Online Legal and Ethical Environment of Business Discussion
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Online Legal and Ethical Environment of Business Discussion
Part 1 (post this response in the main U2 DB thread “Unit 2 Discussion Board”)
One common point of debate in law is whether laws should be changed based upon the times or circumstances. It has been a consideration since the Founding Fathers created the Constitution.For this debate discussion, your task is to consider this issue, as it relates specifically to two particular laws. The topic up for debate: should the Dodd-Frank Act and the Sarbanes-Oxley Act be flexible and change based upon the times or circumstances.
Read this article and then this information from the SEC on these Acts, and conduct a brief analysis of each, to demonstrate your understanding of both.
Part 2 (post this response in the appropriate topic within U2 DB (labeled “for” and “against”)
Based on the first initial of your last name, complete the following:First initial A-L: Provide an argument for the value in changing these two laws based on times/circumstances. Submit your position by posting in the Unit 2 Debate forum under the for topic.
First initial M-Z: Provide an argument against the ability of laws to be modified based on times/ circumstances. Submit your position by posting in the Unit 2 Debate f orum under the against topic.
In both considerations, provide research that supports your assertions.
Responses to Other Students: Review the opposing thread comments.
Respond to at least two of your classmates in the opposing thread with at least a 100-word reply about their Primary Task Response regarding items you found to be compelling and enlightening.
response for student number one: Chad Clyburn
I am glad to see that this week’s discussion board is closely aligned with my topic from last week. I am a firm believer that businesses need to be governed closely from the moment that they allow outside investors. Both the Dodd-Frank Act and the Sarbanes-Oxley Act provide governance over businesses to help protect the investor.
“The Sarbanes Oxley act in 2002 (SOX,) which greatly increased the duties of board directors – as well as penalties, if they failed to meet their duties” (Hartung, 2015). The most impactful part of this legislation is that it requires to use independent auditors which greatly increases thorough research and reporting. This reduces a business’s ability to “fudge the numbers” if you will. The requirement of board members to have more knowledge of operations establishes more accountability for all members (Hartung, 2015).
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 provides even more protection to investors. This reform greatly increased the level of transparency that organizations had to provide to their investors, thus, greatly reducing the risk of misrepresentation (The laws, n.d.). This transparency allows partners and investors to conduct thorough research on organizations to better determine to whom they will engage.
With all of the reform that has taken place with securities over the past decade or so, there is still plenty of room for improvement. With the uptick of social media, we have seen a massive increase in securities violations. This will be the next area that more regulation should be derived. I posted specific instances last week in my post. Please, refer to it for more specific instances.
References
Hartung, A. (August 16, 2015). Regulations Work: Benefits of SOX and Dodd – Frank. Forbes. Retrieved from: https://www.forbes.com/sites/adamhartung/2015/08/16/regulations-work-benefits-of-sox-and-dodd-frank/#1dcef3481157
The laws that govern the securities industry. (n.d.). U.S. Securities and Exchange Commission. Retrieved from: https://www.sec.gov/answers/about-lawsshtml.html
the other paart of Chad’s post ( the for/ against part)
Hello Everyone,
The primary reason for changing the Sarbanes-Oxley act and the Dodd-Frank act is that it can be seen as a violation of rights. We all have the right to freedom, the pursuit of happiness, and free speech; creating legislation on how we have to conduct business, and what we can and cannot say is a breach of that right. Why does the government have the right to tell business not to lie or keep secrets and not the rest of the population? I understand that publicly traded companies should ethically tell the truth to their investors, but where are the ethics interpreting one’s rights differently based on a given situation?
This stance is quite hard to defend when I clearly fall on the other side of the line. I hope I was able to provide you with a different point of view
response for the other student post :Jeff Peters
If society could trust people to be ethical and do what’s right, you would see less laws enacted
and less oversight of businesses. However, when it comes to making money society does not
want to stop the cash cow when its coming in. We have seen this since the beginning of times
and more specifically during the 1800’s and 1900’s when Kings and Queens were taxing
everyone and we have seen the revolts against that in fact in the early days of America when we
had the Boston Tea party pushing back on the British empire. As the United States grew over
the industrial age and move into the mass production age, we’ve seen businesses grow and the
owners kept getting richer while their workers made very little money. The growth rate far
outpaced the blue-collar worker by pay, hours worked per day and week. The United States
government typically moves slower or in reaction to situations that cause society to almost cave
into bankruptcy or collapse all together. Below are a couple of examples in the past 20 years we
have seen the government make changes into law to help prevent these issues come back.
- Sarbanes Oxley act in 2002
President Bush signed the Sarbanes Oxley Act (SOX) July 30th, 2002 and said “the most far
reaching reforms of American business practices since the time of Franklin Delano
Roosevelt” (U.S. securities and exchange commission, 2013) Once this became law in really put
pressure on board of directors to take responsibility for the company’s actions. If you cooked the
books you would go to jail and some people tried and they ended up in jail. The law
implemented procedures that would look for illegal acts from the company and its board and the
board would also be required to understand what the internal controls were in place and held
accountable. This law created penalties for the CEOs and CFOs that fudged any numbers in
their financials or acted against anyone that called them out into the open that included criminal
action by the courts. The SOX law added great value in transparency, accountability, and
diversity. Diversity in the board by having women and people of color part of the board has
improved work performance and results. Boards now are proactive interviewing and looking for
the best person to join their board that will help drive the business in results but also have core
values that bring the community and sustainability as a partnership.
- Dodd-Frank Wall Street Reform and Consumer Protections Act of 2010
President Obama signed Dodd-Frank law in July 21st, 2010. With the collapse of Wall street and
the banking institutions the United States government created a law that would regulate the
system in several areas not limited to consumer protection, trading restrictions, credit
ratings, regulation of financial products, corporate governance and disclosure, and transparency.
(U.S. securities and exchange commission, 2013). The U.S. government wanted to make sure
its citizens were protected from risky banking behaviors, so the Dodd-Frank law created a
greater transparency requirements that included details even to the CEO compensation being
linked to company performance and the compensation of its employees. The law created
allowed investors to vote on compensation packages for the CEO.
the other post for Jeff ( for / against part)
Why should we make more laws? We already have the Dodd-Frank law and SOX law that cover rights for
diversity, transparency, and accountability. So why do we need more or make changes to the current
law. We want less laws not more so companies will hire more workers instead of hiring more oversight
staff. If the companies do not make money, then they go out of business and then who wins when I am
unemployed. We all have rights, but no one is going to help me pay rent, buy food, and take care of my
children so I need to work and make money to do these things. The government has already made the
changes but I do not want more changes that will influence companies and in turn they make
changes in their policies and business practices that I do not want to adhere to because usually it makes
more work and less fun at work.
I also appreciate the laws and do not want them to be taken away or changed as they have helped make
necessary changes to protect me from being taken advantage of companies that do not want to make
the right choices and stand back as employees lose their pensions, 401k, and benefits from a scandal. It
covers diversity in the board and holds the board accountable to run a business properly, so I do not
want to make changes to the law.
RUBRIC
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