A corporate scandal involves alleged or actual unethical behavior by people acting within or on behalf of a corporation. Since the turn of the century, the U.S. has seen some large corporate collapses and scandals due to shoddy and deceptive accounting practices. Many companies, shareholders and employees suffered as stock prices fell and reputations were tarnished when businesses such as Nokia, Lucent Technologies, energy, and internet-related businesses conducted questionable practices.
This course examines developments in finance and accounting and a series of corporate accounting scandals on the heels of the Enron debacle that have led to current sweeping accounting guidelines, proposals, and legislation—most notably, the Sarbanes-Oxley (SOX) Act. Many of the issues surrounding the SOX Act—especially Section 404, Internal Control over Financial Reporting and Sections 302 and 906, Management Certifications —are discussed. The general issues on corporate governance and corporate social responsibility (CSR), including stock option expensing, are also covered. The illegal practice of stock option backdating is described as well.
Course Publication Date:
October 19, 2020
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$60.00!
| Author: | Delta CPE |
| Course No: | ACT-SARBOX-40150 |
| Recommended CPE: | 6.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Update |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting
|
|
|
|
Learning Objectives
- Recognize the sources of accounting irregularities such as the use of special purpose entities (SPEs) and improper revenue recognizion.
- Identify the controversy with expensing stock options and specific issues addressed by ASC 718.
- Recognize different rules and regulations put out by the FASB, NYSE, and the SEC.
- Recognize the major features of the Sarbanes-Oxley (SOX) Act of 2002 Corporate Responsibility Law.
- Identify key elements of corporate governance.
- Identify attributes of good governance, social responsibility and other ethical standards.
- Identify key sections of the Sarbanes-Oxley Act of 2002.