Stands for
SOX is an act to protect investors by improving the accuracy and reliability of corporate disclosures and made pursuant to the securities laws.
What is Sarbanes-Oxley?
Winningest Purebred Horse trainer. Winning 6 or 7 Kentucky Derbies, 7 Preakness wins, 3 Belmonts and 2 Triple Crowns. However, he has been involved in doping horses for 45 years from 1976-2021.
Who is Bob Baffert?
"There's not law against it. It's actually a loophole and, well, this one benefits us."
What is an Ethically Amoral technician?
"I only do this in certain situations."
What is an Ethical rationalizer/compartmentalizer?
CDO is a financial product where a collection of debt/loans is bundled and repackaged and sold to investors.
What is Collateralized Debit Obligations?
PCAOB registers companies that conduct audits and can impose penalties, impose sanctions.
What is Public Company Accounting Oversight Board?
2009 National Superintendent of the Year from the Atlanta Public School system. Her school districts high test scores were the scandal.
Who is Beverly Hall?
Not aware of the rules. "Is there something wrong with that?"
What is Ethically Clueless?
Always act with integrity. The do the right thing, even when no one is looking.
What is Inherently ethical?
SPEs are legal entities created for a specific, limited purpose, often to isolate financial risk and earnings management.
What are Special Purpose Entities?
GAAP is is a set of rules and procedures used in standardized financial reporting to ensure accuracy, consistency, and transparency.
What is Generally Accepted Accounting Practices?
Head of Community Bank, an acquisition of Wells Fargo Bank, encouraged cross-selling, incentivized new accounts and showed year after year growth when other regions were 50/50.
Who is Carrie Tolstedt?
Raises concerns, but after being beaten down, resigns to joining in the unethical behavior.
What is Ethically desensitized?
"I'll worry about that in the next quarter."
What is an Ethical procrastinator/postponer?
"Just following orders"
What is an Ethical sycophant?
EBITDA is an alternative measure of a company's overall financial performance.
What is Earnings Before Interest Taxes Depreciation Amortization?
Co-founder and CEO of WorldCom. Under his management, WorldCom grew rapidly but collapsed in 2002 amid revelations of accounting irregularities, making it at the time one of the largest accounting scandals in the United States
Who is Bernie Ebbers?
"I didn't do anything" but they also didn't report it.
What is Ethically detached?
"Those rules are for other people. Don't you know who I am?" Above the rules, regulations and laws.
What is an Ethical egotist/superior?
Restructuring and adding charges to generate extra revenue to be used to smooth out earnings.
What is cookie jar reserves?
MBWA is a strategy to proactively engage with employees in their work environment through informal, face-to-face interactions.
What is Manage By Walking Around?
The former Chief Financial Officer (CFO) of Enron, was a key figure in the company's financial collapse, and he pleaded guilty to securities fraud and conspiracy to commit wire fraud, ultimately serving a six-year prison sentence. Famous for selling a barge.
Who is Andrew Fastow?
"Made by the guy we used to cheat off in high school"
What is an Ethical chameleon?
"So I took some bribes. But look what I did with the money."
What is an Ethical schizophrenic?
Channel stuffing, materiality, cookie jar reserves, spring-loading, big bath, soft charges, round trip accounting and large-charge restructuring.
What are examples of earnings management?