Read the release and the accompanying complaint in this matter and briefly summarize the three types of alleged revenue frauds. b. Return to the opening page on the SEC’s website and search the link for “Press Releases” to locate the December 17, 2009 announcement of the SEC’s charges against the audit firm and the six partners. c. Read the press release and briefly summarize the SEC’s description of the nature of audit risk associated with the Bally’s audit engagement. d. Read the complaint against the audit engagement partner, who served as the 2001 and 2002 engagement partner.
CASE 1.4 HEALTH MANAGEMENT, INC. Synopsis This case profiles an imaginative accounting fraud orchestrated by two top executives of Health Management, Inc. (HMI), a New York-based pharmaceuticals distributor. The HMI fraud is noteworthy because it led to the first major test of an important federal statute, the Private Securities Litigation Reform Act of 1995 (PSLRA), that was intended to alleviate the growing burden of class-action lawsuits filed against accounting firms and other third parties under the Securities Exchange Act of 1934. (The PSLRA amended key provisions of the 1934 Act.) The PSLRA makes it more difficult for plaintiffs to successfully “plead” a case under the 1934 Act, that is, to have such a lawsuit proceed to trial. Among other provisions in the PSLRA is a proportionate liability rule.
PCAOB, The Future of 404 Scott Carlson Mark Geiger Evallory Spratlin Kimberly Williams Liberty University Abstract Since the Sarbanes-Oxley Act of 2002 was implemented, small businesses have objected to what they describe as severe financial impacts, which are a byproduct of Rule 404 of the act. This paper will explore the allegations of small businesses, Congress’ response and what this dialogue means for the future of the Sarbanes-Oxley. The implications of this research are important because they have bearing on future regulation in the financial industry. The Sarbanes-Oxley Act of 2002 is a comprehensive bill that has proven to be a work in progress since its passage. The necessity of the bill can hardly be disputed
Historians have traditionally labeled the period after the War of 1812 the “Era of Good Feelings.” Evaluate the accuracy of this label, considering the emergence of nationalism and sectionalism. The Era of Good feelings is not an accurate label of the period after the war of 1812, because conflicts due to the introduction of industry to the economy, the growing disunion between the citizens, and the disagreements in American politics. Disagreement within American Politics Rise of industry Growing disunion between citizens Document D – The powers of the states and the Federal government are being questioned in allowing deciding over the incorporation of the Bank.•Document H – Conflict between John Quincy Adams and James Monroe, since Adams as Monroe’s Secretary of State found disagreements with the President, and many foreign issues involving Great Britain was always a concern. Document I – The people’s political beliefs were the same in the election of 1820, where they appealed to James Monroe, and in 1824 their presidential concerns became more immense, and a strong race was generated between John Q. Adams and Andrew Jackson. The rising political clashes within the Democratic-Republican Party, example: the “Corrupt Bargain,” Marshall and the Courts, and etc.• Jackson’s Victory, and the separate Political parties that were created.
This is simply because it is better to have the worst case scenario in mind. Ms. Rogers knew that the new legislation was worrying Paperco, and so she worked up a depreciation schedule using the terms of the new tax legislation for the new equipment. In addition, it turns out that, even with the new tax legislation, Paperco beats the system and would be “grandfathered” in if they sign before the tax legislation is passed. The NPV in this scenario would be greater than the other scenarios. Analysis The first scenario we would look at is one where Paperco does not take advantage of Pressco’s offer immediately, and only signs the contract to buy the equipment after the legislation has been put into place.
FDR’s motive for creating the New Deal was the toll the largest stock market crash in history was having on the nation and its people. While progressivism aimed to fix the government and the New Deal aimed to fight the stock market crash, the Great Society simply aimed to eliminate poverty in the country. WE can see that the motives of each era are all difference and, while there are some comparable characteristics about the goals of the eras, they still also differ between each era. During the progressive movement, a huge effort was made to expose the corruption of the nation; this was an effort made by muckrakers, journalists who combined careful research and sensationalism to educate the public about the corruption and dishonesty about some aspects of the country. Progressive goals included changing the voting and election process, reforming how trusts and railroad regulations were handled, and standing up for the
First, Citigroup must reconsider its strategic choices and critical tasks in light of its new strategic context. Second Citigroup must align its structure and culture with its redefined critical tasks using at the keys to successful change. Third, Prince must reinforce the structural and cultural changes with his behavior as leader of the company Case Analysis: Case 1: Enron Corp.'s On July 2003 The Securities and Exchange Commission instituted and settled enforcement proceedings against two major financial institutions, J.P. Morgan Chase & Co. and Citigroup, Inc., for their roles in Enron Corp.'s manipulation of its financial statements. Each institution helped Enron mislead its investors by characterizing what were essentially loan proceeds as cash from operating activities. The proceeding against Citigroup also resolves the Commission's charges stemming from the assistance Citigroup provided Dynegy Inc. in manipulating that company's financial statements through similar conduct.
Sears was looking to further his standing at Boeing. Satchell violated the property principle in order to gain a leg up on the competition. The company (Boeing) violated the transparency principle with the purpose of pushing a merger through. Boeing overlooked the pay discrimination issues for eight years because they did not want to commit the funds to remedying the problem. Finally, Stonecipher violated the fiduciary principle to satisfy his own personal desires.
5 2.2 Barclays’ Evolution and Early Years 5 2.3 Between 2005 and 2009 6 2.4 Financial Crisis 6 2.4 Inappropriate Behaviour 6 2.5 Why is Libor important? 7 2.6 Consequences 7 3 Barclays’ Growth 7 3.1 Barclays Revenue by Business 7 3.2 Barclays’ Profit before Tax by Business 9 4 Recommendations 10 4.1 Culture and Values 10 4.2 Governance, People and Pay 11 4.3 Reputational Risks and Financial Information 11 5 Conclusion 11 6 References 12 Executive Summary This report summarises my findings on Barclays Libor scandal spotlight, its culture and values, Governance arrangements, its business practices in place, and various risk involved and have a better understanding approaches to the management and variety of risks they face in the banking and financial sectors. Specifically, it aimed to * Identification and explanation of how the manipulation of Libor rates happened; * Describe how and what went wrong at Barclays; and * Set outs a number of recommendations. Barclays has a significant awareness of the need to identify measure, monitor and control major individual risks. This report concentrates on what went wrong, in order to find a better way forward.
The unsuccessful attempt to pass a strong enough stimulus package in 2008, the battles to continue unemployment benefits, the debt ceiling that impacted fiscal austerity when government should be investing in the economy, this corruption in our politics has done huge amount of pain in the average, 99 % of hard working Americans. According to our House Majority Leader Eric Cantor “there is too much spending that the United States is doing”. The recent bill passed by President Obama “The American Jobs Act” gave us only a quick hopeful mindset of policy debate before it, too, vanished in the take-no-prisoners