Read the Ethics Cases listed below and answer the questions associated with each.
Ethics Case 1: Lord Conrad Black’s Fiduciary Duty?
Read the Ethics Case, Lord Conrad Black’s Fiduciary Duty? on pp. 277–281 of your text and answer the following questions (approximately one paragraph per answer):
Should the Board of Directors be held responsible if they approved the non-compete agreements? Include an explanation of the role of the Board and who their primary stakeholder is in your answer.
Was it illegal that Black controlled the company through shares holding more voting rights? Was it ethical?
How could the conflicts of interest in this case have been prevented?
Ethics Case 2: HealthSouth–Can 5 CFOs Be Wrong?
Read the Ethics Case, HealthSouth–Can 5 CFOs Be Wrong? on pp. 304–309 of your text and answer the following questions (approximately one paragraph per answer):
What were the deficiencies in HealthSouth’s governance structure?
In cases of fraud, what is the auditor responsible for? Was the audit firm, Ernst & Young, deficient in its audit?
What are the proper audit procedures to ensure existence of assets in the financial statements? What are the proper audit procedures to validate estimates?
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