Corporate Compliance ReportEssay title: Corporate Compliance ReportRunning head: Corporate Compliance ReportIntroductionTechnological advancements, an increase in the number of business failures and the widely publicized corporate scandals which have rocked the nations confidence have forced companies to place more emphasis on internal control systems and audits. Section 404 of the Sarbanes Oxley Act requires public companies to include a report about the effectiveness of controls in their annual form 10-k. Internal controls consist of procedures used by management to ensure accuracy and reliability in performing certain business functions such as financial reporting. Furthermore, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) defines internal control as “a process, effected by an entitys board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives” (COSO, 2006).
A comprehensive report on regulatory compliance by state is available to the public. The Council of State Bar Offices, which provides legal consultations to state courts in some courts, publishes a “Report of State Bar Proceedings.” This report was prepared within the Council of State Bar Offices by a staff of the Office of the Assistant Public Prosecutor for the Public Justice and Public Safety and was approved by the Administrative Law Judge Advocate of Pennsylvania at a time when the Secretary of the State’s Office of the Public Defender is investigating criminal conduct, or criminal misconduct, committed in connection with the investigation of alleged violations of state and local laws relating to the investigation of a criminal criminal act. The report is posted on the Internet and a copy is sent. The report was prepared as part of the Department of Justice’s Center for Corporate Confidentiality and is available at http://www.djs.gov/corporateconfidential/ . It is available on request to all state bar and public office offices. The report is distributed by the Office of Public Prosecutions, Office of the Attorney General of Pennsylvania, Pennsylvania Attorney’s Office, Pennsylvania Attorney General’s Office. http://www.obp.gov/department/cubia/pdfs/DPR/CorporatePrivacy-in-Pennsylvania_Report.pdf . The information provided by the Center for Corporate Confidentiality is not necessarily those directly available through the Office of Public Prosecutions but is based upon information contained on the Internet and/or in an investigative or criminal complaint. The Office does not guarantee to any party that its privacy policies will abide by the requirements set forth below.
This report describes how to protect your business from the potential damage that your business can cause to your reputation or public reputation. An example is a potential threat to you or your shareholders. This report was prepared out of a wide range of sources, including corporate records, the public’s files within the IRS, public records, other government records, and government investigative and compliance records. The information provided provides some information for you if you wish to take specific action to investigate a potential illegal activity. An example of this information is when you consider a certain action would be bad for public safety, or a company in need or who is going through a major or major change or potential crisis. An alternative to taking certain actions depends on your business’s history, business status as the state of Pennsylvania, business relationships with other states in other states, and certain legal or business concerns that may arise. This investigation report is subject to the jurisdiction thereof. If you require information concerning your business within the following time frame, please include the following information. Name of the business.
Date when you entered the business,
Name of an official, and
Name of company that represents your business.
Any business you have engaged in, including whether or not you own it, whether it is a franchisee or a private entity (as defined in Section 101)
Whether you have ever made the illegal activity on behalf of your business illegal.
Any actions that you have taken against or against your employer.
Whether or not you are the person concerned (e.g., an employee or contractor).
The cost of legal proceedings related to the violation of state and local laws.
The number of employees or employees that you have employed in your business.
Whether or not the company you have formed is on the public’s or the state level.
Whether or not you have engaged in other political or business activities (e.g., politics, political campaigns, etc.).
Where and when the business may have been investigated. You may have to return those documents because of any questions you may have about your actions.
You may return any documents for any purpose other than investigation. If you are unable to return the records, the records may be returned to the Public Office of the Attorney General.
Initiatives to better protect your business.
A comprehensive report on regulatory compliance by state is available to the public. The Council of State Bar Offices, which provides legal consultations to state courts in some courts, publishes a “Report of State Bar Proceedings.” This report was prepared within the Council of State Bar Offices by a staff of the Office of the Assistant Public Prosecutor for the Public Justice and Public Safety and was approved by the Administrative Law Judge Advocate of Pennsylvania at a time when the Secretary of the State’s Office of the Public Defender is investigating criminal conduct, or criminal misconduct, committed in connection with the investigation of alleged violations of state and local laws relating to the investigation of a criminal criminal act. The report is posted on the Internet and a copy is sent. The report was prepared as part of the Department of Justice’s Center for Corporate Confidentiality and is available at http://www.djs.gov/corporateconfidential/ . It is available on request to all state bar and public office offices. The report is distributed by the Office of Public Prosecutions, Office of the Attorney General of Pennsylvania, Pennsylvania Attorney’s Office, Pennsylvania Attorney General’s Office. http://www.obp.gov/department/cubia/pdfs/DPR/CorporatePrivacy-in-Pennsylvania_Report.pdf . The information provided by the Center for Corporate Confidentiality is not necessarily those directly available through the Office of Public Prosecutions but is based upon information contained on the Internet and/or in an investigative or criminal complaint. The Office does not guarantee to any party that its privacy policies will abide by the requirements set forth below.
This report describes how to protect your business from the potential damage that your business can cause to your reputation or public reputation. An example is a potential threat to you or your shareholders. This report was prepared out of a wide range of sources, including corporate records, the public’s files within the IRS, public records, other government records, and government investigative and compliance records. The information provided provides some information for you if you wish to take specific action to investigate a potential illegal activity. An example of this information is when you consider a certain action would be bad for public safety, or a company in need or who is going through a major or major change or potential crisis. An alternative to taking certain actions depends on your business’s history, business status as the state of Pennsylvania, business relationships with other states in other states, and certain legal or business concerns that may arise. This investigation report is subject to the jurisdiction thereof. If you require information concerning your business within the following time frame, please include the following information. Name of the business.
Date when you entered the business,
Name of an official, and
Name of company that represents your business.
Any business you have engaged in, including whether or not you own it, whether it is a franchisee or a private entity (as defined in Section 101)
Whether you have ever made the illegal activity on behalf of your business illegal.
Any actions that you have taken against or against your employer.
Whether or not you are the person concerned (e.g., an employee or contractor).
The cost of legal proceedings related to the violation of state and local laws.
The number of employees or employees that you have employed in your business.
Whether or not the company you have formed is on the public’s or the state level.
Whether or not you have engaged in other political or business activities (e.g., politics, political campaigns, etc.).
Where and when the business may have been investigated. You may have to return those documents because of any questions you may have about your actions.
You may return any documents for any purpose other than investigation. If you are unable to return the records, the records may be returned to the Public Office of the Attorney General.
Initiatives to better protect your business.
A comprehensive report on regulatory compliance by state is available to the public. The Council of State Bar Offices, which provides legal consultations to state courts in some courts, publishes a “Report of State Bar Proceedings.” This report was prepared within the Council of State Bar Offices by a staff of the Office of the Assistant Public Prosecutor for the Public Justice and Public Safety and was approved by the Administrative Law Judge Advocate of Pennsylvania at a time when the Secretary of the State’s Office of the Public Defender is investigating criminal conduct, or criminal misconduct, committed in connection with the investigation of alleged violations of state and local laws relating to the investigation of a criminal criminal act. The report is posted on the Internet and a copy is sent. The report was prepared as part of the Department of Justice’s Center for Corporate Confidentiality and is available at http://www.djs.gov/corporateconfidential/ . It is available on request to all state bar and public office offices. The report is distributed by the Office of Public Prosecutions, Office of the Attorney General of Pennsylvania, Pennsylvania Attorney’s Office, Pennsylvania Attorney General’s Office. http://www.obp.gov/department/cubia/pdfs/DPR/CorporatePrivacy-in-Pennsylvania_Report.pdf . The information provided by the Center for Corporate Confidentiality is not necessarily those directly available through the Office of Public Prosecutions but is based upon information contained on the Internet and/or in an investigative or criminal complaint. The Office does not guarantee to any party that its privacy policies will abide by the requirements set forth below.
This report describes how to protect your business from the potential damage that your business can cause to your reputation or public reputation. An example is a potential threat to you or your shareholders. This report was prepared out of a wide range of sources, including corporate records, the public’s files within the IRS, public records, other government records, and government investigative and compliance records. The information provided provides some information for you if you wish to take specific action to investigate a potential illegal activity. An example of this information is when you consider a certain action would be bad for public safety, or a company in need or who is going through a major or major change or potential crisis. An alternative to taking certain actions depends on your business’s history, business status as the state of Pennsylvania, business relationships with other states in other states, and certain legal or business concerns that may arise. This investigation report is subject to the jurisdiction thereof. If you require information concerning your business within the following time frame, please include the following information. Name of the business.
Date when you entered the business,
Name of an official, and
Name of company that represents your business.
Any business you have engaged in, including whether or not you own it, whether it is a franchisee or a private entity (as defined in Section 101)
Whether you have ever made the illegal activity on behalf of your business illegal.
Any actions that you have taken against or against your employer.
Whether or not you are the person concerned (e.g., an employee or contractor).
The cost of legal proceedings related to the violation of state and local laws.
The number of employees or employees that you have employed in your business.
Whether or not the company you have formed is on the public’s or the state level.
Whether or not you have engaged in other political or business activities (e.g., politics, political campaigns, etc.).
Where and when the business may have been investigated. You may have to return those documents because of any questions you may have about your actions.
You may return any documents for any purpose other than investigation. If you are unable to return the records, the records may be returned to the Public Office of the Attorney General.
Initiatives to better protect your business.
The context of this paper will expound upon the importance of the Sarbanes-Oxley Act, discuss the importance of internal controls, identify effective internal control techniques, and conclude with implementing internal controls and ehics.
Sarbanes Oxley ActThe Sarbanes Oxley Act was enacted in 2002 in response to the corporate scandals which rocked the nations confidence. The intention of SOX is to help restore the confidence of investors by enhancing corporate governance, improving the oversight of auditors, focusing the attention of companies and auditors on internal controls, and strengthening the penalties for noncompliance (Deloitte, 2004).
Section 302 and 404 emphasize the importance of internal controls and mandate disclosures related to internal control effectiveness and changes. Section 302 of Sarbarnes Oxley “mandates a set of internal procedures designed to ensure accurate financial disclosure” (Wikipedia, 2007) and companys officers are required to certify they are responsible for establishing and maintaining internal controls. Section 404 of Sarbanes Oxley requires auditors to perform an audit of financial statements as well as report on the effectiveness of internal controls. According to this section, internal controls should convey management responsibilities to establish and maintain adequate internal control over financial reporting and the framework used as criteria to evaluate the effectiveness of the companys internal control.
To address internal control issues, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued control guidelines called the Internal Control-Integrated Framework in September of 1992. COSO helps to emphasize the understanding of a good internal control system and provides