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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Contemporary Auditing

11th Edition

ISBN:9781337650380

Author:KNAPP

Publisher:KNAPP

Chapter1: Comprehensive Cases

Section1.8: Livent, Inc.

Problem 6Q

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The Sarbanes-Oxley (SOX) Act was passed by Congress in 2002 in response to the accounting and reporting failures associated wit high-profile investor fraud schemes carried-out by companies such as Enron an WorldCom. True False
Which of the following losses can be considered as operational risk losses?a) A counterparty going bankrupt and not payingb) Damage to the company’s reputation from a cyber attackc) Inability to process customer transactions due to a cyber attackd) The failure of a central counter party to correctly execute a tradee) An employee suing the company for discriminationf) A new business venture in another company failing to be profitableg) Violating financial regulations in another countryII. Answer the following questions:a) What are credit ratings? b) Define Enterprise Risk Management c) Why is it important that risk models are back tested? What does it mean if a modelfails a back test?
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!!!
! Required information Chapter 04 Problem 4-31 LO 4-6, 4-9 [The following information applies to the questions displayed below.] Management fraud (e.g., fraudulent financial reporting) is a relatively rare event. However, when it does occur, the frauds (e.g., Enron and WorldCom) can have a significant effect on shareholders, employees, and other parties. The PCAOB's AS 2401, Consideration of Fraud in a Financial Statement Audit, provides the relevant guidance for auditors. Chapter 04 Problem 4-31 Part c LO 4-6, 4-9 c. Select the items that are most likely to be objectives of the "brainstorming" meeting that is held among the engagement team members: Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. ?Share insights about the entity and its environment and the entity's business risks. ? Provide an opportunity for the team…
Question 1 (i) Which of the following will NOT be a likely ground to blow the whistle?A. When there are serious breaches of company rules and regulationsB. When somebody feels personally aggrievedC. When there are threats to human safetyD. When there are serious concerns about a possible fraud (ii) Which of the following is not an example of internal control risk?A. Risks of errors or fraud in accounting systems and accounting and finance activities.B. Risks that important laws and regulations will not be complied with properly.C. Risks that arise in the business environment and markets in which the company operatesD. The risk of losses resulting from inadequate or failed internal processes, people and systems or external events. (iii) Which of the following is NOT a statutory duty of a director?A. Duty to disclose any money received in connection of a transfer of company property.B. Duty to exercise due diligence in their work C. Duty to contribute an appropriate sum of money to the…
Why have there have been so many business scandals mentioned in the media over the past few years? Have companies simply gotten worse, or have people become more sophisticated in identifying improper activity? What is the role of the Accountant? Sarbanes-Oxley, for example, has placed much more responsibility on the CEO and corporate officers? Are there additional laws that should be considered to ensure these scandals do not continue to occur? Should non-executives be held liable for corporate wrongdoing? in 200 words, please.
(Sections 302 and 906) How do the officer certification requirements help to address the risk of fraud in publicly traded organizations? What is the likelihood that a CFO who is committing fraudulent financial reporting would sign the certification falsely, and what are your reactions to that possibility?
“The public's perception of corporate ethics changed dramatically with the revelation of theunethical decision-making at Enron, WorldCom, Adelphia, Tyco International, PeregrineSystems and iVillage. The scandals took a toll on consumers' confidence and portfolios, andundermined their faith in the accounting profession. Corporate stakeholders have called formore transparent financial reporting and evidence of better ethical conduct” Describe THREE (3) broad categories of fraud schemes that may arise base on the situationabove. Give one example for each category.
Controversy 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?
In 2001 and 2002 there were several high-profile US corporate collapses associated with misleading financial statements and accounting practices. Following these collapses, new laws were introduced to improve the quality of financial reporting. a) In your opinion, will further regulation prevent deliberately misleading reporting? Explain. b) Are additional laws likely to prevent corporate collapses? Why or why not? c) How important is the enforcement of financial reporting requirements in promoting high quality reporting?
Ethical, Fraud, and Legal Issues for Accountants 1. What factors in the WorldCom case support the conclusion that CEO Bernie Ebbers knew about the financial statement fraud? What factors support his defense that he did not know about the fraud?

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