Ethics
The Role of Non-financial Information in Detecting Financial Statement Fraud
By Evgeniya Sukhova—- INTRODUCTION In order to detect material misstatements in the financial statements of a company, auditors perform numerous analytical procedures, including analysis of relationships between financial and nonfinancial information. Inconsistency between financial and nonfinancial information can be a symptom of financial statements fraud. This type of fraud is most often carried out by…
Read MoreFraud Prevention
By Cassandra Andrews— A company or individual can never be 100% protected from fraud, but there are certain measures that a company or individual can take to be as protected as possible. Everyone who works in a company can be dishonest. There are two essential aspects that are key to having a low-fraud environment. The…
Read MoreExpert Advice on Leadership: Words of Wisdom From UST President
By Denily Acosta Izzo—When you are studying business, you feel a certain inclination to develop leadership skills because it makes you a better candidate when applying for a job. Leadership may come easily for an extroverted, social, and passionate individual or it may be a hard target to achieve for an introverted, shy, and a…
Read MoreThe Effects of the Media
By Mohammad Sairafi — “Whoever controls the media, controls the mind” (Jim Morrison) Media plays a vital role in changing the lives of more than a million audiences. Morrison mentions the fact that media has the strength to influence the thoughts of people. Media with its desirability, charm, and fascination affect the thinking of people.…
Read MoreThe Invisible Link Between Trust, Profits, And Prosperity
By Miguel Martinez-Zavala — Businesses worldwide are facing tough challenges. The European Union’s economic problems, and increasing uncertainty, are driven by unforeseen events. Such events include: the Ukraine’s crisis, the sociopolitical volatility of the Middle East and its subsequent global economic effects, and the feeble U.S. economic growth that seems to be the new norm.…
Read MoreThe Best Lesson I Have Ever Learned From A Wise Man: The Significance of Intellectual Humility
By Miguel Martinez-Zavala — It was during the spring of 2011, and while I was waiting outside the Cameron School of Business office for one of my MBA classes to start, when I asked a classmate who was the person on the wheelchair getting into the Malloy Hall building. “He is Prof. Whitney,” he replied.…
Read MoreThe Wizard of Oz as a Monetary Allegory
By Dr. Hassan Shirvani — Since the Chicago journalist L. Frank Baum published his The Wonderful Wizard of Oz in 1900, the book has become one of the most beloved American tales of adventure. Millions of both children and adults have taken great pleasure in reading about Dorothy, a little girl living in the midst…
Read MoreThe Economics of the Just Price
By Dr. Hassan Shirvani — The concept of the “just” or “fair” price is as old as History. To combat predatory lending practices, price gouging, profiteering, and price discrimination, many governments throughout history have passed laws to protect their citizens against dishonest and unethical lenders and sellers. Thus, the Babylonian king Hammurabi (1792-1750 B.C.) had…
Read MoreLower the Minimum Wage
Despite the struggling economy, documented by a workforce participation rate of less than 63%, proponents have urged an increase in the Federal minimum wage. This is a bad move at the worst possible time. Even Janet Yellen, Chair of the Federal Reserve, indicated that loose monetary policies will continue due to the poor job market.…
Read MoreDid Government Housing Policy Cause the Financial Crisis?
The financial meltdown of 2008 impacted the global economy on an unimaginable scale. Many economists consider it the worst financial crisis since the Great Depression of the 1930s. It resulted in the threat of a total collapse of the global financial system, the bailout of many major banks by national governments, and downturns in stock markets around the world. In many areas,…
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