Monday, May 25, 2020

Sarbanes Oxley Act Of 2002 - 1410 Words

The Sarbanes-Oxley Act of 2002, also known as the SOX Act, is enacted on July 30, 2002 by Congress as a result of some major accounting frauds such as Enron and WorldCom. The main objective of this act is to recover the investors’ trust in the stock market, and to prevent and detect corporate accounting fraud. I will discuss the background of Sarbanes-Oxley Act, and why it became necessary in the first section of this paper. The second section will be the act’s regulations for the management, external auditors, and companies, mainly publicly-traded companies, and the cost and benefits of the act. The last section will be the discussion of the quality of financial reporting since SOX and the effectiveness of SOX provisions to prevent†¦show more content†¦Following these series of failures, SOX was enacted to restore investor’s confidence which was rattled and to prevent accounting frauds in the future with improved corporate governance and accountability which all public companies must comply. SOX was named after Senator Paul Sarbanes and Representative Michael G. Oxley, who were the main drafters of the Act. It was approved by the House of Representatives and signed into law by the President George W. Bush on July 30, 2003. Lack of ethics and integrity seem to be the key factors that caused accounting fraud. SOX revised the framework for the public accounting and auditing profession, provided guidance for better corporate governance and created regulations to define how public companies are to comply with the law. Although many have questioned whether SOX is actually effective to prevent frauds like Enron and WorldCom in future, it is considered to be the most extensive legislation related to publicly- traded companies and external independent auditors since the 1930s. President Bush called it â€Å"the most far reaching reforms of American Business Practices since the time of Franklin Roosevelt† (BUMILLER, 2002). The purpos e of this paper is to determine whether or not Sarbanes Oxley’s regulations will be effective in preventing another financial statement fraud like Enron and WorldCom. Enron Enron was formed in July 1985 by the merger of InterNorth and Houston Natural

Thursday, May 14, 2020

Essay on The Globalization of Wyeth - 2592 Words

Executive Summary From 1997 to 2004, Wyeth went from being a multinational company to becoming a globalized company. The biggest shift? Their Information Technology department. They went from 22 people spread over the world to more than 1,800 people and half a billion dollars of the Wyeth budget. For many years Wyeth was a Laissez-Faire holding company with many locations throughout the world that did not interact or communication with each other. Over the next 8 years, with the help of the Information Technology department, Wyeth became a globalized pharmaceutical company with centralized information that created new efficiency in an increasingly competitive market. The end result was a positive one but it was not an easy road†¦show more content†¦Corporate Wyeth had very little knowledge about storage space or production levels at the various locations. The local firms never shared ideas for success with each other because there was little incentive or benefit to the individual lo cations. The laissez-faire, only concerned about the bottom dollar, holding company was going to need to establish formal control mechanisms to become better with global inventory. The next stage was to have Research and Development up and running. Wyeth being able to manage the product from origination is a valuable step to protecting margins, licensing agreements and global growth. This was a problem at the local level however for the individual managers. The local managers were mainly used to local activities. They would order and produce at local levels and there was an uneasy adjustment to get local managers to think on a global level. Last, but certainly not least, is the growth and expansion of information technology. To aid in the communication between locations and to gain understanding of processes on a global level, the Information Technology division was going to need to be a larger part of the company. Part of this growth was going to be the purchase of new technology and part was a reconfiguration of how products were offered and packaging was designed. Wyeth was already a multinational company so they understood there would be problems goingShow MoreRelatedOrganizational Structure in the Pharmaceuticals Industry Essay1210 Words   |  5 Pagestypes of differentiation within each company: horizontal differentiation, vertical differentiation, and spatial differentiation. This high level of differentiation results in a very complex organizational structure (Nelson amp; Quick, 2011). Globalization presents significant challenges to all organizations that operate in many different countries. These challenges are typically created by the cultural differences that may exist among the countries in which a company operates. Hofstede believesRead MoreNestle : The Largest Food And Beverage Multi National Corporation1741 Words   |  7 PagesGlobalization is the dominant force by which the world has become interconnected significantly as a result of extremely increased trade and decreased cultural differences. Globalization has made crucial changes in the production and trade of goods and services. The giant companies are now multinational corporations with subsidiaries in many countries. They are no longer national firms with their operations limited to the boundary of just one country. Such companies’ growth and operations are notRead MoreEssay on The Globalization of Nestle1612 Words   |  7 Pages Globalization is the dominant force by which the world has become interconnected significantly as a result of extremely increased trade and decreased cultural differences. Globalization has made crucial changes in the production and trade of goods and services. The giant companies are now multinational corporations with subsidiaries in many countries. They are no longer national firms with their operations limited to the boundary of just one country. Such companies’ growth and operations are notRead MoreMergers and Acquisitions in the Pharmaceutical Sector Since the Last 10years to Cope with the Mutations of This Sector.7658 Words   |  31 Pagesmergers in the pharmaceutical industry 3.2 Mergers and acquisitions process 3.3 Main strategic reasons a) Financial reasons b) Offensive reasons c) Defensive reasons d) Other reasons 4. The example of Pfizer’s take-over on Wyeth p.19 Conclusion p20 References p23 During the first two years of my studies, the international marketing file represents a determining exercise of our business training. Indeed, thisRead MoreMgt/Swot Analysis2198 Words   |  9 Pagesand which distinguish it from its competitors are size, marketing, research and development, financial resources and sales. There are benefits from economies of scale such as, expendable cash flow. The purchase of large companies like Pharmacia and Wyeth along with smaller alliances and mergers between companies like King pharmaceutical and Synbiotic, over the past 11 years, has given Pfizer an even larger product line, in addition to increasing profit margins. This has also strengthened product presenceRead MoreStrategic Analysis of the Pharmaceutical Industry1929 Words   |  8 PagesDragan KesiÄ Ã¢Ë†â€" Received: 28. 2. 2007 Case study Accepted: 9. 7. 2008 UDC 65.01:615 The world pharmaceutical industry has been changing profoundly in the last decade. Intensive globalization, increased competitiveness and the fight for global market shares create new challenges for pharmaceutical companies. Fast globalization definitively reinforces the consolidation of the world pharmaceutical industry. Alliancing in forms of mergers and acquisitions prevail more and more as a strategic orientationRead MoreEli Lilly in India3134 Words   |  13 Pagesbecome one of the leading pharmaceutical companies in the United States, and by 1992 its products were being manufactured and distributed throughout 25 countries with sales in over 130 countries. In Eli Lilly’s effort to further implement its globalization strategy into India, Eli Lilly entered into a joint venture with Ranbaxy Laboratories Ltd., an established pharmaceutical firm in India which was started as a family business in 1960. The two companies joined in 1992 to form the Eli Lilly-RanbaxyRead MoreOu tsourcing : Outsourcing And Outsourcing1840 Words   |  8 PagesOutsourcing is very prevalent and can be seen everywhere. There are many examples of outsourcing like firms outsource basic services like dining, janitorial, payroll, and retirement fund management, medical, and customer care operations. For example, Wyeth Pharmaceuticals outsourced its clinical-testing operation to Accenture Ltd. in 2004 (Engardio, Arndt, Foust, 2006). Even the local city and state government also outsources services like infrastructure to build roads, toll booths, and health careRead MorePfizer to Acquire Protalix10020 Words   |  41 Pages started mainly in the year 2000 and on. Pfizer increased its global presence through the acquisitions of Warner-Lambert (2000), Pharmacia (2002) and additionally, through strategic partnerships and acquisitions of diversified businesses, such as Wyeth (2009) and King Pharma (2010). Pfizer solidified its place as one of the most diversified companies in the glo bal health care industry, as it worked its way up the global ranking list by way of internal growth and development, acquisitions, the licensingRead MoreProblems Facing the Pharmaceutical Industry and Approaches to Ensure Long Term Viability14741 Words   |  59 Pagesinvestors and analysts are very often quick to reward or punish companies based on their ability to deliver on their pre-merger or pre reorganization promises. A perfect example of this was the difference in early evaluation between the Pfizer and Wyeth vs. the Merck and Schering Plough mergers. In the February 17th 2010 issue of FiercePharma Tracy Stanton wrote: Not only have analysts predicted solid growth for the new Merck, but have been praising management for its discipline and commitment

Wednesday, May 6, 2020

Discuss the importance of Religion in To Kill a...

The theme of religion in To Kill a Mockingbird is an extremely important one. It stands as a crucial point for other themes in the novel such as racism, sexism and discrimination. The community of Maycomb County all believe themselves to be devout, wholesome people; we discover that they are using their religion to indulge in other criticisms. Although they listen to the sermons about their religion and pretend that they practise it outside of church on a Sunday, the rest of their time, their beliefs on social harmony are far from the perfect Christian morals they believe themselves to have. This is evident in Chapter twenty-four, the scene that involves the ladies of the missionary tea circle . Here the majority of women believe†¦show more content†¦Just as long as the white people still feel they are a perfect community, full of devout, God-fearing people, they do not care who is put to death and who suffers. The Bible does not say anything about the ill treatment of black people. It does not commend or apprehend racial or sexist discrimination. So, if these people base their lives on the teachings of the Bible, why is their discrimination in their society? Historical reasons. Discrimination and racism had nothingShow MoreRelatedThe Theme of an Oustider in Silas Marner and To Kill a Mockingbird3137 Words   |  13 PagesDiscuss the theme of an oustider in Silas Marner and To Kill a Mockingbird. What is an outsider? The dictionary defines that an outsider is a person excluded from a group. The outsider plays an important part in both novels. In Silas Marner by George Eliot Silas is the main outsider, however in To Kill a Mockingbird by Harper Lee even though Boo is the obvious outsider there are many others. Silas Marner is written by George Eliot, which is the pen name of Mary Ann Evans. She had

Tuesday, May 5, 2020

Romeo and Juliet Character Essay Example For Students

Romeo and Juliet Character Essay Choose a play in which one the main characters has to cope with strong feelings such as love, jealousy, ambition or hatred. Show how the character deals with these feelings and what effect this has on the outcome of the play. In the play â€Å"Romeo and Juliet† by William Shakespeare, the character of Romeo has to cope with the strong feeling of love. The play tells the story of an ancestral feud between two opposing families, the Montagues and the Capulets, causing several harmful consequences. These consequences ultimately lead to the death of the families’ â€Å"star-cross’d lovers† Romeo and Juliet. Feeling of love make Romeo act impetuously several times during the play and this and unfortunate circumstances lead to the untimely death of both Romeo and Juliet. In the first act of the play, Shakespeare introduces Romeo as an impulsive character. Romeo is portrayed as a man who is desperately in love with Rosaline, yet, when he meets Juliet he immediately falls in love with her: â€Å"O dear account, my life is my foe’s debt!† The moment the Romeo lays eyes on Juliet his feelings of love for her are strong. Once finding out that she is a Capulet, he declares that his life is wasted. Romeo’s strong feelings of love influence how quick he is to forget Rosaline completely and fall in love with Juliet. After seeing Juliet, Romeo even doubts that he was in love before as he questions himself, â€Å"Did I love before?† It is evident here how much the feelings of love affect Romeo’s life and it seems as though all of his actions are based on his feelings of love. Romeo’s strong love for Juliet cause him to act quickly upon his thoughts. This is clear as within a few days of knowing Juliet, Romeo goes to the Friar and arranges for them to be married: â€Å"As mine is set on hers, so hers is set on mine thou must combing by holy marriage† Although Romeo thinks that he knows Juliet well, they have only known each other for less than a week. Romeo’s powerful feelings for Juliet cause him to act rashly and he behaves impatiently. He is also portrayed as immature here as he does not even stop to consider the feud or any consequences that could happen as a result of their marriage. His love for Juliet lead him to make bad decisions and act impetuously and this has several bad consequences later on in the play. Another situation in which Romeos feelings towards Juliet cause him to act foolishly is in the balcony scene. His love for Juliet causes him to not fully realise his actions and this is evident here. When Juliet asks him how he entered the Capulet grounds he replies: â€Å"With love’s light wings did I o’erperch these walls thy kinsmen are no stop to me† Romeo’s overpowering love for Juliet makes him blind to the danger he is in. He is desperate to see Juliet and this causes him to rashly decide to sneak into the Capulet grounds. He does not realise fully that he could be killed and his love causes him to risk his life. Romeo’s tries to show that he is ready to take risks to be with Juliet. Juliet, however, is more sensible and quickly tells him to run away before he is caught but Romeo is determined to stay with Juliet as he is totally euphoric with love. The Friar also advises Romeo to go â€Å"wisely and slow† but he ignores this and rushes into marriage the next day. Romeo’s strong feelings of love cause him to act very impulsively and irresponsibly and his desperation to marry Juliet cause him to forget everything else.