Business/Professional Ethics Directors/Executives/Acct
8th Edition
ISBN: 9781337485913
Author: BROOKS
Publisher: Cengage
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4 Which of the following is true about the Sarbanes-Oxley Act?A. It was passed to ensure that internal controls are properly documented and tested by publiccompanies.B. It applies to both public and smaller companies.C. It requires all companies to report their internal control policies to the US Securities and ExchangeCommission.D. It does not require additional costs or resources to have adequate controls.
Which among the following is not an objective of Whistleblowing?
a.
To protect Public Interest
b.
To take action against those who are wrongdoing
c.
To expose the Corruption
d.
To educate the investors to invest in the company’s share
.Identify some of the corporate scandals that took place in the recent past worldwide and discuss to what extent you think the scandals are a result of ineffective corporate governance.
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- Which of the following is true about the Sarbanes-Oxley Act? A. It was passed to ensure that internal controls are properly documented and tested by public companies. B. It applies to both public and smaller companies. C. It requires all companies to report their internal control policies to the US Securities and Exchange Commission. D. It does not require additional costs or resources to have adequate controls.arrow_forwardControversy tends to surround the topic of whistleblowers. For example, should they be considered heroes or traitors? Many pro-whistleblowing policies have been enacted by the federal government to allow these individuals to reap significant monetary rewards for coming forward and giving information about behaviors and actions such as corporate fraud and unethical deeds. Many corporate whistleblowers face negative consequences of their actions, such as reassignment, revenge, and hate crimes, and are seen as traitors (e.g., Edward Snowden and Gina Gray). Yet Sherron Watkins and Cynthia Cooper were celebrated as heroes. Look up the stories of Sherron Watkins and Cynthia Cooper. Why do you think that some whistleblowers are vilified and others made to be heroes?arrow_forwardCan anyone help? The Sarbanes-Oxley Act is a product of a series of scandals that took place around the turn of the millennium. A) Has Sarbanes-Oxley really done anything to curb fraud? B) How does the Sarbanes-Oxley Act affect U.S. companies as they compete globally?arrow_forward
- Why is internal controls important to prevent fraud? Why would a proper control system prevent fraud scandals?arrow_forwardOne way of analyzing whether National Security Agency (NSA) whistleblower Edward Snowden’s actions were justified in leaking classified materials exposing the breadth of the U.S. government’s surveillance activities is by weighing personal morality against the morality that comes with one’s adopted professional role. Using this perspective, do you believe Snowden’s act was ethical?arrow_forwardWhat was evolutionary about laws such as GLBA and FACTA? What do organizations need to consider to be compliant with GLBA and FACTA? What is the impact of crimes such as identity theft? How do different jurisdictions (federal, state, or international) deal with financial crimes such as identity theft? Site at least one example.arrow_forward
- In the case of the 2008 Enron Scandal:How effective do you think the response to the Enron crisis has been by regulatory institutions and the government?arrow_forwardDetermine if government regulations such as SOX and PCAOB are effective in reducing unethical behavior of corporate executives, and if additional organizational controls could be applied to expose and reduce fraud committed by C-Suite executives.arrow_forwardDiscuss deterrence, prevention, and detection in governmental fraud. What do you think is the best aapproach and why? please don't provide plarrow_forward
- the Anti Money Laundering Council existence is to protect the integrity of the Financial and Non Financial Institutions. In your opinion, will there be any implication if we do not have any Money Laundering related laws or regulation?arrow_forwardWhich one of the following is not an advantage of internal controls? Select one: a. It safeguards the assets b. It increases the chance of fraud c. It ensures compliance with laws d. It enhances the reliability of accounting recordsarrow_forwardContrast the concept (how they are similar or different from each other) Illegal appropriation vs. corruption corruption vs. Fraud in the states Fraud in the states vs. illegal appropriation explain the concept illegal appropriation Corruption Financial Statement Fraudarrow_forward
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