...The False claim act is a law that inflicts liability on an individual or company that takes advantage of governmental programs. With the False Claim Act individuals are able to recover money stolen through fraud (False Claims Overview, 2014). According to the Office of Inspector general in order to qualify for financial incentives a state’s false claim act must: • Establish liability to the state for false fraudulent claims • Contain provisions that are at least as effective in rewarding and facilitating qui tam actions for false or fraudulent claims as described in the FCA • You must contain a requirement for filling an action under seal for 60 days • Finally you must contain a civil penalty that is not less than the amount of the civil penalty (State False Claim Act Reviews, 2014). The Health Insurance Portability and Accountability Act (HIPAA) was designed to protect patient privacy. The three objectives that HIPAA was designed to accomplish are: • Determine the circumstances in which protected patient health information is used and disclosed • Establish individual rights in regards to protected information • Ensure that administrative safeguards are adopted to ensure the privacy of patient information Stark law forbids a physician from making certain referrals for certain designated health service (Physician Self Referral, 2014). Ten specific DHS services are as follows: • Clinical laboratory services • Physical Therapy services • Occupational Therapy services ...
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...False Claims Act The False Claims Act was established to prevent intentionally inaccurate claims against or to the government for property or money. This applies to all federal programs, although it is applied to health care most frequently due, in part, to the large dollar amounts involved1, but also to the volume of claims regarding health care made to the federal government each year. There are five elements pertaining to the establishment of a false claim under the False Claims Act; 1) a claim for property or money is made; 2) the claim is against or to a department or agency of the United States; 3) the claim was false, fictitious or fraudulent; 4) the organization, or persons representing the organization, must have known at the time that claim was false, fictitious or fraudulent; and 5) the false, fictitious or fraudulent claim was material.2 Qui Tam. When an individual (relator) brings a lawsuit against an organization claiming violation of the False Claims Act, this is considered a “qui tam” action. A relator’s knowledge, used to bring about a qui tam suit, “must not be public knowledge but information that would not otherwise be available without the qui tam suit.”1 The relator, often referred to as a “whistleblower”, receives a portion of any settlement amount dictated by the results of a qui tam suit. This incentive was established by the False Claims Act and encourages individuals to assist the government in identification of fraud.1 HIPAA Privacy Standards ...
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...of regulation in order to reduce the risk of bank failing. With the regulation, the banks would be authorised on the basis of meeting minimum standards, and will continued to be supervised to ensure that certain standards or requirements are maintained. This would instill more confidence to the economic actors.[1] The risk of the banks become poorly capitalised, fraudulently or incompetently run compared to if no system of external regulation were take place will be lower. Unfortunately, the regulation does not perform well as an alternative for the regulation by the market, nor replace the need for management to take prime responsibility for bank’s activities. As time goes by, there has been increasing recognition of both the limitation of regulation and its role. [2] Perhaps, the market discipline will play a greater role in financial and to bring benefits in future. Nevertheless, an effective system of regulation still play an important role in minimising the risk of bank failure and to maintain consumers’ confidence in the banking system. Banking Regulation: Objectives and Rationales The main objectives of banking regulation are to protect the investors and provide prevention of bank failures and depositor runs as well as minimisation of the risk of contagion that these may create.[3] The term regulation is used in a broad sense, Goodhart used it to refer to the different ways in which the activities of banks are monitored and controlled by governments and financial regulatory...
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...Master-Student Financial Assistance Agreement. Your name Your institution Date of submission. Abstract This paper discusses the master-Student Financial Assistance Agreement as a regulation for higher education activities. The paper provides a detailed description of the law and how it affects students pursuing higher education in various faculties. Besides, the paper presents an analysis and purpose of the requirement of the law. It also suggests the appropriate training institutions where the law can be effectively applied. Finally, the paper proposes the stakeholders impacted by the requirement of the law. The paper then ends with conclusion which provides a summary of the main issues raised in the paper. Keywords: Stakeholders, Financial Aid, Agreement, Institutions of Higher Education. Introduction Most students in institutions of higher learning especially full-time students spent most of their time in classes and may not have sufficient time to engage in income generating activities. However, these students need funds to meet their daily requirements which can only be achieved through financial aid programs. According to the handbook for Financial Aid Officers, the concept of financial aid started long ago where it involved the students getting assistance from a benefactor. The assistance included tuition fees and borrowing books and a room to study. Financial aid has since then developed to date where it...
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...RISKS ASSOCIATED WITH OUR INDUSTRY We are Subject to Extensive Government Regulation That Limits or Restricts Our Activities and Could Adversely Impact Our Operations. The Company and the Bank operate in a highly regulated industry and are subject to examination, supervision and comprehensive regulation by various federal and state agencies. Compliance with these regulations is costly and restricts certain activities, including payment of dividends, mergers and acquisitions, investments, interest rates charged for loans and leases, interest rates paid on deposits, locations of banking offices and various other activities and aspects of the Company’s and Bank’s operations. The Company and the Bank are also subject to capital guidelines established by regulators which require maintenance of adequate capital. Many of these regulations are intended to protect depositors, the public and the FDIC’s DIF rather than shareholders. The Sarbanes-Oxley Act of 2002 and the related rules and regulations issued by the SEC and NASDAQ, as well as numerous other regulations, including the Dodd-Frank Act and related amendments, have increased the scope, complexity and cost of corporate governance, reporting and disclosure practices, including the costs of completing the Company’s external audit and maintaining its internal controls. Government regulation greatly affects the business and financial results of all commercial banks and bank holding companies, and increases the cost to the Company...
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...The role of the ethics and compliance in Lowe’s financial environment will be assessed and the procedures the company has in place to ensure ethical behavior will be described. An explanation of how the financial markets work within the United States, identifying the processes that Lowe’s uses to comply with SEC regulations. Attached are the annual report and SEC filings for the past two years. With the financial information from Lowe’s, Team C will select one ratio from each of the ratio categories to include liquidity, asset management, debt management, profitability, and market value. It will be discussed the trend for each ratio and whit it says about the organization’s financial health. Lowe’s values it reputation for maintaining high ethical standards in its workplaces and around the world where ever they do business (Lowe’s, 2012). The company states that integrity is one of their core values and that every employee must comply with all governmental laws, regulations and rules while acting on behalf of the company. All employees of Lowe’s should avoid in any conduct that is inconsistent with the company’s ethical principles, even if it is legally permissible. Lowe’s also requires all vendors and suppliers to comply with their code of conduct and business ethics, failure to do so will result in termination of the business relationship. Lowe’s requires all personnel (including family members in having any financial dealings with organizations wanting to supply,...
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...to a steady stream of confusing laws and regulations coming from all directions. In this column I'll look at these laws, go into depth on a few of them, and discuss how you, as an IT pro charged with making your company compliant, can approach the issue. Laws and Regulations Depending on the industry you're in, your organization may be used to regulations or completely new to them. Late 90s and early 2000s ushered in the era of laws governing information security, privacy, and accountability, thanks to companies like Enron and to the sheer volume of personal and sensitive information stored in and transmitted though vulnerable channels. At the root of most regulations is the importance of protecting the confidentiality, integrity, and availability of information that impacts a corporation and its stakeholders. These laws can be distilled down to their essential goals: Establish and implement controls Maintain, protect, and assess compliance issues Identify and remediate vulnerabilities and deviations Provide reporting that can prove your organization's compliance Taking a look at the laws and regulations having immediate impact on IT pros, to understand what each law is about. Don't assume this list represents all of the laws and regulations that may apply to your business. There are many others both in the United States and globally you may or may not need to deal with, depending on your organizations situation. New Laws and Regulations Affecting IT Pros Sarbanes-Oxley...
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...The Journey From Deregulation to Regulation - Are We Walking In Circles? Executive Summary This paper attempts to explore the cycle from deregulation to regulation against the backdrop of events from 2001 to 2008, with some reference to later laws such as Dodd-Frank. The context is against the quote from Aristotle that “law is order, and good law is good order”. A Brief history of Deregulation: Regulations have been considered a blessing and a curse since time immemorial. It could be argued, especially with those of a theological mindset, that religions introduced the first forms of regulations. The penalty for deviations were well laid out, and often times had precedent, but exceptions were always sought and loopholes were often explored. Modern economics, regardless of which school of thought is followed, can be compared to a religion1. There are tenets, or commandments. There are different religions, from Keynes, to Marx to Milton. Without extending this analogy, it is relevant to point out that economic theories either rely on governments to participate wholeheartedly in the state of economic affairs by regulating businesses, corporations and industries, or to let the system weed out the weaker in favor of the stronger. In the United States, bitter past experience shaped the regulations surrounding businesses. The Great Depression was the first indicator that the system needed to be made more robust, which in turn led to regulations that formed the base of what our current...
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...CENTRE FOR EUROPEAN POLICY STUDIES REGULATING E-COMMERCE IN FINANCIAL SERVICES REPORT OF A JOINT CEPS/ECRI WORKING PARTY C H A I R M A N: TI M J O N E S C H I E F E X E C U T I V E, P U R S E U S R A P P O R T E U R: NURIA DI E Z GU A R D I A FORMER R ESEARCH FE L L O W , CEPS OCTOBER 2001 This report contains the conclusions and policy recommendations that follow from the discussion and analytical presentations that took place at the meetings of the joint CEPS/ECRI Working Party. The members of the Working Party participated in extensive debate and submitted comments on earlier drafts of the report. Its contents contain the general tone and direction of the discussion, but its recommendations do not necessarily reflect a full common position reached among all members of the Working Party, nor do they necessarily represent the views of the institutions to which the members belong. A list of participants and invited guests and speakers appears at the end of the report. This Working Party was chaired by Tim Jones, Chief Executive at Purseus and former Chief Executive of Retail Banking at NatWest, London. Nuria Diez Guardia served as Rapporteur for the Working Party while a Research Fellow at CEPS. Amparo San José and Alfredo Sousa greatly contributed to the drafting of Parts I and II of the final report, respectively. ISBN 92-9079-349-X © Copyright 2001, Centre for European Policy Studies. All rights reserved. No part of this publication...
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...CHAPTER 2: REGULATION IN FINANCIAL ACCOUNTING Chapter 2 regulation in Financial accounting LEARNING OUTCOMES Upon completion of this chapter you should be able to understand: • The difference between management and financial accounting. • Why accounting regulations are important and required. • The need for and the structure of professional regulation, company law, stock exchange legislation and EU Directives. • How the different aspects of regulation work together and complement each other. • The process through which an accounting standard comes into being. REVISION RESOURCES EXAM QUESTIONS: Sample and Past papers are available from the website of Accounting Technicians Ireland and are essential aids when studying Advanced Financial Accounting topics. 7 Chapter 2 : Regulation in Financial Accounting 2.1 Advanced Financial Accounting the FunCtion oF FinanCial aCCounting and reporting The International Accounting Standards Board (IASB) in their Conceptual Framework for Financial Reporting state that ‘the objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity. Those decisions involve buying, selling or holding equity and debt instruments, and providing or settling loans and other forms of credit’. This Conceptual Framework...
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...nation, surely its laws are pretty old. Specially in a sector like Finance, where the last few decades has seen umpteen changes, Reserve Bank of India Act, Insurance Act etc dates back to the 1930s. Though there has been moderations of the laws over the years, Indian Financial Sector and its underlying foundation is in need of holistic restructuring. Keeping this in mind, in March 2011, the Government of India, Ministry of Finance established the Financial Sector Legislative Reform Commission or FSLRC to mend the legal and institutional structure of the Indian Financial Market. The Commission was chaired by B. N. Srikrishna, former judge of the Supreme Court and the other board members consisted of virtuoso of various fields like Finance, Economics, Laws and Public Administration. The Commission took up a intense two year process starting from April, 2011 and submitted its “text of the findings and recommendations” in March,2013. For better and effective functionality in finance sector and avoid conflicts of interest among different regulatory, the Financial Sector Legislative Reforms Commission (FSLRC) recommended to have well structured Government agencies. The Commission has pitched for specialized and consolidated set of provisions on regulatory governance by bringing a bill, called Indian Financial Code Bill. Government agencies are required to perform complicated functions in eight major areas of finance sector: consumer protection, micro-prudential regulation, resolution of...
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...engagement. Audit Scope. USAID’s applicable scope of work that was part of your RFP will be included or referenced to. Audit Objectives. The objective of our audit is the expression of opinions as to whether your basic financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles, the objective also includes reporting on: • Internal control related to the financial statements and compliance with laws, regulations, and the provisions of contracts and grant agreements, noncompliance with which could have a material effect on the financial statements, in accordance with Government Auditing Standards. • Internal control related to major programs and an opinion (or disclaimer of opinion) on compliance with laws, regulations, and the provisions of contracts and grant agreements that could have a direct and material effect on each major program in accordance with the Single Audit Act Amendments of 1996 and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Our audit will be conducted in accordance with generally accepted auditing standards established by the Auditing Standards Board (United States); the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United State; the Single Audit Act Amendments of 1996, the provisions of OMB Circular A-133, and will include tests of accounting records...
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...organization. They are excellent tactics for building organizational trust and transparency. Ethics and compliance empowers the organization to minimize risk and maximize your culture of integrity. (Global Compliance and Ethics, para. 1) In this paper we will examine the ethics and compliance of Pepsi-Cola. After obtaining the organization’s annual report and SEC filings for the past three years we will examine and analyze the data addressing ethical issues; the role of ethics and compliance in Pepsi-Cola’s financial environment. A description of the procedures Pepsi-Cola has in place to ensure ethical behaviour will be given. The processes that the organization uses to comply with SEC regulations will be identified. An evaluation of the organizations financial performance during the past three years will be given using financial rations for each given year. Lastly, a discussion of the three-year trend for each ration and what it tells about the organization’s financial health will be given. Role of Ethics and Compliance in Pepsi-Cola The Pepsi-Cola company is strongly committed to delivering sustained growth through empowered people acting responsibly and building trust, (PepsiCo Inc., 2010). Pepsi-Cola aspires to be a environmentally and socially responsible company and upholds their commitment with six guiding principles: Take care of the customers and consumers; sell high quality products; always speak the truth; equally balance both short-term and long-term goals;...
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...commits to in accordance to their financial standards promotes conducting their business with the highest standards of business ethics, rules, laws, and regulations, which Disney Corporation has adopted Code of business conduct and Ethics for Directors Code. Directors have guidelines that consist of four basic guidelines such as, representing the interest of shareholders of the Walt Disney Company, display commitment, high standards of integrity, and independence of judgment, devote time, and energy to guarantee the diligent performance of his or her responsibilities, and complying with every condition of this code. Another major responsibility that Disney Corporation commits to is integrity in the company’s financial statements; compliance with all legal and regulatory requirements; qualifications and independence of the Company’s independent auditors; and performance of the company’s internal audit function (The Walt Disney Company, 2009). The Disney Company will review with management all financial reporting issues, which includes analyses of any effects of alternative GAAP methods on the financial statements. Disney Company’s internal control has an effective system that promotes the reliability of financial and operating information, which complies with applicable laws, regulations, risk management, and company policies. The internal controls inquire of management auditors and Company’s independent auditors that review any adverse financial reports or material control...
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...Risk of Clearview Manufacturing using company backround, processes, and financial information. We are pleased to confirm our acceptance and our understanding of this audit engagement by means of this letter. Our audit will be conducted with the objective of our expressing an opinion on the financial statements. The objective of our audit is the expression of opinions as to whether your basic financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles, the objective also includes reporting on: • Internal control related to the financial statements and compliance with laws, regulations, and the provisions of contracts and grant agreements, noncompliance with which could have a material effect on the financial statements, in accordance with Government Auditing Standards. • Internal control related to major programs and an opinion (or disclaimer of opinion) on compliance with laws, regulations, and the provisions of contracts and grant agreements that could have a direct and material effect on each major program in accordance with the Single Audit Act Amendments of 1996 and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Our audit will be conducted in accordance with generally accepted auditing standards established by the Auditing Standards Board (United States); the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller...
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