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Communications Memo

In: Business and Management

Submitted By lalabelle
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Communications Memo
Legal Obligations
Amid the turmoil of a sudden resignation and rumors of inappropriate accounting practices, we cannot forget our legal obligations. The Securities and Exchange Commission(SEC) is investigating our situation and requesting documentation. The specifics of these requests lead us to believe that the questionable practices may involve revenue recognition. The SEC requires that we file the following information because we are a publicly held company (U.S. Securities and Exchange Commision, 2012) .
• Our directors, officers, and particular shareholders o Salaries o Benefits o Any transactions between the company and the people listed above
• Our operations
• Financial condition of the business o Independently audited financial statements
• Our position o Terms of contracts or lease agreements

Value of Public Communication
Public opinion is extremely important. The public needs to see active participation by the entire company in repairing this situation. We should strive for professionalism, humility, and honesty.
The quick resignation of the CFO combined with this SEC investigation will cause the public and our stockholders to doubt our company’s honesty. The goodwill we have worked so hard to gain will be gone if we do not act fast. In an attempt to regain public trust, we need to be as transparent as possible. Transparency will require that we inform the public of our actions.
To accomplish this we should consider adopting a team to handle all communications with the public regarding this situation. This will allow our stockholders to see our progress out of this situation in a consistent manner that shows our sincerity and plans for improvement. This team needs to be familiar with what the SEC is requesting, the legal requirements, the media, and know how to balance that information (Rentz, Flately, & Lentz, 2011)…...

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