The Process responsible for managing theService Portfolio. Service Portfolio Management considers Servicesin terms of the Business value that they provide.
A manager who is responsible for managing the end-to-endLifecycle of one or more IT Services. The term Service Manager isalso used to mean any manager within the IT Service Provider. Mostcommonly used to refer to a Business Relationship Manager, aProcess Manager, an Account Manager or a senior manager withresponsibility for IT Services overall.
Someone who buys goods or Services. The Customer of an ITService Provider is the person or group that defines and agrees theService Level Targets. The term Customers is also sometimesinformally used to mean Users, for example ‘this is aCustomer-focused Organization’.
Information in readable form. A Document may be paper orelectronic. For example, a Policy statement, Service LevelAgreement, Incident Record, diagram of computer room layout. Seealso Record.
A generic term, used to describe a group ofConfiguration Items that work together to deliver an IT Service, ora recognizable part of an IT Service. Configuration is also used todescribe the parameter settings for one or more CIs.
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Passed as a federal response to the infamous corporate scandals of the early 2000s, such as Enron and WorldCom, the Sarbanes–Oxley Act ("SOX") represents an effort to regulate the corporate finance of publicly traded companies so that otherwise reluctant investors would regain the confidence to invest. It sets forth various corporate responsibilities and mandates criminal and civil penalties for failure to comply with those responsibilities. While its myriad provisions cover a wide array of issues, SOX's provisions as they relate to your company can largely be classified as achieving two aims: (1) ensuring corporate responsibility and (2) promoting investor confidence.
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Fraudulent activities in the work place have been on the increase. A survey conducted in New York found out that five percent of the respondent had seen misrepresentation and falsifying of financial and accounting records in their companies in the last 11 months. Research shows that economies and shareholders are losing billions of dollars annually due to misrepresentation of financial records and occupation fraud. In the year 2002, US congress passed Sarbanes-Oxley Act in order to reduce fraudulent activities in the business organizations and restore public trusts in the money markets. The act works by attempting to restore and improve ethics by requiring organizations to disclosure codes that regulate the behavior of senior financial officers. Top managements are required to conform and certify the authenticity and accuracy the financial and accounting information from their companies. Sarbanes-Oxley Act 2002 affects the decision making of the business organizations. The essay will focus on how the act affects business ethical decision making and the criminal penalties it provides (Hess, 2009).
Sarbanes-Oxley Act 2002 and ethical decision-making
Research shows that most managers are opposed to the act even though they acknowledge its importance and its effectivity in managing the ethical environment of the business organization. Some managers argue that methods used to improve the ethical behavior of the business organizations are costly and ineffective in nature. Some managers argue that the mechanisms provided by the act can lead to unethical and illegal behavior. This is because business organizations can take a compliance program that provide advantages of mitigated sentence under the act’s sentencing guidelines without changing their way of doing things. The goal of the act is to ensure that employees act in away consistent with roles and values of the code and lawfully, secondly, employees report any behavior that breaches the code. Thirdly, the business organization acts to prevent non-compliant behavior among the employees. The issue of ethical decision-making and the Sarbanes-Oxley Act 2002 can be explained using the theory of planned behavior and the theory of reasoned action (Hess, 2009). The two theories explain how the act can influence ethical decision making in the business organizations. According to the theory of planned behavior, there are three determinants of intention of individuals in an organization. These determinants include perceived behavioral control, subjective norm, and attitudes. A research was conducted in order to determine the intentions of managers, chief financial officers, and public accountants in engaging in fraudulent activities or violates GAAP principles. It was discovered that attitude and moral obligations have the greatest impact when it comes to intentions. Based on the theory of planned behavior, any person planning to blow the whistle on financial misrepresentation is likely to be influenced by his or her sense of moral obligation, social pressures to follow the act, and attitude towards the act. Ethical decision making of employees depends on their perceived behavioral control, subjective norm, and attitudes. Research shows that there is a strong evidence linking ethical behavior and the codes. A public accountant or chief financial officer may resist improper request or orders from his seniors due to the existence of the code. The act has raised awareness among the employees about ethical issues. The Sarbanes-Oxley Act shapes the behaviors and decision making of employees in an organization. Since SOX act was passed by the congress, it has increased dialogue about ethics and transformed the business environment in America. The act fosters emergence of culture of ethics in business organizations. Business organizations are socialized to take action rather than discussion in the event of breach of ethical codes. Ethical behavior starts from the management level. Leaders have capability to be role models and motivate others to be emulate their behaviors. The SOX act ensures that the top management strictly adheres to the code of ethics when it comes to leadership and decision-making. The SOX act is making it difficult for small businesses to thrive. This is because of the additional costs that they incur in trying to comply with the act. The costs are related to yearly audits, which the accounting companies pass to its customers. In addition, the audit companies incur liability for time and diligence necessary to complete the audits. Public companies are required to review their internal performance, create an internal track and plan, and create internal control software. Non-compliance of the act attracts steep penalties. Some investors fear investing in USA because of possible direct state regulation through the SOX act (Hess, 2009).
SOX criminal penalties
Individuals who are found falsifying, making false entry, falsifying, cover ups, concealing, mutilation, destroying, altering, documents, records or tangible evidence in order to influence, obstruction, or impede the federal investigations of any agencies in the jurisdiction of USA are liable to not more than 20 years imprisonment. Accountants are required to keep audit review reports for a period of five years from the time the audit review was conducted failure to which they are liable to imprisonment of not more than ten years (Hess, 2009).