Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Required only Replies to post
Topic :Financial Acumen/Sarbanes-Oxley Act
Part 1: Financial Acumen
Part 2: Sarbanes-Oxley (SOX)
Sarbanes Oxley and the importance this act has for American businesses today. Your commentary should include the following:
A. Rationale for SOX
B. Provisions of SOX
C. Enforcement of SOX
Read and respond to 3 posts Instructions 250 Words Each:
In your response to your classmates, consider comparing cash generation techniques at your company versus his or her company. Draw distinctions based on the industry and tell your colleagues why those distinctions are necessary for the management of cash flow. Below are additional suggestions on how to respond to your classmates’ discussions:
· Ask a probing question, substantiated with additional background information, evidence or research.
· Share an insight from having read your colleagues’ postings, synthesizing the information to provide new perspectives.
· Offer and support an alternative perspective using readings from the classroom or from your own research.
· Validate an idea with your own experience and additional research.
· Make a suggestion based on additional evidence drawn from readings or after synthesizing multiple postings.
· Expand on your colleagues’ postings by providing additional insights or contrasting perspectives based on readings and evidence.
Respond to Post 1:
Companies will always have to deal with different Financial Problems are always there should be experience people who will have strategies and thoughts to make a successful desicission.it is never possible to have a estimate about the expenditure There should be a experience person these people are called as the Financial acumen. These people are the one who will have the viability of the economy to maintain and manage the investments and all other actions of the company. These Financial acumens not only work in financial company these are also present in the government, non-government, healthcare, schools etc. To make sure all these are running in a good way a good governance will be needed to support to the person who will take care of the financial matters. The Financial acumen is the person will have been supposed to have certain principles which makes good for the economical status about the organization.
When we take the example of the health care which are the hospitals mainly there are trying very hard to increase the standards of the hospital and give best for the patients .These people are the once who are trying to increase the scope of the hospitals with the best quality of equipment and treatment. To increase the scope of the hospitals there should be a capital which the estimate will be given by the Financial acumen which will lead the companies to the end of their visionary. But when it comes to the business companies the acumen has to be very careful about the name of the organization, they should also take care of the deals and projects which will be involved in getting the money. The financial acumen will have to plan where and how should invest the capital and estimating the prices for all the services. Taking care of all these things will be very difficult and very stressful for the person who is taking care which will lead to big economical crisis on the organization.
Sarbanes-Oxley is a act that was first started in 2002.The particular act has different names in the senate also which is also called as the SOX. The primary objective of the Sarbanes Is the securing investors. The main intention of the act is to get the confidence of the investors which will also help to increase the efficiency to the organization. This act is the American federal law. The American business are very much under influence of this act more the large-scale industries the small business in America full stressed by this act as there are so many additional costs for the implementation of this act. Due to these there are conflicts that will happen by the sox. There are many issues found in the act one of them is the business name must be registered to the public accounting and which cannot be overruled by the SOX. Buy this there is a very impacted in the negative way of the business.
Respond to Post 2:
Part 1: Financial Acumen
By the term acumen, one can mean the ability to undertake good judgments along with making prompt decisions. With this, financial acumen can refer to the financial understanding and knowledge that can help people in making quick decisions and undertake sound business judgments accordingly. Financial acumen has been considered as one of the skills that can be learned for maintaining integrity in numbers, which is required due to the use of the same measuring tool by different individuals (Vorbach, 2017). It is important to have business acumen among the employees in a company, despite their position in finance, or marketing, or any other aspects.
The concept of financial acumen can be constituted of different factors such as continuous learning and experience from within the job, which can help gain the required knowledge more quickly. Hence, increasing the knowledge on financial aspects can help the employees dealing with several aspects while performing within a company. Further, it is also important for them to know how the company is operating, its potential areas of revenue and expenses, suppliers, creditors, and several others. Further, it also required knowledge on the key financial indicators such as the stakeholders, goals, platforms, products, resources, regulations, and several others.
Financial acumen can be evaluated in terms of three pillars, which are financial skills, business quality skills, and global skills. The financial skills help to understand the core financial areas, business quality skills are associated with the internal business processes such as metrics, qualities, and standards, and the global skills focus on the market analysis, both regional and global. Regarding this, the importance of designing education programs for nonfinancial managers has been highlighted as a part of the financial acumen (icaew.com, 2020). Such education programs can be effective for them to gain the required knowledge on financial aspects so that they can also undertake financial decisions in absence of the key finance managers. In this regard, the agenda of financial acumen has been considered in terms of modeling for internal operating decisions, impacts of such decisions on the financial statements and performance metrics, and incorporations of required tax based on such decisions (Frank et al. 2019). Hence, the importance of financial acumen has been emphasized to help the nonfinancial managers gain sufficient knowledge so that analyzing financial aspects can become less challenging for them. With this, the importance of financial acumen can be understood among different individuals.
As the role of financial management is highly important for any company in the decision-making process, it is also important for the staff to have the required financial acumen (Bakhit & Alamin, 2016). The organization in which I was working considered this as the only way of educating the staff so that they can gain certain knowledge of the financial aspects and work on the same. Further, financial acumen has been positively used in my company to let the employees learn about the required areas that are the most common to be understood and used in the business or the general view of finance. Financial acumen has always been prioritized in the company so that it can help the staff in getting involved with the financial decision-making aspects. With this, financial management has been done using the individual views of the employees, as the combined views from the prospects of different ideologies can create better financial management.
Part 2: Sarbanes-Oxley (SOX)
The Sarbanes-Oxley is an act that came into force in 2020, which was undertaken for keeping a view on the accounting information and processes. It is mainly used for public companies so that any scandals associated with the accounting processes can be avoided. It is also termed as Investor Protection Act (2002), which has been acknowledged by the US Federal Law (sarbanes-oxley-101.com, 2020). As it is quite common for the corporate world to be associated with frequent accounting scandals, this law serves the purposes by posing as the watchdog on their activities.
A. Rationale for SOX
The act functions by keeping a watch on the financing functions of all audits and accounting companies so that they can maintain truthfulness and transparency in their activities and devoting themselves to ant fraudulent activities. Further, the act monitors of these companies are maintaining the requirements of their corporate governance, which also includes disclosing all their assessed statements that are free from any misstatements.
B. Provisions of SOX
● Section 305: Incorporating corporate responsibilities for financial reports and accounting process
● Section 401: Disclosing all financial documents
● Section 404: Assessing management of internal controls
● Section 409: Disclosing all issues in real-time
● Section 802: Criminal punishments for document duplication
● Section 806: Protecting public company employees
● Section 902: Attempting fraud offenses (sarbanes-oxley-101.com, 2020)
C. Enforcement of SOX
The Sarbanes-Oxley act has been enforced by the US Federal Law for addressing and preventing the issues and frauds associated with the auditing and accounting processes (sarbanes-oxley-101.com, 2020). This is based on the accounting processes obtained by the public companies from the accounting and auditing firms. For this, a board is present working with the act, which can analyze the issues through the inspection of the functions of such financial firms done for the public companies.
Respond to Post 3:
Money related astuteness is to make fiscal impetus for your relationship to collect strong spending plans and regulating them well. A Culture That Supports Financial Acumen Financial sharpness means thinking to oversee money and choosing cash related decisions. The steady cash related understanding discernment begins from data, experience, and reliable judgment. The utilization of strong business insight in the association fuses the perception and usage of budgetary organization decisions, which lead to most extraordinary advantages and helpers in the accomplishment of definitive targets.
To get all out accomplishment in the market we need to choose better choices and better decisions concerning money related issues and they in like manner require real data of the budgetary nuances of generally acquired through learning and even by really grabbing contribution in from the associations. To change over the inconveniences into advancement business capacities are another kind of budgetary sharpness which is away for enabling a person to successfully work the block expenses and keep high attributes of endeavors. Most capacities are fundamental for improvement and errand of associations especially concerning overseeing contentions, the leading body of association accounts, finding out the cost-reasonability of familiarizing another thing with the market (Hall, 2018).
The benefits of secure cash related knowledge are
• Budget in control.
• The correct assignment of fiscal resources.
• Attainment of various leveled objectives.
• Sustainable advancement in business.
• Adequate agent compensation points of interest provoking high gainfulness.
Contemplating the situation of Bank of America, the association revolves around the utilizing of the hopefuls with considerable cash related understanding grabbed with contribution. The diverse getting ready tasks are impelled for the delegates for budgetary dominance. The delegates moreover share the unmistakable endeavor plans to the customers and focus on incorporating new customers with their understanding. The conviction is that the association must be productive when the cash related perception isn’t simply worked at top levels, yet all of the levels inside the affiliation. The association should never rely on the capacities on record division bunch so to speak. The association won’t more likely than not outflank the goals with the exception of if there is a dedication from each level (Hoskins, 2020).
The explanation behind existing is to study managerial survey essentials and to verify theorists by improving the accuracy and unfaltering nature of corporate disclosures and is expected to control the money related itemizing scene for record specialists. Business affiliation is experiencing a tremendous number of setbacks and issues in its business headway process. The essential reason since this demonstration been executed in light of the way that demonstration spreads issues, for instance, setting up an open association accounting oversight board, analyst opportunity, corporate commitment and improved cash related introduction these issues are going on due to the wrong headway of order of spending reports in the market. Most of the issues which are occurring in the business affiliations are an immediate aftereffect of some unlawful or misleading exercises which are going on in the cash related issues. These budgetary fakes are occurring in the present business exhibit due to the hypothesis of money on any method with less than ideal data. To control all of these bungles and illegal acts in budgetary issues ought to be conceivable through Sarbanes-Oxley (SOX).
Game plan for SOX:
The all-inclusive community in higher positions like CEO, CFO are requiring issuing an affirmation on the yearly report communicating that the financial outlines are correct and true blue.
Most Importantly, the normal survey should be done, and a code of ethics should keep up for senior financial authorities. There should be a cash related ace in-house in an association whose action is to routinely check for budgetary reports and control over the accounting and audit work (Danilevičienė, 2020).
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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