One Solution of Gene

In: Business and Management

Submitted By loup
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Pages 3
Gene One Strategy
The basis of the business strategy for Gene One has three criteria:
1. 3-yr timetable
2. 40% growth within the prescribed time-table
3. Acquire additional funding so more products can be developed

Greg has identified that the Executive Board and the current leaders are not within Sarbanes Oxley Act of 2002 (SOX). The act is a United States Federal Law that set new or enhanced standards for all U.S. public company boards, management and public accounting firms. It is named after sponsors U.S. Senator Paul Sarbanes, Maryland Democrat, and U.S. Representative Michael G. Oxley, Ohio Republican. As a result of SOX, top management must now individually certify the accuracy of financial information. In addition, penalties for fraudulent financial activity are much more severe. Also, SOX increased the independence of the outside auditors who review the accuracy of corporate financial statements, and increased the oversight role of boards of directors.1 The first order of business is to ensure that the composition of the Executive board members is in full compliance with SOX. Michelle, Gene One Chief Financial Officer, has to ensure that the accounting reports also need to be in full compliance with SOX. She has to develop a realistic timeline required to ensure the financial disclosures of Gene One will replicate the purpose of SOX as described in Newsweek by “improving the confidence of fund managers and other investors with regard to the veracity of corporate financial statements.”2 These audits take time and are very public matters, so as an immediate action, an internal audit should be done to identify shortcomings. Once these items are identified and corrected, the external audit should be conducted by an independent auditor. Those reports will be communal information and will assure the public of our financial stability. That…...

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