Riordan Corporate Compliance Plan Susan Holmes, Marcia Kelly, Peter Flores, Ronald Cox, Celeste Mellett, and Orlinda Watson, LAW/531 April 9, 2012 Instructor Name: Thane Messinger Understanding the position companies must take to protect the interests of investors and employees, the organization must have compliance plan in place. The compliance plan must address every possible liability that can bring financial and physical harm to the company. The organization must work with each
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Corporate Governance Services Antifraud Programs and Controls A vital component of corporate governance Background High-profile financial reporting scandals in recent years have brought renewed focus on the incidence and corporate-wide exposure to financial statement fraud. These developments have resulted in comprehensive legislation and Securities and Exchange Commission (SEC) rulemaking concerning corporate governance and internal controls. Among the regulations is the Sarbanes-Oxley Act of 2002
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operational, reporting, and compliance objectives of the company will come from administration and administration will oversee the implementation of the objectives throughout the company through the employees. Committee of Sponsoring Organizations (COSO) has developed a Risk-Management Guide to help companies incorporate a risk-management plan into their standard means of operation. The
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ATG 383 … Accounting Systems and Control … Potential Examination 2 Essay Questions and Problems 1. What is the purpose of accounting? To provide information useful for decision-making 2. List each of the five components of the COSO internal control framework. Control environment – tone at the top Risk assessment – threats do we face Information and communication – speaking & writing effectively Monitoring - feedback Control activities – how to deal with the risk (IT & physical
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overall interests of the organization. Enterprise risk management (ERM) framework is the integration concept on the basis of the internal control framework of Fraudulent Financial Reporting National Committee of Sponsoring Organizations Commission (COSO) belonging to the Treadway Commission in September 2004. ERM is participated by the Board of Directors, management and other employees, which uses in Strategy formulation and identifies possible potential impacts on matters of the enterprise. It also
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common platform on which companies can report and investors can compare financial information.” The SEC has created a “Roadmap” or plan to convert US GAAP over to IFRS. According to The Committee of Sponsoring Organization of the Treadway Commission (COSO) Analysis of Fraudulent Financial Reporting 1998-2007, the most common fraud technique involved improper revenue recognition. This fact emphasizes the importance of proper revenue recognition and detailed standards in place to guide companies. The
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Manufacturing, and all other Riordan ventures, subsidiaries, and partnerships. Unless otherwise noted, the term “Riordan” will refer to any or all of these entities. I have used the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework as a guide for recommendations regarding internal controls and corporate governance. The goal of this document is to provide a broad enterprise level framework that unifies the various parts of Riordan, to create an integrated whole.
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A Primer on Sarbanes-Oxley The Sarbanes-Oxley Act was declared a law in 2002 (Orin, 2008). The primary purpose of this new law was to convey meaning to restoring faith in corporate America’s financial endeavors (Orin, 2008). The Sarbanes-Oxley Act was meant to aid and protect investors, who suffered extreme losses because of corporations having poor financial performances, which was the case before the law was enacted (Orin, 2008). Distinctively, the Sarbanes-Oxley Act was meant to concentrate
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Riordan Corporate Compliance Plan LAW/531 June 11, 2012 James Mc Phail Riordan Corporate Compliance Plan Riordan Manufacturing, Inc. Riordan Manufacturing is a global and international company that produces and sells plastic parts for the beverage manufacturing industry, automotive industry, aircraft manufacturers, and fan manufacturers. Riordan owns four major facilities in the United States Albany, Pontiac, Michigan, and Georgia. In addition, one joint venture located in
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NewCorp legal issues NewCorp does not have an in-house legal counsel and utilizes Team B staff members to serve as associate legal counsel. Primary responsibilities include advising and recommending courses of action to management covering a range of legal encounter scenarios. Team B members analyze each scenario and provide management with associated legal principles, potential liability concerns, and courses of action. During the past week the Team has received three scenarios and management
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