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Ethical Paper

In: Business and Management

Submitted By msmelom
Words 427
Pages 2
Introduction
The 21st century started off with the prosecution of several large corporations for unethical financial practices. In response to this, the SEC developed new, more detailed regulations and punishments for failure to comply with ethical financial behaviors. Currently, ethics and compliance play a very critical role in how organizations operate daily. Learning Team C will be identifying the role of ethical compliance within Lowes. Learning Team C will do this by evaluating how the organization complies with SEC regulations. LTC will also calculate the financial ratios of Lowes to verify the status of the health of the Lowes organization.
Processes used to stay in compliance with the SEC
Public traded companies have to comply with the regulations set by the Securities and Exchange Commission (SEC). One of the guidelines set requires Lowes to notify all shareholders when the organization files their financial reports to the SEC. This includes quarterly and annual reports. Lowes ensures that they are always in compliance with the SEC regulations through internal software and technologies, outside independent auditors, Audit Committee, Compensation Committee, and Governance Committee. Lowes has been found to be in total compliance with all regulations set by the SEC thus far. When the company makes any SEC filing, they are listed by category for the public to see on the company website at anytime. The purpose of the Audit Committee is to ensure all financial and accounting processes at Lowes are ethical. This committee does this through internal and external audit controls and processes. To have a non-biased financial audit done Lowes uses outside independent auditing company Deloitte & Touche LLP. This committee also oversees a reviewing process in which the senior managers of the company meet with the independent auditors after their annual audit to discuss their findings. The Compensation Committee is part of the organizations processes of staying in compliance with the SEC. the purpose of the Compensation Committee is to assist the board of directors in foreseeing the integrity of Lowes’ financial statements, legal compliance, and regulatory compliance. The Compensation Committee ensures that Lowes stays in compliance with the SEC through reviewing the qualifications of the independent auditors that the company uses, the internal and external controls used in the organization. Also they make sure that the company is always in line with their own internal compliance regulations that they have set for themselves. The Compensation Committee is also responsible for prepping the Audit Committee report that is required from the organization by the SEC. This report is included with the organization’s annual proxy statement.

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