\"\"Of all the duties ( securities fraud and insider trading, including: Section

Question

""Of all the duties ( securities fraud and insider trading, including: Sections 10(b) and 20 of the 1934 Act and Rule 10b-5, elements of a Rule 10b-5 cause for action, Litigation Reform Act safe harbor for forward-looking statements, Section 17(a), responsibilities of auditors to detect and report illegalities, definition of insider trading, RICO, enforcement of antifraud prohibitions, selective disclosure and regulation FD, and other restrictions on trading by officers, directors, and greater-than-10-percent shareholders.
) determine the one duty that is the most important for management to uphold. State a rationale with your answer."

Explanation / Answer

Society has always been concerned with violations of laws and regulations by all types of entities - businesses, nonprofit organizations and government units. Over the last two decades, highly publicized accounts of management improprieties have caused this concern to increase significantly. Congressional committees, government agencies and others have suggested auditors assume more responsibility for detecting and disclosing violations of laws or regulations, which are commonly referred to as illegal acts.

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