Transcription of Sarbanes Oxley and its Impact on Payroll Controls - Sage US
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Sarbanes Oxley and its Impact on Payroll Controls - Sage US
Sarbanes Oxley and its Impact on Payroll ControlsThe Nation s Leader in Payroll EducationAgenda SOX frame of mind Internal audits and Controls Supporting documentationFormer Sen. SarbanesFormer Rep. OxleyThe Objectives of the Scheme to DefraudThe Problem -- Enron: Losing huge amounts of $$ Debt was growing The Objectives of the Scheme to DefraudEnron s solution: Move poorly performing assets from the balance sheet Use Excel spreadsheets Conceal poor operating performance Manufacture earnings through sham transactions The ResultEnron Executives Made a fortune Skilling: $103 Million Causey: $23 Million Lay: $90 MillionThe ResultEnron Employees Lose a Fortune $3 Billion in retirement funds when stock fell Total recovered: $150 Million $17 Million for the attorneysThe ResultSEC Complaint v. Lay, Skilling and Causey Prison terms! 24 Years = Skilling 5 Years = CauseyFive Years of Sarbanes Oxley "I give Sarbox high scores.
Sarbanes Oxley and its Impact on Payroll Controls. The Nation’s Leader in Payroll Education
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