...Article Review Sarbanes-Oxley Act (SOX Act) of 2002 - 421/LAW October 21, 2015 How Does the Sarbanes-Oxley Act of 2002 Affect Small Business Owners? (Chron, 2015) Article Synopsis Senator Paul Sarbanes and Representative Michael Oxley proposed the Act to toughen corporate liability, prevent scandalous fraud, and to protect company investors. Companies would go broke soon after showing and reporting that their financial reports were sound and company is in good standings. An example would be Enron. Knowingly gave incorrect financial numbers on their transactions information to the government auditors to hide huge losses. Congress passed the Sarbanes-Oxley Act following corporate scandals to make companies accountable for their financial records (Chron, 2015). The Sarbanes-Oxley Act would magnify management's judgement about full disclosure and ethical practices by making them more aware of the possible outcomes should they be less than honest or fail to maintain compliance. The Sarbanes-Oxley Act holds executive and financial officers of a company answerable for the financial information they provide. When there is a change in the finances of a company, they must report the changes right away. They are not to wait until the next financial report. Companies large and small are required to report specific fiscal information, and procedures to ensure all financial records are legal. All public companies, large and small have to follow Sarbanes-Oxley Act. While large...
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...In this document of LAW 421 Week 4 Big Time Toymaker you will find the next information: Read the “Theory to Practice” section at the end of Ch. 6 of the text. Answer Questions 1 through 6 based on the scenario in the “Theory to Practice” section, and complete the following in your response: At what point, if ever, did the parties have a contract? What facts may weigh in favor of or against Chou in terms of the parties’ objective intent to contract? Does the fact that the parties were communicating by e-mail have any impact on your analysis in Questions 1 and 2 (above)? What role does the statute of frauds play in this contract? Could BTT avoid this contract under the doctrine of mistake? Explain. Would either party have any other defenses that would allow the contract to be avoided? Assuming, arguendo, that this e-mail does constitute an agreement, what consideration supports this agreement? At the conclusion of the case, BTT declares that it's not thinking about distributing Chou’s new strategy game, Strat. Presuming BTT and Chou have got a deal, and BTT has breached the agreement by not distributing the game, discuss what remedies may or may not apply. General Questions - General General Questions Read the “Theory to Practice” section at the end of Ch. 6 of the text. Answer Questions 1 through 6 based on the scenario in the “Theory...
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...University of Phoenix Material Article Review Format Guide MEMORANDUM UNIVERSITY OF PHOENIX DATE: 8/26/2014 TO: Jon Croasmun FROM: RE: Sarbanes-Oxley Act: Was the “one-size-fits-all” approach justified? http://dx.doi.org/10.1002/jcaf.20691 ARTICLE SYNOPSIS In your own words, summarize the article. This article talks about whether or not the Sarbanes-Oxley Act and the laws that came along with it were the right solutions for the issues that came out of the WorldCom and Enron bankruptcies. It discusses how different sized businesses are affected by different rules and legislature and the outcomes that arose in which different companies would have to follow because of the SOX act. The author of this article did studies on if fraud of the financial statements had anything do with businesses filing for bankruptcy, this being the case with WorldCom and Enron. The author concluded that the bigger the company that filed, it was more likely general overstatement and fraud litigation occurred. LEGAL ISSUE In 1 to 3 sentences, identify the legal business issues raised in the article. Legal issues were everywhere in this article. One example with the Sarbanes-Oxley Act of 2002 going into place, Companies could choose to no longer be publically traded just so that they didn’t have to follow the SOX act. This article also explains whether or not it is right to make smaller companies adhere to the same rules and regulations as the larger companies...
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...University of Phoenix Material Article Review Format Guide MEMORANDUM UNIVERSITY OF PHOENIX DATE: June 2, 2015 TO: James Crossen FROM: Joshua Parrott RE: Niskanen, W. A. (2006). Congress Should Repeal the Sarbanes-Oxley Act. Retrieved from http://www.cato.org/pub_display.php?pub_id=6624 ARTICLE SYNOPSIS This article was a proposal that really tried to give a good reason for that congress should reverse the Sarbanes-Oxley Act (SOX Act) of 2002. This act is seems like it's a problem because people felt that this act was only in place so government (people in charge of something) could feel better when dealing with some of the issues of popular concern ratherthan resolving the issue. According to Niskanen the SOX act of 2002 is unnecessary, harmful, and inadequate (2006). Punishments under this act included jail time and loss of personal property. This act was viewed as unnecessary because the stock exchange has already talked to/looked atand put into use procedures to deal most problems presented in the SOX act of 2002. Those uses include accounting standards, audits, prosecution for illegal dishonesty related to managing money and reporting procedures. Officials felt that both acts addressed the same issues therefore, congress should deem the SOX act of 2002 unnecessary. The SOX act of 2002 was viewed as harmful because it would “reduce the incentive of corporate executives and directors to seek legal advice” (Niskanen, 2006). It was...
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...Retrieved from http://www.buildingipvalue.com/n_us/132_136.htm ARTICLE SYNOPSIS In recent years, advancements in technology have changed not only how business is conducted, but also how we communicate as a whole. This is most evident by the explosion of business transactions flowing through the Internet, changing both business and the method by which business communicate with their consumers. In response, the law is evolving to keep pace with the new avenues of communication, transferring information, and ultimately the new ways of doing business. Staying relevant in today’s every growing e-business environment, requires generating new technology faster to market then competitors who are taking advantage of the same technology. Protection of intellectual property is essential to effectively compete in almost every marketplace. The companies that protect their intellectual property have an edge on the competition. This article focuses on how patents and trademarks protect e-businesses from competition and provides recommendations for how to avoid violating the intellectual property of others. ISSUE Intellectual property is a collective term that embraces trademarks, trade names, domain names, copyrights and patents The laws that define and protect intellectual property span across three broad and distinctly different areas: patent, trademark and copyright. The interpretation and applicability of the law to digital realm has become hotly contested. Two of the most important...
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...LAW 421 Final Exam Are you preparing for Law 421 Final Exam? Do you feel that you are not polished enough to pass the first time out? Are you confused about the question pattern? If you are going to pay attention to the bellow information, you will have a clear change of succeeding. As Michael Jorden said “If you're trying to achieve, there will be roadblocks. I've had them; everybody has had them. But obstacles don't have to stop you. If you run into a wall, don't turn around and give up. Figure out how to climb it, go through it, or work around it.” And here we will help you out to figure out everything that would help you to cross any hurdle of this exam. To be true the test isn’t tough enough if you prepare yourself from the beginning. Law 421 is an essential part of the higher education and to gain good grades one has to put it some efforts. With our help you won’t go through any hassle and headache that other’s goes through when this exam comes knocking, Preparation is everything, and with our courses and strategies you would have a good chance to top whenever you take Law 421 final exam. Review Our Course Work and Notes The first thing that you would want to do is to review all coursework. Here we provide you with the entire course of Law 421 final exam. All in separate weeks. The role rendered by the hearing officer is an extremely minute, but essential concept that should be primarily known to the students. In addition, the LAW 421 Final Exam is beneficial for the...
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...LAW 421 Final Exam Latest 1. When a buyer rejects nonconforming goods and purchases the appropriate goods from a different seller, this is an example of which of the following: • Specific Performance • Revoking Acceptance • Lawsuit for Money Damages • Cover 2. Which of the following would be considered intangible property? • Hydrocarbons • Pharmaceuticals • A right of ownership or possession • An apartment 3. Upon her return home from work, Maria discovered that her lawn has been mowed and trimmed. An hour later, a male stranger comes to her door for payment for the lawn work. Maria refuses any payment because she had not hired him to do the work. In these circumstances • Maria would not have to pay anything. • the man could sue Maria for unjust enrichment. • Maria would have to pay whatever a court finds to be "fair." • the man could sue Maria for breach of an implied, unilateral contract. 4. The power of preemption is derived from • the Supremacy Clause. • the power of judicial review. • the Commerce Clause. • the Necessary and Proper Clause. Download now LAW 421 5. Two merchant companies have entered into a contract for the sale of goods. They have had no prior dealings among themselves that may establish a course of conduct. The UCC will provide "gap fillers" to supply missing terms unless • they have failed to specify the price of the goods to be delivered. • they have failed to specify the quality or grade of the goods to be delivered...
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...Article Review Oracle vs. Google Steven Phillips University of Phoenix LAW/421 Mark Rorem June 16, 2014 Article Review: Oracle vs. Google ARTICLE SYNOPSIS Oracle vs. Google is an infringement suit against Google for copyright infringement of Oracle’s Java platform. Due to a convoluted decision by the jury Google may escape the $1 billion suite Oracle is seeking for Google using Java API code. The Jury found that Google did “infringe on the structure of Oracle’s Java copyrights but not the platform in total” and only consisted of 9 lines of code (Oswald 2012). The jury could not agree if Googles use could be considered “fair use”. Googles lawyers see the indecision as grounds for a mistrial calling infringement and fair use are two sides of the same coin (Oswald 2012). LEGAL ISSUE The legal business issues raised in the article is the infringement of Oracle’s Java platform by Google. Google used Java code in the development of its Android mobile operating system. Copyright laws allows for the placement of ownership of creative, but not functional works. According to Oswald, API’s are much more functional than creative being a necessary bit to make software work (2012). MANAGERIAL PERSPECTIVE The legal issues covered by the article covers copyrights and what can be protected using a copyright. As explained by Melvin (2011), certain works cannot be protected such as ideas, procedures, systems, processes and methods of operation. The direction the case is currently...
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...Five Article Review University of Phoenix Contemporary Business Law LAW/421 Valentine Castillo April 29, 2013 University of Phoenix Material Article Review Format Guide MEMORANDUM UNIVERSITY OF PHOENIX DATE: April 29, 2013 TO: Valentine Castillo FROM: RE: Sarbanes-Oxley Act: Was the ‘one-size-fits-all’ approach justified? Nogler, G., & Inwon, J. (2011, May/June). Sarbanes-Oxley Act: Was the ’one-size-fits-all’ approach justified? Journal of Corporate Accounting & Finance (Wiley), 22(4), 65-76. http://dx.doi.org/10.1002/jcaf.20691 ARTICLE SYNOPSIS The article discusses whether the Sarbanes-Oxley Act and the subsequence laws were the correct solution for the problems that arose from the Enron and WorldCom bankruptcies. The article illustrates how the different rules and legislature affect different size business, and the ramifications that resulted for companies that must follow the Sarbanes-Oxley Act. The authors of the article also conducted a study on whether or not fraud of the financial statements was in direct correlation of businesses filing bankruptcy (Nogler & Inwon, 2011, p. 68) like in the cases of Enron and WorldCom. The results found that the larger the company that filed bankruptcy the more likely that securities fraud litigation and general overstatement of the revenue and assets of the company occurred (Nogler & Inwon, 2011). LEGAL ISSUE Legal issues were rampant in the article. For...
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...Article Review: Intellectual Property Oscar Thompson LAW/421 December 12, 2015 Barry Preston Article Review: Intellectual Property In this article it clearly speaks about infringement on the part of Google, Inc. Google being a fortune 500 company and having their hand in all different aspects the company tends to get sued quite a bit. The article speaks on how there has been multiple counts of trademark violations in keywords, created ideals, and sponsor links. The article goes into more detail about a specific case that took place in a United States Court of Appeals, where the plaintiff, “Hyperphrase held two business patents related to some systems and methods that linked online records. The technical process used by these systems and methods is similar to the one used by Google through its "AdSense" and "AutoLink" methods.” (Google v. Hyperphrase, 2007) The Issue The legal business issue raised in the article is that of trademark infringement that would also be considered a theft of intellectual property. Being that Hyperphrase feels that Google has demonstrated deceptive business practice they feel resolving the matter in a court of law is the only to prevent further damages. “This intriguing case so far has two significant juridical teachings. First, we learned that business patents and its electronic use are slowly but steadily becoming the object of intellectual property litigation. For the time being, this litigation is centered...
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...Article Review Jennifer Abruscati LAW/421 June 2, 2014 Stacey Mealey Article Review The “High Court Ruling Only Tweaks Sarbanes-Oxley Act” article refers to the Supreme Court ruling in the case Free Enterprise Fund v. PCAOB. The United States Supreme Court upheld the constitutionality of all of the Sarbanes-Oxley Act and it will remain “fully operative as law”, except for one provision that allows the Securities Exchange Committee (SEC) to remove PCAOB members on good cause only. The Supreme Court decided that this provision did not agree with the United States Constitution’s premise of separation of powers, giving authority to the president, not the SEC, to appoint or fire PCAOB members. The Sarbanes-Oxley Act was passed through the U.S. Congress in 2002 after various corporate accounting scandals, such as Enron. Financial statements were falsified to make the corporation look more appealing to investors and for those who invested and believed Enron’s financial position to be true, lost everything. How would investors know if they are making a good investment? Investors were scared to invest in corporations because financial statements were not regulated. The SOX Act was created to protect investors from corporations that use fraudulent accounting activities by enforcing policies and regulations for reporting financial statements and holding companies accountable that used fraudulent methods. Today, the SOX Act is an integral part of all corporations financial...
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...Article Review Danielle Carr Law 421 January 27, 2014 Abstract This paper will be a review about an article. Also it will assess the different types of legal protections for intellectual property. It will analyze the legal issues of e-business. That will include intellectual property, privacy. Ethics, and security. Article Review This paper will be a review about an article. It will assess the different types of legal protections for intellectual property. It will analyze the legal issues of e-business. With that it will also include intellectual property, privacy. Ethics, and security. This article is about Apple and their history of legal disputes between Apple, the computer company, and Apple, the Beatles’ record company. The disputes were about the same thing every time and that was their similar logos. The two companies have gone to court twice for this before. They went to court in 1981 and in 1991. They are now going back to court saying that the computer company is over stepping its bounds of the agreement that has been made. There are four types of intellectual properties. The types are copyrights, patents, trademarks, and trade secrets. “A patent grants property rights on inventions, allowing the patent holder to exclude others from making, selling or using the invention. A trademark is a word, phrase, symbol, or design that distinguishes the source of the goods of one business from its competitors. A trade secret is a formula, process, device, or other business...
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...Article Review Brandi Augustine Law 421 December 4, 2012 Stanley Santire The article discusses the policy of Italy towards intellectual property (IP) and e-commerce. Many foreign companies established licensing agreements with Italian companies. License often extends to export-quality and domestic goods in internationally competitive sectors. Businesses are advised to use contracts in regulating all relationships that delve on IP rights. Special IP courts have been created to resolve possible violations including piracy and counterfeiting. Italian law recognizes and protects all standard classes of intellectual property, including patents (industrial inventions, utility models, designs and models, plant varieties, semiconductor topographies), trademarks and service marks, and copyrights. The IP codes definition of intellectual property covers designations of origin and geographical indications, which reflect the definitions, set by the European Union. Registration does not provide protection of corporate confidential information, but the code states that using or revealing confidential corporate information to third parties is illegal. Italy has progressively strengthened penalties for counterfeiting in recent years. Law 99/2009 of August 3rd 2009 increased the fines and set prison terms for counterfeiting. Trademark counterfeiting became punishable with fines of and prison sentences of three months to six years. Earlier legislation only allowed confiscation of the counterfeit...
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...Article Review Edward Gutierrez LAW/421 October 5, 2015 Rachel De Angelo Article Review Business like many other things depends on individuals conducting business honestly. Not everyone follows the accepted rules when they are conducting business. Some business perform unethical practices to make their company look more profitable on paper. This allows them to value their company hire and receive more investments. How SOX Act affect ethical decisions Rules and guidelines have been put in place to deter people from making unethical decisions. There are a specific set of rules that the SOX Act applies to how business people shall perform auditing financial records of a public company. After Enron is states ‘An auditor is prohibited from “contemporaneously” providing a public company auditing client with the following specific types of consulting or other non-audit services: * Bookkeeping or other services related to the accounting records or financial statements of the audit client; * Financial information systems design and implementation; * Appraisal or valuation services, fairness opinions, or contribution-in-kind reports; * Actuarial services; * Internal audit outsourcing services; * Management functions or human resources; * Broker or dealer, investment adviser, or investment banking services; * Legal services and expert services unrelated to the audit; Any other service that the Public Company Accounting Oversight Board determines...
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...Stacy Strickland Article Review Law/421 Blan Nicholson September 28 The SOX which is the Sarbanes Oxley Act of 2202 made an outstanding shift in the environment that was regulatory of companies that was publically traded. The number grew of corporate scandals that was fraud, such as Tyco and Enron of the United States decided to pass a law to lower the future of probability fraud. The law in the United States requires a financial report that is more comprehensive and it have requirements. The law also have penalties that is stricter on the people who do schemes to throw the investors off. I will use the article name “The Law Changed Corporate America”, by Michael Peregrine, which will identify the law and its major effects. Michael Peregrine believed in the SOX. He felt like it would be very successful. The corporate governance structure was the effect that was explained in this article. This structure was very important. He states that the center of direction which was corporate, from the office in the corner and returned it where it was at in the boardroom. This article also verifies that the SOX had created a “balances and checks” system for the governance corporate. The board of directors had to approve certain actions that the executives had to approve certain actions that the executives wanted to make and the executives had to approve the certain actions the board of directors wanted to make. The executive management team and the board of directors is...
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