1.0 Introduction: This case is centered upon Denise Foley and the major regional hospital where she works. A new CEO was hired to run the hospital. A month and a half into the job he promoted Ms. Foley to Senior Vice President and Chief Operating Officer. After a year in her new role she finds herself in a professional crisis. The CEO upon review of his inherited situation and the bleak financial future of the hospital obtained via a contracted consultant‚ has determined
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Sarbanes-Oxley Act (Sox) 2002: CEOs & CFOs The Sox Act in 2002 enhanced the responsibilities of the CEOs and CFOs by requiring them to certify the accuracy of the financial statements and making sure that there is no intention of fraudulence. Furthermore‚ they could significant penalties such as that they could face up to 10 years for “knowing” violations and up to 20 years if “willing” as well as criminal charges for certifying false information. In addition‚ they will be prohibited from holding
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this Pre-incident strategy the company will mandate a Business Contingency policy following in case of imminent approach of a powerful hurricane. CEO‚ COO and CFO will monitor the hurricane and will make recommendation to close the faculty for safety. All the department managers will have contact information for everyone in their department. When CEO gives notice to close the facility‚ COO will contact each of the faculty managers in turn contact the employees under that department. COO will have
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Performance Appraisal Case The Facts Frank‚ the new CFO of the 20-year old company First non-family member to hold that position and be included in Executive Committee After he took office‚ the company wanted to downsize and Frank agreed it was necessary He could see that family members were concerned solely about their own finances but remained neutral The CEO asked Frank for advice on how to downsize ethically Frank recommended to base the decision on three-year average
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lead by a President/CEO‚ followed by the COO/CFO‚ followed by department heads and then employees within each department. President/CEO The President or Chief Executive Officer (CEO) is the lead officer of the organization. He is responsible for carrying out the directives and initiatives set forth by the board of directors. He reports directly to the board of directors and ultimately the stockholders. COO/CFO The Chief Operating Officer (COO) and the Chief Financial Officer (CFO) are next in line
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created. The rapid growth of the company was not followed by hiring more auditors and had only four at that time‚ moreover‚ internal audit did not test financial reporting. Jonas Durand‚ the chief audit executive met often with the CFO instead of with audit committee. The CEO seemed too optimistic about the downturn ending soon. Additionally‚ new external auditor took Hollate as its client. Data analysis: Members of the audit committee‚ apart from chair of the audit committee‚ were not well-versed in
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[1] What business was WorldCom in? WorldCom was in the business of telecommunications. Where was WorldCom located? WorldCom was located in Clinton‚ Mississippi. Who was the CEO? The CEO was Bernie Ebbers. Who was the CFO? The CFO was Scott Sullivan. What are the names of the two members of the internal audit staff who worked with Cynthia on their secret investigation? Gene Morse and Glyn Smith What made the internal auditors think that possibly there was a need to investigate WorldCom’s
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certified by the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) creating increased responsibility and independence with auditing by independent audit firms. In discussing the SOX Act‚ we will focus on how this act affects the CEOs; CFOs; outside independent audit firms; the advantages and a disadvantage of this act; and changes that still need to be incorporated. The CEO’s and CFO’s of public companies The Chief Executive Officer (CEO) of a public company is the executive
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issues involved cohesion on the part of the CEO‚ and the members of his team. In addition‚ they placed great emphasis on placing their own values ahead of what was good for the organization. What role did Tyco’s corporate culture play in the scandal? What roles did the board of directors‚ CEO‚ CFO and legal counsel play? Tyco’s corporate culture was driven by the CEO‚ Dennis Kozlowski who admired the extravagant and lavish lifestyle lavish of the former CEO‚ Joseph Gaziano. He took an assertive
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The Bursa Malaysia The Bursa Malaysia which was formerly known as Kuala Lumpur Stock Exchange. The Bursa Malaysia is an exchange holding company which was agreed under Section 15 of the Capital Markets and Services Act 2007. The company runs a fully combined exchange‚ proposing the complete series of exchange-related services. This includes trading‚ clearance‚ settlement and repository services. There are many public listed companies in the Bursa Malaysia but most of these companies
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