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Ethics in Functional Areas Finance
Finance <ul><li>Overestimating promoter’s capital utilization </li></ul><ul><li>Over budgeting the project costs </li></ul...
<ul><li>Claiming insurance cover for fake events </li></ul><ul><li>Using working capital funds for personal gains </li></u...
Accounting <ul><li>Showing inflated salaries </li></ul><ul><li>Getting receipts for a higher amount than they actually get...
<ul><li>Showing leniency towards a few customers owing money </li></ul><ul><li>Allowing extra TA to a select few employees...
Costing <ul><li>Reducing costs by manipulating working hours </li></ul><ul><li>Not considering the cost of rejects </li></...
Audit <ul><li>Ignoring major deviations from budgets </li></ul><ul><li>Ignoring the lowest tender </li></ul><ul><li>Helpin...
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Ethics And Functional Areas Finance

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Transcript of "Ethics And Functional Areas Finance"

  1. 1. Ethics in Functional Areas Finance
  2. 2. Finance <ul><li>Overestimating promoter’s capital utilization </li></ul><ul><li>Over budgeting the project costs </li></ul><ul><li>Using underhand tactics with the financiers benefiting personally and for the firm </li></ul><ul><li>Purchasing equipment not necessary and then selling it to raise additional/unaccounted funds </li></ul><ul><li>Siphoning funds for the promoter’s personal benefit </li></ul>
  3. 3. <ul><li>Claiming insurance cover for fake events </li></ul><ul><li>Using working capital funds for personal gains </li></ul><ul><li>Over invoicing sales to get increase in working capital limits. </li></ul>
  4. 4. Accounting <ul><li>Showing inflated salaries </li></ul><ul><li>Getting receipts for a higher amount than they actually get </li></ul><ul><li>Paying inflated vendor bills to get their cut </li></ul><ul><li>Paying overtime when not required </li></ul><ul><li>Maintaining 2 sets of accounts, 1 for the management and 1 for the income tax </li></ul><ul><li>Delay making payments to vendors </li></ul>
  5. 5. <ul><li>Showing leniency towards a few customers owing money </li></ul><ul><li>Allowing extra TA to a select few employees </li></ul><ul><li>Giving dividend even as supplier bills are unpaid </li></ul><ul><li>Showing wrong figures to management </li></ul>
  6. 6. Costing <ul><li>Reducing costs by manipulating working hours </li></ul><ul><li>Not considering the cost of rejects </li></ul><ul><li>Not considering the cost of reworks </li></ul><ul><li>Not accounting for man-hours lost due to strike, absenteeism </li></ul><ul><li>Not counting the man-hours lost in maintenance </li></ul><ul><li>Not considering the time and money lost in failed experiments </li></ul><ul><li>Not considering the man-hours lost due to change in manufacturing processes. </li></ul>
  7. 7. Audit <ul><li>Ignoring major deviations from budgets </li></ul><ul><li>Ignoring the lowest tender </li></ul><ul><li>Helping in camouflaging black money </li></ul><ul><li>Helping in reducing/evading the taxes </li></ul><ul><li>Ignoring inflated bills of select employees </li></ul><ul><li>Accepting as official, personal purchases made by Directors. </li></ul><ul><li>Approving bills for substandard construction </li></ul><ul><li>Approving inflated bills of vendors </li></ul>
  8. 8. Thank You
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