several high-profile fraud cases dominated the headlines

In 2008, several high-profile fraud cases dominated the headlines. The Securities and Exchange Commission (SEC) was thrown into the spotlight for failing to recognize fraudulent conduct by the businesses it was tasked with monitoring. This brought to light the problems that exist with detecting fraudulent conduct by companies.

Now, as part of an initiative by your company (an accounting firm) to be mindful of ethical issues in the accounting workplace, your company has scheduled a series of meetings to revisit the topic of ethical issues in the workplace. You have been asked to speak at the next company meeting about corporate fraud, the Sarbanes-Oxley Act of 2002 (SOX), and the role of the SEC in monitoring business activities.

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Corporate fraud has become a huge issue in American society. Corporate fraud hurts everyone. Several laws have been brought forward by the government to control this epidemic problem.

Discuss the following questions:

• How is corporate fraud detected?
• What is the role of the SEC in monitoring business activities?
• What is the Sarbanes-Oxley Act of 2002, and do you think it is effective given the cost of compliance?
• If Tom, a high-power executive, is charged with fraud by the SEC, what civil and criminal penalties could he face?

What danger does corporate fraud pose to the community? How much damage does corporate fraud do to the perpetrators and the victims in terms of their personal lives and their families? What penalties do you think should be assessed to the perpetrators?

In your own words, post a substantive response to the Discussion Board question(s) and comment on other postings. Your response should address the DB question(s) and move the conversation forward. You will be graded on the quality of your postings, including mastery of the concept as well as critical thinking. If asked for your opinion, do not simply state that it is a good or bad idea; elaborate on your reasons and argument. Include enough detail to substantiate your thinking as well as your position on the questions or comments.