PRINCIPLES FOR PERIODIC DISCLOSURE BY LISTED ENTITIES Final Report TECHNICAL COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS FEBRUARY 2010 CONTENTS Chapter 1 Introduction Uses of Annual Reports Scope Presentation Glossary of Defined Terms Principles for Periodic Disclosure by Listed Entities A. Periodic reports should contain relevant information B. For those periodic reports in which financial statements are included, and should state that the financial information
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“Reputation is an idle and most false imposition: oft got without merit, and lost without deserving”. Failed institutions, including Lehman Brothers, Enron and Satyam, would stand a testimony to this affray in a post-mortem analysis. This paper discusses corporate ethical issues involved in ‘Satyam Scam’ from a compliance perspective. It makes a distinction between legal and ethical compliance mechanisms and also shows that the legal compliance mechanism has clearly proven to be inadequate as it lacks the
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Phoenix, 2010). The second focus would be to create a Code of Ethics program for employees to abide by. “The code of ethics will also help to mandate compliance of regulations and laws, disclosure policies, discrimination, and harassment, conflict of interest, trading, confidentiality, compliance, consequences, and corporate citizenship” (NASW, 2012). When employees are aware of the consequences of their actions and the rules they must abide by, non-compliance issues can be greatly reduced in the company
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governance practices organizations should adopt to remain compliant with SOX. What is SOX? SOX was established in 2002 as an act to strengthen corporate governance and restore investor confidence. The most important conditional term was to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws and other purposes (Jennings, 2012, p. 212). Provisions under SOX affected organizations’ processes and changed how financial information was
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From: student To: The Moderators Date: 29-Jan-2014 Subject: Satyam scandal and issue of Corporate Governance Introduction: This report aims to draw attention towards loosely defined corporate policies, unethical practices and poor internal control by giving an example of the Satyam Computer Services Ltd. corporate scandal, consisting of an INR 7800 Cr ($1.5 billion) fraud. The report consists of a brief background on the Satyam Scandal, and recommendations on how robust internal control
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Winter Internship Report on the basic study of Corporate Governance and Comparative Analysis Of The Annual Reports of Vizag Steel and TATA Steel At Vizag Steel Submitted in partial fulfillment of the requirements by NALSAR University Submitted By Sushma Yanamadala (
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It is widely accepted that the presence of independent directors in the boardroom improves the quality of corporate governance. Accordingly, corporate governance mechanisms all over the globe, including in India, focus on 'independent directors'. The Companies Bill 2011 includes number of new provisions related to independent directors. It includes a 'Code For Independent Directors' (Schedule IV). According to the Bill an independent director is a director other than a managing director or a whole-time
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Chapter 9 Taxation: Income and Wealth Classification of Taxes on Income and Wealth: 1. the personal and corporate income taxes; 2. the transfer taxes, namely, the estate and inheritance taxes; 3. the real property tax on realty used for personal purposes; 4. the individual residence tax, both basic and additional; 5. the tax on motor vehicle used for personal purposes; 6. the immigration tax; 7. firearms license fee; 8. hunting permits; and 9. social security contributions, both of
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scandals of American corporate history. WorldCom was a U.S based telecommunication company. The WorldCom accounting scandal was disclosed in 2002. The Company had resorted to fraudulent accounting practices for five quarters (four quarters of 2001 and the first quarter of 2002) (The WorldCom Accounting Scandal, 2002). The well-known telecommunication company WorldCom and the accounting, auditing and consultancy enterprise were involved in this big accounting fraud. The corporate scandal of WorldCom
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defines the assigned duties. The existence of checks and balances within an organization prevents any one person or department from having too much power, and forces cooperation in completing tasks. We can also define Checks and Balances in a corporate organisation as below Internal control mechanism that guards against fraud and errors due to omission. In a system with checks and balances, the authority to make a decision, and the associated responsibility to verify its proper execution, is
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