The Impact of Sarbanes-Oxley Act of 2002 on Accounting and Finance Departments Danika Grace Brown Lakeland College Kellett School of Business – BlendEd BA 772 Advanced Industrial Accounting II Instructor Mary Diederich March 10, 2015 Table of Contents Abstract 2 Overview of the Sarbanes-Oxley Act of 2002 3 About SOX 4 Reporting and Compliance 5 Risk Assessment and Control 6 Interview at Company X 7 Standards for Corporations and Officers 8 Auditing and Financial Reporting
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ARE ACCOUNTING FRAUDS? | NOTABLE FRAUDS | NOTABLE OUTCOMES | MANIPULATION & FALSIFICATION OF RECORDS | MISAPPROPRIATION OF CASH BALANCES | MISAPPROPRIATION OF GOODS | TEEMING & LADING | WINDOW DRESSING | SECRET RESERVES | ENRON FRAUD | WORLDCOM FRAUD | WHAT ARE FRAUDS ??? FRAUDS AND THEIR CHARACTERISTICS Misstatements in the financial statements can arise from fraud. In criminal law, a fraud is an intentional deception made for personal gain or to damage another
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Midterm Exam – Summer 2011 Chapter 01 Ethical Reasoning Implications for Accounting Multiple Choice Questions 1. Each of the following characteristics describes the importance of integrity in decision making except for: A. Acting out of moral principle B. Being loyal to one's superior C. Having the courage to do the right thing D. Not subordinating professional judgment to others 2. The ancient Greeks thought of the virtues as characteristics of behavior that: A. Could lead
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# 03 / 2009 © Irum Shahid Strengthening Corporate Governance to Combat Corruption ‘I call on member countries to work urgently with us to address major corporate governance failures. This will be a vital step to reinforcing market integrity.’ - Angel Gurría, Secretary-General, Organisation for Economic Co-operation and Development (OECD). The collapse of global financial markets in September 2008 has ignited a debate on what caused their quick undoing. As captured in the comments of the OECD
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The Uses and Abuses of Agency Theory in Business Ethics The spectacular corporate scandals and bankruptcies of the past decade have served as a powerful reminder of the risks that are involved in the ownership of enterprise. Unlike other patrons of the firm, owners are residual claimants on its earnings.1 As a result, they have no explicit contract to protect their interests, but rely instead upon formal control of the decision-making apparatus of the firm in order to ensure that their interests
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Comprehensive Case A.1 – Enron I. Technical Audit Guidance To maximize the knowledge acquired by students, this book has been designed to be read in conjunction with the post-Sarbanes-Oxley technical audit guidance. All of the post-Sarbanes-Oxley technical guidance is available for free at http://www.pcaobus.org/Standards/index.aspx. In addition, a summary of the Sarbanes-Oxley Act of 2002 is also available for free at http://thecaq.aicpa.org/Resources/Sarbanes+Oxley/Sarbanes-Oxley+–+The+Basics
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Accounting Scandals written by: ciel s cantoria • edited by: Linda Richter • updated: 12/30/2010 Before digging into the dirty details of each of these major accounting scandals, we’ll take a look at some of the tools that were used to first detect them – including sophisticated accounting systems and advancements in high-tech communication. Technology Fighting Against White Collar Fraud Looking back at the 10 major accounting scandals that changed the business world, it was noted that most of their
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Effective Powers Of the five powers, the establishment of an ethical climate calls for much debate. However given the current climate of Paradigm Toys, that being one of coercive power; the use of referent power is likely going to be the most effective in changing ethical climates. The current climate of coercive power, is displayed through the employees being fearful of the loss of jobs if quota’s are not met- which often causes defective products to be produced. This defective product issue
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details on the green initiative, it says the program is already saving money and resources, and it projects billions in savings over time.1 Ethics and Corporate Responsibility Hear the True Story of how today’s managers do the right thing. Listen to what Derrick and Elaine have to say. “Ethics are crucial in the property management business. We are obligated to abide by fair housing laws in our dayto-day operations. Not only do we have an obligation as a company but also a social
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Decision-Making in Business and the Repercussions of Unethical Choices In business, managers must attempt to take ethical approaches to all areas of work so as not to compromise the company, the employees, or the organization’s consumers. Specific criteria have been established for managers to follow in order to remain ethical, even when faced with unethical situations. Ivancevich, Konopaske and Mattseson identify these criteria as the following: 1. Utilitarian outcomes. The manager’s behavior
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