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Sibold, Q.C., Stephen P. "Assessing Canada’s Regulatory Response to the Sarbanes-Oxley Act of 2002: Lessons for Canadian Policy Makers." Alberta Law Review 46, no. 3 (June 1, 2009): 769. http://dx.doi.org/10.29173/alr225.
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The article sets out to show that by adopting the Sarbanes-Oxley Act of 2002 together with other rules of the United States corporate governance regime, Canadian securities regulators moved away from a Canadian, principles-based approach, and not necessarily for the better. It does so by first discussing the unique characteristics of the Canadian capital markets and providing a thorough background into Canada’s corporate governance regime. It then highlights the main provisions of the Act, describes the ensuing debate in Canada, and critically examines Canada’s corresponding regulatory action — the introduction of four rules and a policy. The article asserts that the Sarbanes-Oxley Act of 2002 was an inappropriate model to take for the regulators and recommends a re-evaluation of the perceived need to harmonize with the United States in the area of corporate governance.
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Karim Miajee, Md Rezaul. "The American National System of Corporate Governance." International Journal of Shari'ah and Corporate Governance Research 1, no. 1 (October 21, 2018): 3–21. http://dx.doi.org/10.46281/ijscgr.v1i1.56.
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Introduction Corporate governance (CG) has recently been extensively discussed, intensely debated and variously defined in the United States. For the purposes of this chapter, CG shall mean the internal arrangements within a corporation intended to provide reasonable assurances that corporate directors and officers make and implement decisions in accordance with their duties of care and loyalty to their corporations. CG in the United States is often associated with the recent initiatives taken in the wake of corporate scandals such as Enron and MCI. While the recent initiatives are undoubtedly important, their significance can best be understood in the context of the existing frameworks under corporate and securities law. The current initiatives in the United States (i.e. the recently adopted CG provisions in the listing requirements for the New York Stock Exchange (NYSE) – and the provisions of the Sarbanes–Oxley Act of 2002 – often called “Sarbanes– Oxley”) in important ways simply add to the governance measures already in place pursuant to corporate law and securities regulation in the United States. Only after understanding foundations in corporate law and securities regulation in the United States is it possible to understand the significance, and the limitations, of the recently adopted NYSE listing requirements and of Sarbanes–Oxley. In general, the recent NYSE initiatives attempt to improve the degree of independence among directors of corporations listed there so that they are better able – and more likely – to meet the performance standards currently applicable to directors under corporate law (i.e. duties of care and loyalty), but the NYSE does not change those standards. Unfortunately, the NYSE listing requirements do not have the force of law. Sarbanes–Oxley, on the other hand, in general, attempts to improve the independence of external auditors and corporate directors so that they are better able – and more likely – to prepare public disclosures in form and substance required by US securities regulations. There are also provisions intended to enhance the care with which corporate officers prepare required public disclosures. Unfortunately, Sarbanes–Oxley applies only to disclosure requirements under US securities regulations. With limited exceptions, Sarbanes–Oxley is not specifically intended to apply to directors’ or officers’ broader obligations to their corporations or the standards applicable to their performance of those obligations.
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Gao, Xiaohui, Jay R. Ritter, and Zhongyan Zhu. "Where Have All the IPOs Gone?" Journal of Financial and Quantitative Analysis 48, no. 6 (December 2013): 1663–92. http://dx.doi.org/10.1017/s0022109014000015.
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AbstractDuring 1980–2000, an average of 310 companies per year went public in the United States. Since 2000, the average has been only 99 initial public offerings (IPOs) per year, with the drop especially precipitous among small firms. Many have blamed the Sarbanes-Oxley Act of 2002 and the 2003 Global Settlement’s effects on analyst coverage for the decline in IPO activity. We find very little support for the conventional wisdom, and we offer an alternative explanation. Our economies of scope hypothesis posits that the advantages of selling out to a larger organization, which can speed a product to market and realize economies of scope, have increased relative to the benefits of operating as an independent firm.
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Akowuah, Francis, Xiaohong Yuan, Jinsheng Xu, and Hong Wang. "A Survey of U.S. Laws for Health Information Security & Privacy." International Journal of Information Security and Privacy 6, no. 4 (October 2012): 40–54. http://dx.doi.org/10.4018/jisp.2012100102.
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As healthcare organizations and their business associates operate in an increasingly complex technological world, there exist security threats and attacks which render individually identifiable health information vulnerable. In United States, a number of laws exist to ensure that healthcare providers take practical measures to address the security and privacy needs of health information. This paper provides a survey of U.S. laws related to health information security and privacy, which include Health Insurance Portability and Accountability Act (HIPAA),Gramm-Leach-Bliley Act, Sarbanes-Oxley Act of 2002, Patient Safety and Quality Improvement Act of 2005, and Health Information Technology for Economic and Clinical Health (HITECH).The history and background of the laws, highlights of what the laws require, and the challenges organizations face in complying with the laws are discussed.
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Basile, Anthony, Sheila Handy, and Felisha N. Fret. "A Retrospective Look at the Sarbanes-Oxley Act of 2002- Has it accomplished its original purpose?" Journal of Applied Business Research (JABR) 31, no. 2 (March 3, 2015): 585. http://dx.doi.org/10.19030/jabr.v31i2.9155.
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As a result of notable frauds including Enron, WorldCom and Waste Management, the United States Congress enacted the Sarbanes-Oxley Act of 2002 (SOX). The Act would forever change the accounting profession. After a little more than a decade, publicly traded companies have been able to create and implement policies and procedures to ensure compliance with the Act, specifically the provisions set forth in Section 404. Since all public companies have implemented SOX compliance together with other regulations imposed by the Internal Revenue Service and other regulatory agencies into their normal reporting routines, management of these companies have realized further benefits associated with SOX compliance. Because of these reported benefits many private companies have begun to voluntarily implement SOX-like policies and procedures into their own internal framework. This paper will discuss the perceptions of the enactment and implementation of the Act, the associated benefits derived from SOX compliance and reasons why private companies have begun voluntarily adopting SOX-like policiesprocedures and strategies.
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Glover, Steven M., Douglas F. Prawitt, and Mark H. Taylor. "Audit Standard Setting and Inspection for U.S. Public Companies: A Critical Assessment and Recommendations for Fundamental Change." Accounting Horizons 23, no. 2 (June 1, 2009): 221–37. http://dx.doi.org/10.2308/acch.2009.23.2.221.
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SYNOPSIS: The Sarbanes-Oxley Act of 2002 (SOX) established the Public Company Accounting Oversight Board (PCAOB) to oversee the accounting firms that audit publicly traded companies in the United States. In this commentary we outline why we believe the PCAOB’s audit standard-setting and inspection models are inefficient and dysfunctional. We assert that the Board’s ability to achieve its mission is limited by its early choices, together with its incentives, organizational composition, and structure. We support our assertions with a number of indicators of serious problems and flaws in the current approach. We also present high-level recommendations for change for policy makers, regulators, and leaders in the profession to consider in developing improved approaches to audit standard setting, inspection, and enforcement.
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Fung, Simon Yu Kit, Ferdinand A. Gul, and Jagan Krishnan. "City-Level Auditor Industry Specialization, Economies of Scale, and Audit Pricing." Accounting Review 87, no. 4 (July 1, 2012): 1281–307. http://dx.doi.org/10.2308/accr-10275.
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ABSTRACT We examine the effects of city-level auditor industry specialization and scale economies on audit pricing in the United States. Using a sample of Big N clients for the 2000–2007 period, and a scale measure based on percentile rankings of the number of audit clients at the city-industry level, we document significant specialization premiums and scale discounts in both the pre- and post-Sarbanes-Oxley Act (SOX) periods. However, the effects of industry specialization and scale economies on audit pricing are highly interactive. The negative effect of city-industry scale on audit fees obtains only for clients of specialist auditors. By contrast, clients of non-specialist auditors obtain scale discounts only when they enjoy strong bargaining power, suggesting that auditors are “forced” to pass on scale economies to clients with greater bargaining power. Data Availability: Data are available from sources identified in the article.
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Gilligan, George Peter. "SOX as a window on transference of corporate governance norms across jurisdictions." Northern Ireland Legal Quarterly 60, no. 4 (March 13, 2020): 403–19. http://dx.doi.org/10.53386/nilq.v60i4.497.
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This paper considers the issue of the transference of norms across jurisdictions in corporate governance contexts through the lens of an Australian case study. The paper focuses on the impacts of the United States of America (US) legislation the Sarbanes-Oxley Act 2002 (SOX) from an Australian perspective. The paper draws on a series of semi-structured interviews (n=14), with senior personnel of: accounting firms; business organisations; consumers; financial exchanges; government; institutional investors; investment banks; law firms; private investors; professional associations; and regulators. The findings from the study are that key stakeholders in Australia have taken notice of SOX and its effects in the US, but that the influence of SOX in specifically Australian contexts has been limited. The general perception in Australia seems to be that SOX has had some flaws in its inception and in its subsequent delivery in the US, but also that it has produced some positive outcomes. However, domestic factors and influences are overwhelmingly more important in shaping how financial regulation and corporate governance evolve in Australia. Therefore, it seems that SOX does not signify in any substantive way a regulatory hegemony emanating from the US that determines financial market regulation or the evolution of corporate governance in Australia.
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Black, Ervin L., Theodore E. Christensen, Paraskevi Vicky Kiosse, and Thomas D. Steffen. "Has the Regulation of Non-GAAP Disclosures Influenced Managers’ Use of Aggressive Earnings Exclusions?" Journal of Accounting, Auditing & Finance 32, no. 2 (July 27, 2016): 209–40. http://dx.doi.org/10.1177/0148558x15599131.
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The frequency of non-GAAP (or “pro forma”) reporting has continued to increase in the United States over the last decade, despite preliminary evidence that regulatory intervention led to a decline in non-GAAP disclosures. In particular, the Sarbanes–Oxley Act of 2002 (SOX) and Regulation G (2003) impose strict requirements related to the reporting of non-GAAP numbers. More recently, the Securities and Exchange Commission (SEC) has renewed its emphasis on non-GAAP reporting and declared it a “fraud risk factor.” Given the SEC’s renewed emphasis on non-GAAP disclosures, we explore the extent to which regulation has curbed potentially misleading disclosures by investigating two measures of aggressive non-GAAP reporting. Consistent with the intent of Congress and the SEC, we find some evidence that managers report adjusted earnings metrics more cautiously in the post-SOX regulatory environment. Specifically, the results suggest that firms reporting non-GAAP earnings in the post-SOX period are less likely to (a) exclude recurring items incremental to those excluded by analysts and (b) use non-GAAP exclusions to meet strategic earnings targets on a non-GAAP basis that they miss based on Institutional Brokers’ Estimate System (I/B/E/S) actual earnings. However, we also find that some firms exclude specific recurring items aggressively. Overall, the results suggest that while regulation has generally reduced aggressive non-GAAP reporting, some firms continue to disclose non-GAAP earnings numbers that could be misleading in the post-SOX regulatory environment.
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Boubaker, Sabri. "Editorial: Advances in corporate governance practices." Corporate Board role duties and composition 17, no. 1 (2021): 4–6. http://dx.doi.org/10.22495/cbv17i1editorial.
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Corporate governance has gone through three decades of profound changes in terms of new regulations, new practices, and environmental conditions. Many countries drafted guidelines for best corporate governance practices following Cadbury report (Cadbury, 1992). These practices were mainly related to the board of directors (composition and functioning), internal controls, and internal audit. The Enron scandal followed by the collapse of Arthur Andersen, one of the big five audit firms, and the enactment of the “Public Company Accounting Reform and Investor Protection Act” (Sarbanes-Oxley law) in 2002 were other milestones in the evolution of corporate governance. This law brought about significant changes related to public company accounting oversight, auditor independence, financial disclosure, and corporate responsibility. The financial crisis in 2008 started in the United States and has shaken the world economy. This crisis was due to weak corporate governance that led to fraudulent financial reporting and excessive risk-taking. Grove and Victoravich (2012) consider CEO duality, lack of board independence, weak management control systems, short-termism, weak codes of ethics, and opaque disclosures among the main drivers of this crisis. The COVID-19 has consistently shown that firms with better corporate governance and corporate social responsibility practices were the most resilient entities during the first quarter of the pandemic (Ramelli & Wagner, 2020). All these topics are addressed in this collection of high-quality research papers of this year’s first issue of Corporate Board: Role, Duties, and Composition.
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Wedemeyer, Phil D. "A Perspective on the PCAOB—Past and Future." Accounting Horizons 28, no. 4 (August 1, 2014): 937–47. http://dx.doi.org/10.2308/acch-50889.
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SYNOPSIS The auditing of financial statements of public companies in the United States is now a regulated industry, and the primary instrument of its regulation is the Public Company Accounting Oversight Board (PCAOB), an entity created by the Sarbanes-Oxley Act of 2002 (SOX). The PCAOB is one element of a politicized regulatory structure and, as a result, future developments in auditing will continue to be difficult to predict. SOX requirements for PCAOB inspections of audit firms substantially increased the possibility that an audit will be subsequently evaluated despite the absence of identified errors in audited financial statements. The SOX requirement for an auditor's opinion on internal controls over financial reporting (ICFR) immediately increased audit costs and continues to generate heated political debate. In addition, certain aspects of audit quality and PCAOB inspections as well as reporting and audit standards have, or will, affect the conduct of audits and the activities of audit firms. The net effect of these changes has been to increase the cost of audits, particularly as a result of increased review, other quality control activities, and the performance of audits of ICFR, where required. In return, the quality of audits in terms of compliance with audit standards has improved significantly. However, the business models of audit firms and the processes for education and certification of accountants have remained substantially unchanged and are major influences on the quality of audits.
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Woo, Christopher Hung Nie. "United States Securities Regulation and Foreign Private Issuers: Lessons from the Sarbanes-Oxley Act." American Business Law Journal 48, no. 1 (February 17, 2011): 119–76. http://dx.doi.org/10.1111/j.1744-1714.2010.01113.x.
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Iyer, Venkataraman M., and Ann L. Watkins. "Adoption of Sarbanes-Oxley Measures by Nonprofit Organizations: An Empirical Study." Accounting Horizons 22, no. 3 (September 1, 2008): 255–77. http://dx.doi.org/10.2308/acch.2008.22.3.255.
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SYNOPSIS: This paper reports the results of a survey of 215 nonprofit organizations to determine the degree to which these organizations have voluntarily adopted provisions of the Sarbanes-Oxley Act of 2002 (SOX). The authors believe that this research is timely and important as several states are considering implementing regulation that would have implications for stricter accountability measures for nonprofit organizations. Results indicate that many of the nonprofits in this survey have either already adopted governance measures similar to those prescribed by SOX or are in the process of doing so. The regression results indicate that size of budget, size of the board of directors, and proportion of independent members on the board are significantly related to the presence of an audit committee. Organizations engaging external or internal auditors are more likely to have a code of conduct and have periodic assessments of internal controls. The presence of an internal audit function is also significantly related to management certification of financial reports. The regression analysis on a composite SOX measure (which was calculated by summing the responses to questions on adoption of an audit committee, code of conduct, whistleblower protection, management certification of financial reports, and periodic assessments of internal controls) indicates that the presence of an external and/or an internal audit is significantly related to the adoption of such SOX measures.
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Meier, Heidi Hylton, and Natalie C. Meier. "Corporate governance: An examination of U.S. and European models." Corporate Board role duties and composition 9, no. 2 (2013): 6–11. http://dx.doi.org/10.22495/cbv9i2art1.
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As the model for corporate governance has emerged in the US after decades of evolution, culminating with the Sarbanes-Oxley Act in 2002, there has also been interest in corporate governance models used in other countries. This has particular importance considering the increased competition for capital in international markets with investors wishing to make sound financial decisions by seeking information from companies, regardless of their national registry, that is open, accessible and accurate. This paper examines the framework for corporate governance in the US, its evolution over time, and reviews corporate governance models used in the United Kingdom, the Netherlands, Germany and Switzerland. A comparison of these models is provided presenting similarities and differences, strengths and weakness, and obstacles to harmonization.
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Krackhardt, Oliver. "New Rules for Corporate Governance in the United States And Germany - A Model for New Zealand?" Victoria University of Wellington Law Review 36, no. 2 (August 1, 2005): 319. http://dx.doi.org/10.26686/vuwlr.v36i2.5601.
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This paper surveys the possibilities for implementing new rules for corporate governance in New Zealand. It focuses on the new rules issued in Germany (the German Code of Corporate Governance) and the United States (the Sarbanes-Oxley Act). The paper analyses both to find out which rules might be appropriate for New Zealand. It is argued that New Zealand needs to adopt a code of corporate governance in order to keep up with international developments, otherwise it risks repelling local investors and failing to attract international investors. It is concluded that most importantly New Zealand should adopt a principles-based "comply-or-explain" approach rather than strict rules, as it offers greater flexibility. The paper further concludes that many of the rules issued in Germany and the United States could improve corporate governance in New Zealand and hence should be implemented.
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Fernandez Canelas, Jesus Angel, Quintin Martin Martin, and Juan Manuel Corchado Rodriguez. "Argumentative SOX Compliant and Quality Decision Support Intelligent Expert System over the Suppliers Selection Process." Applied Computational Intelligence and Soft Computing 2013 (2013): 1–23. http://dx.doi.org/10.1155/2013/973704.
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The objective of this paper is to define a decision support system over SOX (Sarbanes-Oxley Act) compatibility and quality of the Suppliers Selection Process based on Artificial Intelligence and Argumentation Theory knowledge and techniques. The present SOX Law, in effect nowadays, was created to improve financial government control over US companies. This law is a factor standard out United States due to several factors like present globalization, expansion of US companies, or key influence of US stock exchange markets worldwide. This paper constitutes a novel approach to this kind of problems due to following elements: (1) it has an optimized structure to look for the solution, (2) it has a dynamic learning method to handle court and control gonvernment bodies decisions, (3) it uses fuzzy knowledge to improve its performance, and (4) it uses its past accumulated experience to let the system evolve far beyond its initial state.
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Braiotta, Louis, and Jian Zhou. "An exploratory study of the effects of the Sarbanes‐Oxley Act, the SEC and United States stock exchange(s) rules on audit committee alignment." Managerial Auditing Journal 21, no. 2 (February 2006): 166–90. http://dx.doi.org/10.1108/02686900610639301.
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Yallapragada, RamMohan R., C. William Roe, and Alfred G. Toma. "Sarbanes-Oxley Act Of 2002 And Non-Profit Organizations." Journal of Business & Economics Research (JBER) 8, no. 2 (December 21, 2010). http://dx.doi.org/10.19030/jber.v8i2.676.
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<p style="text-align: justify; margin: 0in 0.5in 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">The United States (US) has the unique record of having the largest sector of Non-Profit Organizations (NPO) in the world, comprising of over one million NPOs.<span style="mso-spacerun: yes;"> </span>The participation of Americans in philanthropic activities is unparalleled in the world.<span style="mso-spacerun: yes;"> </span>In recent years, NPOs received over $1.5 trillion in revenues as reported by the Internal Revenue Service. These charitable organizations contribute immensely towards improving the lives of disadvantageous people.<span style="mso-spacerun: yes;"> </span>However, the huge NPO sector of our economy has been plagued recently with a deluge of corporate financial scandals similar to the scandals in corporations in the for-profit sector, such as Enron, WorldCom and Tyco. The misappropriations of funds involved over 150 NPOs, including world renowned organizations such as Red Cross and United Way.<span style="mso-spacerun: yes;"> </span>The embezzled funds amounted to over $1 billion.<span style="mso-spacerun: yes;"> </span>The US Congress reacted quickly and vehemently to such scandals in the for-profit corporations with the enactment of Sarbanes-Oxley Act of 2002 (SOX), with far reaching consequences to the American business organizations.<span style="mso-spacerun: yes;"> </span>The rigorous provisions of SOX did not extend to Non-Profit Organizations except in two specific areas – whistleblower protection and retention of documents for verification.<span style="mso-spacerun: yes;"> </span>However, the present flood of NPO scandals triggered a bevy of SOX-like proposals for laws for Non-Profit Organizations as well, in the US Congress and in many state legislatures.<span style="mso-spacerun: yes;"> </span>Some states have already passed such laws.<span style="mso-spacerun: yes;"> </span>This paper presents a brief description of the NPO scandals, the ongoing proposals of SOX-like laws for NPOs in several states and their impact on the future governance of the NPOs.</span></span></p>
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Zaman Groff, Maja, and Marko Hočevar. "Public oversight of the audit profession – Comparison of implemented practices in the EU and the U.S." Central European Public Administration Review 7, no. 3 (April 8, 2014). http://dx.doi.org/10.17573/cepar.v7i3.133.
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Following financial scandals at the turn of the century, the audit profession in the European Union, the United States and elsewhere, has undergone profound legislative and regulatory reforms, including the requirement for intense public oversight of the profession. The article provides an overview of the development of external quality assurance systems in the audit profession in the EU and the U.S. with emphasis on the system of public oversight, implemented after the passing of the Sarbanes-Oxley Act of 2002 in the U.S. and the Statutory Audit Directive of 2006 in the EU. The aims of the article are: 1) to explain different backgrounds of external quality assurance systems in the EU and the U.S., 2) to describe implemented practices related to the public oversight system in the two regions and 3) to present the main findings of the existing empirical research focusing on the impact of the newly established systems of public oversight on the quality of audit services. Our literature research reveals that the evidence on the impact of the public oversight on the ultimate audit quality in the EU has not yet been provided because the Member States have only finished the implementation of the Statutory Audit Directive requirements into national legislations by the year 2008. In the U.S., on the other hand, first empirical evidence has been presented, suggesting that the quality of auditing has improved after the passing of the Sarbanes Oxley Act of 2002. So far evidence has been provided to support the proposition that PCAOB opinions are associated with earnings quality of the audit firm’s clients, that auditors have become more conservative and that the new inspectors (as opposed to the former system of self-regulation) can hold the auditors to stricter standards by taking concrete actions against felonious auditors and imposing costly penalties.
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Yallapragada, RamMohan R., Alfred Toma, and C. William Roe. "One Of The Prime Beneficiaries Of The Sarbanes Oxley Act Of 2002: The London Stock Exchange!" International Business & Economics Research Journal (IBER) 7, no. 10 (February 16, 2011). http://dx.doi.org/10.19030/iber.v7i10.3301.
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In the late 1990s, financial markets in the United States (U S ) were rocked by accounting scandals in companies such as Enron and WorldCom. Public confidence in American business was at a low ebb. As a knee-jerk reaction to the scandals, the U S Congress hastily passed the Sarbanes-Oxley Act of 2002 (SOX) hoping to restore the lost image of the U S business firms. SOX rendered corporate governance and protecting corporate assets a matter of Federal mandates. Penalties for violation of the provisions of SOX include a maximum of 25 years of prison and/or a fine of twenty five million dollars. For small and mid-size firms, the implementation costs became prohibitive. The exorbitant implementation costs of Section 404 of SOX and the draconian criminal sanctions for senior management are driving companies to flee from The New York Stock Exchange to more favorable exchanges overseas. The London Stock Exchange appears to be the most benefited one from the passage of SOX. This paper presents the salient provisions of SOX, the havoc caused to the business firms by its implementation costs, and the present trend of flight of capital from American stock exchanges to overseas stock exchanges such as the London Stock Exchange.
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Nzuve, Stephen. "The Impact of the Enactment of the Sarbanes Oxley Act in the United States, 2002 on the Improvement of Corporate Finance and Good Governance Behavior." SSRN Electronic Journal, 2012. http://dx.doi.org/10.2139/ssrn.2141687.
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Galla, Donna, Frank Cavico, and Bahaudin Mujtaba. "Compliance With Sarbanes-Oxley Requires Formal Ethics Training: Are You Doing It?" Journal of Business & Economics Research (JBER) 5, no. 9 (February 7, 2011). http://dx.doi.org/10.19030/jber.v5i9.2578.
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This paper focuses on the business environment post Sarbanes-Oxley Act of 2002 (SOX). The premise of this paper is that after decades of an eroding of regulations to prevent corporate and personal self-serving behavior, the legislation of the Sarbanes-Oxley Act of 2002 (SOX) is not enough to prevent unethical behavior. Kohlberg’s moral development theory states that cognitive ethical reasoning becomes more complex as one matures and gains cognitive processes. This theory assumes anyone with lower-order ethical reasoning is not able to process higher-order ethical reasoning. The theory is another indication that high ethical standards exhibited today do not guarantee the same standards tomorrow. Ethics theories and Rest’s four-component model is briefly discussed. This paper concludes with an ethical business training model which can serve as a guideline for accessing and improving individual organizational ethics standards of ethical behavior.
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Kecskés, András. "REFORMING CORPORATE GOVERNANCE VIA LEGISLATION IN THE UNITED STATES – THE CASE OF THE SARBANES-OXLEY ACT." Pravni vjesnik 33, no. 3-4 (December 2017). http://dx.doi.org/10.25234/pv/5162.
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Amuah, Hazel Berrard. "The Impact of the Sarbanes Oxley Act in the United States on Corporate Finance and Good Governance Behaviour." SSRN Electronic Journal, 2012. http://dx.doi.org/10.2139/ssrn.2126481.
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Stanwick, Peter A. "Corporate Governance: Is It Time For Global Standards?" International Business & Economics Research Journal (IBER) 7, no. 2 (February 15, 2011). http://dx.doi.org/10.19030/iber.v7i2.3222.
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Financial markets depend on the integrity of the financial information generated by management. In order for that integrity to be ensured, an effective corporate governance system must be in place by the corporation. While the United States has been the initial focal point on the effectiveness of corporate governance through the actions at Enron and WorldCom, European companies such as Ahold, Parmalat and Adecco have also demonstrated that the European Union faces challenges pertaining to corporate governance. The purpose of this paper is to compare how the United States and the European Union address the issue of corporate governance. The paper will examine and compare the Sarbanes-Oxley Act in the United States, the European Commissions Action Plan on corporate governance and the new corporate governance guidelines issues by the Organization for Economic Cooperation and Development. The paper will conclude with a discussion on whether global corporate governance standards are necessary to ensure the stability of global financial markets. The author will argue that certain core standards are universal in nature. However, flexibility is still warranted in some areas due to specific cultural beliefs and established business standards.
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Waytz, Adam, and Vasilia Kilibarda. "Through the Eyes of a Whistle-Blower: How Sherry Hunt Spoke Up About Citibank's Mortgage Fraud." Kellogg School of Management Cases, January 20, 2017, 1–18. http://dx.doi.org/10.1108/case.kellogg.2016.000374.
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In 2011, Sherry Hunt was a vice president and chief underwriter at CitiMortgage headquarters in the United States. For years she had been witnessing fraud, as the company bought billions of dollars in mortgage loans from external lenders that did not meet Citi credit policy and sold them to government-sponsored enterprises (GSEs). This resulted in Citi selling to GSEs such as Fannie Mae and Freddie Mac pools of loans that were considerably defective and thus likely to default. Citi had also approved hundreds of millions of dollars' worth of defective mortgage files for U.S. Federal Housing Administration insurance. After reporting the mortgage defects in regular reports, notifying and working closely with her direct supervisor (who was subsequently asked to leave Citi after alerting the chairman of the board to these issues) to stop the purchase of defective loans, leaving anonymous tips on the FBI's and the Department of Housing and Urban Development's websites, and receiving threats from two of her superiors who demanded that she change the results of her quality control unit's reports, the shy and conflict-avoidant Hunt had to decide who she should tell about the fraud, and how.The case gives students the opportunity to recommend how Hunt should proceed based on their analysis of the stakeholders involved. To aid instructors, the case includes Kellogg-produced videos of Hunt—the only on-camera interviews she has ever given—explaining what happened after she reported the fraud to Citi HR and, later, the U.S. Department of Justice. Within the case, students are also briefly exposed to legislation and bodies pertinent to whistle-blowing in the United States, including the Dodd-Frank Act, the Sarbanes-Oxley Act, and the SEC Office of the Whistleblower.This case won the 2014 competition for Outstanding Case on Anti-Corruption, supported by the Principles for Responsible Management Education (PRME), an initiative of the UN Global Compact. Analyze stakeholders' motivations to prepare counter-arguments to the resistance one might encounter when reporting unethical behavior Write a script for who to tell, how, and why Discuss how incentive structures, management, and culture play roles in promoting or hindering ethical behavior in organizations Identify behaviors that help a whistle-blower be effective Gain experience resolving ethical dilemmas in which two values may conflict, such as professional duty and personal ethics