Whistleblowing and Sarbanes-Oxley Daniel A. Sievers Professor: Joe McGirt Strayer University LEG 500 10/20/2014 Abstract The purpose of this paper is to discuss the essential characteristics of whistleblowers and how organizations take action against them. Whistleblower is a person who exposes unethical behavior or criminal activity occurring in an organization. Companies deal with whistleblowing in many different ways‚ and it effects the company and the employee in significant ways. Companies
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Sarbanes Oxley Act of 2002 Daniel Alvalle BUS 670 Legal Environment Instructor: Peter McCann 7/29/2013 If you were an investor would you want your money protected? Would you be skeptical about investing in companies since the securities fraud scandals that have happened recently? The answer is most likely‚ “yes”‚ to a certain degree. With the news about unethical business practices and companies not following regulatory guidelines‚ it is difficult to ignore the risk that is involved
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The Sarbanes-Oxley Act of 2002 (Public Company Accounting Reform and Investor Protection Act‚ Pub.L. 107-204‚ July 30‚ 2002‚ 116 Stat. 745‚ July 30‚ 2002) was enacted by Congress in the wake of corporate and accounting scandals that led to bankruptcies‚ severe stock losses‚ and a loss of confidence in the Stock Market. The act imposes new responsibilities on corporate management and criminal sanctions on those managers who flout the law. It makes Securities fraud a serious federal crime and also
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Some of the pitfalls of the pre-Sarbanes-Oxley era were‚ in my opinion‚ no accountability for Chief Executive Officers (CEO) and other high level executives‚ the imposition of very small fines and no prison time for devastating frauds‚ and a lack of independence of external auditors and the board of directors. With this in mind‚ I believe five advantages of the Sarbanes-Oxley Act of 2002 to be: 1. That it holds CEO’s accountable for internal controls so that they cannot claim that they did not know
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(i) Glass-Steagall Act (1933) Great Depression At the time after the stock market crash (1929)‚ during the Great Depression‚ most of the people agreed that the main cause for the event was the “improper banking activity” which was mainly seen as the bank involvement in the stock market investment. Banks were taking high risks in hope for rewards‚ they were “accused of being too speculative in the pre-Depression era” (HEAKAL‚ 2010‚ pg.1). They were not only investing their assets‚ but they
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Sarbanes-Oxley Act of 2002 Karla Azcue ACC 120-09 Mr. Donald Senior The Sarbanes-Oxley Act of 2002 is one of the most important legislations passed in the 21st century effecting financial practice and corporate governance. This act was passed on July 30‚ 2002 thanks to Representative Michael Oxley a republican from Ohio and Senator Paul Sarbanes a democrat from Maryland. They both passed two different bills that pertain to the same problem which had to do with corporation’s auditing accountability
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Sarbanes-Oxley Act of 2002 Article Review LAW/421 October 8‚ 2012 Thomas Glenz Sarbanes-Oxley Act of 2002 Article Review The Sarbanes-Oxley Act was a daring attempt to legislate morality with the intentions of restoring integrity with the public in financial markets. The Sarbanes-Oxley Act is a direct result from corporate scandals like WorldCom‚ Enron‚ Adelphia‚ and Tyco‚ which succeeded in the collapse of these major corporation and ruined people’s lives. The mistreatment of employees
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Sarbanes-Oxley Act Matthew Greenwell Professor Eric Weitner XACC-291 January 23‚ 2015 In any society there will be people that will do anything to succeed in life which includes breaking the law or even finding loop holes within laws. Now the Sarbanes-Oxley Act is a federal law to try and protect shareholders and the general public from fraudulent practices but in the end it is just a law and all laws can be broken. Some critics have pointed out the “Madoff scandal as a prime example of how the
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Sarbanes Oxley Act‚ 2002. Outline In this paper the Sarbanes Oxley Act with particular reference to the section 404 is discussed in detail. We shall start the paper with providing background information to the Sarbanes Oxley Act‚ 2002. This section explores the environment that spurred the creation of the act and the need for such legislation. The second section provides an introduction to the Sarbanes Oxley Act section 404 which explores the provisions of Section 404. The next section on ‘Internal
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debacle of major corporations such as Enron‚ WorldCom‚ and Hollinger International‚ lawmakers sought to provide regulations that provide oversight on the way corporations report financial data and to ensure that stockholders were protected. The Sarbanes-Oxley Act of 2002 was put in place to combat deceit‚ improve the consistency of financial reporting‚ and reestablish the confidence of investors (Wagner & Dittmar‚ 2006). One of the declaring regulation within this major law is that the management of
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