A man named William Sullivan is charged for committing theft at his former place of work, Net Pay Solutions, a payroll tax company located in Susquehanna Township. He was co-owner of the company making it difficult for others to look over the decisions he made and easy for him to embezzle more than $5.7 million. He faces charges for access device fraud and three counts of theft. The scheme included using the clients’ payroll tax payments for his own luxurious investments such as vacations, home payments
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In response to accounting scandals and in particular Enron, the Sarbanes-Oxley Act of 2002 was passed to provide more oversight of accounting professionals. The Sarbanes-Oxley Act of 2002 created the Public Company Accounting Oversight Board (PCAOB). The PCAOB is a nonprofit, private-sector corporation that is responsible for the oversight of accounting professionals who are engaged in providing independent audit reports for publicly traded companies (SEC.GOV). One of the effect of the Sarbanes-Oxley
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3.1 Under Section 210B of Corporation Act 2001 states that only an individual who is at least 18 may be appointed as a director of a company. Under Section 9 of the Corporation Act 2001, a director of a company is the person who is appointed to the position of a director or is appointed to the position of an alternate director and is acting in that capacity regardless of the name that is given to their position; and unless the contrary intention appears, a person who is not validly appointed as
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The way in which decision-making is divided depends on the company’s internal governance rules and the law. BlueRock Ltd it can be argued is a shareholder since it has invested substantially in the company. Thus, the scope of directors’ power of management is determined by S.198 A of the Corporations Act (further a similar provision
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Lately, it has been brought to my attention from several homeowners that they are displeased, dissatisfied with the fact that there is only one person running the board; the rest of the board members have resigned, and have NO saying in the decision process of the association. Consequently, leaving only two members, and sometimes three on the board, Rafael and Noris, and the latter, making solo decisions in deciding in the affairs of our community. Not like the previous board where all board members
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|Concept |Application of Concept in the Scenario |Reference to Concept in Reading | |Shift in Corporate Power |By appointing a board that is approved by the investor, this effective shift|“…But, in the last decade, and especially | |from CEO to Stakeholders |will occur. In today’s business environment the board plays an active role |in the past five years, boards of directors| | |in decisions as opposed
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. 7 Corporate Governance ......................................................................................................................................15 General Shareholder Information .................................................................................................................21 Directors’ Report ..................................................................................................................................................25 Report on Corporate Social
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Abstract Purpose – The purpose of this paper is to extend our understanding of corporate governance, social issues and capital markets by distinguishing between the socially responsible investing phenomenon and mainstream investing with respect to social issues. It attempts to clarify the domain by casting it in the theoretical frame of prospect theory and mental modeling. With a qualitative study done among large institutional investors in the Canadian securities industry, the article derives
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The board of directors, and its audit committee, can be an effective [4] corporate governance mechanism. [a] Discuss the pros and cons of allowing inside directors to serve on the board. Describe typical responsibilities of audit committees. Professional standards note that the board of directors and its audit committee are an important component of an entity’s control environment. Those standards (e.g., see Appendix B in AU Section 314) note that “an entity’s control consciousness is influenced
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In 2001, the nation was rocked by the collapse of Enron, a multibillion dollar corporation that employed thousands of people and had affiliations right up to and including The White House itself. It is important, in starting, to understand how Enron rose to power and later imploded. Enron itself came to be born as the result of a 1985 merger of Houston Natural Gas and InterNorth-a Nebraska based gas pipeline company. Its most valuable asset and the largest source of honest income, the 1930s-era Northern
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