3233Which of the following is a responsibility of the SEC?Investigating violations of securities law statutesInvestigating violations of anti-trust statutesInstituting regulations for workplace safetyInstituting regulations for employee information privacyThe financial crisis of 2007-2010 was the main cause of the Dodd-Frank Act.FalseTrue34 Fatty's Fish Fry shop was caught disseminating false advertising when it made a claim that its main competitor was selling fish laced with poisonand mercury. Which of the following is true?Fatty's can be stopped from making false claims and may be sued by the injured competitor.Fatty's can only be enjoined from making false statements about its competitor.Fatty's can only be sued on criminal charges by its competitor under the Lanham Act.Fatty's is guilty of failure to disclose.

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Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Quality Auditing: Why It Matters

Section: Chapter Questions

Problem 44FF

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Y6 ACCT 361:Ethical, Fraud, and Legal Issues for Accountants: Evaluate investor fraud through a case study on a Ponzi Scheme. Research Madoff Ponzi Scheme. Please only own words!!! At a minimum, the report should discuss the background of the case, what factors led to the fraud, what specific fraud occurred, what was the effect on investors and creditors, what was the effect on company employees, what was the effect on the individuals that perpetrated the fraud, what was the effect on the investment and regulatory markets, how was the audit firm associated with the company affected by the fraud, what could have been done to prevent the fraud, and how did this case affect your views/opinions. PLEASE ONLY OWN WORDS!!!
Read the facts of the case in Problem 2-26 to become familiar withthe fraud involving Koss Corporation. From the company’s October 7,2009, proxy statement (Def 14A filing with the SEC), we know the followingfacts about the company’s audit committee and its members:Thomas L. Doerr 65, has been a director of the company since 1987. In1972, Mr. Doerr co-founded Leeson Electric Corporation and served asits president and CEO until 1982. The company manufactures industrialelectric motors. In 1983, Mr. Doerr incorporated Doerr Corporation asa holding company for the purpose of acquiring established companiesinvolved in distributing products to industrial and commercial markets.Currently, Mr. Doerr serves as president of Doerr Corporation.Mr. Doerr owns no stock in Koss Corporation and received $24,000 incash compensation during 2009 to serve on the audit committee.Lawrence S. Mattson 77, has been a director of the company since 1978.Mr. Mattson is the retired president of Oster company, a…
Sarbanes Oxley Act of 2002. include the achievements, failure, and challenges of SOX2002. A brief note to describe SOX and why it is enacted. Discuss the corporate scandals that occurred before the enactment of SOX Act and how those scandals could have been avoided if SOX was in place. The second phase of your analysis should discuss the corporate scandals occurred after the enactment of SOX Act clearly highlighting why Sox could not act as a deterrent to the scandals. Do you think there are any gaps in the act or the factors that led to the scandal are just beyond the purview of the SOX Act. Challenges before the SOX act as we move forward.
(Section 401) How does this section relate to the Enron fraud? (Section 404) How do the management assessment and auditor attestation of internal controls contained in this section help to address the risk of fraud in publicly traded organizations?
Below are several statements about the Sarbanes-Oxley Act (SOX).1. SOX represents legislation passed in response to several accounting scandals in the early 2000s.2. The requirements outlined in SOX apply only to those companies expected to have weak internal controls or to have manipulated financial statements in the past.3. Section 404 of SOX requires both company management and auditors to document and assess the effectiveness of a company’s internal control processes that could affect financial reporting.4. Severe financial penalties and the possibility of imprisonment are consequences of fraudulent misstatement.5. With the establishment of SOX, management now has primary responsibility for hiring an external audit firm.6. The lead auditor in charge of auditing a particular company must rotate off that company only when occupational fraud is suspected.Required:State whether the answer to each of the statements is true or false.
43. Canter plc's industry regulator has made rules designed to improve the standard of ethical behaviour among companies in the industry. In response Canter plc has complied with the rules exactly by passing on the cost of doing so to its clients. How should Canter plc's response to regulation be classified? Non-response Full compliance Innovation Mere compliance 44. Standlake pkc operates call centres. Clients have complained that the company operates in an unethical manner. In consequence the board of directors has adopted a corporate code of ethics, to be implemented throughout the company and communicated to clients and other third parties. The board has identified the following benefits of introducing the code: (1) Employees will have guidance on how to deal with all third parties (2) External stakeholders will be aware of what Standlake plc is trying to achieve in terms of ethical conduct (3) Directors will have met their statutory obligation to introduce a corporate code of…
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In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) was signed into federal law. Under this Act, whistleblowers that bring violations of securities & commodities law, or the FCPA to the attention of the proper government authorities (the SEC, DOJ, or Commodities Futures Trading Commission) are entitled to between 10% to 30% of any government recovery in excess of $1 million. What are your thoughts on incentivizing reporting fraud and other wrongdoings in return for a monetary reward? Is this appropriate / ethical?
sh7 please help me Thankyou The Sarbanes-Oxley Act of 2002 was a necessary response to the corporate accounting scandals of the early 2000s. It brought much-needed reform to the regulatory framework for corporate accounting and reporting and increased the accountability of public companies and their auditors. While there are concerns about the costs of compliance and the impact on competitiveness, there is evidence to suggest that SOX has helped prevent fraudulent reporting and improve the quality of financial reporting. Nonetheless, there may be room for further improvement in the act's implementation to address any remaining issues and to ensure continued investor confidence in the US financial markets.

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