The effects in market increase and in average liquidity of the shares, in the two situations: when some companies adept and adopt the requirements of New Market and when some companies emission ADRs, and so meet the requirements of Sarbanes- Oxley are assessed in this research using the methodology Event Study. The events considerate were the dates of adept New Market and the dates of deposit form 20-F in SEC, after the time limit of adjustments for meet the law. The test-t of Student assuming a level of significance the 5% was used for index performance of the abnormal return and the average liquidity, in the period (-15) to (+15) days around the events dates. The results highlight that didn t have statistic differences that allow affirm that Brazilian market increase more value to the companies that issues ADRs in NYSE. And the statistics differences in behavior of the average liquidity of the shares in these companies didn t have. However, they noted statistics differences in the behavior of the average liquidity of the preference shares on the ordinary shares in the companies that issues ADRs in NYSE. / Os efeitos no retorno e na liquidez média das ações, diante das duas situações: quando empresas aderem e atendem aos requisitos do Novo Mercado e quando empresas emitem ADRs e, por conseguinte, atendem aos requisitos da Sarbanes-Oxley são avaliados neste trabalho por meio do método de Estudo de Eventos. Os eventos considerados foram as datas de adesão ao Novo Mercado e as datas de depósito do formulário 20-F na SEC, após o prazo limite de adequação das empresas estrangeira à Lei. O teste-t de Student, em um nível de significância de 5%, foi utilizado para os índices de desempenho dos retornos anormais e da liquidez média, no período de (-15) a (+15) dias ao redor das datas dos eventos. Os resultados evidenciam que não existem diferenças estatísticas que permitam afirmar que há valorização do retorno das empresas que emitem ADRs na NYSE, em relação às empresas que estão listadas no Novo Mercado. Também não foram identificadas diferenças estatísticas no comportamento da liquidez média das ações dessas empresas. No entanto são apontadas diferenças estatísticas no comportamento da liquidez das ações preferenciais em relação às ações ordinárias das empresas que emitem ADRs na NYSE. / Mestre em Administração

Submitted by Claudio Manfredi (cafmanfredi@msn.com) on 2013-10-09T18:20:09Z No. of bitstreams: 1 EBAPE-MEX2011-Dissertação-Manfredi,CAF.pdf: 2229754 bytes, checksum: 41145bff33a84b8375d5b1386db67bd7 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2013-10-09T20:24:09Z (GMT) No. of bitstreams: 1 EBAPE-MEX2011-Dissertação-Manfredi,CAF.pdf: 2229754 bytes, checksum: 41145bff33a84b8375d5b1386db67bd7 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2013-10-11T17:56:12Z (GMT) No. of bitstreams: 1 EBAPE-MEX2011-Dissertação-Manfredi,CAF.pdf: 2229754 bytes, checksum: 41145bff33a84b8375d5b1386db67bd7 (MD5) / Made available in DSpace on 2013-10-11T17:57:32Z (GMT). No. of bitstreams: 1 EBAPE-MEX2011-Dissertação-Manfredi,CAF.pdf: 2229754 bytes, checksum: 41145bff33a84b8375d5b1386db67bd7 (MD5) Previous issue date: 2013-04-18 / Companies seek to create an enabling context in which trust is a predominant element . In 2002, after the well - known corporate governance scandals, the Congress of the United States of America (USA) enacted the Sarbanes - Oxley Act (SOx), in order to protect investors and reestablish the shaken confidence. U.S. public companies were forced to adopt corporate codes of ethics, ensuring maximum effectiveness in preventing frauds committed by their employees, subject to heavy civil and criminal penalties for both companies and their executives. This study aims to assess the effectiveness of the Co rporate Codes of Ethics ( CC E) by the perception of Brazilian employee s of Brazilian national companies subject to comply with S o x . Based on the model described by Singh (2011), 18 independent variables of CCE’ effectiveness were analyzed . The results reve aled that 84.4% of the questionnaire respondents positively evaluated the C CE of their respective companies. But the model of Singh (2011) did not fully reflect the factors identified by him , allowing the proposi tion of a new model of effectiveness of the CCE . Further research should include an analysis of the Brazilian cultural aspects that may impact the effectiveness of the EEC. Case studies regarding the universe of employees of one sole public company should be conducted , aiming to provide a n actual diagnosis of the effectiveness of its code of ethics. / As empresas buscam criar um contexto capacitante no qual a confiança é elemento preponderante para tais objetivos. Em 2002, após os conhecidos escândalos de governança corporativa, o Congresso dos Estados Unidos da América (EUA) sancionou a Lei Sarbanes-Oxley (SOx), com o objetivo de proteger os investidores e resgatar a confiança abalada. Empresas norte-americanas de capital aberto foram obrigadas a adotar códigos de ética corporativos, garantindo a máxima efetividade na prevenção de fraudes praticadas por empregados, sob pena de pesadas sanções cíveis e criminais para as empresas e seus executivos. O presente estudo visa verificar a efetividade dos Códigos de Ética Empresarial (CEE) na percepção do empregado brasileiro de empresa nacional subordinada à SOx. Com base no modelo de Singh (2011), foram analisadas 18 variáveis independentes de efetividade dos códigos de ética corporativos. Os resultados revelaram que 84,4% dos respondentes ao questionário avaliaram positivamente os CEE de suas respectivas empresas. Mas o modelo de Singh (2011) não refletiu integralmente os fatores por ele identificados, permitindo a proposição de um novo modelo de efetividade dos CEE. Novas pesquisas deverão contemplar a análise dos aspectos culturais brasileiros que podem impactar na efetividade dos CEE. Estudos de caso, considerando o universo de funcionários de uma única empresa, poderão aprofundar as pesquisas sobre o tema, além de possibilitar à empresa estudada um diagnóstico mais real da efetividade de seu código de ética.

This diploma thesis is focused on basic parts of internal control systems in modern companies and its interaction among them. It expains main control mechanisms, approach to risk management and impact of Sarbanes-Oxley Act on internal controls. Application part describes actualisation, testing and validation of internal controls in Sarbanes-Oxley 404 Annex 4 form.

<p>Efter en rad uppmärksammade redovisningsskandaler världen över har utredningar huruvida en kod för näringslivet ska lagstiftas eller inte accelererat. Förtroendekommissionen har tagit fram en svensk kod för bolagsstyrning som företagen på A- och O-listan antingen ska följa eller förklara avvikelsen. Syftet är att bygga upp aktiemarknadens och näringslivets förtroende för de noterade bolagen i Sverige. Målet är att alla bolag på svenska börsen ska omfattas av regelverket i framtiden. Stockholmsbörsens chef Jukka Ruuska hoppas att många av bolagen som inte är tvungna att följa Koden gör det av fri vilja ändå. Är företag villiga att tillämpa något som är frivilligt? Hur ställer sig medelstora företag som inte är noterade på börsen till implementeringen av bolagskoden?</p><p>Syftet med denna uppsats är att ta reda på vilken inställning medelstora företag i Sverige har till implementeringen av Koden samt undersöka vilka effekter som företagen tror att Koden ger.</p><p>Undersökningen baseras på en kvalitativ forskningsansats med inslag av sex intervjuer. Vi har valt att avgränsa oss till medelstora företag i Sverige med 17-500 anställda och som inte är noterade på svenska börsen.</p><p>Undersökningen har visat att deltagande företag anser att det finns ett behov av reglering av bolagsstyrning i Sverige. Företagen tror att ökad rapportering påverkar förtroendet för bolagsstyrningen positivt. Efterlevnaden av Koden bör, enligt intervjuobjekten, dokumenteras som ett bevis på efterlevnad. Deltagande företag var svagt insatta i kodens olika delar men ansåg att medelstora företag bör tillämpa delar av Koden.</p><p>Vi tror på ökad informationsgivning från både Kodgruppens sida samt stöd och kunskap från revisorernas håll.</p> / <p>After a series of observed accounts scandals in the world examinations have accelerated about whether a code for the business world shall be legislated or not. Trust Commission have set up a Swedish code for corporate governance that corporate on the A and O-list either shall comply or explain the divergence. The purpose is to build up the stock markets and the business world’s trust for the noted companies in Sweden. The goal is that all companies in the Swedish stock exchange shall implement the rule agency in time. The chief of Stockholm stock exchange Jukka Ruuska is hoping that many of the companies that are not required to follow the code will do that of free will. Are companies willing to apply something, which is voluntary? What attitude do middle -bracket companies have, which are not noted on the stock exchange to the realization of the code?</p><p>The purpose with this composition is to find out what attitude middle -bracket companies in Sweden have to the realization of the code and to investigate which effects the companies believe the new code will bring.</p><p>The study is based on a qualitative research approach with element of six interviews. We have chosen to demarcate us to middle -bracket companies in Sweden, which have 17-500 employees and are not noted on the Swedish stock exchange.</p><p>It has been shown in the study that participating companies consider that there is a need of corporate governance in Sweden. The companies believe that increased accounting affect the faith for the corporate governance positive. Observance of the code should, according to the interviewees, be documented as a proof on observance. Participating companies were vaguely initiated in the different parts of the code, but are of the opinion that middle-bracket companies should apply parts of the code.</p><p>We believe that more information should be given from both Kodgruppen’s side and also support and knowledge from auditor’s range.</p>

I examine factors influencing accounting firms' and their clients' decisions to pursue an auditing vs. consulting relationship. I employ the Sarbanes Oxley Act (SOX) prohibition on providing both services to the same clients as a natural experiment. Because Deloitte & Touche was the only Big 4 firm to retain its consulting division post-SOX, I compare Deloitte's client switch and retention decisions to those made by its direct competitors. In this context, I investigate how the decision to continue or terminate an audit relationship is influenced by auditor industry specialization, the historical provision of auditor-provided consulting services and the likelihood that the client will require consulting services in the future. I find that there is a preference for auditing when the auditor is a specialist in the client's industry, and there is a preference for consulting when the auditor provided consulting services in the past and the client is likely to require consulting services in the future. I also report empirical evidence on audit effectiveness and efficiency in cases where the auditor and its client discontinued the audit in order to maintain a consulting relationship. Although there was no impact on audit effectiveness, the auditor switches reduced efficiency as evidenced by significantly higher audit fees. This study is relevant to the current audit environment because public accounting firms that spun-off their consulting divisions around the enactment of SOX are in the process of rebuilding their consulting practices and must now choose between providing audit and consulting services to their clients. It may also be pertinent to European policy makers who are currently considering a proposal to limit auditors' ability to jointly offer audit and consulting services to the same client.

This purpose of this paper is to assess the effects of increased accounting regulations on financial reporting practices. Specifically, this paper provides an in-depth look into two specific regulations, The Sarbanes-Oxley Act of 2002 (SOX) and the Dodd-Frank Act of 2010. SOX was enacted as a result of the many accounting scandals that occurred in the late 1990s, and its main intention was to reduce the likelihood that fraud would occur by establishing additional oversight and increasing the number of regulations for public accounting firms. This paper examines the costs associated with specific provisions within SOX and the effects that they have on public companies. Ultimately, this paper finds that SOX imposes an unfair burden to smaller public companies. Secondly, this paper examines the effect that regulations in the 2010 Dodd-Frank Act had on the financial services industry. The 2008 financial crisis was caused by poor regulations of large financial institutions, which failed to prevent these institutions from engaging in behavior that would later have a negative impact on many Americans. In order to prevent this type of behavior from affecting the stability of the entire U.S. economy, Congress enacted the Dodd-Frank Act. Due to the recent enactment of this act, and because most of its provisions are still being implemented, this paper focuses on identifying and presenting valid arguments for and against some of the act’s most important provisions.

The current research is concerned with exploring the quality of information technology (IT) control over financial reporting systems as reported under Section 404 of the Sarbanes-Oxley Act of 2002. More specifically, this dissertation examines the association between organizational governance mechanisms and the occurrence and subsequent disclosure of IT control weaknesses. Despite the adverse impact of IT control weaknesses on internal control quality and financial reporting reliability, research on IT controls in general and IT control weaknesses in particular remains largely anecdotal with limited reliance on theory. The current work proposes and tests an integrated theoretical model of the antecedents of IT control weaknesses. The proposed model draws upon agency theory to provide a theoretical perspective of the occurrence of IT control weaknesses and upon corporate governance literature to solicit potential factors that influence the achievement of effective IT control over financial reporting. Drawing upon agency theory, this research views the existence of IT control weaknesses as a manifestation of an agency problem caused by information asymmetry and lack of alignment between the overall organization represented by its board of directors as a principal and its information systems (IS) organization represented by the top IS team as an agent. Drawing on corporate governance literature, this dissertation proposes two categories of governance and contracting mechanisms that the board of directors can employ to reduce information asymmetry and align the interests of the top IS team with those of the firm thereby reducing the agency problem. These categories are: IT governance mechanisms and IT executive incentive alignment mechanisms. The IT governance mechanisms involve two elements: first, the IT background element which includes (a) the IT background of the board of directors as reflected by two of its main committees, namely the corporate governance committee and the audit committee and (b) the IT background of the top management team; second, the IT executive element as reflected in terms of the structural and the expert power of the Chief Information Officer (CIO). The IT executive incentive alignment mechanisms include two elements: (a) the CIO’s absolute compensation level and (b) the pay disparity between the CIO and other members of the top management team. A research model integrating these elements is developed and tested with empirical data. For testing the proposed model, this dissertation uses a sample of firms with IT control weaknesses and a control group of similar firms with no IT control weaknesses for the years 2005-2009. Empirical results provide support for five of the seven hypotheses put forth in this research. Regarding the IT governance mechanisms, study findings indicate that a lower likelihood of disclosing IT-related control weaknesses is associated with having audit committee and corporate governance committee members with IT expertise. Furthermore, the study findings provide support for the contention that the goal congruence is contingent on the CIO’s power. To this end, the study finds that a lower likelihood of disclosing IT-related control weaknesses is associated with having CIOs with higher levels of structural and expert power. As for the incentive alignment mechanisms, empirical results provide support for the assertion that goal congruence is contingent on perceived pay equality between the CIO and other members of the top management team. The results indicate that the lower the pay disparity between IT executives and business executives in the top management team, the lower the likelihood of disclosing IT control weaknesses. The present study contributes to the current body of knowledge of literature in several ways. It is the first study to propose and test an integrated model of the antecedents of IT control weaknesses. The proposed model adds to the current literature by introducing agency theory as a theoretical basis of the antecedents of IT control weaknesses. Furthermore, this study adds to the current literature by introducing and providing empirical evidence linking the IT background of the corporate governance committee, the structural power and expert power of the CIO, and the CIO relative pay to the disclosure of IT control weaknesses over financial reporting. Lastly, this research contributes to practice by offering a much needed understanding for managers, directors, auditors, and regulators in their effort to improve the quality of IT control and the reliability of financial reporting.

Thesis advisor: Donald Fishman / The purpose of this thesis is to examine a multitude of concepts related to the phenomenon of whistleblowing. Chinn, Mufson, and Pearlman (2013) underline that we find ourselves “in the age of the whistleblower” and it is therefore imperative to understand this new phenomenon. The visibility of whistleblowers in the media is increasing but whistleblowers are not always portrayed accurately, and, as such, it may be beneficial to examine them in a more legitimate context. As whistleblowers can provide a tremendous service to the public, their organization, and the current economic situation, it is in society’s best interest to understand the whistleblowing process in order to encourage its expansion. The first half of the thesis examines the logistics of the whistleblowing process, the characterization of a whistleblower, and the various groups that can benefit from the whistleblowing phenomenon. This in depth analysis aims to dispel any misconceptions about whistleblowing and provides readers with a comprehensive overview of the literature available on whistleblower dynamics. The second half of the thesis reviews whistleblower laws from their foundation nearly two centuries ago all the way to current developments in whistleblower legislation. It analyzes the strengths and deficiencies of various legal measures and seeks to demonstrate why whistleblower legislation may never fully afford whistleblowers the comprehensive protection they deserve. This section will argue that, though whistleblower legislation has certainly improved in aiming to promote whistleblowing, certain deficiencies remain a permanent part of whistleblower law. / Thesis (BA) — Boston College, 2013. / Submitted to: Boston College. College of Arts and Sciences. / Discipline: Communication Honors Program. / Discipline: Communications.

Sarbanes-Oxley Act (SOX) antogs i USA som ett svar på deredovisningsskandaler som uppdagades under 2000-talets början. Lagengäller även exteritorriellt och därför har flera svenska bolag varit tvungna attfölja lagstiftningen, vilket även påverkat de svenska revisorernas arbete.SOX:s främsta syfte är att se till att VD:n och ledningen tar ett större ansvarför bolagets finansiella rapporter och att se till att de upprätthåller en godintern kontroll. Det är Section 404 i SOX som behandlar den internakontrollen och ställer dessa krav på ledningen.Uppsatsen syfte är att beskriva samt att öka förståelsen för hur revisornsgranskning av de berörda bolagens interna kontroll, utifrån de svenskarevisorernas perspektiv, har påverkats i och med införandet av Section 404.Syftet är vidare att ta reda på om revisorns oberoende enligt Section 201påverkats och i sådana fall i vilken bemärkelse det har påverkats. Vi har valtatt tillämpa en kvalitativ metod med aktörssynsätt. För att få en ökadförståelse för problemet genomförde vi intervjuer med revisorer som harbetydande kunskaper och arbetar aktivt inom området.I studien har det framkommit att revisorer idag måste granska den internakontrollen mer på detaljnivå än vad de gjort tidigare, för att ta reda på vilkakontroller som är väsentliga för bolagets interna kontroll. Studiensrespondenter anser att SOX bidrar till att öka revisionens kvalitet då bolagenidag har mer kontroller samt dokumentation. Detta ger revisorn en bättreöverblick av bolagets verksamhet och därmed ett bättre underlag för eneffektivare och grundligare revision.Section 201 förbjuder revisorer att utföra icke-revisionstjänster för sinabefintliga revisionsklienter. Men bolagen har idag sällan någon annan änrevisorn att vända sig till för eventuella råd avseende SOX. Revisorn fårdock aldrig vara en del av sin klients interna kontrollstruktur. Detta dårevisorn måste vara noga med att bibehålla sin roll som en skeptisk ochobjektiv granskare för att inte oberoendet skall ifrågasättas av intressenterna.Det har i uppsatsen framkommit att revisorernas oberoende påverkats i enpositiv bemärkelse men inte enbart på grund av SOX, utan även från ökadekrav från marknaden. Investerarna har blivit mer kritiska och kräver mer avrevisorer för att de skall kunna lita på bolagens finansiella information. Föratt revisorernas granskning skall ses som legitim måste intressenterna serevisorn som oberoende. Om revisorn inte uppfattas som oberoende avintressenterna förlorar revisionen sitt värde. / Uppsatsnivå: D

I syfte att undanröja oegentligheter förekommer det att arbetstagare inom bolag avslöjar uppkomna missförhållanden; så kallad whistleblowing. För svensk rätts vidkommande lagstiftades detta rättsinstitut först år 2017, i syfte att förhindra företeelser såsom marknadsmissbruk, korruption och miljöförstöring. Den nyligen antagna lagstiftningen tycks enligt kritikerna dock innehålla oklara moment. Det är sålunda av vikt att undersöka huruvida lagstiftningen kommer verka effektivt för whistleblower[s]. Skulle lagstiftningen vara att anse otillräcklig och icke förutsebar, föreligger nämligen risk för informationsasymmetrier. För att utreda problematiken är en komparativrättslig studie med stöd av amerikansk rätt avseende whistleblowing relevant. Aktuellt för detta arbete är Sarbanes-Oxley Act och Dodd-Frank Act, vilka antogs år 2002 i genmäle till större redovisningsskandaler inom Enron och Worldcom, respektive marknadskollapsen år 2008 och efterföljande bankkonkurser. Det huvudsakliga syftet var att etablera procedurer för behandling av larm avseende missförhållanden, förbud mot repressalier, samt skadestånds- och straffrättsligt ansvar respektive främjande av finansiell stabilitet. Beträffande svensk rätt har whistleblower[s] erhållit skydd medelst yttrandefrihet, meddelarskydd, arbetsrättsligt skydd, lojalitetsplikt, samt av bolag företagen självreglering. Denna gällande rätt har dock ansetts ofullständig och omständlig. Den för svensk rätts vidkommande antagna lagstiftningen avseende whistleblowing innehåller krav på allvarliga missförhållanden och fog för påstående, samt möjliggörs intern- och externrapporterting. Argumentationen i propositionen framstår emellertid såsom inkonsekvent. Det bör sålunda vara rimligt anta, att de svagheter i svensk rätt som kan återfinnas i regleringen avseende whistleblowing resulterar i ett, för svensk rätts vidkommande, skydd för arbetstagare som är fragmenterat och svårtillämpat. Visserligen har även amerikansk rätt avseende whistleblowing fått utstå kritik. Oavsett reflektioner beträffande kritiken amerikansk rätt mottagit, får amerikansk reglering anses erbjuda tydligare skydd, varför det bör vara möjligt överföra vissa delar av amerikansk rätt till svensk reglering avseende whistleblowing, för att stärka regleringen och möjliggöra att dess ändamål uppfylls. / In order to eliminate irregularities in companies, workers can reveal anomalies; through so-called whistleblowing. In Swedish law, this legal phenomenon was adopted into legislation in 2017. However, according to critics, the legislation contains unclear clauses. Thus, it is important to examine whether the legislation will work effectively. Should the newly adopted legislation be considered inadequate and unpredictable, there is a risk for information asymmetries. Therefore, a comparative legal study with support of American law regarding whistleblowing, is motivated. In this thesis, I will examine the Sarbanes-Oxley Act of 2002 (SOX) as well as the Dodd-Frank Act of 2008, which were adopted in response to the major accounting scandals of Enron and WorldCom, respectively the market collapse in 2008 and subsequent bank failures. In both SOX and the Dodd Frank Act, procedures for the management of whistleblower alarms, prohibitions on reprisals as well as rules on tort and criminal liability were introduced with an aim to promote financial stability. As to Swedish law, whistleblowers have received protection from reprisals by laws regulating freedom of speech, protection of sources, labor law protection, the concept of duty of loyalty, and by companies establishing self-regulation. However, statutory protection of whistleblowers in other laws has been considered incomplete, which is why the legislature has deemed whistleblowing worthy of protection by a separate law only governing whistleblowing. However, the newly adopted Swedish law regarding whistleblowing appears to contain some weaknesses due to inconsistencies and unclear clauses. It is true that American laws regarding whistleblowing have endured criticism. However, it is reasonable to assume that the weaknesses in Swedish law regarding whistleblowing result in a protection for workers, which is fragmented and difficult to apply. Given the fact that American regulation regarding whistleblowing is providing more consistent protection to whistleblowers, Swedish regulators should consider the adoption of certain rules from American law, to strengthen the regulation and allow its purpose to be fulfilled.