss and apply the federal Sarbanes-Oxley Act (and some of the cases that led to its enactment) and the IMA ethical code of standards.