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Resisting Corporate Corruption, 3rd Edition by Stephen V. Arbogast

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Essay 8Resisting Corporate Corruption, 2017 – Improved Conditions, Unresolved Issues

We conclude with this Essay surveying the corporate corruption landscape in 2017 and the conditions supporting or impeding those who would “resist.”

To carry out this survey, we begin with three questions. Answering these questions should give us perspective on how far we have come since the Enron era and what remains to be done:

  1. What does the corporate corruption record since the Financial Crisis tell us about the current state of play and the effectiveness of corrective law/regulation?
  2. Where will the new impetus for corporate corruption originate and will such corruption likely be contained better than was the case in the Financial Crisis?
  3. How much have resistance conditions improved over the last two decades and is the improvement adequate to the need?

The recent corporate corruption record offers a mixed-bag ledger. On the plus side, there has been a conspicuous absence of industrial company accounting scandals. Said differently, in terms of bad accounting we have seen nothing like a WorldCom or an Enron. Many factors have contributed to this improvement. SOX made a positive impact. This happened on many fronts, the two most important of which concern Board Audit Committees and the Public Accounting firms. In recent times, the quiet word in industrial America has been that the Chairman of the Board of the Audit Committee has a very hot seat. This seat is now challenging in terms of content, ...

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