Ethics- Inherent in Islamic Finance Through Sharia Law; Resisted
Ethics in Finance 1
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Transcript of Ethics in Finance 1
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INTERNAL CONTROLSINTERNAL CONTROLSandand
UUNC-CHAPEL HILLNC-CHAPEL HILL
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ADMINISTRATIVE OFFICE ADMINISTRATIVE OFFICE BUILDING (AOB)BUILDING (AOB)
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INTERNAL CONTROLSINTERNAL CONTROLS BUNKER BELOW THE AOB BUNKER BELOW THE AOB
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Internal Control is aInternal Control is a Process, effected byProcess, effected by an entity’s an entity’s
board of directors, board of directors, management andmanagement and other personnelother personnel, designed to , designed to provideprovide reasonable assurancereasonable assurance regarding the regarding the achievement of achievement of objectives in the objectives in the following categories:following categories:
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CATEGORIESCATEGORIES Effectiveness and efficiency of Effectiveness and efficiency of
operationsoperations
Reliability of financial reportingReliability of financial reporting
Compliance with applicable laws and Compliance with applicable laws and regulationsregulations
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TOPICSTOPICS Buzz Words & PhrasesBuzz Words & Phrases
Review Internal Control InitiativesReview Internal Control Initiatives
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BUZZ WORDS & PHRASESBUZZ WORDS & PHRASES SOXSOX
Sarbanes-Oxley Act of 2002Sarbanes-Oxley Act of 2002
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SARBANES OXLEY ACTSARBANES OXLEY ACTof 2002of 2002
Enacted on July 30, 2002Enacted on July 30, 2002 In Response to Major Corporate and In Response to Major Corporate and
Accounting ScandalsAccounting Scandals Applies to Companies Registered Applies to Companies Registered
with the SECwith the SEC Does Not Apply to Not-For-Profit Does Not Apply to Not-For-Profit
EntitiesEntities
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SARBANES OXLEY ACTSARBANES OXLEY ACTof 2002of 2002
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ENRONENRON
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WHO IS RESPOSIBLE ?WHO IS RESPOSIBLE ?
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GET THE SHREDDER !GET THE SHREDDER !
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WHAT HAPPENED ?WHAT HAPPENED ?
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BUZZ WORDS & PHRASESBUZZ WORDS & PHRASES SOXSOX NACUBO Advisory Report 2003-3NACUBO Advisory Report 2003-3
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BUZZ WORDS & PHRASESBUZZ WORDS & PHRASES SOXSOX NACUBO Advisory Report 2003-3NACUBO Advisory Report 2003-3 Guidance and Best PracticesGuidance and Best Practices
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BUZZ WORDS & PHRASESBUZZ WORDS & PHRASES SOXSOX NACUBO Advisory Report 2003-3NACUBO Advisory Report 2003-3 Guidance and Best PracticesGuidance and Best Practices Did You See Today’s Newspaper?Did You See Today’s Newspaper?
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BUZZ WORDS & PHRASESBUZZ WORDS & PHRASES SOXSOX NACUBO Advisory Report 2003-3NACUBO Advisory Report 2003-3 Guidance and Best PracticesGuidance and Best Practices Did You See Today’s Newspaper?Did You See Today’s Newspaper? Tone at the TopTone at the Top
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BUZZ WORDS & PHRASESBUZZ WORDS & PHRASES SOXSOX NACUBO Advisory Report 2003-3NACUBO Advisory Report 2003-3 Guidance and Best PracticesGuidance and Best Practices Did You See Today’s Newspaper?Did You See Today’s Newspaper? Tone at the TopTone at the Top Hotline / Whistle BlowerHotline / Whistle Blower
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BUZZ WORDS & PHRASESBUZZ WORDS & PHRASES SOXSOX NACUBO Advisory Report 2003-3NACUBO Advisory Report 2003-3 Guidance and Best PracticesGuidance and Best Practices Did You See Today’s Newspaper?Did You See Today’s Newspaper? Tone at the TopTone at the Top HotlineHotline Sub-CertificationSub-Certification
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BUZZ WORDS & PHRASESBUZZ WORDS & PHRASES SOXSOX NACUBO Advisory Report 2003-3NACUBO Advisory Report 2003-3 Guidance and Best PracticesGuidance and Best Practices Did You See Today’s Newspaper?Did You See Today’s Newspaper? Tone at the TopTone at the Top HotlineHotline Sub-CertificationSub-Certification Cascade EffectCascade Effect
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CASCADE EFFECTCASCADE EFFECT Risk that some states will pass their Risk that some states will pass their
own version of Sarbanes-Oxley for own version of Sarbanes-Oxley for smaller, privately held companies smaller, privately held companies and not-for-profitsand not-for-profits..
AICPA formed the Special Committee AICPA formed the Special Committee on State Regulation.on State Regulation.
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UNC CHAPEL HILL INITIATIVESUNC CHAPEL HILL INITIATIVES
Establish the “Tone at the Top”Establish the “Tone at the Top”
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UNC CHAPEL HILL INITIATIVESUNC CHAPEL HILL INITIATIVES
Establish the “Tone at the Top”Establish the “Tone at the Top” Dedicate a Full Time PositionDedicate a Full Time Position
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UNC CHAPEL HILL INITIATIVESUNC CHAPEL HILL INITIATIVES
Establish the “Tone at the Top”Establish the “Tone at the Top” Dedicate a Full Time Position Dedicate a Full Time Position Implement “Best Practices”Implement “Best Practices”
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UNC CHAPEL HILL INITIATIVESUNC CHAPEL HILL INITIATIVES
Establish the “Tone at the Top”Establish the “Tone at the Top” Dedicate a Full Time PositionDedicate a Full Time Position Implement “Best Practices”Implement “Best Practices” EthicsEthics
• New Ethics StatementNew Ethics Statement• Applying Ethics to Your JobApplying Ethics to Your Job• Code of ConductCode of Conduct• Ethics TrainingEthics Training
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UNC CHAPEL HILL INITIATIVESUNC CHAPEL HILL INITIATIVES
Hotline & Financial Controls WebsiteHotline & Financial Controls Website
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UNC CHAPEL HILL INITIATIVESUNC CHAPEL HILL INITIATIVES
Hotline & Financial Controls WebsiteHotline & Financial Controls Website University Enterprise Risk University Enterprise Risk
Management Advisory CommitteeManagement Advisory Committee
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UNC CHAPEL HILL INITIATIVESUNC CHAPEL HILL INITIATIVES
Hotline & Internal Controls WebsiteHotline & Internal Controls Website University Enterprise Risk University Enterprise Risk
Management Advisory Committee Management Advisory Committee Internal Control Self AssessmentInternal Control Self Assessment
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UNC CHAPEL HILL INITIATIVESUNC CHAPEL HILL INITIATIVES
Hotline & Internal Controls WebsiteHotline & Internal Controls Website University Enterprise Risk University Enterprise Risk
Management Advisory Committee Management Advisory Committee Internal Control Self AssessmentInternal Control Self Assessment Audit and Finance Committee Audit and Finance Committee
CharterCharter
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UNC CHAPEL HILL INITIATIVESUNC CHAPEL HILL INITIATIVES
Hotline & Internal Controls WebsiteHotline & Internal Controls Website University Enterprise Risk University Enterprise Risk
Management Advisory Committee Management Advisory Committee Internal Control Self AssessmentInternal Control Self Assessment Audit and Finance Committee Audit and Finance Committee
CharterCharter Enhanced Data AnalysisEnhanced Data Analysis
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UNC CHAPEL HILL INITIATIVESUNC CHAPEL HILL INITIATIVES
Hotline & Internal Controls WebsiteHotline & Internal Controls Website University Enterprise Risk University Enterprise Risk
Management Advisory Committee Management Advisory Committee Internal Control Self AssessmentInternal Control Self Assessment Audit and Finance Committee Audit and Finance Committee
CharterCharter Enhanced Data AnalysisEnhanced Data Analysis Sub-CertificationSub-Certification
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IN CONCLUSIONIN CONCLUSION Integrity & Public TrustIntegrity & Public Trust Positioned to be #1Positioned to be #1 FundingFunding Attractive Bond RatingsAttractive Bond Ratings Excellence in Financial Reporting Excellence in Financial Reporting
Award from GFOAAward from GFOA
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SELF ASSESSMENTSSELF ASSESSMENTS Thank you for all the suggestions!Thank you for all the suggestions!
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SELF ASSESSMENTSSELF ASSESSMENTS Thank you for all the suggestions!Thank you for all the suggestions! Written disaster planWritten disaster plan
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SELF ASSESSMENTSSELF ASSESSMENTS Thank you for all the suggestions!Thank you for all the suggestions! Written disaster planWritten disaster plan Segregation of dutiesSegregation of duties
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SELF ASSESSMENTSSELF ASSESSMENTS Thank you for all the suggestions!Thank you for all the suggestions! Written disaster planWritten disaster plan Segregation of dutiesSegregation of duties Equipment inventory listEquipment inventory list
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Internal Control is aInternal Control is a Process, effected byProcess, effected by an entity’s an entity’s
board of directors, board of directors, management andmanagement and other personnelother personnel, designed to , designed to provideprovide reasonable assurancereasonable assurance regarding the regarding the achievement of achievement of objectives in the objectives in the following categories:following categories:
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THANK YOU !THANK YOU !