Eli Lily Synopsis

Eli Lilly and Company (NYSE.com) is a global pharmaceutical company and one of the world's largest corporations. Eli Lilly's global headquarters is located in Indianapolis, Indiana, in the United States. The company was founded in 1876 by a pharmaceutical chemist, Eli Lilly, after whom the company was ultimately named. According to www.en.wikipedia.com, Eli Lilly, a Fortune 500 corporation, had revenues of $15.6 billion in 2006, making it the 148th largest company in the United States. The company is publicly traded on the New York Stock Exchange and is a member of the S&P 500 stock index. Eli Lilly is one of the Nifty Fifty stocks that propelled the late 20th century bull market.Based on the reading fromwww.usdoj.gov, American pharmaceutical manufacturer Eli Lilly and Company, a leading, innovation-driven corporation committed to developing a growing portfolio of best-in-class and first-in-class pharmaceutical products that help people live longer, healthier and more active lives. Lilly products treat depression, schizophrenia, attention-deficit hyperactivity disorder, diabetes, osteoporosis and many other conditions.

One of the of Eli Lilly and Company ("Lilly") core values is that to conduct our business consistent with all applicable laws, and are honest in dealings with customers, employees, shareholders, partners, suppliers, competitors, and the community. Consistent with this value, Lilly is committed to establishing and maintaining an effective and comprehensive compliance program in accordance with the "Compliance Program Guidance for Pharmaceutical Manufacturers," published by the Office of the Inspector General, U.S. Department of Health and Human Services (hereinafter "OIG Guidance"). Lilly's Compliance Program is a central component of its commitment to the highest standards of corporate conduct in all of its dealings. Lilly's board of directors fully supports the compliance program. Eli Lily tailored its compliance program into several improvements such as establishing compliance committee, appointing the Chief Compliance Officer, updating their written standards regarding code of conduct and compliance policies, increasing internal communication, responding to potential violations with corrective action procedures, auditing and monitoring.

The main purpose of Eli Lily's compliance program is to prevent and to detect violation of laws, regulations, and company policy. Based on OIG Guidance, the implementation of a compliance program cannot guarantee that all improper employee conduct will be eliminated. Employees are expected to comply with its code of conduct, and the policies where Eli Lily is committed to investigate the matter and where appropriate, taking disciplinary action, and implementing corrective measures to prevent further such violations.

Committee of Sponsoring Organizations of the Treadway Commission (COSO), is a U.S. private-sector initiative, formed in 1985. Its major objective is to identify the factors that cause fraudulent financial reporting and to make recommendations to reduce its incidence. COSO has established a common definition of internal controls, standards, and criteria against which companies and organizations can assess their control systems. COSO is sponsored and funded by 5 main professional accounting associations and institutes; American Institute of Certified Public Accountants (AICPA), American Accounting