Case Study 2 With deciding to go public; LJB Company would be required to follow the Sarbanes-Oxley Act; which stated that all public traded U. S. corporations are required to maintain an adequate system of internal control. As the President of the company it will be both your responsibility of the board of directors to make sure that the internal controls are reliable and effective. You must also hire an independent outside auditor to come in periodically to ensure the adequacy of the company’s
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Open Journal of Accounting, 2013, 2, 8-15 http://dx.doi.org/10.4236/ojacct.2013.21003 Published Online January 2013 (http://www.scirp.org/journal/ojacct) Sarbanes-Oxley and the Accounting Profession: Public Interest Implications Sara Ann Reiter1, Paul F. Williams2 2 1 Binghamton University, Binghamton, USA North Carolina State University, Raleigh, USA Email: sreiter@binghamton.edu Received October 31, 2012; revised December 1, 2012; accepted December 12, 2012 ABSTRACT The US accounting
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Assignment 1: Whistleblowing and Sarbanes-Oaxley Due Dana Martin Prof. Christina Williams LEG 500 January 25, 2015 JP MORGAN Chase Bank In February 2014, JP Morgan Chase bank admitted that for over 10 years they were submitting false information about countless amounts of mortgages for insurance by the Federal Housing Administration or the Department of Veteran Affairs that did not qualify for government guarantees (reuter.com). Whistleblower, Keith Edwards was employed with JP Morgan
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such as illegal transactions and operations or neglect of duties among others. The Sarbanes-Oxley due is a policy that sets the standards for the United States public company offices especially the boards, management and public accounting organizations. The paper describes a whistleblower and provides an example of a whistleblower case. The paper also analyzes the whistleblowers actions according to the Sarbanes-Oxley Act. As stated earlier a whistleblower is the individual that tells of an inappropriate
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a vice-president of Tamco Distributors Co. By 1992, Phar-Mor have 310 outlets and 20,000 employees in 34 states. Phar-Mor went into bankruptcy in 1992 due to fraudulent activities, which had caused its investors over $500 million dollars. The Sarbanes-Oxley Act of 2002 (SOX) could have prevented the bankruptcy if it had been in effect and was able to be applied to Phar-Mor Inc. The fraudulent activities of Phar-Mor Inc. consist of fictitious inventory that were used to cover up operating losses
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for Ethics in Accounting 1 What Is Ethics? 1 Definition 1 Application of Ethical Reasoning in Accounting DigitPrint Case 33 32 Conclusion 34 Discussion Questions 34 Endnotes 36 Chapter 2 Cases 37 2 Case 2-1: A Faulty Budget 38 Case 2-2: Better Boston Beans 39 Case 2-3: Eating Time 40 Case 2-4: Is Internal Whistle-Blowing "Right"? Case 2-5: Play Ball 43 Case 2-6: Supreme Designs, Inc. 44 Case 2- 7: The City of West Buckle 46 Case 2-8: The CPA Review Course 47 Case 2-9: The Ethics ofiPod-ing
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business with a nationwide presence and annual revenues of approximately $6B. Today Cardinal Health boasts $100+B in annual revenue. Board Composition Cardinal Health's Board of Directors has remained mostly the same preceding and after Sarbanes-Oxley legislation. The Board is composed of independent industry experts within Healthcare, Technology, and Academic fields. Some of the organizations represented on Cardinal's Board are The Bing Group, Gardner, Priority Health Group, Bank One, Harvard
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Whistleblowing and Sarbanes-Oxley This document will describe the key characteristics of a whistleblower and briefly summarize on researched instance of Whistleblowing in one publically traded company within the last 12 months. It will include the details of the issue that the whistleblower reported and the effect of the whistleblower’s actions on both herself and the company. Next, it will evaluate whether or not the whistleblower was justified in reporting the company’s actions. Lastly, it will
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financial statements. WorldCom had so much fraud in their accounting records that it led them to total bankruptcy. As a result of these to publicized scandals the United States government had to get involved which usher the creation of the Sarbanes-Oxley Act of 2002.
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Assignment 1: Whistleblowing and Sarbanes-Oxley LEG500030VA016-11 (Law, Ethics & Corporate Governance Professor Timothy Griffin Strayer University Jan Jones July 19, 2015 Describe the key characteristics of a whistleblower, and briefly summarize one (1) researched instance of whistleblowing in one (1) publicly traded company within the last 12 months. Include the details of the issue that the whistleblower reported and the effect of the whistleblower’s actions on both the whistleblower
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