Whistle-Blowing and Sarbanes-Oxley
The relevance of whistleblowers in an organizational setting cannot be overstated. As a matter of fact, whistleblowers have in the past helped bring about the much needed changes in organizations. They can, therefore, be referred to as guardians of public accountability. It is, however, important to note that whistleblowing does have its own unique challenges. This is particularly the case given that whistleblowers risk isolation, ridicule, loss of employment, etc. once they go public with certain information.
In essence, a whistleblower, in an organizational setting, is an employee or any officer or representative of the firm who lifts the lid on issues or undertakings within the firm that he or she deems illegal, dubious, or generally harmful to the interests of various stakeholders (Holt, 2007). In general terms, whistleblowers possess specific characteristics. To begin with, in addition to being brave, whistleblowers are typically morally upright. To lift the veil on organizational malpractices, an individual must be ready to face the repercussions of his or her actions, which could include, but are not limited to, losing their job, court action, or even physical harm. Whistle blowers permit their own beliefs and attitudes, as well as the general good to guide their actions and are largely utilitarian, i.e. take a specific course of action...
whistleblowing that occurred in publicly traded corporations in the past year. Whistleblowing The term "whistleblowing" refers to an attempt made by an employee or ex-employee of a firm to warn the public regarding any serious danger(s) or wrongdoing(s) masked or created by the firm. Corporate and healthcare literature cites multiple definitions of the term, all of which highlight the significance of advocacy (or protection of somebody who is prone to being
Dodd-Frank and Sarbanes-Oxley Acts are important legislations in the corporate world because of their link to public and privately held companies. Sarbanes-Oxley Act was enacted to enhance transparency and accountability in publicly traded companies. On the contrary, Dodd-Frank Act was enacted to disentangle the confused web of financial service company valuations. Actually, these valuations are usually hidden by complex and unclear financial instruments. The introduction of Sarbanes-Oxley Act was fueled
Whistleblowing In definition, a whistleblower can be an employee or a former employee of a corporation who provides proof and evidence that substantiates the fraudulence and ethical behavior within the entity or activities that are not in the best interests of the general public or stakeholders. Customarily, whistleblowers reveal classified data and information concerning their workplace, which is in violation of the laws and regulations in place, and also that can
190). The Act also helped to create a "too-big-to-fail" mindset (Walter, 2004) that would have profound implications during the economic downturn of 2008 and beyond. 6. Why did you include this piece of legislation in your list? The Act is described by Sammin (2004) as being "the biggest revision in financial services law since the Great Depression" (p. 653). Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 1. What were the problems/conditions giving
Cultures that at one time had no impact upon business, such as India, China, Korea, and Vietnam are now deeply integrated into the international market place. The emergence of these nations has altered the business dynamics and caused dramatic changes that many developed nations have had difficulty understanding (Pfeiffer, 2007). The role of the human resource professional is to assist his company in adjusting to the changing demographics. IV. Technological
MF Global Discuss the key difference between conducting a financial audit and a fraud audit, and the related level of responsibility of the auditing firm. Financial audits are typically carried out by certified public accountants or outside agencies or firms that work directly on behalf of individual companies. At times financial audits may be initiated by government entities. The audit itself is more of a "double-check" of financial reports and practices (Weinberg,
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