The Sarbanes-Oxley (SOX) Act of July 2002 was created to address the financial malfeasance revealed during the investigations of several large firms by the Securities and Exchange Commission (SEC). The Act required public companies traded on U.S. exchanges to provide increased transparency in financial statements. Key portions of the legislation required firms to create internal financial controls and placed personal accountability with top executives. SOX mandated and standardized a greater degree of self-regulation. In the years following SOX, firms experienced significantly higher compliance costs, but they also benefited from the reduction of statement errors and fraud, increased accuracy in reporting, and greater investor confidence. After the Sarbanes-Oxley (SOX) Act of 2002, anecdotal evidence suggested that SOX impeded small, research intensive firms. We looked at research intensive firms going public before and after SOX to determine if there was a change in volume and quality of research intensive firms post-SOX. We found that firms that went public after SOX were fewer and had lower patenting activity. In the case of small and medium size firms, the cost of SOX compliance is likely to divert funds from research investments. We speculate that highly research intensive firms are more likely post-SOX to divert their IPO to non-U.S. exchanges, delay going public, or dismiss the idea of going public, as proposed in a “3Ds” model. The 2002 SOX US Congressional Act levied millions of dollars in new compliance costs on each foreign or domestic firm that went public on U.S. exchanges. Funding for regulatory expenditures must come from somewhere. We proposed that one likely candidate was research budgets, as research efforts have a more distant, less immediately visible, long term effect on firm performance. We suggested that large firms more easily absorbed the additional costs of SOX with a reduced effect on research and development budgets, while small firms were less able to maintain research budgets after SOX. In the aftermath of SOX, research spending did go down, most visibly in Biotech and Electronics. As the total number of IPO firms decreased dramatically after SOX, these two research intensive industries, plus Computer Software, were the only industries with a large enough sample size to evaluate. We saw that research intensive firms diminished dramatically, along with many non-research intensive firms, from IPO events after SOX. Where we had sufficient sample size, in computer software, biotechnology, electronics, and “other”, we noted that research-intensive firms generally resisted the temptation to raid research budgets, finding funding for compliance elsewhere within the company or from the additional cash flow at time of IPO. Where firms did appear to greatly reduce research budgets was in the non-research intensive industries, where research budgets might be more of a discretionary expense. Firm size was not a factor in whether research intensive firms could better absorb the costs of SOX, although smaller firms tended to spend proportionally more on research in an effort to grow faster. After the enactment of SOX, we observed an indication that the markets valued research intensity even more than prior to SOX, perhaps understanding the vulnerability of research budgets being diverted to compliance costs. Overall, the data suggested that the effect of SOX was underestimated in this study, as the firms that were deterred from going public on U.S. exchanges were not in the sample evaluated. We only analyzed those firms prepared to accept the higher costs of SOX. The data set consisted of survivors, selected firms still willing to pay for SOX compliance as well as for research programs. / Business Administration/Strategic Management

All firms and companies are in jeopardy of frauds but unfortunately not everybody is familiar with the ways of finding them out or preventing them. According to the recent surveys the number of frauds goes steadily up and a new trend in the way of carrying them out has come into existence. There used to be a simple property misappropriation in the past but recently more sophisticated techniques have been used.For that reason it is necessary to familiarize with the most common tricks and fields of fraudulent means.

Made available in DSpace on 2015-12-03T18:33:15Z (GMT). No. of bitstreams: 1 Eloisa_Barbosa_Siqueira.pdf: 3847207 bytes, checksum: 2c51e224cdf6d6b3ff12d1f059562669 (MD5) Previous issue date: 2015-08-25 / This research analyzed the internal accounting controls of a Brazilian chemical industry, and the changes after the implementation of the Sarbanes-Oxley law. It is a descriptive, qualitative research and unique case study application. The research intented to understand: \"In what extent the Sarbanes-Oxley law has affected the internal accounting controls of the researched company?\". Therefore, the data collection was divided in two steps: the first, presented in the Sox Project database information, and the second described in interviews with the company employees. The interview was based in a script composed of 20 questions, divided in three dimensions / constructs: analysis of the interviewees opinion of the internal control area, before the implementation of Sox; verification of the contributions that Sox brought to the internal controls of the organization, and the identification of significant changes after the implementation of the law. The technique used to extract the data from communications was the content analysis. Moreover, after the data analysis, the conclusion was that before implementing Sarbanes-Oxley Act, the company did not have a structure of internal controls, the processes were not standardized and the organization did not have an effective record of important decisions. In 2014, with the advent of Sox, the control culture underwent a positive change, the proceedings were standardized, the employees were trained in Sox concepts, decisions were recorded in minutes, and an area of internal controls was created. Sox allowed the company to have a different vision of the market, and, in the beginning of 2015, the company received a purchase proposal / A presente pesquisa analisou os controles internos cont??beis de uma ind??stria qu??mica brasileira e as mudan??as ap??s a implanta????o da lei Sarbanes-Oxley. ?? uma pesquisa descritiva, qualitativa e de aplica????o de estudo de caso ??nico. O problema de pesquisa buscou entender: Em que medida a lei Sarbanes-Oxley afetou os controles internos cont??beis da empresa objeto da pesquisa? Nesse sentido, o levantamento dos dados foi dividido em duas etapas: a primeira, presente nas informa????es do banco de dados da empresa, e a segunda, descrita nas entrevistas com os colaboradores. Nas entrevistas, foi utilizado um roteiro composto por 20 perguntas, divididas em tr??s dimens??es/constructos: analisar a vis??o dos entrevistados perante a ??rea de controles internos antes da implanta????o da Sox; verificar as contribui????es que a Sox trouxe para os controles internos da organiza????o; identificar as mudan??as significativas ap??s sua implanta????o. A t??cnica utilizada para extrair os dados das comunica????es foi a an??lise de conte??do. Ap??s as an??lises dos dados, foi constatado que, antes de implantar a lei Sarbanes-Oxley, a empresa n??o apresentava uma estrutura de controles internos, os processos n??o eram padronizados e n??o havia um registro efetivo de decis??es importantes. Em 2014, com a chegada da Sox, a cultura de controle passou por uma mudan??a positiva, os processos foram padronizados, os colaboradores receberam treinamento sobre a Sox, as decis??es foram registradas em atas e foi criada uma ??rea de controles internos. A Sox permitiu que a empresa tivesse uma vis??o diferenciada do mercado, o que contribuiu para que no in??cio de 2015, a empresa recebesse uma proposta de compra

Made available in DSpace on 2015-12-03T18:35:03Z (GMT). No. of bitstreams: 1 Catarina_de_Araujo_Costa.pdf: 2271923 bytes, checksum: 7d0dcbb5219e32afd71cf088e663cb3f (MD5) Previous issue date: 2006-08-07 / Em maio de 2005, 34 empresas brasileiras negociavam American Depositary Receipts (ADRs) na Bolsa de Valores de Nova Iorque (New York Stock Exchange - NYSE), Estados Unidos. Diante da obrigatoriedade de adequar-se ?? Lei Sarbanes-Oxley de 2002, o objetivo geral deste trabalho ?? investigar, na percep????o dos gestores, se o Comit?? de Auditoria ou ??rg??o equivalente das empresas brasileiras contribuiu para minimizar as fraudes, aumentar a transpar??ncia na divulga????o das informa????es cont??beis e melhorar os controles internos. Obtiveram-se 25 respostas de 17 empresas. Os resultados obtidos demonstram a grande relev??ncia do Comit?? de Auditoria, apesar da obrigatoriedade: 56% dos respondentes afirmaram que o comit?? participou ativamente com recomenda????es relacionadas com a avalia????o do sistema de controles internos; 68% consideram-no de grande import??ncia para o bom desempenho da empresa e 71% o manteriam em funcionamento mesmo se, no futuro, sua exist??ncia fosse facultativa. / Em maio de 2005, 34 empresas brasileiras negociavam American Depositary Receipts (ADRs) na Bolsa de Valores de Nova Iorque (New York Stock Exchange - NYSE), Estados Unidos. Diante da obrigatoriedade de adequar-se ?? Lei Sarbanes-Oxley de 2002, o objetivo geral deste trabalho ?? investigar, na percep????o dos gestores, se o Comit?? de Auditoria ou ??rg??o equivalente das empresas brasileiras contribuiu para minimizar as fraudes, aumentar a transpar??ncia na divulga????o das informa????es cont??beis e melhorar os controles internos. Obtiveram-se 25 respostas de 17 empresas. Os resultados obtidos demonstram a grande relev??ncia do Comit?? de Auditoria, apesar da obrigatoriedade: 56% dos respondentes afirmaram que o comit?? participou ativamente com recomenda????es relacionadas com a avalia????o do sistema de controles internos; 68% consideram-no de grande import??ncia para o bom desempenho da empresa e 71% o manteriam em funcionamento mesmo se, no futuro, sua exist??ncia fosse facultativa.

Made available in DSpace on 2015-12-03T18:35:04Z (GMT). No. of bitstreams: 1 Carmen_Nagano_Drimel.pdf: 439559 bytes, checksum: 6bb991b76ab92573730d4013743eeacc (MD5) Previous issue date: 2006-09-29 / This present assignment consists in the study of Internal Controls and has as goal the research and analysis of the impacts of requirements of the American law Sarbanes-Oxley in a Brazilian subsidiary of multinational of chemichal area. To achieve the purpose of this assignment , besides of the bibliographic surveyed , was done case study in a chemical company related. The case study makes possible na analysis between the bibliographic surveyed and the results reached. The collected data shows the importance of the Sarbanes-Oxley law and however the law is mandatory, it was observed advantages and disadvantages of being in compliance with the Sarvanes-Oxely in the company surveyed. / O presente trabalho consiste no estudo dos Controles Internos e tem como objetivo a pesquisa e an??lise dos impactos dos requerimentos da lei americana Sarbanes-Oxley em uma subsidi??ria brasileira de multinacional do ramo qu??mico. Para atender ao objetivo proposto foi realizado inicialmente um levantamento bibliogr??fico e em seguida, um estudo de caso em uma empresa do ramo qu??mico. O estudo possibilitou uma an??lise entre o a bibliografia pesquisada e os resultados alcan??ados. Os resultados obtidos demonstram a import??ncia da lei Sarbanes-Oxley, e apesar de sua obrigatoriedade, foram verificadas vantagens e desvantagens na empresa objeto da pesquisa.

Made available in DSpace on 2015-03-05T19:12:39Z (GMT). No. of bitstreams: 0 Previous issue date: 16 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Em um momento em que existem debates em destaque sobre transparência e ética nas organizações, especialmente após a publicação da Lei norte-americana Sarbanes-Oxley (SOX) e do Código Civil brasileiro, este estudo teve por objetivo avaliar a influência dessas leis no sistema de controles internos de empresas registradas na Federação das Indústrias do Estado de São Paulo (FIESP), partindo da premissa de que os referidos controles são a base para a manutenção de boas práticas de governança corporativa, e são usados como ferramenta de apoio à Controladoria para o exercício de suas funções. Para tanto, fez-se uma pesquisa de campo, utilizando-se como instrumento um questionário enviado para 174 empresas de capital nacional e para subsidiárias de companhias norte-americanas com cadastro na FIESP, do qual obteve-se 48 respostas de executivos de empresas nacionais e norte-americanas. Após a coleta e análise de dados, conclui-se que entre as empresas pesquisadas, todas as subsidiárias de companhias norte-americanas ad / At a time when there are active debates on-going concerning transparency and ethics within organizations, particularly following the publication of the North American Sarbanes-Oxley Act (SOX) and of the latest brazilian Civil Code, the object of this study is to examine the influence of these laws on the internal control systems of companies that are registered with The Federation of Industries of the State of São Paulo (FIESP). An initial premise adopted is that these controls are the basis for the maintenance of good practice in corporate governance, and function as a support tool for the controllership in the exercise of their functions. To examine this a field study was carried out, using a questionnaire as an instrument, which was sent to 174 companies that are either Brazilian owned or are subsidiaries of North American companies that are registered with FIESP, of which 48 replies were received from their executives. After the collation and analysis of the data it was concluded that all of the North Ame

Made available in DSpace on 2016-04-25T18:39:32Z (GMT). No. of bitstreams: 1 Gilberto Cabeleira Alves.pdf: 909648 bytes, checksum: ae5ef27c0ea7db4792c6c17142f495e3 (MD5) Previous issue date: 2010-10-20 / This dissertation, a case study, has the purpose of examining the control functions in a large financial institution in Brazil and answer the central question: how and why to integrate the control functions in financial institutions? The study comprised the analysis of concepts, mission and approaches in use by Internal Control, Operational Risk Management and SOX Compliance functions. The internal control concept was identified as being the foundation of the three control functions under analysis. The framework of best practices in internal controls, COSO Internal Control Integrated Framework, is used to compare the way in which those functions operate. Interviews and questionnaires are used to collect primary data and documental analysis and observation for secondary data. Answers from the participating areas indicate that the departments reviewed by the control functions consider integration as necessary. By analyzing the purpose of those functions it is identified that Operational Risk Management and SOX Compliance functions have different purposes and focuses, the first aims at reducing the historic of losses and the later focuses on the quality of financial reporting, both functions report to different directors, have different performance measures and require different skill from their professionals. Comparison of the practices in use indicates that those functions adopt similar approaches; however, not integrated. It is identified a number of examples of opportunities for integration, such as: implementing a shared process for identifying and ranking risks, monitoring controls and reporting. The full integration within a single department revealed to be not adequate, but it is accepted that those functions need to be reviewed to take advantage of the integration opportunities / Esta dissertação, um estudo de caso, tem por objetivo examinar funções de controle em instituição financeira de grande porte no Brasil e responder a questão central: como e por que integrar as funções de controle em instituições financeiras? O estudo compreende análise dos conceitos, objetivos e abordagens adotadas pelas funções: Controles Internos, Gestão de Riscos Operacionais e SOX Compliance. Identifica-se o conceito de controles internos como sendo o fundamento das três funções de controle em análise. A estrutura de melhores práticas do COSO Internal Control Integrated Framework é utilizada para comparar a atuação das três funções. Entrevistas e questionários são utilizados para coleta de dados primários, e análise documental e observação, para dados secundários. Respostas das áreas participantes indicam que departamentos sujeitos a revisões pelas funções de controle consideram a integração destas funções necessária. Análise dos objetivos destas funções identifica que Gestão de Riscos Operacionais e SOX Compliance possuem objetivos e enfoques diferentes, a primeira objetiva reduzir histórico de perdas, a segunda, qualidade dos reportes financeiros, ambas reportam para diretorias diferentes, possuem métricas de performance distintas e requerem diferentes habilidades de seus profissionais. Comparação das práticas em uso demonstra que estas funções adotam abordagens semelhantes, entretanto, não integradas. São identificados inúmeros exemplos de oportunidades de integração, tais como: implante de processos compartilhados para identificação e categorização de riscos, monitoramento de controles e reporte. A completa integração em área única mostrou-se não adequada, mas é aceito que a forma de atuação destas funções precisa ser revista para que aproveitem oportunidades de integração

Made available in DSpace on 2016-04-25T18:40:42Z (GMT). No. of bitstreams: 1 Raphael Moggioni de Lima.pdf: 444702 bytes, checksum: 56f47c113f2541bfd33f3159e4e6c428 (MD5) Previous issue date: 2009-12-17 / Bankruptcy cases as the ones occured in U.S. economy after 2001 involving big corporations, as Enron, WorldCom and Global Crossing have exposed the fragilities of the companies internal control over financial reporting. Trying to reestablish the confidence in financial information provided to the investors and the market balance, the U.S. Congress enacted the Sarbanes Oxley Act (SOX), on 30 July 2002, introducing numerous changes to corporate governance and with respect to the controls over the results achieved. The rigorous changes introduced by SOX have been raised lots of discussions about the costs and benefits for the companies and the investors. This work aims to analyze the existing relations between the internal control over financial reporting disclosure (one requirement according to SOX) and the market performance of the companies shares. The analyses perform were based on regressions with brazilian companies informations issued in U.S. market share. The data used in the study are secondary, from the data base economática and the forms 20-F. The results show that the returns are badly affected in short term, however in longer periods there is no evidence between the internal control deficiencies disclosure and the increase in risk perceptions for the investors / Processos de falência como os ocorridos na economia norte-americana a partir do ano de 2001, afetando grandes organizações, tais como: Enron, WorldCom e Global Crossing expuseram a fragilidade do sistema de controles internos das empresas sobre as divulgações financeiras. Buscando restaurar a confiança nas informações fornecidas aos investidores e o equilíbrio dos mercados, o Congresso dos Estados Unidos promulgou a Lei Sarbanes-Oxley (SOX), de 30 de julho de 2002, repleta de reformas no ambiente da governança corporativa e nos controles sobre a contabilização dos resultados alcançados. As rígidas alterações trazidas pela SOX têm suscitado diversas discussões sobre os custos e benefícios para as companhias e os investidores. O presente estudo tem como objetivo analisar a relação existente entre a divulgação de deficiências no sistema de controles internos das empresas, uma das exigências da Lei Sarbanes-Oxley, e o desempenho das ações das companhias. A análise foi realizada por meio de regressões estatísticas com informações das empresas brasileiras que emitem títulos no mercado norte-americano. Os dados foram coletados do banco de dados Economática e dos formulários 20-F. Os resultados indicam que os retornos são afetados negativamente no curto prazo, contudo em períodos mais longos não há relação direta entre a divulgação de deficiências nos controles internos e aumento na percepção de risco pelos investidores

Using 1,473 going private transactions completed between 1985 and 2007, I assess whether the increase in going private transactions that occurred after the passage of the Sarbanes-Oxley Act of 2002 (SOX) was driven by SOX, or whether this phenomenon continues an ongoing historical trend. To examine this issue, I initially used structural break tests and intervention analysis. From the initial techniques, I find support that the passage of SOX increased going private transactions for these categories. Secondarily, I use Granger causality tests and impulse response functions to examine the link between going private transactions and the public stock market. When I categorize going private transactions according to the type of acquirer, transaction size, and target industry, I find bi-directional Granger causality relationships between smaller-sized going private transactions and the S&P 500 Index (or Tobin's Q). I also find several unidirectional Granger causality relationships for some categories of going private transactions, based on the type of acquirer or the target industry, to the S&P 500 Index (or to Tobin's Q). The impulse response of going private transactions (or the public stock market) to a shock in the public stock market (or going private transactions) is not immediate, but is delayed two to three quarters. The link between going private transactions and the public stock market is an ongoing phenomenon, continuing a historical trend for going private transactions. For going private transactions with structural breaks, SOX affects the linkage but not for going private transactions with no structural break.

O mercado americano de capitais é reconhecidamente o maior mercado do mundo. Uma série de escândalos de natureza contábil, provocados pela descoberta de transações irregulares em uma de suas maiores empresas, resultou no enfraquecimento do grau de confiança dos investidores, abalando o equilíbrio não apenas do próprio mercado de capitais americano, mas também dos demais mercados internacionais. A Lei Sarbanes-Oxley foi editada com o objetivo restaurar a confiança dos mercados. O sentimento com relação a esta Lei é bastante controverso. Para alguns, ela foi precipitada, pois, o próprio mercado, dado o tempo, se ajustaria aos efeitos da perda de confiança. Desta forma, para estes, a Sarbanes-Oxley representa apenas um aumento desmedido de custos sem o correspondente benefício. Para outros, porém, a Lei representa uma grande oportunidade para se discutir a importância da disseminação de uma cultura empresarial que não veja o lucro como um fim em si mesmo. Este trabalho analisa a Lei à luz dos modernos conceitos de governança corporativa e apresentação de informações contábeis e termina por concluir que a Lei Sarbanes-Oxley, apesar de recente, já foi capaz de alertar administradores do mundo inteiro sobre a necessidade de assumir a responsabilidade sobre a informação por eles prestada, contribuindo para aumentar os níveis de transparência das empresas. / The American capital market is recognisably the greatest market in the world. After several accounting scandals, be set by the discovery of irregularities in one of its most important companies, the level of investor confidence was worldwide shaken, affecting the Market Efficiency Theory. A careful insight into the nature of the misleading transactions attested that they could have been avoided if only companies were not so strongly concerned with financial results that ethics standards and the lack thereof were never considered. In the search to restore market confidence, the American Government issued The Sarbanes-Oxley Act on July 30, 2002. The main objective of this Act is to ensure that managers take responsibility for the transparency and reliability of disclosure though a strong incentive in the adoption of ethical standards as well as good corporate governance procedures linked to a series of sanctions that aim to prevent such wrongdoings from occurring in the future. For some, this Act represents an increase in costs without the correspondent benefit. For others, it represents a great opportunity. The present paper analyses the Act as regards the modern corporate governance theory and concludes that the Sarbanes-Oxely Act, although pretty recent, has already succeeded in making managers more conscious of their responsibility regarding the reliability of information they provide, resulting in improvement both in transparency and corporate governance. / Dissertação (mestrado) - Faculdades IBMEC, Programa de Pós-Graduação e Pesquisa em Administração e Economia, Rio de Janeiro, 2005. / Bibliografia: p. 129-137