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Article

Richard D. Marshall

At the heart of the commentary on recent financial scandals and the legislative response in Sarbanes‐Oxley has been attention to the need for effective compliance programs…

Abstract

At the heart of the commentary on recent financial scandals and the legislative response in Sarbanes‐Oxley has been attention to the need for effective compliance programs at corporations to prevent misconduct. Coincident with these regulatory developments, the Federal Sentencing Commission has invited a review of the Federal Sentencing Guidelines, which are now over a decade old. One element of those guidelines, the standards for sentencing corporations, has greatly influenced thinking about effective compliance systems. This article reviews the Federal Sentencing Guidelines in a critical light and distills insights from other authorities to define the elements of an effective compliance program for any organization. The investment advisory industry is used as an example for applying the rules of good compliance.

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Journal of Investment Compliance, vol. 3 no. 3
Type: Research Article
ISSN: 1528-5812

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Article

MARY ANN GADZIALA

The examination of broker‐dealers is an integral part of the United States Securities and Exchange commission's overall responsibility to enforce securities laws, protect…

Abstract

The examination of broker‐dealers is an integral part of the United States Securities and Exchange commission's overall responsibility to enforce securities laws, protect investors, and ensure the maintenance of fair and orderly markets. This programme continues to evolve to keep pace with dynamic market developments. This paper provides an overview of the broker‐dealer examination process, and discusses several new developments in the examination programme. Particular focus is directed to the oversight of internal controls and risk management, and review of sales practices and supervisory procedures. Finally, there is a discussion of efforts undertaken to coordinate examinations by various state, federal and self‐regulatory authorities.

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Journal of Financial Regulation and Compliance, vol. 4 no. 4
Type: Research Article
ISSN: 1358-1988

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Article

Guy P. Lander

Since the implementation of the Sarbanes‐Oxley Act of 2002, the SEC has adopted new rules for certifications and proposed many other new rules. The proposals cover…

Abstract

Since the implementation of the Sarbanes‐Oxley Act of 2002, the SEC has adopted new rules for certifications and proposed many other new rules. The proposals cover financial experts, codes of ethics, internal controls, improper influence of audits, off‐balance‐sheet transactions, non‐GAAP financial information, and trades during pension blackout periods. Among the specific requirements of the new rules are that: (1) an issuer’s principal executive officer and principal financial officer certify the contents of the issuer’s quarterly and annual reports; (2) financial experts on audit committees be disclosed; (3) codes of ethics be disclosed; (4) internal control reports be included in annual reports; (5) officers and directors be prohibited from fraudulently influencing the auditor of financial statements; (6) a separately captioned subsection of the MD&A explain an issuer’s off‐balance‐sheet arrangements; (7) Non‐GAAP financial measures be clearly explained; and (8) officers and directors be prohibited from buying or selling equity securities acquired in connection with employment when other employees are “blocked out” from trading in their individual pension accounts.

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Journal of Investment Compliance, vol. 3 no. 3
Type: Research Article
ISSN: 1528-5812

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Article

SIDE by side with a steady reduction in the natural resources of the world there is a rapid increase in the amount of information available on almost every subject. Every…

Abstract

SIDE by side with a steady reduction in the natural resources of the world there is a rapid increase in the amount of information available on almost every subject. Every year human beings generate more knowledge in the social, economic and scientific fields. So vast is the flood that the task of finding relevant information on a particular subject at the right time is of a magnitude impossible to imagine fifty years ago.

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Work Study, vol. 19 no. 4
Type: Research Article
ISSN: 0043-8022

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Article

Nicola Ashurst

Outlines the current processes and materials used in the cleaningof historic stonework, giving a broad background to the situation as itstands at present. Discusses the…

Abstract

Outlines the current processes and materials used in the cleaning of historic stonework, giving a broad background to the situation as it stands at present. Discusses the reasons behind decisions to clean, highlighting aesthetics and damage monitoring. Provides an account of essential steps to take when cleaning historic masonry, and continues with an analysis of the inspection procedure, on‐site trials and specification. Explores available cleaning methods based on water, chemicals and abrasives, and describes the damage which can be caused by each with particular reference to limestone. Gives tips on the safe use of cleaning processes, as controlled by the Health and Safety at Work Act 1974, and suggests the use of small‐scale cleaning systems new to the general cleaning market in future.

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Structural Survey, vol. 11 no. 4
Type: Research Article
ISSN: 0263-080X

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Article

Alan Doig and Mike Graham

The Common Agricultural Policy involves a substantial part of the European Community's multi‐billion pound annual expenditure. Close to the heart of many Member States…

Abstract

The Common Agricultural Policy involves a substantial part of the European Community's multi‐billion pound annual expenditure. Close to the heart of many Member States with their need to respond to demands of the agricultural community, the policy has often resulted in a failure to ensure that effective and adequate means to monitor, scrutinise and police a complex and costly activity are in place. In the UK the Intervention Board has taken the opportunity to develop its own response of an integrated fraud prevention, detection and investigation strategy that is now paying dividends in the protection and policing of the expenditure of public funds.

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Journal of Financial Crime, vol. 1 no. 3
Type: Research Article
ISSN: 1359-0790

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Article

Barry I. Pershkow

In Spring 2002, Jeff Skilling (the former CEO of Enron Corporation) incredulously testified before lawmakers that he thought Enron was in great shape the day he left and…

Abstract

In Spring 2002, Jeff Skilling (the former CEO of Enron Corporation) incredulously testified before lawmakers that he thought Enron was in great shape the day he left and that he knew next to nothing about the off‐balance‐sheet transactions that ultimately brought down his company. As we watched the train derail that day, it became clear that lawmakers convened the hearing not only to assure the public that Congress too was angry, but also to look for a solution to the problem that a CEO didn’t know some pretty important things about his company, its operations and performance, and that the company’s independent auditors appeared compromised and may have acted accordingly.

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Journal of Investment Compliance, vol. 3 no. 4
Type: Research Article
ISSN: 1528-5812

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Article

George K. Chako

Briefly reviews previous literature by the author before presenting an original 12 step system integration protocol designed to ensure the success of companies or…

Abstract

Briefly reviews previous literature by the author before presenting an original 12 step system integration protocol designed to ensure the success of companies or countries in their efforts to develop and market new products. Looks at the issues from different strategic levels such as corporate, international, military and economic. Presents 31 case studies, including the success of Japan in microchips to the failure of Xerox to sell its invention of the Alto personal computer 3 years before Apple: from the success in DNA and Superconductor research to the success of Sunbeam in inventing and marketing food processors: and from the daring invention and production of atomic energy for survival to the successes of sewing machine inventor Howe in co‐operating on patents to compete in markets. Includes 306 questions and answers in order to qualify concepts introduced.

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Asia Pacific Journal of Marketing and Logistics, vol. 12 no. 2/3
Type: Research Article
ISSN: 1355-5855

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Article

Gerald Vinten and Margaret Greening

Building societies developed in the second half of the 18th century when country people came flooding into the towns and cities to provide the workforce for the new…

Abstract

Building societies developed in the second half of the 18th century when country people came flooding into the towns and cities to provide the workforce for the new factories. Faced with a lack of suitable housing in industrial centres, more enterprising and prosperous workers clubbed together to build their own homes. The first building society was established in Birmingham in 1775.

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Journal of Financial Crime, vol. 8 no. 3
Type: Research Article
ISSN: 1359-0790

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Article

WALTER TYE and TED LLOYD

This final article introduces some examples of safety assessments which, for one reason or another, vary from the conventional patterns. Some are still being developed…

Abstract

This final article introduces some examples of safety assessments which, for one reason or another, vary from the conventional patterns. Some are still being developed, for instance methods of assessing active controls, and problems associated with the use of digital computation. The article finishes with a glimpse of possible future trends.

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Aircraft Engineering and Aerospace Technology, vol. 53 no. 5
Type: Research Article
ISSN: 0002-2667

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