Resources: http://office-pass.com/electronic_data_interchange.htm http://www.inc.com/encyclopedia/electronic-data-interchange.html Debate: Sarbanes-Oxley law passed in response to a number of major corporate and accounting scandals involving ENRON, WORLDCOM in the United States. These scandals resulted in a loss of public trust in accounting and financial reporting. Section 404 is a subset of Sox law which addresses financial statement reporting controls. SOX404 requires that managers report their findings
Words: 359 - Pages: 2
Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH). The bill was enacted as a reaction to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of affected companies
Words: 2565 - Pages: 11
A Case Study The Initial Public Offering of Williams Communications Group, Inc. William B. Elliott* Department of Finance Oklahoma State University College of Business 224 Business Stillwater, OK 74078 405.744.8639 (voice) 405.744.5180 (fax) elliowb@okstate.edu Lindsay Lewellen First Union Securities Asset Securitization Division 1 First Union Center 301 South College Street Charolotte, NC 28288-0943 704.383.7991 March 2002 * Corresponding author
Words: 5204 - Pages: 21
and simply the lack of consequences can cause unethical practices. It is no wonder why there have been a number of cases where it comes to reporting financial statements in a company’s stability. For example, scandals like the most recent Enron, WorldCom and Tyco disasters are just to name a few. This is why in 2002 President George W. Bush brought in a law called the Sarbanes-Oxley Act. The ultimate focus of this act was to reduce chance of accounting errors, and report enduring ethical issues
Words: 360 - Pages: 2
foreign companies from the audit committee and loan prohibition requirements. Corporate greed and corruption has altered the face of American business forever. Corporate greed was the primary reason in the downfall of Global Crossing, Enron and MCI WorldCom. I will show that the governing bodies, the Senate, NASD, the Securities and Exchange Commission and other powers that be decided to act and in 2002, the Senate introduced the Sarbanes-Oxley Act of 2002. Effects Of Sarbanes-Oxley Act SOX The
Words: 1578 - Pages: 7
response to accounting scandals such as this that The Sarbanes-Oxley Act of 2002 (SOX) was drafted. SOX was created in large to increase investor’s security and confidence in the market due to high profile accounting scandal cases such as Phar-Mor, WorldCom, Enron and other large entities. Senator Paul Sarbanes and Representative Michael Oxley drafted a bill which contained 11 sections of laws that future
Words: 1536 - Pages: 7
ENRON MEMO Subject: Enron Fraud Case Enron was once the sixth largest energy company in the world. It was led by Ken Lay who was CEO for the majority of its existence; Mr. Lay grew this corporate giant until its shocking downfall in 2001. At Enron’s peak in August of 2000, it traded at $90.75 per share. January 1, 2002, Enron’s stock price plummeted to a worthless $.67 per share. Enron is considered one of America’s worst cases of accounting fraud. They are still the poster child for Accounting
Words: 1442 - Pages: 6
("Fcpa"). Unfortunately, the improvement in internal control systems was not enough to prevent added problems. In the late 1990s and early 2000s the media was full of news of accounting frauds and problems at companies such as Enron, Xerox, WorldCom, Global Crossing, and others. While Enron made $62 billion in assets, declared bankruptcy (Romney, Steinbart 201-202). In response to these problems, Congress passed the Sarbanes-Oxley Act of 2002 (SOX). SOX was intended to prevent financial
Words: 380 - Pages: 2
When Charles Ponzi came to America from Italy in the 1920s, not even he could have thought that his name would become the word to describe a swindler, a huckster, and a crook. Many Ponzi schemes, including the Bernie Madoff one, have resulted in untold investor losses, murders, and suicides. It also fanned the flames of mistrust amongst everyday investors, who will never invest in the stock markets again. The paradox in this is that these investors will be at the beck and call of the banks, pushing
Words: 355 - Pages: 2
NORTHCENTRAL UNIVERSITY ASSIGNMENT COVER SHEET Learner: MGT7019-8 THIS FORM MUST BE COMPLETELY FILLED IN Please Follow These Procedures: If requested by your mentor, use an assignment cover sheet as the first page of the word processor file. The assignment header should include the Learner’s last name, first initial, course code, dash, and assignment number (DoeJXXX0000-1) justified to the left and the page number justified to the right. Academic Integrity: All work submitted
Words: 3554 - Pages: 15
