Lecture explores business ethics after collapse of accounting firm

first_imgLarry Katzen discussed the collapse of the accounting company Arthur Andersen on Tuesday afternoon, as part of the annual Ethics Week hosted by the Mendoza College of Business. Katzen, who was a managing partner at the company when it was indicted for obstruction of justice in association with Enron, said the media played a large part in the company’s downfall.“Everything people learned about the Arthur Andersen and Enron case was what they read in the papers and saw on TV,” Katzen said. “It all said that Arthur Andersen did a terrible auditing job, and this was responsible for the demise of the company.” Emmet Farnan Larry Katzen speaks Tuesday afternoon. Katzen previously worked for Arthur Andersen, a company indicted for association with Enron.Katzen disputed this portrayal, arguing there was no evidence Arthur Andersen did anything wrong during the auditing process.As an accounting firm for Enron, Arthur Andersen had millions of documents subpoenaed after Enron was exposed for accounting fraud, Katzen said. However, he challenged the accusation that Arthur Andersen shredded important documents prior to the subpoena.“It’s a requirement that before you get an indictment, you must destroy all documents that are irrelevant to the auditors,” he said.Furthermore, Katzen said Enron’s fraud was mainly related to special purpose entities, which another accounting firm was responsible for auditing. Katzen said Arthur Anderson, throughout his 35 years at the company, maintained a high ethical standard.“The reason why I joined Arthur Andersen was their integrity,” he said. “These people walked away from clients that they felt were not operating under conservative accounting principles.”Katzen said the effects of the scandal were devastating. Within 90 days of the indictment, Arthur Andersen had lost its right to audit and was out of business.“Eighty-five thousand people lost their jobs because of Arthur Andersen’s association with Enron,” he said.Although Katzen said he was about to retire right before the scandal hit, he stayed on for longer in order to help other employees find new jobs.“I can proudly say that almost all 85,000 people have landed on their feet well and have done great things in their new organizations,” he said.Katzen said he learned from this experience “to do the right thing, no matter what the political ramifications might be.” In addition, Katzen said his decision to delay retirement helped him learn the sacrifice that is often necessary for the greater good of the company.“You will go through situations where you have to make tough decisions and must make personal sacrifices,” he said.Katzen also said his desire for new knowledge and strategies helped him to have a long and accomplished career. Up until his retirement, he regularly attended new training sessions and workshops, he said.“The only way you can stay ahead of this game throughout your entire career is to continually learn new things,” he said. “Don’t get soft and lean on your past. You have to always rise to the top.”Finally, Katzen said a company must have a culture that values integrity in order to be successful.“The common culture is the glue that holds an organization together,” Katzen said.Ethics Week at the Mendoza College of Business will continue tomorrow with the keynote address, to be delivered by Susan Ochs, a senior fellow and founder of the Better Banking Project. The lecture, titled “Managing Mindset: The Key to Better Corporate Behavior,” will take place in Giovanini Commons at 4:30 p.m.Tags: Arthur Andersen, Enron, Ethics week, Larry Katzen, mendoza college of businesslast_img read more

UW looks to make Penn State-ment

first_imgThree years and three days — that’s how long it’s been since the last time Wisconsin volleyball beat Penn State.So long, in fact, senior floor captain and outside-hitter Maria Carlini could barely even recall the match.Carlini and fellow seniors Amy Bladow and Katie Lorenzen are the only team members to have experienced a victory against the Nittany Lions, coming in their first match ever against Penn State their freshman year. Since then, however, Wisconsin has not won a single match versus the national powerhouse, dropping the last six matches against Penn State.Now, in what is likely their last matchup with the Nittany Lions, the seniors would like nothing more than to upset the No. 2 team in the country Friday in front of the Field House crowd.”For the past few years, we’ve been unsuccessful in beating [Penn State],” Carlini said. “So to go out and finally beat them again, especially in front of our home crowd, would be awesome.”For Carlini, the match will be even a little more special. In Wisconsin’s last meeting with Penn State, Carlini sat out with a foot injury and the Badgers were swept 30-24, 30-22 and 30-27. Healthy and ready to go this time around, Carlini can’t wait for her chance to go up against one of the best teams in the nation.”I’m so hungry,” she said. “It’s hard to sit out your senior year, you don’t ever want to come out, but I’m just really excited to play Penn State because I didn’t get to last time.”Even though Carlini is back out on the court, head coach Pete Waite says she is far from 100 percent. Waite has been trying to give Carlini some rest with her sore foot, but has had troubles juggling her time off along with practice.”It might be for the rest of the season she’s dealing with it,” Waite said of Carlini’s injury at his press conference Monday. “We were hoping this stretch right here, that she’ll get some rest … but then there’s that factor if you haven’t been practicing, you’re not with the team, the chemistry’s not the same, so it is a challenge for Maria and the team.”With or without Carlini, Penn State is still one of the best teams Wisconsin has played over the past couple of years.Traditionally, the Nittany Lions have been atop the national rankings and dominated whatever conference they’ve been in — first the Big East and more recently the Big Ten.Penn State head coach Russ Rose is a prominent figure in college volleyball, currently in his 29th season in Happy Valley, and has always assembled strong teams.This year is no different, and it appears as though Rose and the Lions will be good for a while with a bevy of underclassmen leading the way.”This is the No. 2 team in the country and they are undefeated,” Waite said of Penn State. “They’re 21-0 and they’ve got that record for a reason. They’ve been physically overpowering a lot of teams, and they’re hitting balls from different angles than people are used to.”Going against the two most accurate attackers in the Big Ten in middle blockers Christa Harmotto (.420) and Melissa Walbridge (.379), the key for Wisconsin will be controlling the net.”We’re going to have to serve awfully tough, number one,” Waite said. “We’ve got to serve tough. Once we do that, we’ll keep them off the net a little bit.””Our block is going to be vital,” Bladow added. “I think it’s going to be a battle up at the net for both teams and blocking can very well make the difference in the match.”While much of Wisconsin’s focus is on Penn State at the moment, the team can’t overlook No. 24 Ohio State Sunday.After winning the first two games and dropping the next three to lose in the previous match against the Buckeyes, Carlini and the Badgers now know what they must do to secure a win.”We definitely have to serve a lot tougher and pass better,” Carlini said. “If we just do all the little things, we have such a balanced attack that it will be so hard for opposing team blockers to track our hitters.”While the UW volleyball team members won’t be able to fully enjoy Madison’s Halloween festivities Saturday, they are hoping it will be a big distraction for Ohio State.”This is a very big weekend, so we can’t lose sight of what we need to do just because it’s Halloween,” Bladow said. “But on the other hand, Ohio State has to be here Saturday for all the madness and everything, and hopefully that will affect them a little bit being on the road.”last_img read more

Ghana Rugby announces historical semi-finalists

first_imgHistory was made when the semi-finalists for the 2014/15 Ghana Rugby Club Championship (GRCC) was announced in the first professionally run Club Championship in the 11 years of Ghana Rugby.According to the President of the Ghana Rugby Club Championship, Mr. Herbert Mensah, the quest to become a full member of World Rugby has over the years been hampered by the absence of a professionally ten team club championship based on World Rugby rules and regulations.“Despite many challenges such as resources and especially funding the 2014/15 Ghana Rugby Club Championship Pool stages has now been completed and I would like to congratulate the Tournament Commissioner, Mr. Steve Noi, the management of the Greater Accra Rugby Association (GARA) and the management of the CentWest Rugby Association for their determination to get to the final stages of semi-finals and finals,” Mr. Mensah said.The final logs after Round 2 of the 2014/15 GRCC have been confirmed as follows:Pool A Greater Accra – (1) Cosmos Buffaloes RFC 44, (2) Idas Sports RFC 36, (3) Legon Titans RFC 34, (4) Dansoman Hurricanes RFC 22, (5) Tema Anchors RFC 3, (6) Accra Sharks RFC 0.Pool B CentWest – (1) Westside RFC 12, (2) UCC Spartans 12, (3) Mfantadisc RFC 0, (4) Abura Bombers 6. Abura Bombers was placed in 4th place due to the number of matches forfeited despite their superior Championship point compared to Mfantadisc.The semi-finals of 2014/15 GRCC will be played in Cape Coast on 14 March 2014 between the winners of Pool A (Greater Accra) Cosmos Buffaloes RFC and the runner-up of Pool B (CentWest) UCC Spartans. In the other semi-final the winner of Pool B Westside will face the runner-up of Pool A Idas Sports RFC.In the last match of Round 2 in Pool A the big question was which team – Legon Titans RFC or Idas Sports RFC – would emerge as runner-up. Legon Titans only needed to win their match against Cosmos Buffaloes RFC to reach the semi-finals but unfortunately for them they went down 27 to 0, while Idas Sports managed to beat Tema Anchors RFC 48 to 10.In Pool B Westside RFC and UCC Spartans were adjudged as the winners and runner-up respectively with both ending on 12 Championship points but because of a superior points difference Westside took top spot.Mr. Steve Noi, the Tournament Commissioner, said he was satisfied that the 2014/15 GRCC was ran and conducted based on internationally accepted standards.He further stated, “There will always be room for improvement but the way in which the 2014/15 Ghana Rugby Club Championship was organised and played signals great things to come for Ghana Rugby.”According to Mr. Ernest Hanson, Vice President of the GRFU, Ghana Rugby is on the verge of moving into the international arena.“The passion for the game of Rugby is unparalleled in Ghana even though Ghana is a football or soccer nation. We see kids playing “gutter-to-gutter” Rugby as explained by our President Mr. Herbert Mensah and this signals a bright future for Ghana Rugby,” he said.“What Ghana Rugby now needs is for corporate bodies to embrace the values of Rugby that will instill fun and discipline for our youth and to help Ghana to achieve global accolades beyond football,” Mr. Hanson said.last_img read more