I’d like to know two things in particular:
1. What corporate scandals happened after the Sarbanes-Oxley Act was passed.
2. Were these scandals in violation of the Sarbanes-Oxley Act or were they result of unrelated legal/ethical violations?
special consideration given to those use & proper cite specific data. Thanks for your help.
Having trouble with your homework?
Is it a must that companies utilize workflow to maintain compliance?
Read and learn.
A. Because there is only a single copy of the data for all users, authoritative statements are not easily verified.
B. Because there is only a single copy of the data for all users, authoritative statements are not easily verified.
a and b are the same………
Because data can be changed……SOX requires that business data be readable and not changeable by just ANYONE…….all changes to business data must be done through a program which enforces business rules and user authority to such data.
What is he referring to with regards to the Federal Reserve and release of credit to the market?
The crooks [those opposed to sarbanes oxley] are now squealing like pigs wouldn’t you know.
Best advise;
Cramer is an entertainer who does not belong on any corporate board…
Was Finance spreadsheets the biggest issue? Was Human Resources helpful in bringing the human element into focus? Did IT have many issues? What about risk control, quality control?
most issues were IT related, the CFO and CEO needed to certify the accounts were correct and they needed to have a reporting system for that.
The risk control and quality control are in fact minor issues, risk control is not realy prescribed, only the documentation of the risk is prescribed (bakc to IT), quality control (of the products, not of the books) is not even related to SOX.
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If you want to ask me any questions, send me a message and include your own e-mail address.
During the 2001 recession. sarbanes oxley Act and McCain Feingold Act.
I dunno, Im only answering so I can come back and find out the real answer.
An adult observation from the time period: Dub-ya was always on TV saying ‘its getting better’ ‘its gettin good all over’ ’stuff’s gettin better’…Im not real sure where ‘its’ ‘all over’ and ’stuff’ was. Cuz pretty much everywhere I went things were kinda the same … Kinda get the same feeling listening to Obama too.
BTW, don’t follow the link above.
Don’t know what you’re looking for with regards to SarbOx, but here is the main website:
http://www.sarbanes-oxley.com/
Info on the history and implications:
http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act
I’ve read all the info about the act and need some challenging questions to adress the classmates. What would be good ones?
Thanks
What-if questions are alright as long as they are not too long to confuse the students. General questions focusing on the new regulations and how it impacts business in US and the stock market should be ok. Thank you for the input
Do you mean questions with right or wrong answers or policy level questions?
A fact pattern with right or wrong answers:
Company X is 12 months away from filing its initial registration statement to get listed. It wishes to list on the NYSE. A family run business, Company X currently has a board consisting of Professor X, the company’s founder, Psylocke, his wife and co-founder, Magneto, the company’s brother and an attorney at the law firm that Company X uses and Cyclops, the CEO of the company. Company X’s major charitable recipient is Professor X’s School for the Gifted, a non-profit secretive school for the specially abled in Connectivut. Cyclops in addition has a $1,000,000 loan from the company for the purchase of specialty eye wear. Their current CFO is Cycloo’s ex-wife, Jean Grey, who used to be their outside lead auditor for the Phoenix Consulting Firm, who provides both auditing and IT security services for Company X. As the new consultants for Company X, you have been asked by Marvel Bank, their selected underwriters, to help prepare them for becoming public. What would you recommend in terms of board, finances and affiliate relationships and what disclosures will be necessary and when?
Policy level questions:
In recent months several commentators have pointed at the increased number of listings in the London Stock Exchange as evidence that SOX has made the US capital markets overly regulated and makes the country less financially competitive when it comes to the highly lucrative business of listing companies. In addition, a number of small public companies have argued that the 404 certification requirements of the act add undue cost to their small internal compliance budgets. What are your thoughts on those criticisms and what, if anything, would you recommend be changed?
In other words, what would motivate these companies to spend to upgrade their systems for these compliances?
Private companies will need to comply with Sarbanes-Oxley requirements if they anticipate becoming a public company in the future — or being acquired by a public company. Sarbanes-Oxley requirements will also raise the bar for corporate compliance controls and governance among stakeholders of private companies.