Question: 1. Give 3 examples of fraudulent business practices, and suggest ways to prevent unethical behaviors and activities.
2. How useful is the code of professional conduct in the deterrence and prevention of fraudulent practices? Explain your response, and provide 2 examples to illustrate your point.
3. The Sarbanes-Oxley (SOX) Act of 2002 was enacted to improve corporate governance and accountability within the financial and information technology (IT) sections in publicly traded companies.
a. What are the advantages and disadvantages in the implementation of SOX by private firms?
b. Describe the following with good business practices:
• Corporate governance
• Accountability
• Oversight
• Audit committee independence