The Sarbanes Oxley Act ( Fraud ) - 1075 Words

Fraudulent activities and embezzlement are more prevalent in organizations than most people think. Because of the multitude of previous scandals, the Sarbanes-Oxley Act has required all publicly traded U.S. companies to have internal auditing and internal controls to check for fraudulent activity and embezzlement. While the Sarbanes-Oxley Act only applies to public businesses, the requirements of it should be applied to all types of businesses, even universities. In the Case of the City University of New York, having internal controls and auditing would have halted the embezzlement occurring there. Several employees are under investigation, including former senior finance official, Carmine Marino. He is accused of siphoning about†¦show more content†¦As the discoverer, David W. Chen is qualified to report on the updates of the case and present facts and opinions. Chen’s original findings are summarized in his article â€Å"Lapses by CUNY Officials Made System Ripe for Abuse, Report Says† more clearly states his purpose for writing. Chen hopes to halt the siphoning of money that could be best used for students in need or campus projects. His previous experience as an investigative journalist allows him to only discuss facts and not wrongfully infer things regarding the investigation. He largely values his journalistic reputation and will not allow it to be fractured by incorrect statements. Both articles largely present facts about each case (Marino and Coico) and does not make inferences about the reasoning behind the embezzlement or connections. Instea d, he restates court documents and enables the understanding for a range of ages. This is one of the major strengths of his argument. He does not even insert any opinions of wrongdoing. His lack of judgement keeps his piece unbiased and strong. His use of quotations from various New York personnel adds personality and personalizes the piece. The quotes also allow readers to have an inside look to the scandal. Both articles state that â€Å"shoddy oversight and ineffective management at the City University of New York have created a system ‘ripe for abuse’† that assisted in the siphoning of money (Chen, 2016). The management there should have utilizedShow MoreRelatedAccounting Fraud, the Investor and the Sarbanes Oxley Act Essay1986 Words   |  8 PagesAccounting Fraud, the Investor and the Sarbanes Oxley Act Throughout the past several years major corporate scandals have rocked the economy and hurt investor confidence. The largest bankruptcies in history have resulted from greedy executives that â€Å"cook the books† to gain the numbers they want. 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The law is named after Senator Paul Sarbanes Democratic Party and GOP Congressman Michael G. Oxley. It was passed by large majorities in both Congress and the Senate and covers