AMBA 630 Week 6 Assignment Ethics and Financial Reporting Actions for ‘Week 6 Ethics and Financial Reporting’ Objective Our purpose this week: studying the ethics and the integrity of financial reporting. Show that you have read and understood the readings, links and attached files – quote them where appropriate. Background Financial reporting includes the financial statement information that corporate owners (such as stockholders) and creditors (such as lenders and suppliers) rely upon to evaluate the performance of top management employees, who are entrusted with managing the assets and affairs of the enterprise. Those employed in top management have a fiduciary responsibility to owners to perform prudently, honestly and in the best interests of the owners, as well as to provide owners with full and fair information on their performance. A crooked or compromised top management may be tempted to falsify this information, in order to look better than it deserves, and to cover up poor or dishonest performance. This happened in such financial scandals such as Enron, WorldCom and other financial frauds. Therefore it is essential for financial reporting to have integrity. This makes the integrity of financial reporting a fiduciary duty and an ethical issue. Assignment The following is the topic for this week’s team assignment: The Sarbanes-Oxley Act (SOX) signed into law in July 2002 was intended to improve the accuracy of the financial statements prepared by publicly held companies. Carefully read the summary of this Act. A. Discuss how this law is likely to affect any 4 of the following 7 issues: â€¢ Audit committees of public company boards of directors â€¢ The CEOâ€™s and CFOâ€™s of public companies â€¢ Outside independent audit firms â€¢ SOX section 404 on Internal Control â€¢ The accuracy of public company financial statements andthe cost of capital for public companies â€¢ The Main Advantages and Disadvantages of SOX â€¢ What changes should be made to SOX? B. If you believe that legislation can guarantee the accuracy of public company financial statements, please explain why previous laws have failed. If you believe that the reverse is true, please explain why CEOs and CFOs are paying so much attention to this law. Your group submission document should approximately be between 10 – 15 pages following the appropriate format. It is strongly suggested that you address all 7 questions for a more comprehensive understanding of the topic. Deliverable While the assignment suggests only 4 of the 7 topics, you will find this project to be more useful if you address all 7. Only four, however, are needed to meet expectations for this assignment. Note that everyone should participate and all team members get the same grade. If you allocate out responsibilities for this assignment, you should set aside time to discuss what each has contributed, to ensure what is presented represents the team’s collective view. Pay attention to organization, grammar, and spelling in your posting. The tone of your analsysis should be professional. Research current views on SOX, not just those expressed in the first couple of years after SOX became law. Your analysis should be objective and balanced. Include references. Note: For a summary of SOX see this web site: /content/enforced/59492-022252-04-2151-MBA-9040/AICPA Sarbanes_Oxley 2014.odp For explanations about Audits and Audit Committees click here: http://www.caqforinvestors.org/ http://www.nysscpa.org/cpajournal/2004/1104/essentials/p22.htm For an excellent video on ethics. Click here: http://www.ted.com/talks/michael_sandel_what_s_the_right_thing_to_do.html
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