In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) was signed into federal law. Under this Act, whistleblowers that bring violations of securities & commodities law, or the FCPA to the attention of the proper government authorities (the SEC, DOJ, or Commodities Futures Trading Commission) are entitled to between 10% to 30% of any government recovery in excess of $1 million. What are your thoughts on incentivizing reporting fraud and other wrongdoings in return for a monetary reward? Is this appropriate / ethical?
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In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) was signed into federal law. Under this Act, whistleblowers that bring violations of securities & commodities law, or the FCPA to the attention of the proper government authorities (the SEC, DOJ, or Commodities Futures Trading Commission) are entitled to between 10% to 30% of any government recovery in excess of $1 million. What are your thoughts on incentivizing reporting fraud and other wrongdoings in return for a monetary reward? Is this appropriate / ethical?
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- The Securities and Exchange Commission may do all but which of the following acts under The Securities Enforcement Remedies and Penny Stock Reform Act of 1990? Multiple Choice It may/issue a cease-and-désist order against a violator of any federal securities law. It may suspend securities trading if prices vary excessively in a short time period. It may seek civil penalties against any violators. It may create rules to require that brokers and dealers provide information concerning prices and risk associated with the penny-stock market. APR 27 A "/ 2 Second create at least three different recoarch questions and rave O X(Economic Consequences) Presented below are comments made in the financial press. InstructionsPrepare responses to the requirements in each item.(a) Rep. John Dingell, at one time the ranking Democrat on the House Commerce Committee, threw his support behind theFASB’s controversial derivatives accounting standard and encouraged the FASB to adopt the rule promptly. Indicatewhy a member of Congress might feel obligated to comment on this proposed FASB standard.(b) In a strongly worded letter to Senator Lauch Faircloth (R-NC) and House Banking Committee Chairman Jim Leach(R-IA), the American Institute of Certified Public Accountants (AICPA) cautioned against government intervention inthe accounting standard-setting process, warning that it had the potential of jeopardizing U.S. capital markets. Explainhow government intervention could possibly affect capital markets adversely.Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). Which businesses does this affect? What is the cost of noncompliance (i.e. what fines or penalties might occur for failure to file)? Have you heard of this requirement? If so, where?
- Which statement is most TRUE regarding Corporate Social Responsibility (CSR) Reporting as of April, 2022? [Most choices are blatantly, outrageously false. This is a fluid area so next year the answer may be different] a. In the U.S., the PCAOB exercises responsibility for setting CSR standards. b. There are no requirements for CSR Reporting for publicly-traded U.S. companies c. In the U.S., the SEC has delegated standard-setting for CSR to the AICPA. d. The FASB has agreed to endorse the use of IASB standards, by U.S. companies, for their CSR reportsWhat was established as a result of the passage of the Dodd Frank law by Congress to provide incentives to assist in the enforcement of federal securities law violations?In the case of the 2008 Enron Scandal:How effective do you think the response to the Enron crisis has been by regulatory institutions and the government?
- Prepare responses to the requirements in each item. (a) Rep. John Dingell, the ranking Democrat on the House Commerce Committee, threw his support behind the FASB’s controversial derivatives accounting standard and encouraged the FASB to adopt the rule promptly. Indicate why a member of Congress might feel obligated to comment on this proposed FASB standard. (b) In a strongly worded letter to Senator Lauch Faircloth (R-NC) and House Banking Committee Chairman Jim Leach (R-IA), the American Institute of Certified Public Accountants (AICPA) cautioned against government intervention in the accounting standard-setting process, warning that it had the potential of jeopardizing U.S. capital markets. Explain how government intervention could possibly affect capital markets adversely. No PlagarismThe auditor worked for this client for years. But before accepting or continuing with the client, What are the reasons the auditor or audit firm should or should not retain this existing client this time around using the information below about the client? What risks could the client, its business, and its environment pose to the auditor or audit firm? The client: Although client cash flows have been stable, the disruption caused by the 2020 global pandemic made it difficult for retail lessors to pay their rent on time. Due to the company's tenant-friendly approach, retail clients were allowed to renegotiate their lease and temporarily pause rent payments between June 2020 and July 2021, shifting those payments to the last 12 months. Most of these leases will expire in the next two years, including all retail companies unable to pay their rent. However, they estimate that they will receive all the lost cash flow from these tenants within a couple of years. Currently, the company is a…The Dodd-Frank Act: O A regulatory bill meant to guard against the irresponsibility that caused the subprime mortgage crisis. OA bill that imposed new, strict, regulations on mortgage companies and investment banks. O An act that dispersed additional funds to aid in the recovery of the troubled financial institutions (Fls) O Created a program that monitors both mortgage issuers and borrowers, preventing unethical and predatory lending. O Does all of the above
- Presented below are comments made in the financial press. Instructions Prepare responses to the requirements in each item. a. Rep. John Dingell, at one time the ranking Democrat on the House Commerce Committee, threw his support behind the FASB’s controversial derivatives accounting standard and encouraged the FASB to adopt the rule promptly. Indicate why a member of Congress might feel obligated to comment on this proposed FASB standard. b. In a strongly worded letter to Senator Lauch Faircloth (R-NC) and House Banking Committee Chairman Jim Leach (R-IA), the American Institute of Certified Public Accountants (AICPA) cautioned against government intervention in the accounting standard-setting process, warning that it had the potential of jeopardizing U.S. capital markets. Explain how government intervention could possibly affect capital markets adversely.Classify each of the following events as a source of systematic or unsystematic risk with explanations: (i) After the current election, Donald Trump is no more the President of United States of America and Joe Biden is appointed to take over his place. (ii) Harlie Davidson is convicted of insider trading and is sentenced to 10 years of prison. (iii) An OPEC embargo raises the world market price of oil. (iv) A major consumer product, Ribena loses a product liability case due to misleading Vitamin C advertisement. (v) The Supreme Court rules that no employer can layoff an employee without first giving 30-days notice.Classify each of the following events as a source of systematic or unsystematic risk with explanations:Classify each of the following events as a source of systematic or unsystematic risk with explanations: (i) After the current election, Donald Trump is no more the President of United States of America and Joe Biden is appointed to take over his place. (ii) Harlie Davidson is convicted of insider trading and is sentenced to 10 years of prison. (iii) An OPEC embargo raises the world market price of oil. (iv) A major consumer product, Ribena loses a product liability case due to misleading Vitamin C advertisement. (v) The Supreme Court rules that no employer can layoff an employee without first giving 30-days notice.