Project #66379 - Discussion week 3

 

 

There are two Discussion Question 150 word count for both questions..

1.This week we will learn about the Sarbanes-Oxley Act and its emphasis on the importance of good internal controls.  The Sarbanes-Oxley Act was passed by U.S. Congress for the purpose of restoring public confidence and trust in the financial reporting of companies due to numerous financial scandals that cost investors billions of dollars.  Defrauding the public and extorting money from innocent people is nothing new.  The Bible says, “The love of money is the root of all kinds of evil.” I Timothy 6:10 NIV. 

Click the link below to hear the story of Zacchaeus as recorded in Luke 19:1-10 NIV. https://docs.google.com/open?id=0B4R_gW1fpAXZTy15VFA5eWlLeFk (Links to an external site.) 

Zacchaeus ought to have known that there was no hope for him.  He had  done a pretty good job of extorting money from his people.  Luke 19:2 indicates he was a wealthy man. 

When Zacchaeus heard that Jesus was coming to Jericho, he simply had to see him.  Jesus said in John 6:44 NIV “no man can come to me unless the Father who sent me draws him.” Zacchaeus experienced the grace of God drawing him to Jesus. The inner tug that Zacchaeus felt caused him to quit what he was doing and find Jesus. Because he was “little of stature”  Zacchaeus had a hard time seeing Jesus. In his pursuit of seeing Jesus he resorted to climbing a sycamore tree to get a good view. 

The Bible tells us it was crowded but Jesus saw Zacchaeus, and even though Jesus had never met Zacchaeus, he called him by name: “Zacchaeus come down immediately.  I must stay at your house today.”  Luke 19:5 NIV. Jesus was able to see past the tax collector's sin to his heart.  The act of Jesus inviting himself to Zacchaeus’ home meant he was forgiven and accepted by God.

The people were upset and began to complain. But Zacchaeus did not want to lose out on the opportunity to be forgiven.  Zacchaeus must have known in his heart that accepting Jesus would mean his life had to change.  He immediately said, “I give half my belongings, Lord, to the poor. If I have defrauded anyone in the least, I pay him back fourfold.”

Notice here that Zacchaeus did not buy his forgiveness.  Before Zacchaeus even made the offer, Jesus had already offered him grace and mercy. Zacchaeus did not have to accept the offer.  God does not force himself upon us.  We must make the decision ourselves.  There are things we must give up if we want to accept Jesus into our heart; whether it is ill gotten gain or something else.  Zacchaeus was clear about what he had to give up.  He knew it was nothing compared to what Jesus had to offer. Is this choice clear to you? What kinds of internal controls do you have in your life that keeps love of money or worries about money in perspective?

 

2.A former chairman, CFO, and controller of Donnkenny, Inc., an apparel company that makes sportswear for Pierre Cardin and Victoria Jones, pleaded guilty to financial statement fraud.  These managers created false transactions and recorded fictitious sales, hid inventory in public warehouses so it could be recorded as “sold,” and required sales orders to be backdated so that the sale could be moved back to an earlier period.  The combined effect of these actions caused $25 million out of $40 million in quarterly sales to be phony.   

Should the control procedures listed in this chapter be sufficient in stopping this kind of fraud?  If not, how can this type of fraud be mitigated.  Please justify and explain your answer. 

 

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Due By (Pacific Time) 04/14/2015 12:00 am
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