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SOX 404
Requires companies to examine the effectiveness of their internal control systems with regard to financial reporting, and the CEO, CFO, and auditors must report on and certify that effectiveness
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COSO Components
- Internal Environment
- Objective Setting
- Event Identification
- Risk Assessment
- Risk Response
- Control Activities
- Information & Communication
- Monitoring
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COSO Dimensions
- Strategic
- Operations
- Reporting
- Compliance
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SAS 99 requires
- Mandatory discussion among the audit team about potential causes for material misstatements due to fraud, before and during the audit
- Guidance about data gathering and procedures to identify risks of fraud
- Assessment of risks of fraud based upon risk factors found
- Increased standards for examination, documentation, and reporting
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Phase 1 of ethics risk identification and assessment
Develop a projected and ranked understanding of stakeholder interests/expectations
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Phase 2 of ethics risk identification and assessment
Compare activities to expectations to identify ethics risks and opportunities
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Phase 3 of ethics risk identification and assessment
- Prepare reports, mainly in the areas of:
- Stakeholder group
- Product or service
- Corporate objective
- Hypernorm value
- Reputation driver
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Corporate Social Responsibility or corporate citizen refer to
The degree to which an organization takes the interests of stakeholders into account, and takes actions which respect those interests.
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GRI Management Approach and Performance Indicators
- Economic Performance
- Environmental Performance
- Social Performance
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GRI Social Performance
- Labor practices and decent work
- Human rights
- Society
- Product Responsibility
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Anticipatory measures that may be useful in revealing attitudes of managers and employees towards ethical issues
- Employee attitude surveys
- Customer/stakeholder surveys
- Evaluation by paid shoppers
- Media commetary
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The quality assessment of a company's ___ concentrate on the operational merit of an organization's fundamental building blocks for ethical behavior.
- Code of conduct
- Training programs
- Reinforcement mechanisms
- Whistle-blower atmosphere/protection
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Reporting ethical performance can...
- Heighten awareness within an organization
- Provide encouragement for employees
- Inform external stakeholders
- Enhance the image of the company
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