ERROR: relation "aaa161201_proceeding_action_tracker" does not exist LINE 1: INSERT INTO aaa161201_proceeding_action_tracker(action_track... ^There was an unexpected database error.ERROR: relation "aaa161201_proceeding_action_tracker" does not exist LINE 1: INSERT INTO aaa161201_proceeding_action_tracker(action_track... ^There was an unexpected database error.AAA Southeast Regional Meeting: Sarbanes-Oxley: Fraud Evidence in the Precious Metals Industry
Individual Submission Summary
Share...

Direct link:

Sarbanes-Oxley: Fraud Evidence in the Precious Metals Industry

Fri, April 15, 3:55 to 5:35pm, Grand Hyatt Atlanta, TBA

Abstract

Corporate fraud is constantly rising each year with an increase in both executives and corporate board members being convicted. Accounting standards were established to guide the processes of financial accounting. To deter the act of fraud in corporations’, legislations such as the Sarbanes-Oxley Act of 2002 were enacted to promote accuracy and full financial disclosure. Currently, the effect of Sarbanes-Oxley on corporate governance within corporations is undetermined. While the Sarbanes-Oxley Act has been enacted, whether the legislation has been enforced diligently in publicly traded corporations is still questionable considering the amount of violations each year since 2002. The board composition characteristic of corporate governance, is reviewed in correlation to studying selected fraud cases in the year 2012 of publicly traded corporations in the precious metals industry. This study examined stakeholder characteristics and showed a mutual connection between internal versus independent corporate board members of publicly traded precious metals corporations that possibly have been in violation of the legislation. Considering that the enforcement of the Sarbanes-Oxley Act of 2002 took at least ten years after notable financial scandals in 2002, cases prior to the year 2012 were not used in this study. The conclusion is that the legislation needs to be enforced and creation of a stronger legislation is needed to accommodate the rise in anti-corrupt practices.

Author