1. Explain 3 examples of the specific steps the Sarbanes Oxley Act requires regu
ID: 376342 • Letter: 1
Question
1. Explain 3 examples of the specific steps the Sarbanes Oxley Act requires regulated entities to undertake to create enhanced transparency directly related to the supply chain management process.
2. Explain 3 examples of the important differences between contract laws under the UCC versus common/case law as it relates to the formation of contracts in the supply chain function.
3. Explain 3 examples of the direct or indirect benefits a company might derive from utilizing the following programs: 1) supplier diversity, and 2) sustainable/green procurement.
Explanation / Answer
1. 3 examples of the specific steps that the Sarbanes Oxley Act (SOX) requires to create enhanced transparency directly related to the supply chain are:
1. Strengthening the control environment: Organisation with strong governance provide discipline and structure, builds ethical understandings and thus creates a nurturing work environment.
2.Improving documentation: Having a strong documentation about every changes in detail goes a long way when it comes to auditing. The auditing personnel will have a clear view on the work and can assess how well the employees are performing.
3.Increasing the involvement of audit committee: Engaging the audit committee closely into the work and hiring people with high competency for the job will improve the quality of auditing.
2.The most important difference betweenContract law under UCC and common law are as below:
1.Contract law mainly deals with the sell of the goods and security whereas common law governs the contractual transaction with real estate, property, insurance etc.
2.Modificatioin of contracts under common law requires consideration where as under UCC, consideration is not a pre requisite
3.The common law requires a descriptive documentation on the price, quantity, quality, the nature of work whereas on UCC contracts only the quantity is enough to be documented.
3.Benefits of Supplier Diversity:
1.Greater Saving: Supplier Diversity refers to the minority suppliers which are more often or so are leaner. Hence companies make huge cost saving and greater revenue.
2.Competitive Advantage: Adopting Supplier Diversity helps a company to become more familier to the vast Diversity of communities by working with them. This gives them a competitive edge over their competitors who did not adopt it.
3. Branding: As th minorities are more in population hence working with them will provide a greater reach out to the customers. Over that, it will provide a positive branding to the Organisation as it is improving the lives of the minorities.
Benefits of sustainable procurement:
1.Cost-Saving:
2.Innovation
3.Sustainable Reputation
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.