Environmental Law Auditing/Accounting Law

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You are the development manager for a developer of commercial distribution centers. You are surveying a new development site in Butler County near (but not on) Gregory Creek, which is considered a federal navigable waterway. You step into a swampy field and get your boots muddied. You also find ten rusted barrels of an unknown liquid substance in the corner of the site – two of which appear to have a leak. While accessing the contents of the barrels, you notice a small reptile that you’ve never seen before wading in a puddle. You are concerned with getting the site cleaned up and ready for development.

  1. Based on these facts, what four specific federal environmental laws will you primarily need to investigate in order to develop the site? Note, do NOT worry about how the site is going to be used after it is developed and do NOT worry about NEPA.
  2. For each statute, give your reason why. Point back to the relevant facts that would bring that statute into consideration.

Question #2 (5 points):
Review the section on Natural Resources in Ch. 25.

  1. When must an environmental impact statement be prepared?
  2. What are the specific items that it must discuss?
  3. Why would these items enable the EPA and other agencies to determine whether the project should move forward? Should cost and time needed to get the permit be a factor? Give some thought to this question. Go beyond, “It’ll help the EPA to protect the environment.” What kind of information does the EIS give the EPA that is important to their decision making?

Question #3 (5 points):
Review the section on Sarbanes-Oxley (26-1a) and the whistle blower requirements in the Securities Exchange Act of 1934.

  1. Under Sarbanes-Oxley, list the three events that an auditor would need to report to the audit committee of the client’s board of directors. Why is it important for these events to be reported? What is the reporting designed to prevent?
  2. List the three actions involved if an auditor suspects a client has committed an illegal act. Why are these actions considered necessary? What are the actions designed to prevent?

Sample Solution

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Uniform Commercial Code

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Sage Brushes is looking to buy materials for its brushes.

List and explain the eight principles of contract formation they will want to follow under UCC Article 2 (include (1) the three basic principles, (2) the three writing and enforceability requirements, and (3) what happens to added and different terms. Do not worry about the merchant exception here.

Question #2 (5 points):
Review the section on Negotiability in Ch. 15 (15-1c).

Leakproof Inc received a promissory note from Pilot Industries.

  1. List (in bullet points) the six things Leakproof will look for to determine if the note is negotiable?
  2. Explain why these requirements are necessary for a court to determine the intent of the parties. What is negotiability and how do these requirements enable negotiability?

Question #3 (5 points):
Review the sections on Attachment (section 16-2) and Perfection (section 16-3) in Ch. 16.

U.S. Bank has loaned $1,000,000 to ClearWater so it can purchase water purification equipment. As part of the loan agreement, a security agreement is signed in which ClearWater puts up as collateral the purification equipment that it will acquire with the loan. U.S. Bank makes the loan and ClearWater purchases the equipment.

  1. What are the requirements for attachment and are they met here? How are they met? What means of attachment are not applicable in this case?
  2. How would the loan officer for U.S. Bank perfect its interest as a creditor? Be specific as to what needs to be done by U.S. Bank. What are two other ways to perfect a security interest that are not applicable here?

Sample Solution

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Ethics and Business

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In what ways should a company demonstrate social responsibility, ethical behavior, and good corporate/community citizenship? Use a company that you know of, large or small, to illustrate your views.

Sample Solution

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Business Plan Milestone Two: Environmental and Industry Analysis

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The Environmental Analysis consists of two major elements, 1) an analysis of the internal factors that effect a small business and 2) external factors that effect a small business. The internal analysis assesses the strengths and weaknesses of your company. It identifies what it is that your company can do well, as well as what it can do better. The external analysis assesses the opportunities and threats present at the time the business plan is written. Use the external analysis to identify trends and changes that are happening outside of a company’s control (at the local, national, and/or international levels) which may influence the future of the business. Such external categories as economic, competitive, legal, political, cultural, and technological can all affect your business and should be included in the external analysis.

Also, you will do an Industry Analysis that will describe the industry within which your business will operate. The major focus of this section is on specific industry trends.

To complete this assignment, review the prompt and grading rubric in the Final Project Guidelines And Rubric document. When you have finished your work, submit the assignment here for grading and instructor feedback.

Milestone Two: Environmental and Industry Analysis

In 2-3 Final Project: Business Plan Milestone Two: Environmental and Industry Analysis, you will submit Milestone Two. The format should be:

 An environmental and industry analysis of your company.

 The internal section of the environmental analysis assesses the strengths and weaknesses of your company. It identifies what it is that your company can do well, as well as what it can do better.

 The external section of the environmental analysis assesses the opportunities and threats of your company. It identifies trends and changes that are happening outside of your control, such as at the local, national, and international level that can influence the future of your small business. Such categories as economic, competitive, legal, political, cultural, and technological can all affect your business and should be included in this milestone.

Sample Solution

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