Memorandum University of Phoenix DATE: October 7‚ 2013 TO: Tammy Johnson FROM: xxxxxxxxxxxxxxx RE: Sarbanes-Oxley Can Fix Government Retrieved on 10/5/2013 from: http://www.americanthinker.com/2013/05/sarbanes-oxley_can_fix_government.html ARTICLE SYNOPSIS The recent events in the news pertaining to the government shows that there is a problem and that a reform is needed in the near future. The things happening in the governments shows that they are becoming a bigger entity
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SARBANES-OXLEY SECTION 404: A Guide for Management by Internal Controls Practitioners SARBANES-OXLEY SECTION 404: A Guide for Management by Internal Controls Practitioners The Institute of Internal Auditors 2nd Edition‚ January 2008 Table of Contents About the Second Edition...........................................................................................................iii How to Use This Guide ...........................................................................
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Enron debacle: Case Report Table of Contents I. Understanding the Entity: Business Risk Assessment 1. Nature of the entity 1.1. Brief introduction: Enron Corporation‚ a Houston based giant company‚ conducted energy trading business and gas pipeline transportation and distribution business in the energy and industrial sectors. 1During the 1990s‚ Enron transferred from a natural gas supplier and to an intermediary midstream company facilitating distributions
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in the competitive long-distance telephone industry. It was headquartered in Washington‚ D.C.[1] Founded in 1963‚ it grew to be the second-largest long-distance provider in the U.S. It was purchased by WorldCom in 1998 and became MCI WorldCom‚ with the name afterwards being shortened to WorldCom in 2000. WorldCom’s financial scandals and bankruptcy led that company to change its name in 2003 to MCI Inc.. The MCI name disappeared in January 2006 after the company was bought by Verizon. As of May
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Evaluate the auditor’s role in the certification of the financial statements and conclude whether its work is effective in preventing major scandals on the lines of Enron and Worldcom. 1.0 ABSTRACT 2.0 ENRON-CORPORATE FIASCOS 3.0 HOW DID THE AUDITORS FAIL TO CATCH PROBLEMS AT ENRON? 4.0 HOW TO PREVENT RECURRENCE OF ENRON? 5.0 NEW RESPONSIBILITIES OF AUDITORS ACCORDING TO SARBANES-OXLEY ACT 2002 6.0 CONCLUSION 7.0 REFERENCES 1.0 ABSTRACT The responsibility of an auditor is to express
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innocent: The Sarbanes-Oxley Act. Retrieved from www.fee.org/files/docLib/0703hunter.pdf ARTICLE SYNOPSIS Hunter’s article examines how the Sarbanes-Oxley Act (SOX Act) is too stringent and gives too much power over companies to governing bodies‚ i.e. the Public Company Accounting Oversight Board (PCAOB) (Hunter‚ 2007). It discusses how the SOX Act is unfair to domestic and foreign and small and large companies‚ their shareholders‚ and the public. The piece explains how the Act may compel some companies
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ASSIGNMENT 1 IMPACT OF THE SARBANES-OXLEY ACT (SOX) Submit to: Outline three (3) ways in which your medium-sized private company may benefit from going public‚ providing a rationale for each. Supporters of companies going public suggest that gaining additional capital is one of the benefits medium sized companies gain by going public. The rationale for going public is to float the shares of the company through the stock market by starting an initial public offer
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The 1919 Black Sox Scandal In 1919‚ eight of the Chicago White Sox allegedly threw the World Series. Charles Comiskey was the ruthless owner of the White Sox and was the main motive of the sox to throw the series. Chick Gandil was the first player to get involved and then he spread it to the other players on the team. The act by these players would be called the Black Sox Scandal. The Scandal nearly ruined America’s pastime. The baseball commissioner‚ Judge Landis‚ banned all eight of the players
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§201 of the Sarbanes-Oxley Act of 2002 specifies those activities which a public accounting firm cannot do if they are performing an audit for a company. The firm cannot provide: “(1) bookkeeping or other services related to the accounting records or financial statements of the audit client; (2) financial information systems design and implementation; (3) appraisal or valuation services‚ fairness opinions‚ or contribution-in-kind reports; (4) actuarial services; (5) internal audit outsourcing services;
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TITLE II—AUDITOR INDEPENDENCE SEC. 201. SERVICES OUTSIDE THE SCOPE OF PRACTICE OF AUDITORS. (a) PROHIBITED ACTIVITIES.—Section 10A of the Securities Exchange Act of 1934 (15 U.S.C. 78j–1) is amended by adding at the end the following: ‘‘(g) PROHIBITED ACTIVITIES.—Except as provided in subsection (h)‚ it shall be unlawful for a registered public accounting firm (and any associated person of that firm‚ to the extent determined appropriate by the Commission) that performs for any issuer any
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