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  • Sarbanes-Oxley Act of 2002 Flashcards - Quizlet
    Study with Quizlet and memorize flashcards containing terms like The Sarbanes-Oxley Act of 2002 consists of 11 "Titles," the first four of which are directly applicable to auditors What is the purpose of Title IV?, List the standard setting responsibilities of the Public Company Accounting Oversight Board (PCAOB) , List the five primary responsibilities of the PCAOB and more
  • 11 IMPORTANT KEY POINTS FROM EACH TITLE OF SARBANES-OXLEY ACT
    Title X: Corporate Tax Returns Section 1001 from Title X mandates the need for the Chief Executive Officer to sign company tax returns Title XI: Corporate Fraud Accountability Title XI includes seven sections dedicated to defining corporate fraud It defines any tampering of records as a criminal offense punishable under specific penalties
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    This is particularly problematic where failures of compliance oversight pose a direct threat to a company’s reputation and commercial viability Reconsider Board Structure One possible approach to updating board structure would be to divide compliance oversight responsibilities among committees by subject matter
  • Famous Oversight Failures and What We Can Learn from Them
    Governance Gone Wrong: Famous Oversight Failures and What We Can Learn from Them Good governance is critical for any organization, yet history is filled with examples of oversight failures that have led to scandal, financial loss, and even collapse These instances highlight the dangers of inadequate governance and the importance of
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    Establishing an Inspector General adds a check on the EOP, increases accountability to citizens, improves efficiency, and supports existing oversight mechanisms Application of Prohibited Personnel Practices Section 2302 of Title 5 of the United States Code details prohibited personnel practices [1] Prohibited personnel practices (PPPs), as
  • Corporate Governance: Enrons Boardroom Betrayal: The Failure . . .
    2 Inadequate Oversight: Another reason for the failure of oversight was the inadequate oversight exercised by the Board The Board did not conduct sufficient due diligence or ask enough questions about the company's finances and operations For example, the Board approved Enron's use of special-purpose entities (SPEs), which were used to hide
  • UNIT3 | PDF | Corporate Governance | Sarbanes–Oxley Act
    The document discusses corporate governance (CG) as the framework for authority and control in corporations, emphasizing its importance in protecting stakeholders and maintaining market stability It analyzes major global corporate failures, such as BCCI, Vivendi, WorldCom, Enron, and Lehman Brothers, revealing systemic weaknesses in governance practices, including lack of oversight





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