Section 404 Sarbanes Oxley - 1957 Words

The Limitations of Section 404 of the Sarbanes-Oxley Act Darren Abraham MSAF 670 University of Maryland University College The Sarbanes-Oxley Act (SOX) is a legislation enacted in 2002 under the sponsorship of U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH). The law introduced increased government oversight for publicly held companies. It also imposes additional management responsibilities and corporate operating costs on companies trading under SEC regulations. Sarbanes-Oxley was enacted in direct response to a number of corporate accounting scandals, including those of Enron, Tyco International, and WorldCom. As a result of the SOX Act, Corporate Managers (CEOs, CFOs) are†¦show more content†¦Unfortunately, all those efforts have not been vindicated because of the following reasons: Accounting did not cause the recent corporate scandals such as Enron and WorldCom. Unreliable financial statements were the results of management decisions, fraudulent or otherwise. To blame management’s misdeeds on fraudulent financial statements casts accountants as the scapegoats and misses the real issue. Reliable financial reports rely to a certain extent on effective internal controls, but effective internal controls rely to a large extent on a reliable management system coupled with strong corporate governance. when management deliberately or even unlawfully manipulates business processes in order to achieve desirable financial goals and present untruthful financial reports to the public, accounting systems are abused and victims rather than perpetrators. An effective system of internal control must be built on the basis of the analysis of enterprise-wide risks. Therefore, to create value for its customers and other stakeholders, an organization must have in place the ability to systematically assess and analyze all material risks that affect the entity’s planned objectives. (Integrated Framework, Volume II Guidance, June 2008). Internal control of the accounting process is designed to detect unintentional data errors rather than intentional errors. Garbage in, garbage out! Even good accounting systems can not catchShow MoreRelatedSarbanes-Oxley Section 4046777 Words   |  28 PagesSarbanes Oxley Act, 2002. Outline In this paper the Sarbanes Oxley Act with particular reference to the section 404 is discussed in detail. We shall start the paper with providing background information to the Sarbanes Oxley Act, 2002. This section explores the environment that spurred the creation of the act and the need for such legislation. The second section provides an introduction to the Sarbanes Oxley Act section 404 which explores the provisions of Section 404. The next section on ‘InternalRead MoreEssay on Sarbanes-Oxley Section 404 and Affect on Small Business2003 Words   |  9 PagesAnalysis of Sarbanes-Oxley – Section 404 And Affect on Small Companies Content I. Executive Summary 1 II. Background Facts 2 III. Issue Stated 3 IV. Analysis 4-5 V. Conclusion 6 VI. References 7 Executive Summary 404 of Sarbanes Oxley:Read MoreThe Sarbanes Oxley Act ( Sox ) For A Company1461 Words   |  6 Pages Introduction For this assignment I am going to try to describe the cost and benefits of implementing the Sarbanes Oxley Act (SOX) for a company. I will then move on to describe what it is, how to go about it, and what a company may need to properly implement it. The Sarbanes Oxley Act was approved and activated in 2002 to protect investors and to renew confidence in American companies from what happened with the fall of companies like Enron, HealthSouth, and WorldCom. This act was trusted to fixRead MoreThe Sarbanes Oxley Act ( Sox ) For A Company1280 Words   |  6 PagesFor this assignment I am going to try to describe the cost and benefits of implementing the Sarbanes Oxley Act (SOX) for a company. I will then move on to describe what it is, how to go about it, and what a company may need to properly implement it. The Sarbanes Oxley Act was approved and activated in 2002 to protect investors and to renew confidence in American companies from what happened with the fall of companies like Enron, HealthSouth, and WorldCom. This act was trusted to fix or find corruptionRead MoreSarbanes Oxley Act Of 2002 Essay1343 Words   |  6 PagesSarbanes-Oxley Act of 2002 The financial crisis of the early 2000s left many investors and stockholders nervous about the accuracy of financial statements issued by public companies. The financial crisis resulted after many previously successful companies suddenly tanked due to restatement of their financials. These companies include Enron, Tyco, Sunbeam, Rite-Aid, Xerox and WorldCom amongst others (Kieso, 2014, p. 17). How could many previously successful companies suddenly go belly-up? The evidenceRead MoreEssay on The Sarbanes-Oxley Act852 Words   |  4 Pagestoday that are using the Sarbanes-Oxley (SOX) legislation that helps to safeguard their company and their financial records. The Sarbanes-Oxley act began in 2002 and the purpose behind this act was to protect organizations, it had a major impact on accounting and record keeping. Because of Enron, they passed this act for publicly-traded corporations to better implement control to their enterprise data. â€Å"Named after Senator Paul Sarbanes and Representative Michael Oxley, who also set a number ofRead MoreSarbanes Oxley Outline676 Words   |  3 PagesThe Ineffectiveness of the Sarbanes Oxley Act In Corporate Management and Accounting In the early 1990s, a young company named Enron was quickly moving up Fortune magazine’s chart of â€Å"America’s Most Innovative Company.† As the corporate world began to herald Enron as the next global leader in business, a dark secret loomed on the horizon of this great energy company. Aggressive entrepreneurs eager to push the company’s stock price higher and a series of fraudulent accounting procedures involvingRead MoreSarbanes Oxley Act : A Important Part Of Business1215 Words   |  5 PagesA vital part of business today is the Sarbanes-Oxley Act. It was created to protect the integrity of business and the interest of consumers and investors. The Sarbanes-Oxley Act enforces the monitoring of finance data and information technology as it relates to storage of information. It requires the audit of a company’s assets, accounting and finance. The act requires certifications by top company officials’ to guarantee that data submitted i s true and accurate. Monitoring to ensure complianceRead MoreSarbanes Oxley : Corporate Responsibility For Financial Reports750 Words   |  3 Pagesimpact on corporations, accounting firms, and investors like Sarbanes-Oxley. Sarbanes-Oxley was passed by Congress in 2002 as direct result of the accounting scandals that plagued the public equity markets during the late 1990s and early 2000s. Sarbanes-Oxley was developed to be a series of measures, safeguards, guidelines, and criminal punishments in order to prevent future accounting scandals on the scale of Enron and Worldcom. Sarbanes-Oxley has profoundly impacted both management and accountantsRead MoreSarbanes Oxley : Corporate Responsibility For Financial Reports Essay760 Words   |  4 Pagesimpact on corporations, accounting firms, and investors like Sarbanes-Oxley. Sarbanes-Oxley was passed by Congress in 2002 as a direct result of the accounting scandals that plagued the public equity markets during the late 1990s and earl y 2000s. Sarbanes-Oxley was developed to be a series of measures, safeguards, guidelines, and criminal punishments in order to prevent future accounting scandals on the scale of Enron and Worldcom. Sarbanes-Oxley has profoundly impacted both management and accountants

Marketing Nutella in the United Arab Emirates Case Study

Essays on Marketing Nutella in the United Arab Emirates Case Study The paper "Marketing Nutella in the United Arab Emirates" is an excellent example of a case study on marketing. The contemporary business world is characterized by increased competition. Businesses must make every effort to secure significant market share, through customer loyalty while increasing their profits. This paper seeks to present a marketing report for marketing Nutella (Ferrero’s Bread spread product) in the United Arab Emirates (UAE). Four target markets have been chosen for Nutella in the UAE: children, teenagers, young women and Restaurants (and hotels). Three advertisement media will be used for marketing Nutella: television advertisements, magazines, and internet advertisements. Promotion activities, in the form of roadshows and school visits will also be used for creating brand awareness. A three-dimension distribution approach will be employed in the distribution of Nutella: selling directly to final consumers, selling to retailers and convenience stores, and following the traditional distribution channel (Manufacturer-wholesaler-retailer-consumer).IntroductionMarketing is a crucial business activity that determines the success of a product and the profitability of the business under consideration. Effective marketing requires an excellent understanding of the product or service under consideration and the target market in order to engage the right marketing mix. Market analysis is a crucial step when introducing a new product in the market, which facilitates the determination of the promotion mix. There are various analytical tools that are used in market analysis, some of which include SWOT analysis, Pestle analysis, and Porter’s five forces analysis. A comprehensive market audit using the aforementioned tools, coupled with market research and analysis, enables companies to set up prices, determine promotion mix and distribution channels effectively.Company Description: Ferrero SpAFerrero SpA is an Italian-based company that ma nufactures confectionery products, such as chocolate. The company was founded in 1946 by confectioner known as Pietro Ferrero, who started the company in Italy in a place known as Alba (Nutellausa, n.d). Ferrero started the company after he invented a food product, Pasta Gianduja, which was made of cocoa and hazelnuts derived from Gianduja. Pasta Gianduja is usually spread on bread, and it is considered a breakfast product (Nutellausa, n.d). Ferrero was established for producing and marketing the newly invented product, Pasta Gianduja, which was sold as the main company product until 1964 when Ferrero and his sons (who had joined the company as chief executives) decided to change the recipe of Pasta Gianduja to make Nutella (Nutellausa, n.d). The new product, Nutella, was introduced into the market in 1964. Currently, Nutella is a very popular food product all over the world making Ferrero the most popular company all over the world (Kneale, 2009).

Essay On Social Darwinism Example For Students

Essay On Social Darwinism In his most famous book On the Origin of Species, Darwin included four major arguments: that new species appear; that these new species have evolved from older species; that the evolution of species is the result of natural selection; and that natural selection depends upon variations and the maintenance of variation in spite of the tendency of natural selection to eliminate unfit variants (403). After Charles Darwin published On the Origin of Species in 1859, Herbert Spencer(1820-1903) took hold of Darwins theory of natural selection and applied it to society as well as evolution. He strayed from biology to society. Spencers ideas became known as Social Darwinism. The theory of natural selection holds that only the most well-adapted individuals in a population will survive and reproduce. These successful individuals pass on their adaptive advantage to their offspring. Over many generations, the process ensures the adaptation of the entire population to its environment. This holds tr ue in the jungle, but it was Spencer who coined the phrase survival of the fittest to describe the competition among human individuals and groups. He argued that human progress resulted from the triumph of more advanced individuals and cultures over their inferior competitors. Wealth and power were seen as signs of inherent fitness, while poverty was taken as evidence of natural inferiority. In the late 19th and early 20th centuries, Social Darwinism was used to argue for unrestrained economic competition and against aid to the unfit poor. The theory was also used to justify racist and imperialist policies in Europe and the United States. Social Darwinist ideas fell from grace in the early 20th century; Herbert Spencers reputation as a philosopher and social theorist toppled with it. Spencer once wrote of society. These are the traits that societies have in common with organic bodies. And these traits in which they agree with organic bodies and disagree with all the things entirely subordinate the minor distinctions: such distinctions being scarcely greater than those that separate one half of the organic kingdom from the other. The principles of organization are the same and the differences of application.(Spencer. P.206)Having exhaustively spelled out the elements of the analogy between society and the features of biological organisms, he concludes that there is more than an analogy between them. Societies are organisms. Beyond the exact definition of Darwinism, many people found personal applications to the scientific doctrine. Not only was survival of the fittest an established truth in nature, it was also more than evident in human society. Many people, after reading the benefits associated with reproduction of the strong, began to place human activity under the scrutiny of science. Those who found that the principles of Darwinism advocated their personal goals in society took great lengths to spread the word of Social Darwinism. This was a doctrine that called for free competition among humans and a setting in which the dominating class was the major contributor of offspring. A further example would be:We see that in the rudest state of society, the individuals who were the most sagacious, who invented and used the best weapons or traps, and who were best able to defend themselves, would rear the greatest number of offspring. The tribes, which included the largest number of men thus endowed, woul d increase in number and supplant other tribes. (Crook, 23)The primary supporters of Social Darwinism included the hard-nosed capitalists who fought for laissez faire. These people wanted an economic market that was free from outside regulation. They contended that the system itself, like nature, had inherent systems of checks and balances. Favorable variations would be preserved and unfavorable ones would be destroyed. Because the stronger and more cunning fox survives, he passes on his positive traits and furthers the entire species genetically. Similarly, the stronger and more successful businessman weeds out his unskilled competitors. This allows the entire system to progress and provides positive examples for future generations to follow. If there was a natural order to nature which, if left alone, would progress to the survival of the fittest, then any tampering with that order would strike against natue and weaken society. If nature had an iron law, then justice, equality, an d natural rights were fiction. There

Ways to Write free essay sample

By switching to something slightly more abstract like home, however, you can play around with the definition more. A home is a concept, and there are many elements involved in the creation off home. In comparison, a house is merely a structure. 2. 2 Make sure that the word is disputable. Aside from being complex, the word should also refer to something that can mean different things to different people. Definition essay is somewhat subjective by nature since it requires you to analyze and define a word from your own perspective.If the answer you come up with after analyzing a word is the same answer anyone else would come up with, your essay may appear to lack depth. 3. Choose a word you have some familiarity with. Dictionary definitions can only tell you so much. Since you need to elaborate on the word you choose to define, you will need to have your own base of knowledge or experience with the concept you choose. We will write a custom essay sample on Ways to Write or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page For Instance, If you have never heard the term pedantic, your understanding of the word will be limited. You can Introduce yourself to the word for your essay, but thou previous understanding of the concept, you will not know If the definition you describe is truly fitting. 4. 4 Read the dictionary definition. While you will not be relying completely on the dictionary definition for your essay, familiarizing yourself with the official deflation will allow you compare you own understanding of the concept with the simplest, most academic explanation of it. As an example, one definition of friend is a person attached to another by feelings of affection or personal Your own ideas or beliefs about what a friend really is likely include much more information, UT this basic definition can present you with a good starting point in forming your own. 5. 5 Research the words Orleans. Look up your chosen word In the Oxford English history behind a word, which can provide further insight on a general definition as well as information about how a word came to mean what it means today. Part Two: Potential Elements of an Effective Definition Write an analysis. 4] Separate a word into various parts. Analyze and define each part in its own paragraph. * You can separate return into re- and turn. The rod friendship can be separated into friend and ship. * In order to analyze each portion of a word, you will still need to use additional defining tactics like negation and classification. * Note that this tactic only works for words that contain multiple parts. The word love, for instance, cannot be broken down any further. If defining platonic love, though, you could define both platonic and love separately within your essay. 2. Classify the term.Specify what classes and parts of speech a word belongs to according to a standard dictionary definition. While this information is very basic and dry, it can provide helpful context about the way that a given word is used. 3 Compare an unfamiliar term to something familiar. An unfamiliar or uncommon concept can be explained using concepts that are more accessible to the average * Many people have never heard of the term confrere, for instance. One person. Basic definition is a fellow member of a profession, fraternity, etc. As such, you could compare confrere with colleague, which is a similar yet more familiar concept. 5] 4. Provide traditional details about the term. Explain any physical characteristics or traditional thoughts used to describe your term of choice. * The term home is often visualized physically as a house or apartment. In more abstract terms, home is traditionally thought to be a warm, cozy, and safe environment. You can include all of these features in a definition essay on home. 5. 5 Use examples to illustrate the meaning. People often relate to stories and vivid images, so using a fitting story or image that relates to the term can be used in clarifying an abstract, formless concept. In a definition essay about kindness, or example, you could write about an act of kindness you recently witnessed. Someone who mows the lawn of an elderly neighbor is a valid example, Just as someone who gave you an encouraging word when you were feeling down might be. 6 Use negation to explain what the term does not mean. If a term is often misused or misunderstood, mentioning what it is not is an effective way to bring the concept into focus. * A common example would be the term courage. The term is often associated with a lack of fear, but many will argue that courage is more accurately described as acting in spite of fear. 7 Provide background information. This is when your research about the etymology of a word will come in handy. Explain where the term originated and how it came to mean what it currently means. Part Three: Definition Essay Structure Introduce the standard definition.