Acct 4420 Chapters 2 and 3 new

Acct 4420 Chapters 2 and 3 new - Acct4420 Chapter2Corporate...

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Acct 4420 Chapter 2 Corporate  Governance and Chapter 3 Ethics
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Corporate Governance Definition of corporate governance: A process by which the owner and creditors or an  organization exert control and require  accountability for the resources entrusted to the  organization.  The owners (stockholders) elect a  board of directors to provide oversight of the  organization’s activities. Chapters 2 & 3 page 2
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Exhibit 2.1 Overview of Corporate  Governance Chapters 2 & 3 page 3
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Sarbanes-Oxley (SOX) Act of  2002 The most extensive business legislation since  the 1933 and 1934 Securities Acts. Increased the responsibility of corporate  management and fundamentally changed the  relationship between companies with publicly- traded stock and their audit firms. Chapters 2 & 3 page 4
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SOX impacted corporate  management: CEO or CFO certification of the financial  statements and disclosures Reports on internal controls Responsibility for restated earnings Must establish a corporate code of conduct Chapters 2 & 3 page 5
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