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Ethics in the News 6/5/2012 Ethics Awareness & Best Practices for Leaders June 6, 2012 Webinar ( Noon – 1PM ) ICPA Society & Center for Corporate Financial Leadership (CCFL) By William J. Hass, CTP, CEO TeamWork Technologies, Inc., 847-372-2151 Ethics Awareness (C) 2012, June 6, 2012 1 TeamWorkTechnologies William J. Hass, CTP Helps ETHICALLY Build & Rebuild Value • CEO- Board Level Strategist &Value Coach •Author/Speaker Renewal Strategy, Valuation and Teamwork •Consultant and Business Advisor • Former Member, National Assoc. of Corporate Directors •Turnaround Strategist and Manager • Certified Turnaround Professional (CTP) •Entrepreneur Inventor – CEO •CEO, TeamWork Technologies (Strategy, Teamwork, and Turnaround Consulting) •Vice President, Deloitte/HOLTValue Associates (Corporate valuation and strategy consulting) •Community Leader, Center for Corporate Financial Leadership a div. of the Ill. CPA Society •Past Chairman, Turnaround Management Association; CTP (Certified Turnaround Professional – a proven leader of one of approximately 450 in the US) •Partner, Ernst & Young, Special Services Group/Practice Leader, Midwest Strategy Services •President, CEO & Founder, BFC (Holds international patents licensed to Toshiba, Sony, and others) •MBA-Finance, University of Chicago GSB; BS-Engineering, University of Illinois-Chicago •[email protected] (847) 372-2151 Ethics Awareness (C) 2012, June 6, 2012 2 TeamWorkTechnologies Agenda: Ethics Awareness and Best Practices for Leaders • Explore Current Issues & Challenges • Understand the Line Between Ethical Dilemmas & Fraud • Identify Ways to Improve Communication • Explore Best Practices & Resources • Why Excellence Promotes Ethical Behavior • Need to Continuously Update Action Plans Ethics Awareness (C) 2012, June 6, 2012 3 TeamWorkTechnologies 1 6/5/2012 AICPA Has Lots of Ethics Resources Professional Ethics: AICPA's Comprehensive Course Corporate Ethics for Financial Managers: Navigating with Case Studies and Practical Solutions Ethics for Tax Practice Professionals: Circular 230 and the SSTSs Independence and Ethics Developments Audit Risk Alert Professional Ethics for CPAs in Business & Industry Professional Ethics: Navigating the Gray Areas Selected Topics in Professional Ethics AICPA National Ethics & Independence Training Webcast Ethics: Non-Attest Services, Integrity and Objectivity Professional Ethics: 2011-2012 Update and Refresher Source: http://www.journalofaccountancy.com/Issues/2011/Jun/20113740.htm# Ethics Awareness (C) 2012, June 6, 2012 4 TeamWorkTechnologies …and Economic Uncertainty Troubled Times Raises the Likelihood of Ethical Breaches … among CPAs and their clients -- Ethics Failures –and Fraud-- Begin Small but Grow Over Time -- Economic Decline “Exposes” More Cases -- Classic Cases of Ethical Success and Failure -- Leaders Must Set the Tone and Culture -- When Does an Ethics Breach Become Fraud? -- GAAP & Transparency -Limits Ethics & Truth in Accounting Ethics Awareness (C) 2012, June 6, 2012 5 TeamWorkTechnologies Polling Question: Organization Size • What is the size of your organization? – Under 10 employees – 11- 50 employees – 51- 200 employees – Over 200 employees Ethics Awareness (C) 2012, June 6, 2012 6 TeamWorkTechnologies 2 6/5/2012 Info Theft: The Popular Way to Steal Employer Information? Memory Stick. Source: Security firm, Cyber-Ark, conducted the survey, called The Global Recession and its Effect on Work Ethics. The company interviewed 600 workers in the US, UK, and the Netherlands in 2008 : Ethics Awareness (C) 2012, June 6, 2012 7 TeamWorkTechnologies Final Rule for Dodd-Frank Whistleblower Provisions Adopted • Permits individuals who provide the SEC with high-quality tips: • that lead to successful enforcement actions • receive 10-30% of SEC's monetary sanctions • while attempting to discourage them from side-stepping their company’s internal reporting systems. • Effective August 12, 2011 Ethics Awareness (C) 2012, June 6, 2012 8 TeamWorkTechnologies IRS Has Had Whistle Blower Rewards for Tax Cheats Since 1896 • Significant changes in 1996 and 2006 • IRS will pay 15 percent to 30 percent of the amount collected if collected amounts exceed $2 million • In individual matters the “Cheater’s” annual gross income must be more than $200,000 • …there is a program for smaller amounts Ethics Awareness (C) 2012, June 6, 2012 9 TeamWorkTechnologies 3 6/5/2012 Fact: Businesses Lose 5% of Sales to Occupational Fraud ! When Does an Ethical Lapse Become Fraud? “…fraud <<<..And ETHICS Failures…B. Hass.>>> …will always take place wherever there is opportunity. The feeding frenzy of fraud will not abate unless fraud prevention <<<...And ETHICS>>> is embraced and instituted at all levels of a company, especially in the executive suite,” …50,000 Certified Fraud Examiners is not enough! . Source: Association of Certified Fraud Examiners at http://www.acfe.com Ethics Awareness (C) 2012, June 6, 2012 10 TeamWorkTechnologies Ethical Lapses > Fraud ! Ethics Awareness (C) 2012, June 6, 2012 11 TeamWorkTechnologies “An informed electorate is the basis of a sound democracy.” •The Institute believes that: … Thomas Jefferson • … Truthful information is not always forthcoming from our institutions and • … Accounting and reporting deficiencies largely contribute to the problem. •… Is our National Debt: $15 or $75 or $100 Trillion? See: www.TheTruthIn Accounting.org Ethics Awareness (C) 2012, June 6, 2012 12 TeamWorkTechnologies 4 6/5/2012 Our Political & Business Leaders are Often Role Models for Ethical Failure • President Clinton >> to >> Bernie Madoff -Accused • Best Buy – CEO and Chairman & Founder – Step Down • HP – Fired Mark Hurd - later Hired By Oracle • Senator John Edwards – Presidential candidate – On Trial • U of I President & Law School Admissions Dean- Step Down Ethics Awareness (C) 2012, June 6, 2012 13 TeamWorkTechnologies Integrity Principles Ethics Morals Bright Lines Good Ethics Discussion Values & Bad Involves an Alphabet Soup of Related Words Right & Wrong Culture Different Interpretation Significant Fraud Laws & Ideology Differences Honesty Rules & Truth Ethics Awareness (C) 2012, June 6, 2012 14 TeamWorkTechnologies … Ethics Has Different Meanings to Different People Around the Globe • Trust or a “Code” of Conduct? • Oath: To Tell the Truth – The Whole Truth – … Nothing but the Truth • No Conflicts of Interest • No Bias … In Different Countries … And Different Cultures Ethics Awareness (C) 2012, June 6, 2012 15 TeamWorkTechnologies 5 6/5/2012 Add the Fact We Are All Wired Differently… • Are Men from Mars, Women from Venus? … – John Gray • Why are some people better CPAs and some better Entrepreneurs and some good at both? Ethics Awareness (C) 2012, June 6, 2012 16 TeamWorkTechnologies We Face Ethical Dilemmas Every Day …as Individuals We Have Conflicts “The social conservative in me tells me to pay for dinner, ….. but the fiscal conservative thinks we should split it.” Source: http://www.thefiscaltimes.com/ visited June 2, 2012. Ethics Awareness (C) 2012, June 6, 2012 17 TeamWorkTechnologies From Words… to Thoughts… to Action ETHICS is… RULES or Code of Conduct? Ethics Awareness (C) 2012, June 6, 2012 18 TeamWorkTechnologies 6 6/5/2012 Personal Speed Ethics: Demonstrate Different Interpretations • The Illinois Tollway Speed Limit is Clearly Marked as 55 MPH. Other states have different limits some as high as 75 MPH. • QUESTION: Is it ETHICAL to Exceed the Posted Legal Speed Limit by: – 5 MPH? – 10 MPH? – 15 MPH? – 20 MPH? – It Depends on the Situation? Ethics Awareness (C) 2012, June 6, 2012 19 TeamWorkTechnologies Tax Ethics Lapse…or Fraud? What is your estimate of the percentage of individual taxpayers who admit “privately” that they engage in “Ethical Lapses” or outright cheating on their tax returns? Under 2% 2-5% 5-10% 10-15% Over 15% Note: IRS Estimates 17% of all taxpayers do not comply with tax laws See: http://www.cnbc.com/id/42192642?__source=vty|taxcheat|&par=vty Ethics Awareness (C) 2012, June 6, 2012 20 TeamWorkTechnologies Key Business Issue: • Is Managing for Maximum Long Term Shareholder Value Ethical? – Yes – No – It Depends Question to Republican Presidential Candidates at 11-08-2011 Debates Ethics Awareness (C) 2012, June 6, 2012 21 TeamWorkTechnologies 7 6/5/2012 Audience Input: There are Many Paths to Value • If Yes, when does “Managing for LONG TERM Shareholder Value” become unethical ? – ___???? ___ – TYPICAL AUDIENCE RESPONSE: • ... When It Ignores or Hurts Other Stakeholders? • … When Its is Only Short Term! Ethics Awareness (C) 2012, June 6, 2012 22 TeamWorkTechnologies Golden Rules We Have Learned! I did it… • Always Tell the Truth … the Whole Truth? … Nothing but the Truth? • Do on to Others …as You Would Have Them do on to You! Stories we remember: George Washington and the Cherry Tree… Ethics Awareness (C) 2012, June 6, 2012 23 TeamWorkTechnologies Are All Journalists Ethical? 28% of North American Journalists surveyed in 2011 reported: “ They would lose their jobs if they follow ethics strictly” … They are often told what to do by their leaders… See: Center for Intl. Media Ethics http://www.cimethics.org/en/docs/CIME_Me dia_Ethics_Survey_2011_Report.pdf Ethics Awareness (C) 2012, June 6, 2012 24 TeamWorkTechnologies 8 6/5/2012 DIGGING DEEPER ON ETHICS Ethics Awareness (C) 2012, June 6, 2012 25 TeamWorkTechnologies Lessons Learned Based on Digging Deeper It’s All about Ethical People Who Care About Shareholder Value 2009 (1000 Pages) 2006 •Companies of all types can create value if they: •Reward People that
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