...Regulatory and Compliance Issues Introduction Reviewing the growth of the Sarbanes-Oxley Act (SOX) which was made based on the public business outrages. The WorldCom and The Enron issues, for instance, gave shareholders self-confidence in entities traded on the open markets throughout ’01 and ’02. Congress was very fast to answer to the political disaster and made the bill of the Sarbanes-Oxley Act of 2002, which eventually the bill was signed into edict by President Bush on July 30 to give self-assurance to shareholders (Carmichael, 2004). SOX quickly changed the way in how public business takes internal controls and reporting within accounting and finance and the way the public companies business being administered. One of the most important objectives of SOX is to oversee public accounting, publicity reporting business and the investment commerce. In order to follow SOX objectives and to watch the acts of public accountancy, SOX created the Public Company Accounting Oversight Board (PCAOB). This particular board directs the accounting line of work and publicity reporting business with respect to reporting and audits (Mallor, Barnes, Bowers, & Langvardt, 2014). The Public Company Accounting Oversight Board (PCAOB) members are enforced not to have any associations with the public companies or members of the companies so as to keep all terms of accountability fair and clear. PCAOB also generated rules made to guarantee that auditors of publicity reporting business are autonomous...
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...Regulatory and Compliance Issues Paper SANYUY D. ELVIS LAW 531 October 13, 2015 JAMES CHARNELL Regulatory and Compliance Issues Paper Do you think that the creation and work of the Public Company Accounting Oversight Board (PCAOB) has resulted in greater independence of auditors of public companies? Due to some major Corporate and Accounting Scandals in some prominent companies including Enron and WorldCom, Sarbanes–Oxley Act (SOX) was enacted in 2002. Through this, a lot of changes were introduced as to the regulation of Financial Practices and Corporate Governance. The SOX later on created the Public Company Accounting Oversight Board (PCAOB). The PCAOB is to oversee the audits of public companies and other issuers so that the interest of the investors can be protected and also further public interests in the preparation of Independent, accurate and informative audit reports. Therefore, all public companies are required to register with PCAOB and also follow its rules. Independence is one of the rules of the PCAOB. As stated in the PCAOB standards Section 101.01, “A member in public practice shall be independent in the performance of professional services as required by standards promulgated by bodies designated by Council”. Furthermore, according to the American Institute of Certified Public Accountants (AICPA), Independence can be defined as a state of mind that permits a member to perform an attest service without being affected by influences that can compromise...
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...Regulatory and Compliance Issues Paper During the late 1990s and early 2000s there were a lot of companies in the USA that were involved with fraudulent activities. These are companies that were trusted by both the public and their investors. Just to mention a few of these companies like Stanford financial, WorldCom, Enron, Tyco and Madoff that intentionally and fraudulently misled their shareholders and the public. The US congress in an effort to curtail the financial scandals, the Sarbanes-Oxley Act was enacted in 2002. The Sarbanes-Oxley (SOX) Act was enacted by the United States congress to protect shareholders and the public from fraudulent accounting practices and errors. The SOX help to regulate, improve standards and also straighten corporate governance. The Sarbanes-Oxley Act facilitated the creation of an oversight company called the Public Company Accounting Oversight Board (PCAOB). “The Public Company Accounting Oversight Board (also known as the PCAOB) is a private-sector, nonprofit corporation created by the Sarbanes-Oxley Act of 2002 to oversee accounting professionals who provide independent audit reports for publicly traded companies” (http://www.sec.gov). Do you think that the creation and work of the Public Company Accounting Oversight Board (PCAOB) has resulted in greater independence of auditors of public companies? As the SOX help the establishment of the PCAOB, the US congress gave the Security and Exchange Commission (SEC) the explicit oversight authority...
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...Legal, Safety, and Regulatory Issues HCS 341 April 4, 2011 Abstract Legal, Safety, and regulatory issues all have a large impact on the human resources process as they relate to the statement “Common sense and compassion in the workplace has been replaced by litigation.” In today’s society litigations seem to be an increasing greatly, and administrators do their best to create human resources processes that avoid any possible litigations on them and or their organization. I completely agree with the statement “common sense and compassion in the workplace has been replaced by litigation.” There has been an extremely large increase in the number of employees who either sue or attempt to sue an organization and often out of revenge and not because of a valid reason. It seems that litigations in the workplace increase more as the economy continues to spiral downward. America is constantly made aware of the reductions in jobs that are still available. Many individuals are left without a job due to the recession that the economy is currently going through. There are many individuals who have also been laid off from the jobs that they once were employed by and expected to always have available to them. Job security is hard to find and employees fear for their financial security. What’s more, those who are unable to land with another employer often choose to sue (Maatman Jr.). Due to the rise in the number of employees who sue or attempt to sue the organization that...
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...Legal and Regulatory Issues Malpractice Legal and Regulatory Issues Malpractice Legal and Regulatory Issues Malpractice Legal and Regulatory Issues Malpractice is an issue that is always can affect a healthcare office. Malpractice is when the improper or negligent treatment of a patient, as by a physician, resulting in injury, damage, or loss of life. Physicians have insurance for this in case an incident occurs. Physicians follow a code that states do no harm but sometimes harm occurs due to their negligence to underlined issues. If underlined issues dealing with your diagnosis is not checked out then it can lead to further injuries and even death. Medical malpractice can cost a facility or hospital millions even billions of dollars each year. Medical malpractice not only will cost money but it can also hurt a hospital or facility reputation for treatment for patients. Medical malpractice cases require stringent and comprehensive clinical review, and hospitals always employ medical experts to review their cases. The clinical issues are always analyzed, but often overlooked is the evaluation of the corporate responsibilities of the hospital involved in the matter. It is becoming increasingly likely that the hospital will be included in the claim as plaintiff attorneys are very aware that courts are finding corporate negligence as a factor in many claims, and more and more states are recognizing corporate negligence as a contributing issue (Steinberg...
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...Critical Regulatory Issue In this day and age technology has become the way of life. People have access to their whole lives online. Consumers can shop, pay bills, and apply for credit with a simple click of a button. Some healthcare providers now have patient portals, where patients can access their medical records, review and pay their bills online and even schedule their own appointments. This is not only convenient but also makes sense with today’s technology. A patient portal is a Web-based access point that allows doctors and patients to communicate and share health information remotely, supplementing the ongoing management of the patient's care. While portals can't replace an in-office visit, they have many benefits: They are "designed to boost patient's involvement in their care," as portals encourage viewing test results and health documentation and can facilitate an ongoing doctor-patient dialogue. Additionally, portals can reduce costly paperwork by serving as online billing and payment centers (Healthcare IT) but with all of this technology and access to private information, how are consumers protected? How do they know their records are being kept confidential and not broadcasted online for everyone else to see? Patients and their private health information are protected through the Health Insurance Portability and Accountability Act also known as HIPAA. In 1996, the Health Insurance Portability and Accountability Act or the HIPAA was endorsed by the U.S. Congress...
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...Human Resource Management The role they play in Healthcare The role of human resource management in the health care industry is to work with all employees of the organization to make sure each individual has a clear understanding of what he or she is expected to do within their job requirements, and to make sure the organization is successfully operating smoothly on a daily basis. The human resource department has a responsibility to the organization to bring all the employees together as a team so that each individual has a clear understanding of what the organizational goals are, and accomplishing the goals of the organization together as one. A very important role of the human resource department is to find the top representative of every field needed within the health care organization, and make sure each individual is well trained and educated then interviewed for possible employment. Once the human resource department recruits and retain new employees, and trains them for their assigned positions evaluation will be performed on each individual to make sure the job is completed correctly, and the employee is clear on what is expected to be done to fulfill his or her obligations to the organization. The human resource department has a responsibility to make sure the health care organization is compliant with all state and federal laws whether old or new in order to be able to continue servicing the people in the community. The human resource department is also responsible...
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...A Critical Regulatory Issue in Health Care A Critical Regulatory Issue in Health Care Congress grants agencies the ability to create regulations to promote and carry out public policy (Fremgen, 2012). A critical health care regulatory issue in today’s world is The Privacy and Security Rule. The Privacy Rule, 45 CFR (Code of Federal Regulations) Part 160 and Subparts A and E of Part 164 govern the privacy of individually identifiable health information and the security of electronic individually identifiable health information. CFR 45 Part 160 is otherwise known as the Health Insurance Portability and Accountability Act (HIPAA) (U.S. Department of Health and Human Services, 2012). HIPAA enacted in 1996, outlines the conditions protected health information (PHI) may be used or released by covered entities or individuals. The Office for Civil Rights (OCR) of the Department of Health and Human Services (HHS) enforces the HIPAA Privacy Rule. The Privacy Rule, modified in 2002 and 2003, set standards for protecting the integrity and confidentiality of PHIs covered entities must follow. Medical organizations and their employees have a legal and ethical responsibility to protect patients’ medical privacy at all times. Health care facilities and employees who fail to implement effective privacy rules and regulations are subject to fines, accreditation problems, and possible suits from affected individuals. Facilities and government agencies are liable to HHS for fines but also the...
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...Legal, Safety, and Regulatory Issues of Human Resources Tara Moreno HCS/341 August 24, 2015 Angela Thomas Human resources are greatly impacted by the legal, safety, and regulatory issues that pertain to their company’s employees. The statement, “common sense and compassion has been replaced with litigation”, implies that companies today have become so engrossed with avoiding legal liabilities and lawsuits by employees that a cold management style becomes the result. Human resource managers must be well informed of regulations and laws in place that protect employee and employer rights and enforce employer responsibilities as they pertain to legal, safety, and regulatory issues in the workplace. There are many legal issues that companies must adhere to that are enforced by the Department of Labor. These laws are set in place to protect both the employee and the employer and to ensure fairness and ethical behaviors within the workplace. Some of the legal aspects of human resources that are governed by the Department of Labor include, but are not limited to; wages and hours, workplace safety, and the Family and Medical Leave Act (FMLA) ("U.s. Department Of Labor", n.d.). Employers are required to pay minimum wage to non-exempt employees for regular hours worked and time and a half pay when overtime hours are worked. The standards for wage and overtime pay are set forth by the Fair Labor Standards Act (FLSA), while the Wage and Hour Division enforces these standards. Additionally...
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...Ambulatory Surgery Centers: A critical regulatory issue Ambulatory surgery centers are considered medical facilities that are specifically designed to give elective same-day surgeries to ease the high traffic at local hospitals. They do not offer emergency care in this type of facility because it is not considered a hospital. This type of facility means that a patient does not have to be admitted to a hospital and will go home after the procedure is finished. There are many legal issues regarding these types of facilities, and as you will read, they have to do with physician ownership, out of network waivers, and Medicare cases. It takes a lot of effort to run a surgical center and to find out what kind of legal issues can be involved with this type of center. One of the main sources of legal debates that are prevalent in ambulatory surgery centers is when new owners are trying to “buy-out” an owner that is leaving the business. A lot of centers grapple with the understanding of their present contracts concerning buying and with the legal obligation of selling the center for retail value. When a surgery center needs to sell because of finances, the ability to find someone who will give a fair market price can be difficult. Watching and assessing which new owners that will enhance the productivity of the center. Another great debate that involves physician ownership is the newly revised coverage rules and regulations which is a necessity for the early notice of physician...
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...Table of Contents 1. Abstract…..……………………………………………....………………..…...…. 4 2. Introduction……………………………………………....………………..…...…. 4 3. Analysis…………………………………………………....…………………...…. 5 4.1 Research and innovation in the ICT environment ……………....………. 5 4.2 Human capital development in the ICT environment.……..…....……….. 7 4.3 Level of advancement of ICT networks and services.…………………… 8 4.4 Level of advancement of the IT and software industry sectors……….… 11 3.5 The role of CIOs in promoting digital economy evolution……………….. 14 4. Conclusion………………………………………………...…………………...…. 17 5. References……………………………………………....…..………………...…. 19 1. 1. Abstract This report is an analysis of digital economy evolution and the role of the CIO in the South African ICT sector, looking at the following five points: (i) Research and innovation in the ICT environment. (ii) Human capital development in the ICT environment. (iii) The level of advancement of ICT networks and services. (iv) The level of advancement of the IT and software industry sectors. (v) The role of CIOs in promoting digital economy evolution. 2. Introduction This report is an analysis of the digital economy evolution and the CIO’s in the South African ICT sector. The CIO does not have much influence in the areas of ICT such as, the ICT sector itself, research, ICT sector innovation, human capital development, ICT networks, services and software...
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...2012 FINAL PROJECT 8 The most critical issue the U.S is facing is The Federal regulatory expenses. U.S. is on the path for a deficit of 1.5 trillion or more in the future. The funding reduction that should be cut out is the Federal regulatory expenses, Federal spending US cut; it could raise the economy backup and help the US out of debt. The Federal spending has developed out of proportion and is growing and not reducing the deficit. Some people believe that part of this careless budget is due to regulatory efforts. By cutting this funding tax payers and the economy could be building back up. Even President Obama’s acknowledgement about the extra federal regulations had subdued innovation which had a disturbing outcome on growth and jobs. New public companies in the United States, capital business, and entrepreneurship have all been affected by the result of federal regulations. Some people believe that part of this irresponsible budget is allocated to regulatory efforts. By reading the research and report my criteria would be for renewed economic growth to reduce regulations, so businesses are free and motivated to expand and update. By cutting agency budgets the Federal budget would not only be reduced, but it would have the added benefit of lowering the overall budget. All businesses should get a chance to start or update their businesses with an overall success rating. The second most critical issue the US is facing is the flow immigration. There...
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...Better Regulation for Growth Regulatory Quality and Competition Policy Investment Climate Advisory Services of the World Bank Group With funding from FIAS, the multi-donor investment climate advisory service in partnership with BETTER REGULATION FOR GROWTH GOVERNANCE FRAMEWORKS AND TOOLS FOR EFFECTIVE REGULATORY REFORM REGULATORY QUALITY AND COMPETITION POLICY INVESTMENT CLIMATE ADVISORY SERVICES WORLD BANK GROUP ©2010 The World Bank Group 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org All rights reserved Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone: 978-750-8400; fax: 978-750-4470; Internet: www.copyright.com. All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2422; e-mail: pubrights@worldbank.org. About the Investment Climate Advisory Services of the World Bank Group The Investment Climate...
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...Regulatory and non-regulatory agencies are made up of professional organizations and government agencies that issue infection control guidelines in dentistry. It is very important for everyone in the dental practice to know the very different roles of each of these agencies. Some of these agencies are regulatory; they issue all rules and regulations that dental practices must follow. There are penalties set in place for not complying with these regulations that include fines, imprisonment or suspension or revocation of licenses. The other half of these agencies is non-regulatory also called advisory or recommendation agencies. These agencies issue recommendations that are based on strong scientific evidence but they do not hold any authority...
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...Regulatory Health Issue: Affordable Care Act Regulations There are many, critical regulatory issues in healthcare that need to be addressed. “While the Supreme Court weighs the constitutionality of the Affordable Care Act, Congress is holding hearings on the federal regulatory process. The two topics are more closely related than you might think” (Ellig). The one that jumps out to me and needs addressed more in-depth is the regulation of the payments for healthcare. As well as, the actual regulatory process and how certain sections of the healthcare system are picked, need to be regulated. Not only is the regulation of this part of the healthcare system have many issues but in general choosing what to regulate and the actual process of research needs looked into. Regulating parts of the healthcare system is done to ensure that healthcare facilities, and businesses, laws, and acts are properly dealt out. There needs to be rules for laws, so that everyone is treated fairly and equally. The article explains that there was not enough research done to require new or improved regulatory requirements. The Affordable care act was put in place by President Barrack Obama to ensure that all Americans have the ability to purchase insurance for themselves and their families. It was put into play to see that it was affordable and did not discriminate against age, race, sex, and illness. Some of the regulations made were ensuring that insurance companies could not deny coverage to someone...
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