Case Study: Roles of Management in Regulatory Compliance You are preparing for t
ID: 463212 • Letter: C
Question
Case Study: Roles of Management in Regulatory Compliance
You are preparing for the final exit meeting with Anthony's Orchard. You have probably met with management at various stages throughout the audit. Now it is time to meet with the senior management and the board to review and provide the audit findings and conclusions. You will also need to outline any concerns so management can develop action steps to eliminate those concerns.
Write a 3- to 4-page paper that incorporates the following information:
Given the limited information from previous weeks, what kind of opinion would you give to Anthony's Orchard?
Depending on the type and complexity of the company, regulatory compliance may also involve one or more auditors. These may include an outside or independent accounting firm and/or local, state, and federal agencies. Evaluate the impact of involving additional auditors, outside auditors, or government agencies in regulatory compliance.
As you prepare, think about the entities that could be involved in the auditing process. What are their roles in auditing Anthony's Orchard?
How would Anthony's Orchard build transparency into their governance and compliance systems?
What are the roles of management and the board? What controls have been put in place to comply with the Foreign Corrupt Practices Act (FCPA) to prevent bribery and corruption?
Which regulatory agencies and which rules and regulations would be part of the overall management of compliance for Anthony's Orchard?
Be sure to include in your paper, information from, but not limited to, the Foreign Corrupt Practices Act, the Sarbanes-Oxley Act, SEC, PCAOB, and any other regulatory agencies that may have an effect on Anthony's Orchard.
Explanation / Answer
I would give him the advise to be careful as their are loopholes which has found that their is lot of disfunction in the system its also true that their have been flaws in all the department while doing audit have found that the system needs to be clearer. Would sit with him in the table and make him understand about all the departments. The books of accounts have not been maintained properly and also have been mishandled day wise report and the credit,debit balance is not tallying which has affected the books. This has resulted into heavy losses which has in trun seen that the growth and the revenur has declined. A peace of advise is to regularly monitor the books of accounts. if more and more auditors are put for clarifying the results its a good idea and all the agencies should come together so that the correct figures are reached. The more the auditors the better its going to be for the organization to get the clear picture of their earning. When the report goes to the management about the reports they would put check and balances and seek a report incase their are descripincies management would be given a clean picture about the health of the company. A investigation team has to be set up so that we teend to get the right report for the management. Audit committee,Statutory compliance report and Audit as per the industry act has to be made so that their is no problem at the later stage.