A Certified Public Accountant (CPA) in California, James “Jim” Kasim has served as CEO and executive vice president of the Hertz Investment Group for the last year. In a previous role at Ernst & Young, James Kasim gained experience with a number of financial regulations, including the Sarbanes-Oxley (SOX) Act of 2002.
The U.S. Congress passed the SOX Act in an effort to safeguard both shareholders and the public from instances of enterprise-level fraud. More specifically, this regulation aims to minimize the occurrence of wrongful accounting activities by creating accountability standards for auditing errors and electronic record keeping.
The Public Company Accounting Oversight Board developed the SOX Act following several instances of accounting malpractice among such prominent firms as Tyco and Enron. Two political representatives, Senator Paul Sarbanes and Congressman Michael Oxley sponsored the SOX Act, which bore their names and went into effect on July 30, 2002.
To this day, the Securities and Exchange Commission enforces the SOX Act and each of its provisions. The first of these provisions is Section 302, which ensures the accuracy of corporate financial reporting by requiring upper management to provide validation of these documents.
The SOX Act also includes Section 404, a provision that governs the review and management of financial statements. As per this section, chief executive officers must personally verify the accuracy of these reports. Moreover, managerial teams must set controls that create trustworthy systems of reporting.
A former senior manager at Ernst & Young, James Kasim has accumulated decades of experience as a financial professional. In his work with public companies, James “Jim” Kasim has ensured compliance with statutory regulations, such as the Sarbanes-Oxley Act of 2002 (SOX).
SOX was passed by Congress to safeguard investors from fraudulent accounting activities by large companies. In the wake of the Enron, WorldCom, and Tyco International scandals, many investors were losing confidence in the US financial market. SOX was enacted to reform financial accounting and reporting in public companies, restoring investor trust in the market.
SOX has provisions specifically aimed at preventing fraud in financial reporting. Section 302 requires management to certify that it has reviewed statutory financial reports and found that the reports are fair and contain no materially untrue statements. This section personally binds chief executives to ensure their periodic financial reports are true in all material aspects.
Section 404 requires senior management and auditors to develop internal controls and include information in financial reports on the scope and adequacy of these controls. Additional controls required by SOX include job protection for whistleblowers; storage of financial records, including audit and review papers; and the establishment of the Public Company Accounting Oversight Board to supervise the accounting industry.
Experienced in commercial real estate, James (Jim) Kasim serves as the chief financial officer and treasurer of a commercial real estate company. James Kasim graduated with an MBA from the University of Southern California Marshall School of Business.
The USC Marshall School will host the 39th Annual ISMS Marketing Science Conference from June 7 through 10, 2017. The conference will take place at Fertitta Hall on the USC campus. The conference is held under the aegis of the INFORMS Society for Marketing Science (ISMS), which is committed to researching market phenomena and sharing that research with managers, public officials, students, and the public.
On June 7, the event will kick off with the ISMS Doctoral Consortium, which brings together doctoral students from around the world. The conference will be led by Gerard J. Tellis, a professor of marketing at the Marshall School.
James (Jim) Kasim, husband and father to a young son, currently serves as a chief financial officer and treasurer in the real estate industry. Also a CPA, James Kasim is engaged in several professional organizations that include the California State Society of Certified Public Accountants, the Institute of Management Accountants, and the American Institute of Certified Public Accountants (AICPA).
Founded in 1887 and consisting of more than 400,000 members, the AICPA is the largest professional organization for certified public accountants in the world. The organization represents its members, who can be found in 143 countries, by setting standards and advocating for the profession, developing the uniform CPA exam, and even hosting events.
One event hosted by the AICPA is the Engage Conference. This annual event brings together six conferences into one large event and is next scheduled for June 12, 2017, at the MGM Grand in Las Vegas. The six different conferences focus on financial planning, estate planning, tax strategies, advanced accounting, accounting marketing, and a practitioner symposium. All six events include access to expert speakers, learning workshops, and networking opportunities.