Question 1: What are the primary goals and tenets of SOX with respect to fraud? The Sarbanes-Oxley Act of 2002 was created to reduce financial statement fraud by two main congressmen; Senator Paul Sarbanes and Representative Michael OXLEY. The primary goal of the SOX was to fix auditing of US public companies ‚ also SOX improvement of the quality of audits in an attempt to eliminate fraud in order to protect the public’s interest‚ as well as for the protection of the investors (Donaldson‚ 2003)
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References: United States Securities and Exchange Commission (September 2009). Study of the Sarbanes-Oxley Act of 2002 Section 404; Internal Control over Financial Reporting Requirements. Retrieved from http://www.sec.gov/news/studies/2009/sox-404_study.pdf Price Water House Coopers. The Sarbanes-Oxley Act of 2002. Retrieved from http://www.pwc.com/en_US/us/sarbanes-oxley/assets/final_so_wp_2-boardsac.pdf “Corporate Governance. The Wall Street Journal Reports.” Wall Street Journal‚ February
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Advanced Topologies‚ Inc. Advanced Topologies‚ Inc. needs to look at its Human Resources department and how they train their new employees. Right now the threat will mostly come from Matthias because he has been working without the knowledge needed to look for security threats. Without the right training for your employees‚ you run the risk of being your own threat. To remove the risk that Matthias may bring to ATI‚ he should have been properly trained before starting. All administrators
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Week 5: Sarbanes-Oxley Act (SOX) Summary ACC/291 10 June 2013 Judith Bines Introduction The Sarbanes-Oxley Act‚ also known as SOX‚ is a federal law that requires publicly traded companies to individually certify the accuracy of their financial information. The law was enacted as a reaction to corporate accounting scandals that
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Impact of SOX on industry. Chang‚ H.‚ Choy‚ H.‚ & Wan‚ K. (2012). Effect of the Sarbanes-Oxley act on CEOs ’ stock ownership and pay-performance sensitivity. Review Of Quantitative Finance & Accounting‚ 38(2)‚ 177-207. doi:10.1007/s11156-011-0226-3 This article is based on authors research on the Effects of the SOX Act on CEO’s stock ownership and pay- performance sensitivity. The authors are trying to find out if the effects on the SOX Act on the stockownership and on CEO’s wealth. The authors summarize
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Process Improvement Plan The first week of class a flowchart was created to show the process of my daily routine from getting up in the mornings to arriving to work. The purpose of creating the flowchart was to identify a more effective way to utilize time each day‚ also to identify potential reasons that may hinder the process and to maximize limited time that is available daily. The statistical process control plan is used to ensure that time management and operations will flow as effectively
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HIGH SCHOOL PHYSICAL EDUCATION PE II golf The Game Golf is a game played outdoors preferably on a rolling tree lined terrain. A golf course may be either 9 or 18 holes in length with the usual distance measuring from 100 to 500 yards per hole. The golfer begins at the tee‚ driving the ball along the fairway (attempting to avoid hazards such as woods‚ water‚ rough ground‚ and sand traps)‚ to the green‚ where the ball is putted into the cup. The purpose is to see how few of strokes it takes
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việc quản trị và công khai các báo cáo tài chính của các công ty cổ phần. Đạo luật Sarbanes-Oxley (SOX) yêu cầu các công ty cổ phần phải chú ý xác đáng đến việc công khai thông tin tài chính‚ duy trì các quy trình quản lý trao đổi thông tin nội bộ‚ sao lưu và bảo vệ các dữ liệu này. Trong khi chưa được đề cập rõ ràng trong luật pháp thì bảo mật công nghệ thông tin là một yêu cầu quan trọng của SOX. SOX yêu cầu các công ty đánh giá bất kỳ rủi ro nào liên quan đến công nghệ thông tin hay quy trình nội
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Ethics and Compliance Fin/370 March 18‚ 2013 Ethics and Compliance Ethics is important for any corporation to succeed. Walt Disney Company is no exception. The Disney Company started October 16‚ 1923‚ as The Disney Brothers Studio (The Walt Disney Company‚ n.d.). This was before the Sarbanes-Oxley Act‚ or SOX Act‚ was in existence. The Securities and Exchange Commission (SEC) is the one to implement rulings to comply with the laws. In 2011‚ Disney started a cruise line and broke ground on
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corporate growth ARTICLE SYNOPSIS “Sarbanes-Oxley has created a trillion-dollar industry‚ consisting of lawyers‚ accountants‚ compliance officers and programmers‚ pushing for more bureaucratic procedures and criminal penalties for company management and entrepreneurs‚ creating fear and confusion‚ and discouraging risk-taking and corporate growth.” (Mishra‚ 2011) SOX Act has made it more cost effective and low risk for businesses by outsourcing and layoffs. Companies used to spend three to four
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