ACCT 101 San Francisco State Sarbanes-Oxley Act Paper

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Question Description

The length should NOT EXCEED one [1] page, single-spaced. “Times Roman” with font size 12 or smaller.

Now, you’d want read the “Instructor’s Check-list” in Course Activity Schedule [attached], footnote 2[d].

Writing a Concise Paper Assignment – Instructor’s Checklist. ©2015, 2009, 2006 Jay Kang, SFSU

1. Use Active Voice. Use “I” often! And cite your sources, and let them speak in active voice as well.

2. Cite sources fully, integrating them in your writing. Avoid: It is said . . . . Instead let the speaker come alive: Braun (p.16) says, “ . . . . ” I am interested in what she says.

3. The cited sources are listed in REFERENCES subsection. Don’t use footnotes to cite.

4. Include: The paper’s TITLE that tells the SPECIFIC, CONCRETE TOPIC or focus of your interest. Avoid a general, broad topic.

1st paragraph. State, first, your research Question(s): “I question: . . . ?” to introduce the paper.

2nd paragraph. The main body: Data gathered cite the sources. Analysis, discussion, and findings in your own words.

3rd paragraph. A concise, yet concrete summary of your paper and conclusions.

4th paragraph.. Under a sub-heading, “REFERENCES”, list the cited sources. [Do NOT use “Works Cited” in a business-area paper!]

To be concise, your paper must be single spaced [“Times Roman” with font size 12 or smaller, up to 1 page, including your Full Name and REFERENCES on the same page. [Do NOT use a double spacing.]

So, you’d want to briefly read A SAMPLE SOX Paper [attached] to see how my grading goes.

My suggestions for your quick & easy paper-writing follow.

1. To begin, you'd want to READ the attached “Ethics & SOX in 3 textbooks” and “Jiambalvo on SOX”. You should find their introduction to Enron scandal and Sarbanes-Oxley Act [SOX].

2. When you find a “specific point” of discussion INTERESTING TO YOU, this becomes YOUR OWN SPECIFIC research question, as long as this topic is both within your reach and within your time budget. My suggested time budget for this paper is about one

hour perhaps, not exceeding two [2] hours.

3. Open your word processing program, write the paper's TOPIC [in CAPs and BOLD], and then begin the introductory paragraph that first states your research question. [Single-spacing only is allowed, with #12 font size in MS Words.] For example, Braun, et al (p. xx) say, "SOX impacted . . . ." I'd like to evaluate this statement. My [research] question is: Did it impact . . . ?

Before you move onto the next section of paper, copy and paste the cited source[s] in the space below REFERENCES subheading. This listing of cited sources [or your sources of learning] you’re making here will give you the status of an academic or scholarly paper.

4. As you quickly complete your concise, introductory paragraph, you immediately begin writing your MAIN SECTION of the paper in a number of paragraphs and many sentences. I’d recommend you to google the keyword[s] of your question to find papers on the Web and gather information that can help you answer your research question, citing your sources individually [while the sources are put in the REFERENCES section]. Concurrently, you write your responses to your sources, and further analysis and evaluation in active voice [you speak out, “I agree with xxx . . .” and proceed to your conclusion. Make sure you use “I”, “my” often.

5. Your last paragraph should be a concise "restatement" of your research question, your analysis, evaluations, findings, and conclusion. [Use “I” a lot.]

6. Then, make sure your paper’s last subheading "REFERENCES" [as the title of this sub-heading] follows your main section, after skipping one blank line. [Since REFERENCES is an integral part of the paper, it shall NOT be on a separate page.]

The format of references must follow the editorial policy of The Accounting Review.

WR"WRITING A SCHOLARLY PAPER: TUTORIAL / LECTURE OUTLINE" [attached] highlights a few key points of the editorial policy.

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Mock Test over Ch 7 & 9 Set C SFSU ID ________; Name Printed:________________________ Q1. [30% of test] DeCesare Computers makes 5,200 units of a circuit board, CB76, at a cost of $270 each. Variable cost per unit is $180 and fixed cost per unit is $90. Peach Electronics offers to supply 5,200 units of CB76 for $250. If DeCesare buys from Peach it will be able to save $20 per unit in fixed costs but continue to incur the remaining $70 per unit. Should DeCesare accept Peach’s offer? Explain. Q2. [20% of test] A truck, costing $100,500 and uninsured, is wrecked its first day in use. It can be either (a) disposed of for $13,000 cash and replaced with a similar truck costing $103,000 or (b) rebuilt for $70,000 and thus be brand-new as far as operating characteristics and looks are concerned. Which action is less costly? Show your calculations. Q3. [20% of test] Inglenook Co. produces wine. The company expects to produce 300,000 two-liter bottles of Chablis in 2015. Inglenook purchases empty glass bottles from an outside vendor. Its target ending inventory of such bottles is 6,000; its beginning inventory is 5,000. For simplicity, ignore breakage. Compute the number of bottles to be purchased in 2015. Q4. [30% of test] The Howell Company has prepared a sales budget of 30,000 finished units for a 3month period. The company has an inventory of 9,000 units of finished goods on hand at December 31 and has a target finished goods inventory of 11,000 units at the end of the succeeding quarter. It takes 5 gallons of direct materials to make one unit of finished product. The company has an inventory of 56,000 gallons of direct materials at December 31 and has a target ending inventory of 66,000 gallons at the end of the succeeding quarter. How many gallons of direct materials should Howell Company purchase during the 3 months ending March 31? 15-1 15-2 ETHICS  &  SOX  IN  THREE  MANAGERIAL  ACCOUNTING  TEXTBOOKS     Professor  Jay  Kang’s  Introduction  for  his  SFSU  students   Fall  semester,  2016     1. CODE  OF  ETHICAL  STANDARDS  [Weygandt,  et  al.  p.19]     In  response  to  corporate  scandals,  the  U.S.  Congress  enacted  the  Sarbanes-­‐Oxley  Act   (SOX)  to  help  prevent  lapses  in  internal  control.  One  result  of  SOX  was  to  clarify  top   management’s  responsibility  for  the  company’s  financial  statements.  CEOs  and  CFOs   are  now  required  to  certify  that  financial  statements  give  a  fair  presentation  of  the   company’s  operating  results  and  its  financial  condition.  In  addition,  top  managers   must  certify  that  the  company  maintains  an  adequate  system  of  internal  controls  to   safeguard  the  company’s  assets  and  ensure  accurate  financial  reports.   Another  result  of  SOX  is  that  companies  now  pay  more  attention  to  the  com-­‐   position  of  the  board  of  directors.  In  particular,  the  audit  committee  of  the  board  of   directors  must  be  comprised  entirely  of  independent  members  (that  is,  non-­‐   employees)  and  must  contain  at  least  one  financial  expert.  Finally,  the  law  sub-­‐   stantially  increases  the  penalties  for  misconduct.     2.   SOX  of  2002  [Braun,  et  al.  p.17]   As a result of corporate accounting scandals, such as those at Enron and WorldCom, the U.S. Congress enacted the Sarbanes-Oxley Act of 2002 (SOX). The purpose of SOX is to restore trust in publicly traded corporations, their management, their financial statements, and their auditors. SOX enhances internal control and financial reporting requirements and establishes new regulatory requirements for publicly traded companies and their independent auditors. Publicly traded companies have spent millions of dollars upgrading their internal controls and accounting systems to comply with SOX regulations. As shown in Exhibit 1-7 [omitted by J Kang], SOX requires the company’s CEO and CFO to assume responsibility for the financial statements and disclosures. The CEO and CFO must certify that the financial statements and disclosures fairly present, in all material respects, the operations and financial condition of the company. Additionally, they must accept responsibility for establishing and maintaining an adequate internal control structure and procedures for financial reporting. The company must have its internal controls and financial reporting procedures assessed annually. SOX also requires audit committee members to be independent, meaning that they may not receive any consulting or advisory fees from the company other than for their service on the board of directors. In addition, at least one of the members should be a financial expert. The audit committee oversees not only the internal audit function but also the company’s audit by independent CPAs. To ensure that CPA firms maintain independence from their client company, SOX does not allow CPA firms to provide certain non-audit services (such as bookkeeping and financial information systems design) to companies during the same period of time in which they are providing audit services. If a company wants to obtain such services from a CPA firm, it must hire a different firm to do the non-audit work. Tax services may be provided by the same CPA firm if preapproved by the audit committee. The audit partner must rotate off the audit engagement every five years, and the audit firm must undergo quality reviews every one to three years. Why is this important? “ SOX puts more pressure on companies, their managers , and their auditors to ensure that investors get financial information that fairly reflects the company’s operations. ” SOX also increases the penalties for white-collar crimes such as corporate fraud. These penalties include both monetary fines and substantial imprisonment. For example, knowingly destroying or creating documents to “impede, obstruct, or influence” any federal investigation can result in up to 20 years of imprisonment.8 8 Go to [no longer online] www.AICPA.org to learn more about SOX. SOX also contains a “clawback” provision in which previously paid CEO and CFO incentive-based compensation can be recovered if the financial statements were misstated due to misconduct. The Frank-Dodd Act of 2010 further strengthens the clawback rules, such that firms must recover all incentive compensation paid to any current or former executive, in the three years preceding the restatement, if that compensation would not have been paid under the restated financial statements. In other words, executives will not be allowed to profit from misstated financial statements, even if the misstatement was not due to misconduct.9 9 [no longer online] www.pepperlaw.com/publications_update.aspx?ArticleKey=1868 Since its enactment in 2002, SOX has significantly affected the internal operations of publicly traded corporations and their auditors. SOX will continue to play a major role in corporate management and the auditing profession. 3. Corporate Wrongdoing [Sawyers, et al. p.13] Although companies establish ethics programs to en- courage employees to act with integrity, some individuals engage in behaviors that are not only unethical but also fraudulent. The case of Enron is one example where an ethics program was not effective. In late 2001, the once high-flying company filed for bankruptcy protection. Investigations into the company’s failure revealed a series of questionable transactions designed by the company’s top officials to enrich them- selves. The company’s former chief financial officer and two former chief executive officers were found guilty of fraud. Though the actual cost of Enron’s collapse will never be known, estimates are that shareholders and creditors lost more than $60 billion. Sarbanes–Oxley Act of 2002 As a response to the rash of corporate scandals and frauds that began in the early 2000s with the implosion of Enron in late 2001, the U.S. Congress passed the Sarbanes–Oxley Act. Sarbanes–Oxley includes a number of significant provisions. For example, the law requires management to assess whether internal controls over financial reporting (ICFR) are effective. In addition, the company’s external financial statement auditor is required to audit ICFR and assess whether those controls are effective in preventing and detecting financial misstatements. These assessments are part of the so-called Section 404 report called for under the law. Because Congress wanted to include a significant deterrent, Sarbanes–Oxley also increases the criminal penalties associated with financial statement fraud to a maximum fine of $5 million and imprisonment for 20 years. Another provision of the law requires companies to establish procedures to allow employees to lodge complaints about accounting and auditing matters directly with members of the audit committee. Furthermore, companies must ensure that employees who make such complaints are not harassed or otherwise discriminated against by others within the organization. In sum, the Sarbanes–Oxley Act has increased the level of scrutiny of public companies’ financial statements. Many observers believe that the law has improved the quality of financial reporting in the United States and helped to rebuild the public’s trust in the nation’s financial markets. References: Braun, Karen Wilken and Wendy M. Tietz. 2015. Managerial accounting. Fourth edition. Pearson Education, Inc. Weygandt, Jerry, Paul D. Kimmel and Donald E. Kieso. 2015. Managerial Accounting, 7th Edition. John Wiley & Sons. Sawyers, Roby B., Steven R. Jackson, and J. Gregory Jenkins. 2013. Managerial ACCT2, Student Edition. South-Western, Cengage Learning.   Hi everyone, Your personal paper on Sarbanes-Oxley Act is due the next week. The length should NOT EXCEED one [1] page, singlespaced. “Times Roman” with font size 12 or smaller. Now, you’d want read the “Instructor’s Check-list” in Course Activity Schedule [attached], footnote 2[d]. Writing a Concise Paper Assignment – Instructor’s Checklist. ©2015, 2009, 2006 Jay Kang, SFSU 1. Use Active Voice. Use “I” often! And cite your sources, and let them speak in active voice as well. 2. Cite sources fully, integrating them in your writing. Avoid: It is said . . . . Instead let the speaker come alive: Braun (p.16) says, “ . . . . ” I am interested in what she says. 3. The cited sources are listed in REFERENCES subsection. Don’t use footnotes to cite. 4. Include: The paper’s TITLE that tells the SPECIFIC, CONCRETE TOPIC or focus of your interest. Avoid a general, broad topic. 1st paragraph. State, first, your research Question(s): “I question: . . . ?” to introduce the paper. 2nd paragraph. The main body: Data gathered cite the sources. Analysis, discussion, and findings in your own words. 3rd paragraph. A concise, yet concrete summary of your paper and conclusions. 4th paragraph.. Under a sub-heading, “REFERENCES”, list the cited sources. [Do NOT use “Works Cited” in a business-area paper!] To be concise, your paper must be single spaced [“Times Roman” with font size 12 or smaller, up to 1 page, including your Full Name and REFERENCES on the same page. [Do NOT use a double spacing.] So, you’d want to briefly read A SAMPLE SOX Paper [attached] to see how my grading goes. My suggestions for your quick & easy paper-writing follow. 1. To begin, you'd want to READ the attached “Ethics & SOX in 3 textbooks” and “Jiambalvo on SOX”. You should find their introduction to Enron scandal and Sarbanes-Oxley Act [SOX]. 2. When you find a “specific point” of discussion INTERSTING TO YOU, this becomes YOUR OWN SPECIFIC research question, as long as this topic is both within your reach and within your time budget. My suggested time budget for this paper is about one hour perhaps, not exceeding two [2] hours. 3. Open your word processing program, write the paper's TOPIC [in CAPs and BOLD], and then begin the introductory paragraph that first states your research question. [Single-spacing only is allowed, with #12 font size in MS Words.] For example, Braun, et al (p. xx) say, "SOX impacted . . . ." I'd like to evaluate this statement. My [research] question is: Did it impact . . . ? Before you move onto the next section of paper, copy and paste the cited source[s] in the space below REFERENCES subheading. This listing of cited sources [or your sources of learning] you’re making here will give you the status of an academic or scholarly paper. 4. As you quickly complete your concise, introductory paragraph, you immediately begin writing your MAIN SECTION of the paper in a number of paragraphs and many sentences. I’d recommend you to google the keyword[s] of your question to find papers on the Web and gather information that can help you answer your research question, citing your sources individually [while the sources are put in the REFERENCES section]. Concurrently, you write your responses to your sources, and further analysis and evaluation in active voice [you speak out, “I agree with xxx . . .” and proceed to your conclusion. Make sure you use “I”, “my” often. 5. Your last paragraph should be a concise "restatement" of your research question, your analysis, evaluations, findings, and conclusion. [Use “I” a lot.] 6. Then, make sure your paper’s last subheading "REFERENCES" [as the title of this sub-heading] follows your main section, after skipping one blank line. [Since REFERENCES is an integral part of the paper, it shall NOT be on a separate page.] The format of references must follow the editorial policy of The Accounting Review. My Writing A Paper Tutorial [attached] highlights a few key points of the editorial policy. All the best, Jay Kang   WRITING A SCHOLARLY PAPER: TUTORIAL / LECTURE OUTLINE Professor Jay Kang Revised: October 10, 2017 A. The Tutorials The tutorials will help you actually write one piece of scholarly paper on a specific topic of your choice that is within a general topic. B. References And Citations The paper that you intend to write documents your research, and ought to have one or more references and citations, and the documentation format and style must follow the editorial policy of a journal, such as the Accounting Review. [The Accounting Review editorial policy statement with my editing is attached.] C. Writing a Short Paper If you’d want to write a short research paper, including “References” as a subheading of paper, here are the guidelines: Writing a Concise Paper Assignment – Instructor’s Checklist. Use Active Voice. Avoid: “It is said. . .” Instead let the speaker come alive: “Doupnik and Perera (p.16) say “. . . . ” Cite Works Fully, integrating them in your writing with the List of References. No citation in footnotes. [See Acct Review format] The Paper includes: 1. The paper’s TITLE that tells the specific, concrete topic or focus of your interest. Avoid a general, broad topic. 2. Introduction: State, first, your research Question(s) and purpose(s). “I question: . . . ?” to introduce the paper. 3. Main Subheadings: Data gathered cite the sources. Detailed analysis, discussion, and findings in your own words. 4. Conclusion: A concise, yet concrete summary of paper and conclusions. 5. Under the last sub-heading, “References”, list the cited sources. (Follow Accounting Review editorial policy.) (single spaced, up to 1 page for Acct 101 and 307, or 4 to 6 pages for Acct. 513 at SFSU) D. Writing a Short Research Proposal [NOT APPLICABLE to SFSU 101 & 307.] If you’d want to write a short research proposal, say up to 2 to 4 pages, single-spaced, including “References” as a subheading of paper, here are the guidelines research proposal: Writing a Short Research Proposal – Instructor’s Checklist. a. Use Active Voice. Avoid: “It is said. . .” Instead let the speaker come alive: “Doupnik and Perera (p.16) say . .. .” b. Cite Works Fully, integrating them in your writing with the List of References. No citation in footnotes. [See Acct Review format] c. Include in the research proposal: 1. The Title of your paper, as specific as possible., ending with “— A Research Proposal” 2. Your specific Research Question(s) and purpose(s). [The opening sentence: “I will examine: 1. . . . . , and 2. . . . . ” ] 3. Review of Related Literature 4. Methods of analysis and sources of data that will be used. 5. Expected findings and conclusions. [Cite your sources fully.] 6. Summary of the proposal and Expected Conclusions: Summarize your research question, expected findings and conclusions. (single spaced.) 7. The List of References. (This must follow the format of The Accounting Review editorial policy.) E. Tips for Writing Your Paper Adapted from “Tips for the Effective Writer” [May & May, p.5] 1. Content: Be sure that the accounting content is correct and complete. Have you addressed all relevant accounting issues? 2. Critical Thinking: Think carefully and critically about the issues with which you’re dealing. Anticipate questions and objections your readers might raise. 3. Appropriateness for Readers: Write the document with a particular reader in mind. Check that issues are discussed on a level the reader can understand. [For most documents, it is better to focus on practical, explicit information and advice related to the case you are discussing rather than on general accounting theory]. 4. Conciseness: Write as concisely as possible, given the reader’s needs and the issues to be addressed. 5. Clarity: Develop a style that is clear and readable. Choose words that convey your meaning with precision and clarity. 6. Coherence: Structure the document so that it is coherent. The organization should be logical and the train of thought easy to follow. Summarize main ideas near the beginning of the document, and begin each paragraph with a topic sentence. 7. Revision: Revise the document so that it is polished and professional. It should be free of all spelling errors and typos; grammatical errors should not detract from the message. [Source: May, Claire Arevalo, and Gordon S. May. 2012. Effective Writing: a Handbook for accountants. 9th Ed. Prentice Hall.] F. Useful Tips for Effective Writing from the Instructor, Jay Kang Understandability is your primary purpose. John Dryden said, “The aim of a writer is to be understood.” Only practice makes it perfect. Write with passion. Bernard Shaw said, “One does best at playing.” Define your “specific” research question, given a general topic. Select the question that interest you the most. Select the question which conclusion is WITHIN YOUR REACH. Research, research and research. Take notes, citing the sources. Draft paper outline ASAP. Be focused on your specific questions as you write the paper. Tell, tell and tell. Revise, revise and revise. G. Formats of Documentation, Citation, and Style Before you begin writing a scholarly paper, you’d want to be aware of professional policy against plagiarism. It occurs when a scholar “misrepresents the work of another as his or her own.” It often occurs when the scholar uses “the ideas, sentences, paragraphs, or the whole text of another WITHOUT APPROPRIATE ACKNOWLEDGEMENT.” [San Francisco State University Accounting Department, 2 ...
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THE IMPACT OF SARBANES-OXLEY ACT ON CORPORATIONS, [Zhang, (2007)]
This paper investigates the economic impacts of the Sarbanes Oxley Act on corporations
and corporate governance structures through a critical evaluation of research studies as evidence
from the perspective of Zhang, (2007). I find that the Sarbanes Oxley Act has a direct on
corporation particular on their corporate governance. It has strengthened the companies’ audit
committees through significantly changing the management responsibility for financial reporting.
This paper seeks to answer the underlying research, “What are the impacts of the Sarbanes Oxley
Act on corporations?” In answering this question, my aim is to evaluate how this law has
strengthened the financial reporting stan...

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