non-OECD countries and have been adopted by the Financial Stability Forum as one of the Twelve Key Standards for Sound Financial Systems. The Principles are intended to assist in the evaluation and improvement of the legal, institutional and regulatory framework that influences corporate governance. They also provide guidance for stock exchanges, investors, corporations, and others that have a role in the process of developing good corporate governance. The Principles should be viewed as a
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Cisco: Supply chain RISK MANAGEMENT PLAN VERSION 5 01/13/2014 TABLE OF CONTENTS 1. INTRODUCTION 1. Executive Summary 2. Purpose of the Risk Management Plan 2. Risk Management Procedure 1. What is a Risk? 1. Risk Identification 2. Risk Assessment 3. Risk Mitigation 4. Risk Monitoring 5. Risk Planning
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CASE 1.12 MADOFF SECURITIES Synopsis A childhood friend summed up the driving force in Bernie Madoff’s life: “Bernie wanted to be rich.” As a youngster growing up in New York City, Bernie realized that Wall Street was the greatest wealth creation machine the world had ever known. So, after graduating from college in 1960, he set his sights on joining the exclusive fraternity that ran Wall Street by organizing his own one-man brokerage firm, Madoff Securities. Madoff was one of the first individuals
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audit Material misstatement: A misstatement in the financial statement can be considered material if knowledge of the misstatement would affect a decision of a reasonable user of the statement. Third party liability: A situation in which one party is held partly responsible for the unlawful actions of a third party. Independence in fact: Independence in fact exists when the auditor is actually able to maintain an unbiased attitude throughout the audit. The auditor’s ability to take an unbiased
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result, the agent agrees to be monitored as part of his/her employment contract. Auditing appears to be a cost-effective form of monitoring. The empirical evidence suggests auditing was demanded prior to government regulation such as statutory audit requirements. Additionally, many private companies and other entities not subject to government auditing regulations also demand auditing. 1-3 The agency relationship between an owner and manager produces a natural conflict of interest because
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Recognizing and Minimizing Tort and Regulatory Risk Plan Damesha N. Horace Law 531/Business Law July 19, 2010 Recognizing and Minimizing Tort and Regulatory Risk Plan A tort is a civil injury designed to provide compensation for injury to a legally protected, tangible or intangible, interest (West’s Business Law, 2004). To reduce litigation and tort liability, businesses should ensure they are educated in local, state, and federal laws, and regulations. To protect its reputation and
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formed. First, on its core, “SOX legislation was designed to fix the auditing of U.S public companies.” Second, Sarbanes Oxley was predominantly designed to regulate the “deprofessionalization” of auditors as there was significant number of audit failure by top audit firms.[Coates 93, 2007] He marked several reasons behind the failure of auditing
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Introduction 3 Purpose 4 Legal Requirement of Internal Controls 5 IPO Readiness: Financial Internal Controls 5 IPO Readiness: Recommendations 6 Reliable Monthly Reports 6 Adequate Staffing of Financial Departments 6 Implementation of Audit Infrastructure 6 IPO Readiness: LBJ Internal Control Strengths 7 Pre-numbered Invoices 7 Recommendations: Indelible Ink Machine 7 IPO Readiness: LBJ Internal Control Weaknesses 7 Staffing: Accounting Department 7 Staffing: Human Resource
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Introduction 3 Purpose 4 Legal Requirement of Internal Controls 5 IPO Readiness: Financial Internal Controls 5 IPO Readiness: Recommendations 6 Reliable Monthly Reports 6 Adequate Staffing of Financial Departments 6 Implementation of Audit Infrastructure 6 IPO Readiness: LBJ Internal Control Strengths 7 Pre-numbered Invoices 7 Recommendations: Indelible Ink Machine 7 IPO Readiness: LBJ Internal Control Weaknesses 7 Staffing: Accounting Department 7 Staffing: Human Resource
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appropriate provisions to ensure punishment, deterrence, rehabilitation, and compliance with the plea agreement in the corporate context.
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