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Created By:
John Test
On:
Oct 14, 2010 2:44 PM
Last Updated By:
John Test
On:
Oct 14, 2010 2:44 PM
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An audit committee is an operating committee of the Board of Directors or Board of Trustees charged with oversight of financial reporting and disclosure. Committee members are drawn from members of
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94
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Anti-money laundering (AML) describes the controls that require financial institutions and other regulated entities to prevent or report actual or suspected money-laundering activities. Anti-money laundering regulations existed well before September 11, 2001, but came into special prominence globally after that date and the subsequent enactment of the USA Patriot Act. Today, all financial institutions that transact business in or through the United States are required to identify and report transactions of a suspicious nature to the financial intelligence unit in their respective country. For example, a bank must perform due diligence by verifying a customer's identity and monitor transactions for suspicious activity.
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95
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Last Updated By:
Tim Mazur
On:
Jul 28, 2010 1:09 PM
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Competition law, also known as antitrust law, involves statutes that promote or maintain market competition by regulating anti-competitive conduct. The history of competition law reaches
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91
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Last Updated By:
Tim Mazur
On:
Jul 28, 2010 10:46 AM
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A conflict of interest (COI) is a situation where an individual's personal or family interests interfere -- or appear to interfere -- with their ability to make sound, unbiased business decisions on behalf of their company.
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122
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Principles, values, standards, or rules of behavior that guide the decisions, procedures and systems of an organization in a way that (a) contributes to the welfare of its key stakeholders, and (b) respects the rights of all constituents affected by its operations.
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102
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The Big Four are the four largest international accountancy and professional services firms. They handle the vast majority of audits for large, publicly traded companies as well as many private companies.
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Status:
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Last Updated By:
Tim Mazur
On:
Jul 23, 2010 11:09 AM
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"White collar crime" is a generic term for crimes involving commercial fraud, cheating consumers, swindles, insider trading on the stock market, embezzlement, and other forms of dishonest business activity.
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43
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A whistleblower is a person who raises a concern about wrongdoing occurring in an organization or body of people. Usually this person would be from that same organization. The revealed misconduct may be classified in many ways; for example, a violation of a law, rule, regulation and/or a direct threat to public interest, such as fraud, health/safety violations, and corruption. Whistleblowers may make their allegations internally (for example, to other people within the accused organization) or externally (to regulators, law enforcement agencies, to the media or to groups concerned with the issues).
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56
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The United States Sentencing Commission is an independent agency in the judicial branch of
government. Its principal purposes are: (1) to establish sentencing policies and practices for the
federal courts, including guidelines to be consulted regarding the appropriate form and severity
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51
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Corporate transparency is the construct removing all barriers to —and facilitating — free and easy public access to corporate, political, and personal information and the laws, rules, social connivance, and processes that facilitate and protect those individuals and corporations who freely join, develop, and embellish the process.
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60
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The U.S. Securities and Exchange Commission (SEC) is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the U.S. In addition to the 1934 Act that created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes-Oxley Act of 2002 and other statutes.
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46
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The Sarbanes–Oxley Act of 2002 (SOX), is a United States federal law enacted on July 30, 2002, which set new or enhanced standards for all U.S. public company boards, management, and public accounting firms. It is named after sponsors U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH).
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38
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Risk assessment is a step in a risk management procedure. It is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat (also called hazard). Quantitative risk assessment requires calculations of two components of risk: R, the magnitude of the potential loss L, and the probability p, that the loss will occur.
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55
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The Public Company Accounting Oversight Board (or PCAOB) is a private sector non-profit corporation created by the Sarbanes-Oxley Act, a 2002 United States federal law, to oversee the auditors of public companies. Its stated purpose is to 'protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports'. Although a private entity, the PCAOB has many government-like regulatory functions, making it, in some ways, similar to the private "self-regulatory organizations" (SROs) which regulate stock markets, broker-dealers, et cetera in the United States.
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Privacy is the ability of an individual or group to seclude themselves, or information about themselves, and thereby reveal themselves selectively. The boundaries and content of what is considered private differ among cultures and individuals but share basic common themes. The degree to which private information is exposed depends on how the public will receive this information, which differs between places and over time. Privacy is broader than security and includes the concepts of appropriate use and protection of information.
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The phrase mergers and acquisitions (abbreviated M&A) refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling and combining of different companies that can aid, finance, or help a growing company in a given industry grow rapidly without having to create another business entity.
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A kickback is an official's share of misappropriated funds allocated from his or her organization to an organization involved in corrupt bidding. For example, if politician is in charge of choosing how to spend some public funds, he or she can give a contract to a company that is not the best bidder, or allocate more than they deserve. In this case, the company benefits and, in exchange for betraying the public, the official receives a kickback payment, which is a portion of the sum the company received. This sum itself may be all or a portion of the difference between the actual (inflated) payment to the company and the (lower) market-based price that would have been paid had the bidding been competitive.
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51
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An investigation must enforce standards; if someone calls a helpline with information, the office will launch an investigation (often secret, always controversial).
Things needed for an effective ethics and compliance program:
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50
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The International Organization for Standardization, widely known as ISO, is an international standard-setting body composed of representatives from various national standards organizations. Founded in 1947, the organization promulgates worldwide proprietary industrial and commercial standards. It has its headquarters in Geneva, Switzerland. While ISO defines itself as a non-governmental organization, its ability to set standards that often become law, either through treaties or national standards, makes it more powerful than most non-governmental organizations. In practice, ISO acts as a consortium with strong links to governments.
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