The Bible Accounting Fraud - 1166 Words

The Bible amp; Accounting Fraud Liberty University Abstract Accounting is an information and measurement system used by mainly all businesses and organizations to provide relevant, reliable and comparable information about its business activities, (Wild, amp; Shaw, amp; Chiappetta, 2011, p.272). Accounting Information Systems is a fundamental part of determining the success of an organization. An effective information system provides Internal controls which consist in policies and procedures implemented by a company to allow managers to monitor and control business activities. The Bible could be compared to an organization’s Internal Controls in the sense that it is the Holy and†¦show more content†¦When the time came for the manager to be confronted and give an account, he could not come up with a single response to deny the accusations and rather went to the debtors and negotiated a debt settlement with them looking for favor in the eyes of his master and friendship with the debtors through dishonest negotiations. â€Å"He called in each one of his master’s debtors and asked, how much do you owe my master? Nine hundred gallons of oil replied the debtor. The manager told him, take you bill, sit down quickly and make it four hundred and fifty† (Luke, 16:5-6). We can see how clever this manager acted in dealing with his past due collection responsibilities and still he was commended by his master for his clever approach in doing so. Nothing in the parable implies that the manager repented of his reckless behavior and dishonest actions neither that his job was restituted in spite of his managerial approach. His negligence in dealing with timely collection of outstanding receivables jeopardized his job and constituted a loss of assets to his master. We can see how this rich man had the need for implementing higher standards or Internal controls in the management of his riches. The apostle Paul warns us in Galatians 5: 19-21, about the condition of the human heart or flesh, â€Å"The acts o f the flesh are obvious: sexual immorality, impurity and debauchery; idolatry and witchcraft; hatred, discord, jealousy, fits of rage,Show MoreRelatedBiblical Concepts Of Accounting And Finance811 Words   |  4 PagesEssay The acts of accounting and finance date back to the beginnings of recorded history and has evolved over the centuries to become a cornerstone of societies across the globe. Both the Old and New Testament of the Bible discuss the subject of accounting and finance in many scriptures and parables. The biblical concepts taught about accounting and finance are, without fail, applicable to modern business. Without an ethical foundation build upon a biblical foundation accounting and finance practicesRead MoreChristian Doctrine And Practice Of Life And Culture993 Words   |  4 Pagescan be translated into everything from internal operations to budget management to controlling costs. â€Å"The Hebrew Bible, especially the Pentateuch (Torah), is replete with precepts that deal with business ethics, and can be used as a starting point for those interested in developing higher moral standards in business.† (Friedman and Giladi, 2002) The Bible depicts the use of accounting procedures internally as a way to keep businesses honest their worth. 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The proposed regulatory reforms for charities are that they should be subject to an annual independent audit by an accounting firm. Some states haveRead MoreThe Sarbanes Oxley ( Sox ) Act Of 2002926 Words   |  4 PagesThe Sarbanes-Oxley (SOX) Act of 2002 was legislated by Congress to restore reliability of financial statements with the objectives to raise standards of corporate accountability, to not only improve detection, but to also prevent fraud and abuse (Terando Kurtenbach, 2009). Additionally, SOX was the response to general failure of business ethics such as the propagation of abusive tax shelters and greater aggressive tax avoidance strategies (Raabe, Whittenburg, Sanders, Sawyers, 2015). Tax AdvantagesRead MoreThe Ethical Systems And Morals Essay1575 Words   |  7 Pagestruly matters in situationalism is love. â€Å"Love should be the motive behind every decision. As long as Love is your intention, the end justifies the means.† (All About Philosophy) Joseph Fletcher created the idea of situationalism from a verse in the bible 1 John 4:8 â€Å"God is Love†. (All About Philosophy) â€Å"Ethical generalism is the view that the rationality of moral thought and judgement depends on a suitable provision of moral principles.† (Dancy, 2013) Generalism takes into account the widely acceptedRead MoreBusiness for the Glory of God: The Bibles Teaching on the Moral Goodness of Business By: Dr. Wayne Grudem1688 Words   |  7 PagesTestament scholar turned theologian, author, and Research Professor of Bible and Theology at Phoenix Seminary, Arizona (Wayne Grudem, ). In lieu of many of his great accomplishes, Dr. Grudem has also written numerous books and articles. 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