Sarbanes Oxley Act, An Overview Essay - 915 Words

As your financial Adviser I am legally obligated to act in your best interest, which means to advise and explain to you some important changes in the accounting field relating to Sarbanes Oxley Act, also called SOX. In July 2002, The US Congress enacted the Sarbanes Oxley Act, Also known as the Public Company Accounting Reform and Investor Protection Act (in the Senate) and Corporate and Auditing Accountability and Responsibility Act (in the House). Co-authored by U.S. Sen. Paul Sarbanes of Maryland and U.S. Rep. Michael Oxley of Ohio. (Slaughter, 2015). This legislation requires â€Å"help curb financial abuses at companies that issue their stock to the public. SOX requires that these public companies apply both accounting oversight and stringent internal controls. The desired results include more transparency, accountability, and truthfulness in reporting transactions†. (Wild, 2015, pg. 12). The Sarbanes-Oxley Act is considered the most important piece of security legislation since the formation of the Securities and Exchange Commission (SEC) in 1934. It requires the managers and auditors of companies, whose stock is traded on an exchange to document and certify the system of internal controls. The landmark Sarbanes-Oxley Act of 2002 was implemented in response to a series of high-profile financial scandals that happened in the early 2000s at companies such as Enron, WorldCom and Tyco that abused the rule-based accounting practices that resulted in lack ofShow MoreRelatedOverview of the Sarbanes-Oxley Act1068 Words   |  4 Pagesï » ¿Sarbanes-Oxley Act Introduction The Sarbanes-Oxley Act was signed into law on July 30, 2002, by President George W. Bush; it was a congressional regulatory response to the enormously damaging corporate scandals at WorldCom, the Arthur Anderson accounting group and most notoriously, Enron. Because of the damage done not only to the reputations of those corporations and to the American corporate community but also to the stockholders and people who lost life savings (people who lost 401-K investmentsRead MoreEssay on Overview of the Sarbanes-Oxley Act (SOX)1342 Words   |  6 PagesThe Sarbanes-Oxley Act, frequently known as the SOX. The act was passed on in 2002 as a federal United States law. The law was drafted in response to the numerous numbers of financial scandals performed by high profile corporations such as Johnson Johnson. The action has created a new company standard of responsibility in order to protect the valued stakeholders, as well as the public, from the deceitful practices of various organizatio ns. The Sarbanes-Oxley Act Read MoreThe Importance Of Sarbanes Oxley Act1713 Words   |  7 PagesMEMO To: Professor of ACG 1001 Writing Project From: Calvin Robinson CC: Date: June 13, 2016 Re: The Importance of Sarbanes-Oxley Act After several scandals that involved such major corporations as WorldCom, Enron and Arthur Anderson. President Bush signed the Sarbanes-Oxley Act of 2002 on July 30, 2002 which created after Senator Paul Sarbanes and Representative Michael Oxley. The act was created to regulate financial practices and corporate governance. It consists of 11 different sections or titlesRead MoreLjb Company Case1592 Words   |  7 PagesCOMPANY Abstract A paper presented on the case study 2 review of LJB Company. The paper will address growing issues of Sarbanes-Oxley compliance, and business ethics in regards to Corporate Social Responsibility (CSR) and adherence to current regulatory federal mandates. Paper presents tools for consideration for tomorrow’s leaders and gives a general overview of internal control strategies corporations take to limit legal responsibility in ethical/moral matters that include; matters ofRead MoreSarbanes Oxley Act and the PCAOB Essay1661 Words   |  7 PagesThe Sarbanes-Oxley Act Overview: The development of the Sarbanes-Oxley Act (SOX) was a result of public company scandals. The Enron and Worldcom scandals, for example, helped investor confidence in entities traded on the public markets weaken during 2001 and 2002. Congress was quick to respond to the political crisis and enacted the Sarbanes-Oxley Act of 2002, which was signed into law by President Bush on July 30 (Edward Jones, 1), to restore investor confidence. In reference to SOX, penaltiesRead MoreSarbanes Oxley1476 Words   |  6 Pagesfirms. Sarbanes Oxley has made many changes to many companies. The major financial scandals have impacted many investors and required more regulations to avert this problems. Sarbanes Oxley has tried to increase ethics in the upper management in many public companies. The upper management has tried to improve on social responsibility and increase the public view. There are many critics to Sarbanes Oxley and many different suggestions on improvements. History of Sarbanes-Oxley Act ScandalsRead MoreDo Governmental CSR Policies Assist Consumers or Organizations898 Words   |  4 Pages According to Masahudu (2004) â€Å"several governmental CSR policies, such as the National Environmental Protection Act, Clean Air Act, Safe Drinking Water Act, Toxic Substances Control Act and the Clean Water Act assist in protecting consumers and organizations†. (p. 1). An example of a policy which assists consumers and organizations is the Clean Water Act. The Clean Water Act provides a variety of regulatory and non-regulatory tools to sharply reduce direct pollutant discharges into waterwaysRead MoreThe Sarbanes Oxley Act Of 2002 Essay1605 Words   |  7 Pageswell-known acts have been signed into laws by the presidents at the time to protect investors and consumers alike. A brief overview of the Sarbanes-Oxley Act of 2002, a discussion of some of the provisions therein, opinions of others regarding the act and also my personal and professional opinion will be discussed below. The same will be examined about the Dodd-Frank Wall Street Reform and Consumer Protection Act. Senators Paul Sarbanes and Michael Oxley were the sponsors of the Sarbanes-Oxley Act of 2002Read MoreHow to Reform Corporate Ethics in American Business Today2798 Words   |  12 PagesPortfolio Project MGT-320 Memorandum OUTLINE 1.0 Purpose 2.0 Introduction 3.0 Overview 4.0 Task 5.0 Corporate Governance Issues 5.1 Board of Directors 5.2 Shareholders 5.2.1 Implementation of Independent Auditors from Management 5.2.2 Setting up Effective Accounting Rules 5.3 Modern CEOs 6.0 The Role of Corporate Ethics 7.0 Recommended Policies to be Implemented 7.1 Sarbanes-Oxley Act 7.2 The California State Teachers’ Retirement System (CalSTRS) 8.0 TheRead MoreThe Sarbanes Oxley Act Of 20021274 Words   |  6 Pagesare the Sarbanes-Oxley Act of 2002 and the recently approved by Congress act, the Dodd-Frank Wall Street reform and Consumer Protection of 2010. While these acts have been implemented with the economy and the consumer in mind, there have been a lot of controversy on whether these acts have in fact benefitted the economy or not. We will analyze and explain the two before mentioned acts and will provide an overview of the point of view of supporters and the opposition. The Sarbanes-Oxley Act of 2002

President John F. Kennedy - 975 Words

In the words of President John F. Kennedy,† Change is the law of life. And those who look only to the past or present are certain to miss the future†. (John F. Kennedy) JFK was a president during a tense time in American History. The Civil Rights movement during the 1960’s questioned the status quo. This motivated change that influences many decisions we have today. The relevancy of truth and what is certain ascertains our duty as a citizen of the United States. As a citizen, it is our job to discern what is true in the upcoming election. Evidence displayed by Judith V. Grabiner’s article, The Centrality of Mathematics in the History of Western Thought highlights the method we can use amid disagreements. The framework that allows this melting pot of ideas is The Declaration of Independence, as well as Euclid’s Element. The section discussed in class sets an order to figure out what is true. President John F. Kennedy used logical thought and reasoning to validate legislation that revolutionized the upcoming generation. He encouraged all Americans to stop and think. What is truth? Truth exists not because it is an unchallenged moral. Truth exists because it becomes certain through change. Certain defined by Oxford Dictionary as, â€Å"able to be firmly be relied on to happen or be the case†. (Certain) The given definition allows a connection to form in the current political race. Connecting the truth to this presidential election is like comparing fruit to plastic, but it’sShow MoreRelatedPresident John F. Kennedy1738 Words   |  7 Pages President John Fitzgerald Kennedy Our Nation’s 35th President Andrew Hogenson History 112 June 15, 2015 John Fitzgerald Kennedy was the 35th President of the USA and served at that position only for three years as at the end of the third year he was assassinated in Texas. Even though his presidential term was not long, it was significant, mostly with the strong opposition against the USSR (in a person of its Prime Minister of that time, Nikita Khrushchev). President Kennedy’s name is associatedRead MorePresident John F. Kennedy1220 Words   |  5 PagesPresident John â€Å"Jack† Fitzgerald Kennedy was born May 29, 1917 in Brookline, Massachusetts to Rose Kennedy and Joseph P. Kennedy. John F. Kennedy, also known as JFK, had three brothers and five sisters. Young John, â€Å"Jack† as he was known by, attended a boarding school for boys in Connecticut. Here he was active in football, golf, tennis, and basketball. Once Jack graduated Choate in 1936, he entered Harvard. It was while he was studying at Harvard that he injured his back while playing football,Read MorePr esident John F. Kennedy1608 Words   |  7 PagesEveryone has an opinion about the president. Whether they like the president or dislike the president, someone has an opinion. There are only a few good president in the history of America that people can actually say they liked and enjoyed where they lead this country. One of those few presidents was President John F. Kennedy. Elected in 1960 as the 35th president of the United States, Kennedy became the youngest and first Roman Catholic president. He won the hearts of many Americans with his youthfulnessRead MorePresident John F. Kennedy1675 Words   |  7 Pagesgo to the moon. We choose to go to the moon in this decade and do the other things, not because they are easy, but because they are hard.† (Great Speeches Volume 27: John F. Kennedy, 2012). President John F. Kennedy delivered this infamous speech in the football stadium at Rice University in Houston, Texas on that very day. President Kennedy’s reason for his d elivery of this speech was to address the state of our Nation’s Space Effort. The citizens of the United States of America were in quite a stateRead MorePresident John F. Kennedy1746 Words   |  7 PagesWhen a president is able to effectively use the power of rhetoric to move citizens to aspire to achieve the seemingly impossible, this president is able to transcend the limitations of the executive office itself. President John F Kennedy was masterful at this skill and the words he spoke and the dreams he invited us to share are as powerful today as they ever were. Our cultural memory of John F. Kennedy was shaped within a very narrow time frame. Kennedy, born in 1917, was only forty-six yearsRead MorePresident John F. Kennedy911 Words   |  4 Pages There are many theories on what happened on November 22, 1963. A president was assassinated while campaigning for re-election. Many people are skeptical about what happened and many theories have been formed. Though there is only one right answer to what really happened on this somber Friday, many people have formed their own beliefs. One theory is that there was more than one shooter. What, as close as can be collected from the existing reports, are the circumstances surrounding JFK s death toRead MorePresident John F. Kennedy968 Words   |  4 Pages On January 20, 1961, President John F. Kennedy was sworn into office and made one of the most famous inaugural addresses in our country’s history. In his inaugural address, Kennedy spoke of the United States making some sort change in the world. Kennedy not only called upon Americans, but also others from different nations asking for their support in joining in peace for mankind’s success. Kennedy encouraged citizens to defend their freedom and presented his ideals for presidency for a time of changeRead MorePresident John F. Kennedy1126 Words   |  5 Pages You know when you say something important or say you will make a change in life for the better, but sometimes you can’t follow through? Well with president John F. Kennedy he inspired much to people with all his speeches but never had the opportunity to follow through when he died so early. With Kennedy,they state that he was more talk than action. He traveled crazy with his wife to make his speeches for people to re-elect him because all the good things he could change in the U.S. He inspiredRead MorePresident John F. Kennedy883 Words   |  4 PagesToday was the day, today November 22, 1963 was the day I was going to meet my all-time favorite presidents John Fitzgerald Kennedy, better known by his initials, JFK. He was travelling west through the country speaking in nine different states, which include San Antonio, Houston, Fort Worth and then onto Dallas and Austin, he was preparing for his next presidential campaign and his trip was mainly about natural resources and conservation efforts but it was also in a way to support his reelectionRead MoreLife Of A President : John F. Kennedy2290 Words   |  10 Pagest he life of a president: John Fitzgerald Kennedy. John Fitzgerald Kennedy was more than just a Google search. He had a wife, Jacqueline (Jackie) Kennedy, and two children Caroline Kennedy and John F. Kennedy, Jr. The Kennedys faced trouble when it came to having children not once, but twice. In 1956, Jackie gave birth to a stillborn baby girl they had planned on naming Arabella (Klein). Caroline Bouvier Kennedy was born November 27, 1957. On August 7, 1963, Patrick Bouvier Kennedy was brought into

Ocean Manufacturing Free Essays

Barnes and Fischer, LLP| To:| Jane Hunter| From:| Susan Anderson, Elizabeth Lane, Chantal Murphy, Elizabeth Robinson| CC:| Dr. Cashell| Date:| 3/5/2013| Re:| Decision on Accepting Ocean Manufacturing as a client| | Recommendation: We recommend that we do not accept Ocean Manufacturing as a client. Justification:There were several issues we considered when making our recommendation:0Independence Violation0No experience in the industry0Can’t do consulting because SOX violation0Red flag with regard to contact to previous auditor0Significant Mgt. We will write a custom essay sample on Ocean Manufacturing or any similar topic only for you Order Now Turnover0Unethical behavior (illegal gambling)03 years ago received qualified opinion0Aggressively accounting to meet creditor’s requirements0New accounting system0Audit trails not kept in tactFirst, we considered possible GAAS and GAAP violations. When reviewing Ocean Manufacturing’s background information, we found that a partner in the Salt Lake City office owns shares in a venture fund which holds a private equity investment in Ocean common stock. This is an independence violation which goes against the second general standard of GAAS. Another GAAS violation could be considered because we have a background in the healthcare service industry and Ocean Manufacturing is in the appliance industry. Since we do not have training in this field, we would be violating the first general standard of GAAS. There is also a SOX violation because Ocean Manufacturing would like us to do consulting and help prepare for the IPO. They also would like us to work with their IT program. This goes against the rules of GAAP. Since they are getting ready to offer an IPO we would be faced with higher litigation risk. Ocean Manufacturing also has various management issues that have raised red flags. The company has experienced high management turnover, which could be an indication of how the company is run on a daily basis. When the vice-president of Ocean was approached to discuss the previous auditor, he was hesitant to talk about the previous audit firm. If a potential client is even hesitant to allow engagement with prior auditor, this is not usually a good sign. Also, when the client background check was conducted, it was discovered that the vice-president of finance was involved with illegal gambling in the past, which could be an indication of his lack of ethics. This behavior could carry over to unethical behavior in the company since the leaders set the tone of the company which in turn reflects a higher litigation risk. There were also issues with the company’s financial statements. Three years ago Ocean Manufacturing received a qualified report from their auditor. Ocean’s previous auditor told us their problems with Ocean primarily related to management reflecting their revenue and accruals aggressively in order meet creditors’ requirements and the complexity of Ocean’s new IT system. When reviewing their control systems, we noticed a few issues. Ocean Manufacturing’s audit trails were not kept intact due to system failures and errors. There are also system failures when it comes to their new accounting system. There are problems in inventory tracking and cost accumulation, receivable billing and aging, payroll tax deductions, payables, and balance sheet account classifications. This could also explain some of the aspects of the financial statements that appeared to be off compared to previous years. Ocean’s accounts receivable, accounts payable, and accrued expenses appear to be much greater than the changes in the year before. This could also be because of the aggressive accruing that was discussed earlier. In conclusion, we feel that the issues with auditing standards, management, and financial statements are good enough indications as to why we should not accept Ocean Manufacturing as a client. | How to cite Ocean Manufacturing, Papers

History First Church in New Zealand Samples †MyAssignmenthelp.com

Question: Discuss about the History First Church in New Zealand. Answer: Introduction First Church is a conspicuous church in the city named Dunedin in New Zealand. It is situated in the Moray Place, which is known as heart of the city. Church is regarded one of the most attractive churches of 19th century. Its height is 175 feet and is built of a stone called Oamaru. First Church of Otago was established in November 1873 It was designed by the architect R.A Lawson. The church has following parts named as Porch, Belltower, Sanctuary, the Chancel, the organ, the ST Andrews Aisle, Windows, Pulpit, describing the history and culture of Otago. A picture of First Church of Otago was introduced in a string of ostage stamps celebrating the birthday of Otago in 1948. History (Actual Product) The original first church was established in September 1848 and could manage only a footfall of 200. It was a type of a weatherboard and was established very rapidly. For the first three months after construction, there was no sitting arrangement in the building. After it, an extended and expended church was constructed with double capacity than the first one. In its earlier days this building was also used as a community lecture hall, school and chambers of Otago Provincial Council. These buildings were only a type of a temporary solution which started to be used for other purposes at the establishment of permanent church in 1856. Third construction of the church was started on the place above the prior structures on Dowling Street. A woody structure based on stone with sitting capacity of 600 was being used till the current building was completed. The name of the Church does not refers to the building but is indicated its congregations. Core Product The porch of the church describes the great history of Otago. R.A Lawson also designed a hall at the back of the church building that is known as Moray Hall. Moray Hall was a result of combination of First Church and Moray Place Congregational Church. This Hall is now a Key tourist center and a heritage. During the visit of church, small faces of Godfreys handiwork, pairs of dragons placed on both side of higher windows and leaf shapes drags attention of the visitors. Augmented Product Key AttractionsWhile walking on the ground, the best seen after the church are towers of apse. Ornate Gothic faade and rose shaped window is surely an admirable and attention seeking part of the museum. There are wonderful needle towers all around which are 196 feet high from the ground. Services The church is providing regular service which includes Sunday Facilities in both Cook Island Maori and Samoan for appeasing town community. Church area is also used for many religious and cultural occasions in the town. It crowds a number of religious and educational programme for students. It also congregates the First Friends Preschool Programme in its campus. Opening hours of the church areMon: 8am-4pm, Tue: 8am-4pm Wed: 8am-4pm, Thu: 8am-4pm Sun: 8:45am-12pm. How to get there TransportationAll types of transportation facilities are available in Dunedin city. The Airport is about 30 km away from the main city and it takes 20-25 minutes to reach there by shuttle or by taxi. Although there is a railway station close to the central of the city but there are no regular and efficient railway service except some limited scenic trains. Car and bus services are most preferable by the tourists because they are less time consuming as well as easily available during visits. Accommodation There are many options for tourists for accommodation during visit of the First Church and its nearby places like Hotels and Motels, Vineyard, Farmstay, Motor Lodge and Self-Catering accommodation. Tourists can choose according to their preferences. Hotels are cheaper as compared to the other options in Otago. Nearby Places to Visit During visit of First Church, tourists can also enjoy the visit of its nearby places like Larnach Castle, Otago Museum, Toitu Otago Settlers Museum Dunedin Botanic Garden, Port Chalmers, Cadbury World, Signal Hill, Taieri Gorge Railway and Tunnel Beach near the church, Central Wine Region manufactures prize winning and high quality wines prepared from chardonnay, pinot noir, sauvignon blanc, grapes and merlot. Along with these visitors can also choose Otago Peninsula Area, Nugget Point, Queenstown Area and Mount Aspiring National Park for a natural view. References Edelheim, J. R. (2015). Tourism and Culture Change. In Tourism Attraction From Object to Narrative. Channel View Publications. Expedia. (2018). First Church of Otago. Retrieved from: https://www.expedia.co.in/First-Church-Of-Otago-Dunedin-City-Centre.d6113066.Attraction?rfrr=Redirect.From.www.expedia.com%2FFirst-Church-Of-Otago-Dunedin-City-Centre.d6113066.Vacation-AttractionHistory, N. Z. (2018). First Church of Otago. Retrieved from: https://nzhistory.govt.nz/media/photo/first-church-otagoJohannus. (2018). Ecclesia T-370 For the First Church of Otago, Dunedin, New Zealand. Retrieved from: https://www.johannus.com/en/news/ecclesia-t-370-for-the-first-church-of-otago-dunedin-new-zealandMapquest. (2018). First Presbyterian Church of Dunedin. Retrieved from: https://www.mapquest.com/us/florida/first-presbyterian-church-of-dunedin-4796191Otago, F. C. (2018). Heritage. Retrieved from: https://www.firstchurchotago.org/heritage/