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Essay / Research Paper Abstract
A 6 page paper that discusses ethical corporate governance through enterprise risk management. The paper reports and discusses Sarbanes-Oxley and new rules from the SEC. The writer comments on a journal article on the ethics of risk management and offers analytical comments. Bibliography lists 7 sources.
Page Count:
6 pages (~225 words per page)
File: ME12_PG694018.rtf
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Unformatted sample text from the term paper:
the organizations. Headlines over the last several years have portrayed a strong lack of ethical conduct in so many huge corporations like Enron, WorldCom, Anderson, Tyco International, and many others.
Falling stock markets, fraudulent accounting practices, abuses of corporate power, and corporate failures have led the public to mistrust corporations. The ethical problems in major corporations led to additional
regulations that addressed auditing and transparency in corporate governments. In response to the many accounting scandals, the U.S. Congress passed the American Competitiveness and Corporate Accountability Act of 2002, generally
just known as the Sarbanes-Oxley Act of 2002 (Gonzales, 2005). The Sarbanes-Oxley Act is viewed as the most sweeping legislation for public companies since the 1930s (SOX, 2011). It
focuses on corporate financial accountability. There are eleven sections, each of which has subsections so it is a very broad and comprehensive law (SOX, 2011). Sarbanes-Oxley requires internal guidelines that
will ensure accurate and proper financial disclosure of all activities in the corporation. Officers in the company must sing off on these guidelines which acknowledges that they are responsible. Officers
of the organization will be held accountable criminally. Sarbanes-Oxley mandates both external auditors and corporate management to provide accurate information in the form of an internal control report. This
report discusses the internal auditing and reporting controls. This is the part that most organizations have complained about because it takes an enormous amount of time and it is very
expensive to complete (SOX, 2011). Sarbanes-Oxley is not the first law to be passed regulating corporate governance activities. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued their
report on internal control in 1992 (COSO, 2011). COSO is a private sector initiative established in 1985. It is sponsored by five major auditing and financial associations in the United
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