Regulatory and Compliance Issues

In: Business and Management

Submitted By arodoc
Words 991
Pages 4
Regulatory and Compliance Issues
Introduction
Reviewing the growth of the Sarbanes-Oxley Act (SOX) which was made based on the public business outrages. The WorldCom and The Enron issues, for instance, gave shareholders self-confidence in entities traded on the open markets throughout ’01 and ’02. Congress was very fast to answer to the political disaster and made the bill of the Sarbanes-Oxley Act of 2002, which eventually the bill was signed into edict by President Bush on July 30 to give self-assurance to shareholders (Carmichael, 2004).
SOX quickly changed the way in how public business takes internal controls and reporting within accounting and finance and the way the public companies business being administered. One of the most important objectives of SOX is to oversee public accounting, publicity reporting business and the investment commerce. In order to follow SOX objectives and to watch the acts of public accountancy, SOX created the Public Company Accounting Oversight Board (PCAOB). This particular board directs the accounting line of work and publicity reporting business with respect to reporting and audits (Mallor, Barnes, Bowers, & Langvardt, 2014).
The Public Company Accounting Oversight Board (PCAOB) members are enforced not to have any associations with the public companies or members of the companies so as to keep all terms of accountability fair and clear. PCAOB also generated rules made to guarantee that auditors of publicity reporting business are autonomous of the companies on which they report (Carmichael, 2004).

Do you think that the creation and work of the Public Company Accounting Oversight Board (PCAOB) has resulted in greater independence of auditors of public companies? Yes, It is obvious that an independent review board is required to guarantee that due diligence is being performed every time a public accounting firm…...

Similar Documents

Critical Regulatory Issue in Health Care

...A Critical Regulatory Issue in Health Care A Critical Regulatory Issue in Health Care Congress grants agencies the ability to create regulations to promote and carry out public policy (Fremgen, 2012). A critical health care regulatory issue in today’s world is The Privacy and Security Rule. The Privacy Rule, 45 CFR (Code of Federal Regulations) Part 160 and Subparts A and E of Part 164 govern the privacy of individually identifiable health information and the security of electronic individually identifiable health information. CFR 45 Part 160 is otherwise known as the Health Insurance Portability and Accountability Act (HIPAA) (U.S. Department of Health and Human Services, 2012). HIPAA enacted in 1996, outlines the conditions protected health information (PHI) may be used or released by covered entities or individuals. The Office for Civil Rights (OCR) of the Department of Health and Human Services (HHS) enforces the HIPAA Privacy Rule. The Privacy Rule, modified in 2002 and 2003, set standards for protecting the integrity and confidentiality of PHIs covered entities must follow. Medical organizations and their employees have a legal and ethical responsibility to protect patients’ medical privacy at all times. Health care facilities and employees who fail to implement effective privacy rules and regulations are subject to fines, accreditation problems, and possible suits from affected individuals. Facilities and government agencies are liable to HHS for fines but also the...

Words: 815 - Pages: 4

Pci Compliance Issues in Networking

...PCI Compliance Issues in Networking Various answers to networking issues in compliance Professor Dr. Kenneth Flick Sherri A Lohse October 19, 2013 Abstract PCI 9 specification that deal with issues in computer networking and handle real situations thatr have coded and specific networking solutions in order to handle issues in networking that relate to PCI specifications of employing firewalls, internet protocols, acceptable bandwidths, capacity and scalability levels, levels of security. Part One Retail Shopping and Purchase of Goods with Credit/Debit Monetary Instruments Event One You visit a retailer you know and enjoy. You shop around with the mind to purchase several clothes or merchandise you determine after shopping most of the day you like to check out at a POS point of sale register. The PCI compliance and standards which are also the HIPAA standards and compliancy as well as other Market compliant POS compliance rules and regulations have a certain order of logic, organizational strength and apparent administrative rules and rights to their business functions within their daily tasks for their retail shop or POS terminal. PCI compliance and standards will show and regulate the POS, point of sale terminal with appropriate tags and prices, while the POS machine at the register will determine what’s available, what is left,......

Words: 1454 - Pages: 6

Ethical Issues Arising from the Intersection of Law, Compliance & Investigations

...There are several ethical issues that arise in information security. The security is one of most issue of concern for every business organization. Ethics is a term which is used to distinguish between right or wrong things. Ethical issues in computer security includes cybercrimes, computer hacking and information warfare. In an Internet world, many banking organizations are attacked by attackers and millions of credit card details stolen every day. Cybercrimes such as credit card fraud cases, accessing someone’s account, stealing user credentials from social networking sites and sharing copyright information illegally. There are several Information Technology laws such as intellectual property laws, privacy laws and computer crime laws. The law that is enforced for employee workplace communication environment is under fact sheet 7, 2012, Privacy Rights Clearinghouse. Computer Security Act of 1987 (PL 100-235) and Computer Matching and Privacy Act which deals with securing of personal information that are stored in federal computer systems. This law is responsible for planning of security standards for protecting data against theft. Resolving Ethical issues It is the responsibility of security professionals to follow ethical codes and conducts for providing maximum security to an organization. These security professionals assure safety and reliability. In order to resolve these ethical issues a proper security plan has to be made and implemented in which every member of......

Words: 417 - Pages: 2

Leg 505 Assignment 5 - Recommendations to Manage Common Compliance Issues

...LEG 505 Assignment 5 - Recommendations to Manage Common Compliance Issues To Purchase Click Link Below: http://strtutorials.com/LEG-505-Assignment-5-Recommendations-to-Manage-Common-Complia-LEG5055.htm LEG 505 Assignment 5 - Recommendations to Manage Common Compliance Issues Note: The assignments are a series of papers that build upon one another. A guide to best practices for contract administration•Refer the following resources to complete this assignment: (http://www.acquisition.gov/bestpractices/bestpcont.html) As the Contract Officer, you know it is time to assemble a team to manage compliance of the contract. Create a PowerPoint presentation based on the scenario you created to bring the team you have assembled up-to-date on what has occurred thus far. Prepare a twelve to twenty (12-20) slide PowerPoint presentation with speaker notes in which you: Analyze the importance of roles and responsibilities of contracting officers and administrators. Identify the various options of administrative and judicial processes available and select the appropriate process to resolve the dispute. Analyze the importance of improving methods of creating contract schedules and using a compliance matrix in government contract situations. Present ideas for brainstorming with your team in order to develop a policy that explains the role the Contract Officer should have played in the dealings between the government and the contractor, from the time the contract...

Words: 378 - Pages: 2

Legal, Safety, and Regulatory Issues

...Legal, Safety, and Regulatory Issues HCS 341 April 4, 2011 Abstract Legal, Safety, and regulatory issues all have a large impact on the human resources process as they relate to the statement “Common sense and compassion in the workplace has been replaced by litigation.” In today’s society litigations seem to be an increasing greatly, and administrators do their best to create human resources processes that avoid any possible litigations on them and or their organization. I completely agree with the statement “common sense and compassion in the workplace has been replaced by litigation.” There has been an extremely large increase in the number of employees who either sue or attempt to sue an organization and often out of revenge and not because of a valid reason. It seems that litigations in the workplace increase more as the economy continues to spiral downward. America is constantly made aware of the reductions in jobs that are still available. Many individuals are left without a job due to the recession that the economy is currently going through. There are many individuals who have also been laid off from the jobs that they once were employed by and expected to always have available to them. Job security is hard to find and employees fear for their financial security. What’s more, those who are unable to land with another employer often choose to sue (Maatman Jr.). Due to the rise in the number of employees who sue or attempt to sue the organization......

Words: 1032 - Pages: 5

Critical Regulatory Issue Report

...Critical Regulatory Issue In this day and age technology has become the way of life. People have access to their whole lives online. Consumers can shop, pay bills, and apply for credit with a simple click of a button. Some healthcare providers now have patient portals, where patients can access their medical records, review and pay their bills online and even schedule their own appointments. This is not only convenient but also makes sense with today’s technology. A patient portal is a Web-based access point that allows doctors and patients to communicate and share health information remotely, supplementing the ongoing management of the patient's care. While portals can't replace an in-office visit, they have many benefits: They are "designed to boost patient's involvement in their care," as portals encourage viewing test results and health documentation and can facilitate an ongoing doctor-patient dialogue. Additionally, portals can reduce costly paperwork by serving as online billing and payment centers (Healthcare IT) but with all of this technology and access to private information, how are consumers protected? How do they know their records are being kept confidential and not broadcasted online for everyone else to see? Patients and their private health information are protected through the Health Insurance Portability and Accountability Act also known as HIPAA. In 1996, the Health Insurance Portability and Accountability Act or the HIPAA was endorsed by the U.S.......

Words: 699 - Pages: 3

Malpractice Legal and Regulatory Issues

...Legal and Regulatory Issues Malpractice Legal and Regulatory Issues Malpractice Legal and Regulatory Issues Malpractice Legal and Regulatory Issues Malpractice is an issue that is always can affect a healthcare office. Malpractice is when the improper or negligent treatment of a patient, as by a physician, resulting in injury, damage, or loss of life. Physicians have insurance for this in case an incident occurs. Physicians follow a code that states do no harm but sometimes harm occurs due to their negligence to underlined issues. If underlined issues dealing with your diagnosis is not checked out then it can lead to further injuries and even death. Medical malpractice can cost a facility or hospital millions even billions of dollars each year. Medical malpractice not only will cost money but it can also hurt a hospital or facility reputation for treatment for patients. Medical malpractice cases require stringent and comprehensive clinical review, and hospitals always employ medical experts to review their cases. The clinical issues are always analyzed, but often overlooked is the evaluation of the corporate responsibilities of the hospital involved in the matter. It is becoming increasingly likely that the hospital will be included in the claim as plaintiff attorneys are very aware that courts are finding corporate negligence as a factor in many claims, and more and more states are recognizing corporate negligence as a contributing issue......

Words: 804 - Pages: 4

Identify Applicable Regulatory Compliance Polikcies

...Applicable regulatory compliance requirements for business situations. Marcie Snow, Marsha Williams, Raja Misra, Brandi Clark LAW/531 25 May 2015 Susan Purvin This paper identifies applicable regulatory compliance requirements for foreign trade to ensure protection of technology patents for foreign investors. It describes the reason it is necessary for laws to be set up, as well as procedures put in place for disputes when the laws are violated. With so much business being done between foreign countries, it is important for laws to be in place to avoid theft or reverse engineering of product or technology. The requirement of contracts is necessary and must be set up in a way that give specific information on how these foreign trades are to take place. In giving specific information the contracts ensure understanding for the business trade between the countries for the companies doing business. With contracts in place between the companies it is easier to hold a country accountable for illegal business practices which could possibly take place. The good thing about the law, is that all contracts must be approved by the government before trade takes place. This ensures that the contracts are fair and does not violate any of the laws set in place. Due to the differences in cultural beliefs within the different countries, the laws make it easier to do trade across the nations without the disagreements that could possibly cause issues. If a law is violated......

Words: 361 - Pages: 2

Issues in Regulatory

...Issues paper ISLAMIC FINANCIAL SERVICES BOARD and INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS ISSUES IN REGULATION AND SUPERVISION OF TAKAFUL (ISLAMIC INSURANCE) August 2006 THE JOINT WORKING GROUP: Islamic Financial Services Board International Association of Insurance Supervisors Members • Professor Rifaat Abdel Karim Ahmed • Islamic Financial Services Board • Dr Simon Archer • Islamic Financial Services Board • Abdullah Haron • Islamic Financial Services Board • Arup Chatterjee • International Supervisors • Abdul Rahman Tolefat • Bahrain Monetary Authority • Peter Casey • Dubai Financial Services Authority • Kholoud Saqqaf • Insurance Commission of Jordan • Dana Janbulat • Insurance Commission of Jordan • M'unis Haddadin • Insurance Commission of Jordan • Zabidi Othman • Central Bank of Malaysia • Wan Malawati Wan Mansor • Central Bank of Malaysia • Wan Mohd Nazri Wan Osman • Central Bank of Malaysia • Fahad A. Al Zomea • Saudi Arabia Monetary Authority IFSB & IAIS – Issues in Regulation and Supervision of Takaful (Islamic Insurance) Association of Insurance Page 2 of 16 Issues in Regulation and Supervision of Takaful (Islamic Insurance) Table of contents Background ..............................................................................................................................4 SECTION 1 – BACKGROUND TO TAKAFUL......

Words: 6267 - Pages: 26

Legal, Safety, and Regulatory Issues of Human Resources

...Legal, Safety, and Regulatory Issues of Human Resources Tara Moreno HCS/341 August 24, 2015 Angela Thomas Human resources are greatly impacted by the legal, safety, and regulatory issues that pertain to their company’s employees. The statement, “common sense and compassion has been replaced with litigation”, implies that companies today have become so engrossed with avoiding legal liabilities and lawsuits by employees that a cold management style becomes the result. Human resource managers must be well informed of regulations and laws in place that protect employee and employer rights and enforce employer responsibilities as they pertain to legal, safety, and regulatory issues in the workplace. There are many legal issues that companies must adhere to that are enforced by the Department of Labor. These laws are set in place to protect both the employee and the employer and to ensure fairness and ethical behaviors within the workplace. Some of the legal aspects of human resources that are governed by the Department of Labor include, but are not limited to; wages and hours, workplace safety, and the Family and Medical Leave Act (FMLA) ("U.s. Department Of Labor", n.d.). Employers are required to pay minimum wage to non-exempt employees for regular hours worked and time and a half pay when overtime hours are worked. The standards for wage and overtime pay are set forth by the Fair Labor Standards Act (FLSA), while the Wage and Hour Division enforces these standards. ......

Words: 897 - Pages: 4

Regulatory and Compliance Issues

...Regulatory and Compliance Issues Paper SANYUY D. ELVIS LAW 531 October 13, 2015 JAMES CHARNELL Regulatory and Compliance Issues Paper Do you think that the creation and work of the Public Company Accounting Oversight Board (PCAOB) has resulted in greater independence of auditors of public companies? Due to some major Corporate and Accounting Scandals in some prominent companies including Enron and WorldCom, Sarbanes–Oxley Act (SOX) was enacted in 2002. Through this, a lot of changes were introduced as to the regulation of Financial Practices and Corporate Governance. The SOX later on created the Public Company Accounting Oversight Board (PCAOB). The PCAOB is to oversee the audits of public companies and other issuers so that the interest of the investors can be protected and also further public interests in the preparation of Independent, accurate and informative audit reports. Therefore, all public companies are required to register with PCAOB and also follow its rules. Independence is one of the rules of the PCAOB. As stated in the PCAOB standards Section 101.01, “A member in public practice shall be independent in the performance of professional services as required by standards promulgated by bodies designated by Council”. Furthermore, according to the American Institute of Certified Public Accountants (AICPA), Independence can be defined as a state of mind that permits a member to perform an attest service without being affected by influences that can......

Words: 755 - Pages: 4

Ethics, Compliance Auditing, and Emerging Issues

...Ethics, Compliance Auditing, and Emerging Issues INTERNAL MEMO TO: John Doe CEO FROM: Glen Leonard RE: Ethics Program / Training /Compliance Auditing ------------------------------------------------- DATE: February 22, 2016 This memo serves as notice that we will soon initiate efforts to develop and implement an ethics program as well as the appropriate training and an effective way to monitor those plans. As you are aware, consumers and partners want to work with companies they can trust, and having a program that will build management skills and effectively structure business controls is a great way to become transparent and build that trust. Overall, an effective ethics and compliance program will protect the organization by identifying and preventing inappropriate conduct while promoting adherence to the legal and ethical responsibilities of the organization. The core components of the proposed ethics program will include: * Establishing Standards and Procedures – this will include code of conduct, policies and procedures * Training and Education, to ensure employees are trained on the code of conduct, policies and procedures and other programs and objectives that are relevant to the program * Monitoring, Auditing and Evaluation establishing a system to detect and prevent unethical conduct and to ensure the system is effective and being adhered to. To close, with the establishment of an effective ethics......

Words: 1669 - Pages: 7

Regulatory and Compliance Issues Paper

...Regulatory and Compliance Issues Paper During the late 1990s and early 2000s there were a lot of companies in the USA that were involved with fraudulent activities. These are companies that were trusted by both the public and their investors. Just to mention a few of these companies like Stanford financial, WorldCom, Enron, Tyco and Madoff that intentionally and fraudulently misled their shareholders and the public. The US congress in an effort to curtail the financial scandals, the Sarbanes-Oxley Act was enacted in 2002. The Sarbanes-Oxley (SOX) Act was enacted by the United States congress to protect shareholders and the public from fraudulent accounting practices and errors. The SOX help to regulate, improve standards and also straighten corporate governance. The Sarbanes-Oxley Act facilitated the creation of an oversight company called the Public Company Accounting Oversight Board (PCAOB). “The Public Company Accounting Oversight Board (also known as the PCAOB) is a private-sector, nonprofit corporation created by the Sarbanes-Oxley Act of 2002 to oversee accounting professionals who provide independent audit reports for publicly traded companies” (http://www.sec.gov). Do you think that the creation and work of the Public Company Accounting Oversight Board (PCAOB) has resulted in greater independence of auditors of public companies? As the SOX help the establishment of the PCAOB, the US congress gave the Security and Exchange Commission (SEC) the explicit oversight......

Words: 1195 - Pages: 5

The Most Critical Issue the U.S Is Facing Is the Federal Regulatory Expenses.

...2012 FINAL PROJECT 8 The most critical issue the U.S is facing is The Federal regulatory expenses. U.S. is on the path for a deficit of 1.5 trillion or more in the future. The funding reduction that should be cut out is the Federal regulatory expenses, Federal spending US cut; it could raise the economy backup and help the US out of debt. The Federal spending has developed out of proportion and is growing and not reducing the deficit. Some people believe that part of this careless budget is due to regulatory efforts. By cutting this funding tax payers and the economy could be building back up. Even President Obama’s acknowledgement about the extra federal regulations had subdued innovation which had a disturbing outcome on growth and jobs. New public companies in the United States, capital business, and entrepreneurship have all been affected by the result of federal regulations. Some people believe that part of this irresponsible budget is allocated to regulatory efforts. By reading the research and report my criteria would be for renewed economic growth to reduce regulations, so businesses are free and motivated to expand and update. By cutting agency budgets the Federal budget would not only be reduced, but it would have the added benefit of lowering the overall budget. All businesses should get a chance to start or update their businesses with an overall success rating. The second most critical issue the US is facing is the flow immigration. ......

Words: 2147 - Pages: 9

Ambulatory Surgery Centers: a Critical Regulatory Issue

...Ambulatory Surgery Centers: A critical regulatory issue Ambulatory surgery centers are considered medical facilities that are specifically designed to give elective same-day surgeries to ease the high traffic at local hospitals. They do not offer emergency care in this type of facility because it is not considered a hospital. This type of facility means that a patient does not have to be admitted to a hospital and will go home after the procedure is finished. There are many legal issues regarding these types of facilities, and as you will read, they have to do with physician ownership, out of network waivers, and Medicare cases. It takes a lot of effort to run a surgical center and to find out what kind of legal issues can be involved with this type of center. One of the main sources of legal debates that are prevalent in ambulatory surgery centers is when new owners are trying to “buy-out” an owner that is leaving the business. A lot of centers grapple with the understanding of their present contracts concerning buying and with the legal obligation of selling the center for retail value. When a surgery center needs to sell because of finances, the ability to find someone who will give a fair market price can be difficult. Watching and assessing which new owners that will enhance the productivity of the center. Another great debate that involves physician ownership is the newly revised coverage rules and regulations which is a necessity for the early notice of......

Words: 808 - Pages: 4