Ligand Pharmaceuticals Fraud
Not what you're looking for?
- Determine what provision(s) of SOX was / were violated in the health care fraud case in question. Indicate whether or not SOX adequately provides sanctions to deter the behavior or if changes are needed to the regulations to remedy the issue(s) and thus ensure compliance.
- Based on the fraudulent activity that occurred, recommend two (2) improvements to the internal control environment to reduce those occurrences. Provide detailed recommendations.
Purchase this Solution
Solution Summary
The solution discusses the Ligand pharmaceuticals fraud situation.
Solution Preview
In 1999, Ligand began to sell cancer drugs and received revenue from them, and by 2002 the company had product sales of 166 million dollars from the sale of these drugs. However, as of March of that year, the company recorded an accumulated deficit of 973.3 million. The irregular accounting practices found in the company's financial statements resulted in the publishing of restatements in 2002, 2003 and most of 2004.
Title III of the Act specifies the responsibility of corporate officers for the accuracy and validity of corporate financial reports. It enumerates specific limits on the behaviors of corporate officers and describes specific forfeitures of benefits and civil penalties for non-compliance. For example, Section 302 requires that the company's "principal officers" (typically the Chief Executive Officer and Chief Financial ...
Education
- MEd, Grand Canyon University
- MBA, University of Phoenix
Recent Feedback
- "Thank you. GJ"
- "thank you! there was a lot of information in this outline and to reduce it to a summary was difficult. I appreciate your time, effort, and attention to the details."
- "This is a perfect example of what is considered as scholarly work and great presentation. Thanks I can finally say expert "YESSSSSSSSSSSS" "
- "Thank you so much, Roberta, great response to help me fulfill this assignment."
- "Thank you"
Purchase this Solution
Free BrainMass Quizzes
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.
Basic Social Media Concepts
The quiz will test your knowledge on basic social media concepts.
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.