M3 DISCUSSION

D.Q. 3.1. Why doesn't Sarbanes-Oxley apply to privately-owned companies? (The correct answer is Not "Because it applies only to publicly held companies.")

D.Q. 3.2. Discuss Sarbanes-Oxley and the Five Elements of Internal Control. Provide a substantive response. Include unique examples and specific illustrations that are unique from your classmates.

D.Q. 3.3 Why are competent personnel, rotating duties, and mandatory vacations important control procedures? Regardless of the size of your employer, or whether it is publicly or privately held, have these policies been utilized where you currently work or have worked in the past?

D.Q. 3.4. Discuss, illustrate, and provide examples of Warning signs with regard to People, p. 175. How have you seen these warnings heeded or not heeded in your experience? Provide specific, unique examples.

D.Q. 3.5. Discuss the limitations of Internal Control. Why are internal controls not a guarantee that all is above board? Put this concept in the context of your current work environment or one in which you have previously worked. What does this look like in your world?