Manager's Guide to the Sarbanes-Oxley Act: Improving Internal Controls to Prevent Fraud / Edition 1

Manager's Guide to the Sarbanes-Oxley Act: Improving Internal Controls to Prevent Fraud / Edition 1

by Scott Green
     
 

"In the complex new world of Sarbanes-Oxley, it isrefreshing to read a book that has comprehensive answers for general managerswanting to do the right thing."—Jim Balsillie, CEO of Research in Motion

"Scott Green has provided us with a book on managementcontrols that is as engaging as it is illuminating. I enthusiasticallyrecommend this book to managers of

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Overview

"In the complex new world of Sarbanes-Oxley, it isrefreshing to read a book that has comprehensive answers for general managerswanting to do the right thing."—Jim Balsillie, CEO of Research in Motion

"Scott Green has provided us with a book on managementcontrols that is as engaging as it is illuminating. I enthusiasticallyrecommend this book to managers of financial institutions of any size."—John Duffy, Chairman of Keefe, Bruyette & Woods

"Recent, widely publicized business failures and accountingdeficiencies that were a contributing cause make a strong case for acomprehensive system of controls, such as those proposed in Scott Green'sbook."—Orval Hansen, Former U.S. Congressman

"A necessary read for any director, executive, or line managerwho is serious about monitoring the health of their internal controlstructure."—Holly Gregory, Partner at Weil, Gotshal & Manges

"A must-read . . . is the chapter on the 'Control Smart'approach. This chapter, which will clearly help businesses monitor themselves,covers all the key factors necessary to 'erase vulnerabilities anderect a strong [control environment] defense,' ranging from pinpointing comingthreats and knowing your vulnerabilities to protecting your business andmonitoring its health."—Herman A. Berliner, PhD Provost and Senior VicePresident for Academic Affairs, Lawrence Herbert Distinguished ProfessorHofstra University

Manager's Guide to the Sarbanes-Oxley Act
In reaction to high-profile frauds and congressional legislation, the SECmandated that managers of public companies certify that they have anoperational system of internal controls. While larger companies can afford tospend millions of dollars to implement control system monitoring tools,managers of small to mid-sized companies can be unsure of how to move forwardif their budgets can't accommodate expensive advisors and systems. Manager'sGuide to the Sarbanes-Oxley Act provides a highly accessible, simple, andpractical approach to help you assess your internal control structure at thetransaction level.

Designed to be "a cure for the Sarbanes-Oxley headache andcommon fraud," Manager's Guide to the Sarbanes-Oxley Act introduces thegroundbreaking and practical "Control Smart" approach that not only meets therequirements of Sarbanes-Oxley, but also alerts you if operational controlsstop working or are otherwise compromised. This simple template helps youidentify and understand operational threats, and guides you through acomprehensive evaluation of your system of internal controls to mitigate theserisks.

Manager's Guide to the Sarbanes-Oxley Act features:

  • A razor-sharp method to monitor the opera- tional risks inherent in your business
  • Numerous real-world examples illustrating how to avoid common pitfalls, such as those faced by Harvard University's Hasty Pudding Theatricals, Adelphia Communications, and Bridgestone Corporation (Firestone)
  • Case studies and vignettes highlighting the personalities at Enron and Tyco who enabled a fraudulent corporate culture, as well as what one person did right to reveal the smoke-and-mirrors accounting practiced at WorldCom
  • Clear, jargon-free coverage of the Sarbanes-Oxley Act and how it affects you

Armed with this hands-on guide, you can detect early signsof fraud and operational loss, and safeguard your job, your employees' jobs,and the long-term success of your company. Don't let fraud derail your career.Protect yourself with the fail-safe Control Smart method found in Manager'sGuide to the Sarbanes-Oxley Act.

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Product Details

ISBN-13:
9780471569756
Publisher:
Wiley
Publication date:
02/20/2004
Pages:
256
Sales rank:
966,279
Product dimensions:
6.22(w) x 9.24(h) x 0.87(d)

Meet the Author

SCOTT GREEN, CPA, is the Global Head of Audit and Compliance for Weil, Gotshal & Manges, one of the largest law firms in the world and a leader in the practice of corporate governance. A graduate of the University of Idaho and the Harvard Business School, he is a recognized expert on management controls with more than fifteen years of experience in the field. He has also taught finance and banking at Hofstra University.

Table of Contents

Foreword.

Preface.

Acknowledgments.

Chapter 1: Sarbanes-Oxley Myth.

Legislating Evil Out of Our Corporations.

Employees, Fraud, and Lessons Forgotten.

Why You Should Not Rely on Auditors.

You Can’t Trust the Lawyers Either.

Supporting the Fraud Culture.

What Really Works.

Chapter 2: Control Smart Approach.

Smart Basics.

Case Study: Andy Fastow’s Shell Game.

Chapter 3: Threats and Dangers.

How to Recognize a Pending Nightmare.

I See It. Should I Worry?

Whose Job Is It Anyway?

Chapter 4: Know Yourself.

Do You Have Decision Rights?

Key Activities Model.

Tell Your Story.

Chapter 5: Identify Where You AreVulnerable.

What Are Controls?

Pull Levers—Often.

Activities That Improve Your Business.

Chapter 6: Smart Links.

Step 1: Establish Behavioral Boundaries.

Step 2: Choose Your Customers.

Step 3: Did You Get What You Paid For?

Case Study: Greed’s Siren Song: Dennis Kozlowski.

Step 4:Who’s Reading Your E-mail?

Step 5:What’s It Really Worth?

Step 6: Growth Busters!

Step 7: Has Your Ship Sailed?

Step 8: Keep Everyone Happy.

Step 9: Cash Is the Same as Money.

Step 10:Where Did It Go? How Do You Know?

Step 11:Take Your Temperature Often.

Step 12: Speaking Out Loud to a Crowd.

Case Study:The Cynthia Cooper Story.

Step 13: Knowing the Best and Brightest.

Chapter 7: Protect Yourself.

Find Those Gaps:The Dentex Case.

Applying Smart Links.

Interrupting an Embezzlement.

Finishing the Job.

Applying Smart Links to Financial Reporting Processes.

Chapter 8: Monitor Your Health.

What Is Driving Your Business?

We Know We Are Better!

Are We There Yet?

What Happens Now?

Chapter 9: A Call to Action.

Epilogue.

Appendix A: Statement of Values.

Appendix B: Key Performance Indicator Reporting.

Appendix C: Examples of Key Performance Indicators.

Appendix D: Control Activities.

Appendix E: Example of Section 302 Certification.

Appendix F: Attestation Checklist.

Notes.

Bibliography.

Subject Index.

Company Index.

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