BUS1001 : Accounting for Business Decisions - Jonathan Shapiro - Business Assignment Help

Assignment Task :

Question 1 (A) 
 
Jonathan Shapiro Senior Reporter
The corporate regulator says it is investigating the executives of collapsed ASX-listed tech company Big Un Limited after a former fund manager pleaded guilty to insider trading in the stock. Michael Ho, a former investment analyst at investment ?rm Maple-Brown Abbott, pleaded guilty in the District Court in Sydney to ?ve counts of insider trading and one count of communicating inside information in Big Un. Mr Ho, 32, managed Maple-Brown Abbott's small companies fund. While Big Un shares could not be owned by the fund he was involved in managing, he sought approval to own it in his own capacity.
He resigned in March 2018 after breaching the fund's code of ethics. Mr Ho had previously been revealed as being one of the biggest winners from Big Un's stellar sharemarket rise in 2017.
The Australian Securities and Investments Commission said in a statement on Tuesday that the charges related to the purchase and sale of options between July 18, 2016, and February 10, 2018. Mr Ho and associates he recruited invested more than $1.6 million in Big Un. He had purchased more than 4 million options for $100,000 with a conversion price of 25¢ that had been worth $13.6 million at the end of 2017. He also owned 400,000 Big Un shares via his investment company Mila Investments
at the time Big Un shares were suspended from trading, while a Dr Ho owned a further 500,000 shares.
These holdings had a combined value of $2 million at the time of the company's suspension in March 2018. The Financial Review can also reveal that Mr Ho's name appeared on the pdf ?le meta-data of Big Un's investor presentations ?led to the ASX in February, April, July and October 2017. Mr Ho appeared in court on Tuesday. He admitted to trading while in possession of insider information and communicating inside information to an associate. The information was communicated to Mr Ho during a series of meetings and phone conversations he had with Big Un chief executive Richard Evertz between 2016 and 2017. Big Un was the top performing share on the stock market in 2017, soaring from 20¢ to almost $5 and giving it a market capitalisation just shy of $1 billion.
The company, which was founded by Mr Evertz and his son Brandon, was due for inclusion in the S&P/ASX 300 Index. But a detailed Financial Review investigation unravelled how it used advanced payments from a ?nance company, FC Capital, and presented them as cash sales, boosting its revenues and the share price.
Big Un later restated its accounts – restating a positive $21.5 million cash sales ?gure for the 2017 ?nancial year to a negative $8.6 million ?gure as it recategorised revenues as ?nancial liabilities. The Financial Review also revealed that CEO Richard Evertz, who changed his name to Evans before changing it back, had in 1994 been convicted of impersonating a police of?cer and for blackmailing men in public toilets in two Melbourne parks. The company was suspended from trading in February 2018 and later that year appointed administrators.
 
Required:
(1) Do you think unethical behaviour within the company resulted in stakeholders being affected? Suggest steps or guidelines to prevent unacceptable practices.  
(2) Would you agree that Accountants need to play a role in ethical decision making if malpractices come to light? Comment briefly  

Question 1 (B)  
A growing number of corporations across the globe adopt sustainable practices that focus on environment, society and economic well-being with a mission for a brighter future.

Required:
Briefly comment on the challenges facing corporations on sustainable practices and provide examples where applicable.

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