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" This project is considered to be the first major update to the Smith Guidance. It was felt that the update was required to shore up some of the deficiencies in the Smith Guidance that have emerged since it was published. There were characteristics of the market that it was felt needed to be addressed, in particular the oligopolistic nature, which exposed the market to considerable uncertainty in the event of a failure of one of the Big Four (FRC, 2008). This report remains a work in progress at this time.
One company that has been impacted by the changes brought about by the Combined Code is oil services firm Lamprell. The company joined the London Stock Exchange in early 2008 and was immediately required to make changes to its governance structure in order to comply with the Combined Code. The company needed to make several changes to…
The Committee on Financial Aspects of Corporate Governance and Gee & Co, Ltd. (1992). The Financial Aspects of Corporate Governance. Retrieved April 8, 2009 from http://www.ecgi.org/codes/documents/cadbury.pdf
The Committee on Corporate Governance. (1998). Final Report. Retrieved April 8, 2009 from http://www.ecgi.org/codes/documents/hampel.pdf
Financial Reporting Council. (2005). Internal Control: Revised Guidance for Directors on the Combined Code. Retrieved April 8, 2009 from http://www.frc.org.uk/documents/pagemanager/frc/Revised%20Turnbull%20Guidance%20October%202005.pdf
Deloitte & Touche. (2004). Report on the impact of Director's Remuneration Report Regulations. Retrieved April 8, 2008 from http://www.berr.gov.uk/files/file13425.pdf
boards of this type of organizations accountable?
The boards of this type are accountable to the company and its stakeholders/shareholders. They are responsible for the company's overall success. Such a board has to ensure the integrity of its own actions as well as those of the company and should make every effort to present a factual and frank presentation of its current outlook to the company's stakeholders.
Shareholders, thus, are the number one entity to whom such boards are accountable. If shareholders are not happy with the way in which a board is directing a company, they will likely not be shareholders for long or will place pressure on the board for changes in leadership.
The board is also accountable to employees, to members, to supporters and to investors. The rules and regulations that govern a board's actions are the means by which a board is held accountable, but the…
pros outweigh the cons of airport navigational systems upgrades. Specifically, the study conducts analysis of the perceived costs and benefits of maintaining legacy versus next generation (Nextgen) aviation terminal navigation systems (NAVAIDS). The study tests the hypothesis that the cost-benefit ratio of upgrading NAVAIDs to Nextgen systems justifies the expense when compared to continuing to use existing legacy systems. The null hypothesis is that the cost-benefit ratio of upgrading NAVAIDs to Nextgen systems does not rationalize the expense when compared to continuing to use existing legacy systems. To test this hypothesis, a literature review is conducted of reports in the National Transportation Safety Board database as well as in journal reports and correspondence between agencies regarding Nextgen upgrades in order to determine the extent to which navigational systems were a factor in accidents or present a going concern for stakeholders. The Federal egister's Proposed Provision of Navigation Services for the…
A4A. (2015). Safety Record of U.S. Air Carriers. Airlines for America. Retrieved from http://airlines.org/data/safety-record-of-u-s-air-carriers/
Al-Muslim, A. (2013). Laguardia, Kennedy aircraft noise study goes forward.
Newsday. Retrieved from http://www.newsday.com/long-island/towns/laguardia-kennedy-aircraft-noise-study-goes-forward-1.6502476
Bello, V. (2012). Public Submission: FAA-2011-1082-0356. Retrieved from https://www.regulations.gov/docketBrowser?rpp=50&so=DESC&sb=postedDate&po=0&dct=PS&D=FAA-2011-1082
External Corporate Communications Audit
Demonstrate how you would conduct an external corporate communications audit
An external corporate communications audit is a critical undertaking that must be carried out in every organization. Auditing processes are common when it comes to the realization of the basic avenues of growth and development in organizations. In order to realize the best fruits of service from the department of communication, the channels of communication should have to be renewable or accessible for audit. The first section will be used for major auditing activities. The second avenue of the auditing process will involve the personnel that have been put in place as a measure of oversight between the channels of communication, communication processes, and the major pillars of communication within a corporation. Furthermore, it is important to realize the importance of having a sound truth and recognition avenue where the auditing processes are to be executed…
Institutes for Organization Management. (1965). Studies in organization management:
Association. 1st-[3d] year. Washington: Chamber of Commerce of the United States,
Jreisat, J.E. (1999). Public organization management: The development of theory and process. Westport, Conn: Praeger.
Auditing, Monitoring, Intrusion Prevention, Detection, and Penetration Testing
The network vulnerability is a major security weakness that allows an attacker reducing computer information assurance. Vulnerability intersects three elements: a system flaw, the attacker is having access to the flaw, and ability to exploit the flaw. Thus, a security risk is classified as a vulnerability that is tied to a great significant loss. The vulnerability can erode data confidential, system integrity and availability of data.
The objective of this study is to carry out analysis of two research articles that discusses the network vulnerabilities in the IT environment. (Jackson, et al.2008, Sommer, et al. 2003). Both articles believe that attackers exploit the network vulnerabilities to inflict damages in the information systems. Moreover, the two articles agree that the traditional securities such as network IDS (intrusion detection system) (Sommer, et al. 2003) and DNS pinning (Jackson, et al.2008) are no more effective…
Debar, H. & Morin, B.(2002). Evaluation of the Diagnostic Capabilities of Commercial Intrusion Detection Systems. RAID'02 Proceedings of the 5th international conference on Recent advances in intrusion detection:177-198.
Jackson, C., Barth, A., Bortz, A., Shao, W., and Boneh, D. (2008). Protecting browsers from DNS rebinding Attacks. ACM Trans. ACM Transactions on the Web (TWEB). 3(1).
Karlof, C. Shankar, U. Tygar, J.D. et al. (2007). Dynamic pharming attacks and the locked same-origin policies for web browsers. Proceedings of the 14th ACM conference on Computer and communications security: 58-71.
Lam, V.T, Antonatos, S. Akritidis, P. et al. (2007). Puppetnets: Misusing web browsers as a distributed attack infrastructure. ACM Transactions on Information and System Security 12(2).
On the other hand, Enormo Corp is a big client for CPA, and exposing its case to authorities, would mean losing it.
As an alternative, CPA can refuse to work with Enormo Corp in this case and Enormo would be forced to resort to a different auditing company.
3. ecommended course of action. CPA has the right to handle this situation with the client, while trying to continue to have a professional relationship in the future. So, the suggested course of action would be to address the issue to a higher authority, start documenting it and explain to the client the implication of such documentation. The auditing firm also has the right to protect its integrity, so in this case it is essential to document the findings. However, since there is no rule that forces the auditor to report such discrepancy, the auditor will chose to restrict its actions to…
AICPA - the American Institute of Certified Public Accountants 1999, ET Section 102 - Integrity and Objectivity, http://www.aicpa.org/
IFAC - the International Federation of Accountants, 2007 Handbook of International Auditing, Assurance, and Ethics Pronouncements, www.ifac.org
SAS Number 99 and the Corporate Audit
This report attempts to explain how the new SAS No.99 will change the way accounting firms will be required to conduct corporate audits. News about the collapse of Enron continues to dominate the American media circuits and in the wake of the now infamous Enron accounting scandal, accounting firms will be required to pay more attention then ever. Since the recent American Institute of Certified Public Accounts issue of SAS 99, the approach of auditors in the United States will for ever more be greatly enhanced. ith SAS 99 for example, external auditors will be required to discuss and gather facts with internal auditors. As of SAS 99, corporate America will now be required to monitor and share the findings of internal auditors who may be privy to critical fraud-related data residing with their clients. SAS 99 will therefore provide new opportunities for…
BBCi. "Enron finance chief denies charges" BBC International. http://news.bbc.co.uk/1/hi/business/2756345.stm6 November, 2002..
BBCi. "Ex-WorldCom Finance Boss Indicted." BBC International. http://news.bbc.co.uk/1/hi/business/2222137.stm28 August 2002.
SAS 99. Ed. AICPA. AICPA. http://www.aicpa.org/ index.htm.
With respect to the ethics audit, the company shouldn't change anything other than to institute it. Where we left off, the ethics audit was external, and this is critical, because many of the current ethical issues arise because of the relationships within the company and the way that the different interests within the company are represented in the current ethics program. So the ethics audit has to be external.
The other issue with the ethics audit is that too many people within the company did not seem to want the external audit to take place. This is a major problem, so the delays in the timing of the external audit should be eliminated. The external audit needs to take place as soon as possible, which is the major change that should occur. Let the external auditors determine how and what to investigate -- their ability to ask questions that…
Audit Planning Control
The American Institute of CPAs (AICPA) has published guidelines for preparing an audit plan. The first step is the preliminary engagement activities, which is focused on establishing an understanding of the terms of engagement for the audit. The steps in the planning process are to identify the scope of the audit; to determine the reporting objectives; to consider the results of the preliminary engagement and to determine the resources that are going to be required to conduct the audit -- and the timing of when those resources will be needed (AICPA, 2015).
To audit Home Depot, it is important first to determine what the scope will be, as this will help to determine the resource requirements. A preliminary meeting with the company will help to determine this -- for example is it necessary to visit stores? Conduct inventory? Talk to Canadian HQ? Or is a visit to…
We are living in times of continuous change that thrives on information. Information is the cornerstone of the financial construct of organizations. Information and access thereto drives the success of organizations in present times. The way the external world receives the statements of organizations is causal to its perception by individuals and institutions in evaluating it. As such, it is imperative that the architects and designers of this vital information need to pursue diligently highest levels of moral, ethical, and professional standards in preparing it. In providing for the financial and economical framework for such information, services of auditors are simply indispensable. The audited reports of an organization is the basis on which the organization makes its statement of intent public and helps aid the process of decision making and perception about it in the capital and investment markets (Franca & Maria, n.d.).
IMPORTANCE OF MATERIALITY IN AUDITING
Acito, A.A., J.J. Burks, and W.B. Johnson. 2009. Materiality decisions and the correction of accounting errors. The Accounting Review 84 (3): 659-688.
American Institute of Certified Public Accountants (AICPA). 2008. Clarification and Convergence. An AICPA Auditing Standards Board Project. New York: AICPA, July.
Brody, R.G., D.J. Lowe, and K. Pany. 2003. Could $51 million be immaterial when Enron reports income of $105 million? Accounting Horizons 17 (2): 153-160
Eilifsen, A. & Messier, W., 2014. Materiality guidance of the major public accounting firms. Auditing: A Journal of Practice & Theory.
Auditing; Topic: Materiality in Auditing
With respect to the field of auditing, materiality is a critically important concept addressing the significance of discrepancies, amounts, and transactions. Specific materiality guidelines are required in accounting practices to avoid judgmental (legal) decisions. Materiality is applied for most, if not all, economic decisions, and the topic of materiality is not a new issue. Disclosures in re financial statements have been emphasized by courts in the United Kingdom since the 1800's, whereas materiality initially rose to importance in the United States following 1933's Security act. The significance of the materiality concept and its implications are pertinent to business decisions, as well as for analysis and preparation of financial statements and in order to apply GAAP, generally accepted accounting principles.
For the accounting field, as well as for all fields of management, the concept of materiality is central to decision making. If something is considered to…
Ball, R., and P. Brown. (1968). An Empirical Evaluation of Accounting Income Numbers. Journal of Accounting Research 6 (Autumn): 158-178
Brennan, N. & Gray, S., (2005). The Impact of Materiality: The Impact of Materiality:. The ICFAI Journal of Accounting Research, IV (1), pp. 61-84.
Chewning G., S. Wheeler, and K. Chan. (1998). Evidence on Auditor and Investor Materiality Thresholds Resulting from Equity-for-Debt Swaps. Auditing: A Journal of Practice and Theory (Spring): 39-53.
Collins, D., and W. Salatka. (1993). Noisy Accounting Earnings Signals and Earnings Response Coefficients: The Case of Foreign Currency Accounting. Contemporary Accounting Research 10(1) Fall: 119-159.
Managing the Effectiveness of the Audit Process
Mission and Objectives of the International Audit Department
The IAD stakeholder power-interest grid
The Audit Process
Objectives, Scope and Approach of the Research
Purpose and Mandate
Sustaining People Excellence
Tools and Technology
Infrastructure and Operations
Japan Tobacco International (JTI) is an international tobacco business that is operated by Japan Tobacco Inc. Japan Tobacco Inc. is the third largest player in the international tobacco industry with a market capitalization of 32 billion USD and a market share of 11%. JTI was established in the year 1999 when Japan Tobacco Inc. purchased the operations of United States multinational R.J. Reynolds, for 8 billion USD.
The Internal Audit Department (IAD) of the organization is accountable to the board of directors. The department is headed by the Global Internal Audit Vice President. He took his position in…
Anupindi, Ravi. 2006. Managing Business Process Flows. Upper Saddle River, NJ: Pearson/Prentice Hall.
Leseure, Michel. 2010. Key Concepts in Operations Management. Los Angeles: SAGE.
Mahadevan, B. 2009. Operations Management. New Delhi: Published by Dorling Kindersley (India), licensees of Pearson Education in South Asia.
Slack, Nigel. 2009. Operations and Process Management. Harlow, England: Prentice Hall/Financial Times.
hythm on the Vine is a concert series that is run on a charity basis by the Shriner's Hospitals for Children. hythm is a concert series and the size of the events is growing rapidly, so there is a need for the Shriners to implement proper procedures for financial management and cash handling at these events. Members of the public pay for their tickets with credit cards or online, but there are some ticket purchases at the events, and in some instances there are cash purchases of food and beverages available. There are several different ticketing tiers, with the highest level of sponsorship at $5,000 and lower levels down to $35 tickets at the picnic area. The picnic area generates cash sales of food and beverages in particular, as many picnic guests rely on ad hoc food purchases. In addition to ticket sales, there are silent auctions as well.
Allen, J. (2014). Audit preparation best practices. Maner Costarian. Retrieved November 23, 2015 from http://www.manercpa.com/images/uploads/AutitPreparation-2014NonprofitUpdateMaterials.pdf
Cantoria, C. (2011). What internal controls should be in place for handling cash? BrightHub.com. Retrieved November 23, 2015 from http://www.brighthub.com/office/finance/articles/119173.aspx
Gustafson, F. (2015). Best practices for handling cash. eHow. Retrieved November 23, 2015 from http://www.ehow.com/info_10052406_practices-handling-cash.html
Accounting and Audit Enforcement
1. The Sarbanes-Oxley Act applies to publicly-traded companies. Thus, it does not apply to non-profit entities. Nor does it apply to for-profit entities that are not publicly-traded. This is because SOX was passed specifically to address instances of accounting fraud in publicly traded companies that were undermining consumer trust in the capital markets (101.com, 2018). A publicly traded companies has a variety of different obligations under SOX that will help to reduce the opportunities and incentives for accounting fraud. Both opportunity and incentive are components of the fraud triangle – one needs to have a perceived need to commit the fraud and the circumstances with which to do so (ACFE, 2018).
Non-profit organizations have no obligations under SOX. However, there is a school of thought that holds that non-profit entities can benefit from some of the recommendations and mandates that SOX contains. Fritz (2016) writes that…
Strategic Audit a Corporation1 I. Current Situation A. Current Performance How corporation perform past year terms return investment, market share profitability? B.
Nestle's performance Audit Report
Performance of Nestle in the year 2011
In the developed world the corporation faced economic frailty and uncertainty more so in the developed world. The economic down turns in the developed world economies had a significant impact on the performance of the product in the market which set in new challenges. Key to remaining afloat with all this challenges at Nestle is to focus on delivery of both short-term performance result and considering investing along the long-term profitability and sustainable lines Nestle The World's Leading Nutrition, Health and Wellness Company 32()
On top of the normal growth Nestle corporation experienced organic growths of up to 7.5%. Real internal growth was recorded at 3.9% while growth in pricing stood at 3.6% Nestle The…
Myers H. Trends in the Food Retail Sector across Europe,. Oxford London,: Oxford Institute of Retail Management, 2004. Print.
Nestle. Nestle Corporate Governance Report http://www.nestle.com/Common/NestleDocuments/Documents/Library/Documents/Corporate_Governance/Corp_Governance_Report_2011_EN.pdf2011 . Print.
-. The World's Leading Nutrition, Health and Wellness Company. http://www.nestle.com/Common/NestleDocuments/Documents/Library/Documents/Annual_Reports/2011-Annual-Report-EN.pdf : Nestle S.A., Cham and Vevey (Switzerland), 2011. Print.
A market research plan is the systematic study that deals with the gathering and analysis of the concerned data to assess the role of a certain company in the market and persuade the customers to by their products. Marketing research assist the companies to design better strategies for future with respect to customer behavior (Pickett, 2010).
Marketing audit: It is a systematic and comprehensive evaluation of a company's activities and the results achieved due to its capabilities .In order to carry out marketing research one must understand the role of marketing audit in research.
PUPOSE OF THE AUDIT (Wal-Mart)
Marketing audit is necessary because the Wal-Mart has to compare its performance with the constantly changing market environment. There are certain micro and macro environmental factors that affect the business and marketing operations of the retail business of Wal-Mart largely. A detailed description of them is as under:
Cangemi, M.P., & Singleton, T.W. (2003). Managing the Audit Function. New York: John Wiley and Sons Ltd.
D'Souza, S. (2009). The Brain Audit. Chicago: Psychotactics.
Foxall, G.R. (1981). Strategic Marketing Management. London: Croom Helm.
Hayes, R.S., Dassen, R., Schilder, A., & Wallage, P. (2005). Principles Of Auditing. Harlow, U.K.: Pearson Education.
Although the company relies on information technology it is not at the forefront so can adapt more slowly. There are limited political-legal and societal implications. The most important force -- economic -- does vary but the North American market is by far the most important. Jet fuel prices do not vary significantly from country to country.
Industry competition is driven by overall demand levels, price and service. These forces do not vary globally. There is low threat of new entrants due to high entry costs. Buyers have average buying power due to competition. There is a high threat of substitution from electronic communications and slower shipping services. Rivalry among firms is intense. Unions, governments, interest groups have low relative power.
Customers are the only immediate factor affecting FedEx, as they have curtailed spending on shipping. A major threat is that customers will find ways to reduce shipping permanently. An opportunity…
MSN Moneycentral: FedEx. (2009). Retrieved December 8, 2009 from http://moneycentral.msn.com/investor/invsub/results/hilite.asp?Symbol=FDX
Carey, N. (2009). FedEx says taking market share despite slump. Reuters. Retrieved December 8, 2009 from http://www.reuters.com/article/pressReleasesMolt/idUSTRE52I3C820090319
Shult, K. (2008). Battle of the brands: UPS vs. FedEx. Blogging Stocks. Retrieved December 8, 2009 from http://www.bloggingstocks.com/2008/05/05/battle-of-the-brands-ups-vs.-FedEx/
2009 FedEx Annual Report. Retrieved December 8, 2009 from http://files.shareholder.com/downloads/FDX/791567587x0x312397/557bd7f3-8372-4afe-a664-1fdb82a488b0/FedEx2009AnnualReportl.pdf
Strategic Audit Format
Strategic Audit Areas
History, Development, Issues
Milestones (Identify minimum four milestones (events)
Past Issues/problems that the industry faced (Four to five issues)
Current Industry Issues (Minimum three issues)
History, development, problems
Milestones (Minimum four milestones (events)
Current Company Problems (Minimum three internal or external problems)
Present strategic posture
In the following sub-sections (a, b, c, and d), analyze the current vision/mission/goals/objectives/STRATEGIES / structure & culture of the firm
- The vision is to be a leading IT company that grows and meets customer demands on all related IT accessories including desktops, servers, computer peripherals, computer storage and various IT accessories.
The Mission of Dell as it is information technology company is provide the newest technology to create full customer satisfaction with effective cost.
- The focus of Dell INC has always been to be a leader in computer accessories and…
International Accounting and Auditing Standards
International public sector accounting standards (IPSAS) are developed and put forth by the International Public Sector Accounting Standards Board of the International Federation of Accountants (IFAC). International private sector accounting standards are known as International Financial Reporting Standards (IFRS). They are put together and put forth by the International Accounting Standards Board (IASB), a self-governing standard generating body of the International Accounting Standards Committee Foundation. The IFRS for SME's is a self enclosed standard, intended to meet the requirements and abilities of small and medium-sized entities (SME's), which are anticipated to comprise over ninety five per cent of all corporations worldwide. It is constructed on the basis of full IFRSs, yet, a lot of the principles for distinguishing and gauging assets, liabilities, earnings and expenses have been cut down, subjects not relevant to SME's have been left out, and the amount of necessary revelations…
Barth, Mary E. "Global Financial Reporting: Implications for U.S. Academics." Accounting
Review 83.5 (2008): 1159-1179. Business Source Premier. EBSCO. Web. 6 July 2011.
Hail, Luzi, Christian Leuz, and Peter Wysocki. "Global Accounting Convergence and the Potential Adoption of IFRS by the U.S. (Part II): Political Factors and Future Scenarios
for U.S. Accounting Standards." Accounting Horizons 24.4 (2010): 567-588. Business
Change Management Audit
While technology and information systems are there in order to make management much more efficient, these systems may also expose an organizations to various risks which might often be serious in nature. These risks increase when changes are brought about in an existing system. In order to minimize such risks it is important that organizations have a change management plan, which is duly audited and tested for compliance before change is implemented.
With the advent and progress in the field of Information Technology, the corporate sector across the globe has increased the incorporation of technology in business practices greatly over the years. Besides assisting in communication and production related tasks, Management Information Systems and knowledge managements are important and integral part of organizational management that play a vital role in ensuring efficiency and quality management. That said, the rapid progressions in technology mean that the preceding technologies…
Beasley, M.S., Branson, B.C., & Hancock, B.V. (2008). Rising Expectations: Audit Committee Oversight of Enterprise Risk Management. Journal of Accountancy, 205(4), 44+.
Kanter, H., & Pitman, M.K. (1995). A New Approach to Audit Risk Assessment. The Government Accountants Journal, 44(2), 49+.
The Accounting and Auditing Enforcement Release (AER) for this proceeding is no. 3288 June, 2011. In this case there was a violation of Section 10A of the exchange Act by L&H, Howley and ood 2005 & 2006-year-end audit, in addition this proceeding also discussed the year-end audits and quarterly interim reviews of the financial statements of Locate Plus Holdings Corporation ("Locate Plus") (Collectively "the Engagements"). Howley served as the Engagement Partner and ood served as the Concurring Partner on the Engagements. The complaint alleges that, as part of Locate Plus' fraud, its CEO and CFO created a fictitious customer called Omni Data Services, Inc. ("Omni Data") and that Locate Plus then improperly recognized revenue from Omni Data. The improper Omni Data revenue was included in Locate Plus' financial statements that were part of quarterly and annual reports for fiscal years 2005 and 2006 and were included in filings with…
Securities Exchange Act of 1913, USA before the SEC § et seq. (2011). Print.
Network Audit Case Study
This study focuses on a comprehensive list of top ten tips of network and business continuity audit. These tips might lead businesses to survive and thrive in their audits without the need to overhaul their entire infrastructure.
Top ten network and business continuity-auditing tips
Segmentation of tasks distinctively: It depends on the principle of drive and conquers. It involves brainstorming about the organization's security tasks in terms of pieces and separating them into logically and physically segments. For instance, security tasks depend on ensuring people are kept on the outside by using both physical and firewall security (Bergmann & Pamplin, 2013). However, other components are safely kept on the inside using antivirus. Security does not solely imply that people should be kept from the outside. Obviously, companies have lost information from within the business. In this case, each piece must be documented and prioritized.
Bergmann, T.S., & Pamplin, B. (2013). CISA - Certified Information Systems Auditor: Study guide. Indianapolis, Ind: Wiley Pub.
Gregory, P.H. (2010). CISA certified information systems auditor all-in-one exam guide. New York: McGraw-Hill.
First is that they may be different in the foreign country from the domestic one, which can give rise to implementation complications. The project's timeline and cost could be dramatically altered by differences in environmental factors. Local firms or workers may be involved, creating training costs or potential organizational cultural differences. There could also be cost considerations arising from economic or exchange rate considerations. Environmental factors can be positive, too, as solid understanding of them could allow for advantages that would not be available if the project was domestically-based.
3) it is important to honor the local customs for a few reasons. One is that ultimately your ability to do business in the foreign country is permitted by the government of that country. To offend local custom may jeopardize the entire operation. Also, the project will be implemented more smoothly if you work in line with local customs, rather than…
Please do not hesitate if I can be of any further assistance.
Internal Document -- Memo
To: Frank Page
Re: B-1 Rental Agency Follow-up
Date: June 15, 2012
Please be advised that B-1 Franchise Oversight Manager has been contacted pursuant to your instructions to resolve the Twin Cities Airport B-1 franchise issue involving their repeatedly furnishing vehicles with inoperable systems and otherwise in need of maintenance. The following points were emphasized in that correspondence:
The situation is serious and has recurred numerous times
The situation has already been brought to the attention of management without any appreciable response
B-1 and CCC have a long-standing business relationship and mutual interests in the way B-1 vehicles are represented to the public in this region
We expect B-1 to take immediate and appropriate action to rectify this situation
An operational audit is in order to identify the source of the problem…
Communications Audit eport: A Case Study of Walmart Inc.
A Case Study of Walmart Inc.: Communications Audit eport
Wal-Mart is the world's largest retailer, and the world's largest company by revenues. A communications audit was conducted to determine the effectiveness of the company's communication strategy. This report presents the findings of that audit. It shows the specific media and channel used to communicate with internal and external stakeholders.
Communications Audit eport: A Case Study of Walmart Inc.
Walmart is an American-based multinational corporation headquartered in Bentonville, Arkansas. The company was founded in 1962 with the aim of providing discount goods to customers to enable them live better. It went public in October 1969 to facilitate the achievement of this vision. Today, the company operates over 11,000 stores in 27 countries, dealing in a wide range of merchandise including foodstuffs, groceries, clothing, furniture, apparel, toys, electronics and clothing. It is home…
Chandler, D. & Munday, R. (2013). A Dictionary of Media and Communication. Oxford, NY: Oxford University Press.
Downs, C. W. & Adrian, A. D. (2012). Assessing Organizational Communication: Strategic Communications Audit.New York, NY: Guilford Publications.
Gray, D. (2012). The Connected Company. Sebastopol, CA: O'Reilly Media Inc.
Newsom, D., Turk, J. & Kruckeberg, D. (2012). This is PR: The Realities of Public Relations (11th ed.). Boston, MA: Cengage Learning.
Apple Inc. Maketing Audit
Apple Inc. is an Ameican multinational company specializing in poducing and maketing of innovative electonic bands that include iPad, iPhone, Apple watch, Mac, and iOS. Globally, Apple is the second lagest IT (infomation technology) company with annual evenue of $227.5 Billion at the end of 2015 fiscal yea. Apat fom its supeio financial assets, the company also enjoys high band loyalties fo all its poducts. Apple also ecods the unpaalleled maket success in iTunes softwae and digital music playes. At pesent, Apple distibutes and maket its poducts though online and etail stoes that assist the company geneating the annual pofits of moe than $53 billion at the end of 2015 fiscal yea. Despite the company financial success, Apple is still facing stiff competitions in the maket envionments since the company opeates in both developed and developing counties. In the United States, and Euopean counties, many electonic…
Apple Inc. relies on energy resources to produce its product and services, however, Worldwatch Institute (2015) predicts that the price of energy is likely to increase in the future. At present, Apple relies on non-renewable energy resources to develop its product, and an increase in the energy costs will increase the costs of its operations. However, Apple has been accused of contributing to the environmental pollution especially in China. To address the problem, the company has taken steps to reduce its carbon footprint. The company has replaced its outdated lighting and cooling systems to reduce more than 13,800 tons of carbon emissions. Moreover, the company has made its facilities energy efficiencies. However, the effort of the company to reduce the environment pollution is affecting Apple cost of operations.
Conn, S. (2016). Gartner Says Worldwide PC Shipments Declined 8.3% in Fourth Quarter of 2016. Gartner Research.
Each employee is given the resources needed to achieve their goals.
ithin the unit, performance expectations are identified and measured. Productivity goals are laid out, and evaluated. These results are considered by department managers as a key measure of productivity. ithin the marketing department, for example, sales figures (performance) are the key measure, and are weighed against the time and money spent to acquire them. e found this approach to be typical of each department.
So, in looking at how the company views performance and how it links performance to productivity, is that they do this well at the department level.
InforMed scores moderately well on the use of technology to enhance productivity. The basic requirements are in place, but they are not necessarily used to their best. Each department, as we have found, is responsible for their own budget and that includes the technology budget. At the department…
Pohlman, Randolph a. (1997). VDM - Value-Driven Management. In possession of the author.
2008). Organizational Audit of InforMed. In possession of the author.
Pohlman, Randolph a. (1997). VDM - Value-Driven Management.
Whole Foods Market
Significant key points
Key financial indicators
Graph of sales growth from year 2002 until 2011.
SWOT and TWOS analysis
TOWS Strategic Alternatives Matrix
Pros and Cons
Evaluation and control
The Whole Foods Market is a progressive and focused corporation with presence in three developed markets including U.S., United Kingdom, and Canada. The company has achieved growth since its inception. The increasing market share of the company has enabled it to expand in international markets. The company envisions becoming global leader in organic and natural foods market. The competitors in the sector are large stores, supermarkets, and retail outlets with increased presence. The product range of these companies includes a number of related products along with the natural and organic foods.
The company requires maintaining its double digit growth strategy and aims to expand in global market. However the cost of natural and…
Form 10-K. United States Securities and Exchange Commission, (2011). Form 10-k annual report pursuant to section 13 or 15(d) of the securities exchange act of 1934. Retrieved from Whole Foods Market website: http://www.wholefoodsmarket.com/sites/default/files/media/Global/Company Info/PDFs/2011_10K.pdf
Hitt, M.A., Ireland, R.D., & Hoskisson, R.E. (2012). Strategic Management Cases: Competitiveness and Globalization. USA: South-Western Pub.
Lederer, M., Schott, P., Huber, S., & Kurz, M. (2013). Strategic Business Process Analysis: A Procedure Model to Align Business Strategy with Business Process Analysis Methods. In S-BPM ONE-Running Processes (pp. 247-263). New York: Springer.
Ngai, E. (2009). RFID in operations and supply chain management: research and applications, edited by T. Blecker and GQ Huang.
oles of Directors and Duties of an Audit Committee
The Board of Directors is an organization's or company's governing body that is mandated with the task of ratifying all major decisions. Generally, the Board of Directors handles all issues of major strategic importance to an organization or company. This implies that the Board of Directors needs to be involved, engaged, and supportive in all issues of strategic importance, especially with regards to governance. However, the board comprises of directors who can play a number of several important roles as board members. In contrast, audit committees play a significant role in improving audit quality since these bodies play a crucial role in oversight and monitoring management. This paper examines the important performance-centered roles that directors may play within a board and the significant duties of an audit committee with regards to organizational governance.
Performance-oriented oles that Directors May Play within a…
Arnwine, D.L 2002, "Effective Governance: The Roles and Responsibilities of Board Members,"
Baylor University Medical Center Proceedings, vol. 15, no. 1, pp.19-22.
AVC 2012, The Board of Directors: Role and Responsibilities, AVC, viewed 26 September
large organizations, the existence and effectiveness of its internal audit function comes into question. Not only the internal audit department should exist but it shall work effectively. An effective internal audit department can serve as the backbone of an organization's success. The International Accounting Standards oard (IAS) keeps on revising its standards to make sure that external and internal auditors of an organization carry out their duties effectively. The board recently revised the Internal auditing standard that serves the purpose of assisting the external auditor's in using the work of the internal auditors. Though external auditors are mainly concerned with auditing company's financial statements but lack of time and in some cases lack of resources raises a question as to their audit quality. In order to ensure that external audit is carried out effectively, the IAAS realized the importance of internal audit and how can the internal audit be an…
Brown, P 1983 'Independent Auditor Judgment in the Evaluation of Internal Audit Functions', Journal of Accounting Research, Vol. 21, no. 2, pp. 444 -- 455.
Adams, M 1994 'Agency Theory and the Internal Audit', Managerial Auditing Journal, Vol. 9 no. 8, pp.8 -- 12.
Nagy, A 2002, 'An assessment of the newly defined internal audit function', Managerial Auditing Journal, Vol. 17 no. 3, pp.130 -- 137.
Ethics and egulatory Issues
elated party transactions reported on by Arthur Andersen & Co.
Flaw in the accounting firm's logic
Checklist for special projects performed by external auditors
Proposed rules or laws to prevent similar occurrences
Enron was one of the Wall Street's favorite blue chip stocks before an accounting scandal of the firm surfaced in 2000. The revelation that company has been misreporting its profits and losses during 1990s crashed the company's stock. The earnings and debt statements were not representative of the actual accounting transactions. Thus, a serious issue of bankruptcy ensued after this revelation. There were several ethical aspects of this issue as well. Following the details of accounting malpractices that the company through its accounting firm Arthur Andersen (Benston, 2003).
elated party transactions reported on by Arthur Andersen & Co.
Chewco Investments, L.P. ("Chewco"): Chewco was also a related party of Enron and it was…
Benston, G.J. (2003). Following the money: The Enron failure and the state of corporate disclosure. Brookings Inst Press.
Carcello, J.V., & Nagy, A.L. (2004). Client size, auditor specialization and fraudulent financial reporting. Managerial Auditing Journal, 19(5), 651-668.
International Federation of Accountants. (2009). Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing. International Standard on Auditing 200. New York, NY: IFAC.
Powers, W.C., Troubh, R.S., & Winokur, H.S. (2002). Report of investigation by the special investigative committee of the board of directors of Enron Corp.
business will face is strategic planning. This is because of shifts to the operating environment will have an impact on the profit margins. In the case of esearch in Motion, the company has been experiencing a loss of market share to competitors (i.e. Google and Apple). At the same time, they have been trying to reach out to customers' through new mobile devices and applications. This has resulted in the company realizing a loss of its dominance inside the industry. To fully understand what is happening requires focusing on a number of areas to include: potential strategies for taking advantage of external opportunities and possible approaches for addressing future threats. Together, these different elements will show how these issues can be addressed over the long-term.
Identify the firm's existing objectives and strategies.
The current challenges impacting esearch in Motion, is that competing firms have introduced alternative products. This is having…
Kao, R. (2010). Black Berry Storm for Dummies. Hoboken, NJ: Wiley.
McQueen, R. (2012). Black Berry. New York, NY: Key Porter Books.
Sweeny, A. (2009). Black Berry Planet. Toronto: Wiley.
ecent Developments in the Barry Minnow Case: Ongoing Implications and Lessons of the ZZZ Best Company
This article outlines three different past cases of significant accounting issues that led to collapses of various levels, from single companies (and some of their investors) to (potentially, at least in part) the entire global economy. The first of these cases is that of Barry Minkow, beginning with his ZZZZ Best carpet cleaning company, which Minkow founded when he was only 16 years old and quickly took public at a valuation of over $200 million. As time wore on, however, it quickly became clear that the business was largely a fraud, an in fact Minkow had been running a Ponzi scheme for quite some time with the business largely a shell (though it did actually make some profit from cleaning carpets, as well).
Eventually arrested and sentenced to twenty-five years in prison…
Steinberg, R. (2011). We Won't Get Fooled Again ... And Again, and Again. Accessed 30 October 2011. http://insurancenewsnet.com/article.aspx?id=293087
Firstly, Forest Ltd. owned an automated machine used in creditor's ledger. The machine is programmed to use two currency units, United States dollar and Australian dollar. It appeared that there was no distinction between the rates of the two currencies, resulting in inaccurate creditor balances.
Secondly, End month turnover have proved challenging, with creditor balances mistakenly re-set at zero at the beginning of every month. This has required each creditor's history to be re-entered manually each month, a time-consuming process that is taking accounting staff away from their normal duties.
Thirdly, Forest Ltd. relies on automated technology to collect, maintain and communicate data to support accomplishment of their objectives. Nevertheless, there is a significant correlation in risk between the creditors and Forest Ltd., implying that systems with security problems also produce less useful management information. In order to have a strong secured program when developing their Information…
Davies, J., Finlay, M., McLenaghen, T., & Wilson, D. (2006). Key Risk Indicators -- Their Role in Operational Risk Management and Measurement. RiskBusiness International Limited.
Smith, M., Omar, N.H., Sayd Idris, S.I., & Baharuddin, I. (2005). Auditors' perception of fraud risk indicators: Malaysian evidence. Managerial Auditing Journal, 73-85.
accounting questions while the rest centers on the characteristics of two certain companies, those being Apple and Philips.
Accounting Questions & Answers
The first accounting question is why revenue recognition is a significant issue. ecognizing when revenue comes in, what specific revenue stems from and the exact amount of all of the above is a very vital part of the accounting process because it has a direct correlation and effect on the profit/loss of a company, the income statement, the cash flow statement and, to a lesser extent, the balance sheet. evenues are used to defray the costs of the goods/services that were disseminated and they need to be properly measured and accounted for, and in the time period to which they apply, so as to ensure that all of the affected and relevant financial statements reflect what is truly going on and when precisely it happens (McQuaig & Bille,…
Apple. (2012, December 6). Apple Inc. - Overview. Apple Inc. - Overview. Retrieved December 6, 2012, from http://investor.apple.com/
McQuaig, D.J., & Bille, P.A. (2008). College accounting (9th ed.). Boston: Houghton Mifflin.
Philips. (2012, December 6). Philips Investor Info. Philips Electronics. Retrieved December 6, 2012, from www.philips.com/about/investor/index.html
Yahoo Finance. (2012, December 6). Yahoo! Finance - Business Finance, Stock Market, Quotes, News. Yahoo! Finance - Business Finance, Stock Market, Quotes, News. Retrieved December 6, 2012, from http://finance.yahoo.com
Enron Corporation was the American company that specialized in supplying of energy.
Prior to its collapse in 2001, Enron was one of the most admired companies in the United States recording superior profits year by year, however, in 2001, series of the Enron questionable financial transactions were finally made opened when the company's stock price collapsed within one day. This study investigates several factors that led to the fall of Enron Corporation, the outcome of the investigation reveals that the top management did not promote culture of ethics within the organization. The paper reveals that the management was intoxicated with power manipulating information to their benefits. Moreover, top officials used power ruthlessly intimidating the subordinated. The company did not promote the culture of checks and balances by allowing only one entity performing both the functions of internal and external auditing. The study recommends that integration of ethical business is an…
Sarbanes-Oxley Act of 2002 in reducing fraudulent financial reporting
Introduction to Fraudulent Financial eporting
Available research on financial statement fraud relies mostly on anecdotal evidence (for example, Wells, 2001, 2002, 2004a, and 2004b; ezaee, 2003). This evidence offers advice on how mechanisms related to the fraud triangle can be curtailed. It leads to theoretical sense to reduce factors which lead to more instances of fraud. However, deterrence and established deterrence methods in place within organizations have not been examined in proper detail. Neither have the secondary issues which can influence a person's chance of committing financial statement fraud. But there are multiple researches where deterrence models have been tested on other types of fraud e.g. tax fraud, fraudulent reports of environmental violations etc. Generally speaking, a clear consensus regarding the level of effectiveness of prevention mechanisms, such as those stated in GDT, is not present. There are two key parts…
Abbott, L.J., S. Parker, and G.F. Peters. 2004. Audit committee characteristics and restatements. Auditing: A Journal of Practice & Theory 23 (1): 69-88.
AICPA: 2002, Statement on Auditing Standards (SAS) No. 99: Consideration of Fraud in a Financial Statement Audit (American Institute of Certi-ed Public Accountants, Durham).
Albrecht, W. And Albrecht, C. (2004). Fraud examination and prevention. South- Western, Mason Ohio.
Albrecht, W.S. And M.B. Romney. 1986. Red flagging management fraud: A validation. Advances in Accounting 3: 323-333.
production/income and so on. Some companies also include quality assessments as part of their analysis of department efficiencies.
5.Explain the role of the budget in the business control cycle.
Budgets can be used to help a firm meet goals and objectives. The business control cycle consists of four steps. The first is setting the standard, that is, creating the budget. The next is recording the performance of the company's departments. Third, variances from the budget are identified and analyzed to understand why they occurred. Finally, action can be planned to either correct problems identified this way, or to put preventive measure in place to enhance future performance.
6.Analyze internal and external control mechanisms that can be put in place to monitor and evaluate the budget.
Internal control mechanism could include consistent follow-up on internal and external audit findings and reporting findings of internal audits to the head of the organization…
Loeb, R. And M. Workman (2002) Annual budgeting as a management tool. Robert Loeb and Company. Retrieved 6 September 2005 at http://www.robertloebandcompany.com/articles/body_articles.html2002
Miller, G.J. And J. Rabin. (2001) Performance-based budgeting. Boulder, CO: Westview Press.
Porter, W. (2005, June 1). CRO advantage: outsource clinical trials to launch biotech development success. Biopharm International. Retrieved 8 September 2005 from www.highbeam.com.
Clearly, he companies engaged in this practice were operating with direct intention, and a roper governance system would have made this obvious and prevented it.
In another telecommunications case, a company was found to have included spyware in a company-sponsored "software upgrade" to users' cell phones, that enabled the company to collect confidential information from users' phones without their consent (Khaleej Times, 2009). Not only is this practice clearly unethical, but it is also illegal despite a lack of stringency in the detection of such crimes and the prosecution of large-scale corporate offenders such as telecommunications companies. Again, greater transparency and internal control would have allowed this practice to be discovered much sooner, and the risk of discovery almost certainly would have prevented this action from ever occurring. Corporate governance works best when it is so strong it is only rarely and usually accidentally tested; when purposeful actions…
ADCCG. (2012). Accessed 7 May 2012. http://www.adccg.ae/
ADX. (2012). Mission & Vision. Accessed 7 May 2012. http://www.adx.ae/English/AboutADX/Pages/MissionVision.aspx
Creffield, L. (2007). Why you can't block Skype. Accessed 7 May 2012. http://www.ameinfo.com/93716.html
Etisalat. (2011). 2010 Annual Report.
EU's Current Anti-Fraud Strategy
For some time now, the issue of fraud and corruption in public service has been an issue of concern. This has forced many organizations to establish strategies aimed at detecting and minimizing the occurrence of such fraudulent activities in areas under their jurisdiction. This paper discusses the strategic management concepts in the risk-based policing strategy coupled with the principles and importance involved in the enhancement of organisational performance. Complementary factors and organisational culture are components that facilitate and militate against strategic fraud and corruption. The paper established alternative and successful strategies dependent on the factors of willingness of groups and individuals and ways of accepting them. In turn, this is dependent on the people seeking change and an understanding of the organisation's culture. The following study identifies the strengths and weaknesses of the European Anti-fraud Office (OLAF) as a strategy used by the European Union in…
Barr, D., (2010). Fraud and error: The Future. Department for Work and Pensions
Brooks, G., Aleem, A., & Button, M., (2013). Fraud, Corruption and Sport. New York: Palgrave Macmillan.
Button, M., & Gee, J. (2013). Countering Fraud for Competitive Advantage: The Professional Approach to Reducing the Last Great Hidden Cost. New York: John Wiley & Sons.
Collier, P. (2005). Management Accounting-Risk and Control Strategy. New York: Elsevier.
Extant literature has been dedicated to the concept of corporate ethics and governance. In regard to the Satyam scenario, Afsharipour (2010) discussed the expectations as well as challenges that face the Indian corporate governance landscape. The paper discussed corporate reforms that were put in place as a consequence of the Satyam fraud. The author recognizes the dire need for proper governance in the entire Indian corporate landscape as a consequence of India's ever expanding economy. Afsharipour (2010) indicated that there has been changes in the corporate governance conditions prior to and after the Satyam corporate scandal.The author indicates that even though the former Chairman of the company, Mr. amalinga aju as well as his family jointly owned close to 8% of the company's shares, the company had as a majority, an independent Board of Directors that included various Indian luminaries and hence complying with the Clause 19 requirements of corporate…
Afsharipour, A. (2010): The Promise and Challenges of India's Corporate Governance Reforms,
UC Davis Legal Studies Research Paper Series, Research Paper No. 223
Anderson, D., J.R. Francis, and D.J. Stokes. 1993. Auditing, directorships and the demand for monitoring. Journal of Accounting and Public Policy 12 (4): 353-375.
Berle, A. Means, G. (1932), The Modern Corporation and Private Property, MacMillan, New York, NY.
As both carriers, are concerned about addressing the various provisions in: the Companies (Audit, Investigations and Community Enterprise) Act of 2004 and Sarbanes-Oxley. This is accomplished by tackling those issues that contributed to a host of moral dilemmas through their ethics policies. As a result, they are addressing these regulations by: implementing new standards that are reflected in the code of ethics. Once this occurs, it means that it will help to ensure compliance with these regulations.
ritish Airways Standing Instructions. (2010). ritish Airways. Retrieved from: http://www.britishairways.com/cms/global/pdfs/corporate_responsibility_report_2006/asi18V1.pdf
Continental Airlines. (2010). FAQS. Retrieved from: http://www.faqs.org/sec-filings/100217/CONTINENTAL-AIRLINES-INC-DE-_10-K/fexhibit321.htm
Continental's Ethics. (2010). PHX. Retrieved from: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NzE2NjF8Q2hpbGRJRD0tMXxUeXlPTM=&t=1
Corporate Governance. (2009). ritish Airways. Retrieved from: http://www.britishairways.com/cms/global/microsites/ba_reports0809/pdfs/Corp_gov.pdf
Guidance on Companies. (2010). IS. Retrieved from: http://www.bis.gov.uk/files/file13420.pdf
Three Cheers for Sarbanes-Oxley. (2006). Times. Retrieved from: http://business.timesonline.co.uk/tol/business/columnists/article700966.ece
Feeny, T. (2007). Reforming Sarbanes-Oxley. Heritage Foundation. Retrieved from: http://www.heritage.org/research/lecture/reforming-sarbanes-oxley-how-to-restore-american-leadership-in-world-capital-markets
Young, H. (2010). ritish Airways Strike. http://www.self-catering-breaks.com/news/103521545.html
British Airways Standing Instructions. (2010). British Airways. Retrieved from: http://www.britishairways.com/cms/global/pdfs/corporate_responsibility_report_2006/Basi18V1.pdf
Continental Airlines. (2010). FAQS. Retrieved from: http://www.faqs.org/sec-filings/100217/CONTINENTAL-AIRLINES-INC-DE-_10-K/fexhibit321.htm
Continental's Ethics. (2010). PHX. Retrieved from: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NzE2NjF8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1
Corporate Governance. (2009). British Airways. Retrieved from: http://www.britishairways.com/cms/global/microsites/ba_reports0809/pdfs/Corp_gov.pdf
THE COMPANY OVERSEER
Compliance Manager in the Healthcare Industry
The Compliance Manager oversees compliance throughout the healthcare company as an objective and independent function (ACHE, 2012). He makes sure that the board of directors, the management and all the employees thoroughly comply with the rules and regulations of regulatory agencies; that the company policies and procedures are completely followed; and the behavior in the organization follows its standards of conduct. His office receives and endorses compliance matters and issues to the appropriate person or office for investigation and implementation or resolution. It is also the final internal resource to deal with when all formal channels and resources have been exhausted. The Compliance Manager or Officer is a member of the staff of the CEO and the oard of Trustee's Corporate Compliance Committee. He monitors and reports the results of the compliance actions and provides guidance and…
ACHE (2012). Position description -- chief compliance officer. American College of Healthcare Executives: ACHE. Retrieved on June 8, 2012 from http://www.ache.org/newclub/career/comploff.cfm
Andrews, A. (2011). The future of healthcare: regulation and compliance. Modern Health Care: Crain Communications, Inc. Retrieved on June 10, 2012 from http://www.modernhealthcare.com/article/20110725/supplement/110729994
Ingram, D. (2012). A job description of a compliance coordinator. eHow: Demand
Media, Inc. Retrieved on June 10, 2012 from http://www.ehow.com/about_6085641_job-description-compliance-coordinator.html
Financial Accounting egulatory Compliance
The roles of the Board of Directors and Chief Executive Officer of a public company are invaluable in establishing an ethical environment that generates quality accounting and reliable financial reporting for shareholders and investors. In fact, their involvement in this important issue largely pertains to corporate structure and corporate governance. Understanding that structure requires cognizance of the fact that when a company is publicly traded, it is technically owned by the shareholders. Shareholders, of course, are the many different people who own public stock in a corporation. In that respect, everyone who works for the corporation actually works for the shareholders. The next level up in corporate governance is the employees who work for the corporation, and who are responsible for the daily operation of it. These are the people who are actually responsible for implementing the measures ordained by their superiors -- the Chief Executive…
Hanna, J. (2014). The costs and benefits of Sarbanes-Oxley. www.forbes.com Retrieved from http://www.forbes.com/sites/hbsworkingknowledge/2014/03/10/the-costs-and-benefits-of-sarbanes-oxley/#483d803d2776
Harper, J. (2016). "More than just data": The impact of Bayesian machine learning on predictive modeling. https://analyticsweek.com Retrieved from
This implies a comparison of the results of the internal and external audits. Additionally, aside results and documents consulted, it is also necessary to assess the various variables used in the evaluations.
It is for instance possible for the company to alter the findings by focusing on more favorable variables. As a specific example, a financial audit could reveal increased organizational abilities to honor company debts, but this conclusion could solely be founded on the assessment of the company's short-term liquidity, in a context in which the assessment of the long-term liquidity would have revealed financial instabilities. In this order of ideas, the risks of altered results would decrease and the relevance of the findings would increase to better allow the auditor to assess the quality of the internal control systems.
At this stage, the auditors would make use of several technological applications through which to increase the efficiency of…
2003, Sarbanes-Oxley Compliance. A Checklist for Evaluating Internal Controls -- General Ledger and Financial Reporting Processes, AXS-One, http://www.axsone.com/pdf/GL_checklist_short%20version_121703.pdf last accessed on June 25, 2010
Internal Control Checklist, IDAHO Management Control Systems, http://www.sco.idaho.gov/web/DSADoc.nsf/6065F400C610BDB5872569BC0074D4EE/$FILE/Cklist60.rtf last accessed on June 25, 2010
Internal Control; Self-Assessment Checklist, the University of Utah, http://web.utah.edu/Internal_Audit/ppts/Internal%20Control%20Self%20Assessment%20Mar-06.doc last accessed on June 25, 2010
Phases of a Control Evaluation PowerPoint
Aside quality and financials, control techniques are also present in other organizational departments, such as engineering, logistics, information systems, pre-series center, production technical support, purchasing and sales and marketing. While all these organizational processes are thoroughly controlled, incremental emphasis is placed on control techniques at the level of logistics operations. At this organizational stage, the control functions refer to the following:
Timely delivery of the vehicles
Adequate supply of automobile components (achieved through an ongoing fruitful relation with the purveyors)
The sequence of vehicles and forecasting of future needs
The creation and verification of time schedules before production is launched and ensuring that the times are respected (during production)
At the level of automobile distribution: correctness of the receipts, verification of product sufficiency or shortness, global distribution of products through global access to the Bentley automobiles and finally, freight upon delivery, such as road freight, sea freight or air freight…
Quality Control, Tutor2U, http://tutor2u.net/business/production/quality_control.htm last accessed on June 28, 2010
Volkswagen: Bentley Motors, Automotive Intelligence, http://www.autointell.com/european_companies/rolls-royce-bentley/rolls_royce_bentley.htm last accessed on June 28, 2010
2010, Bentley Motors Limited, Hoovers, choice of both nouveau riche rap artists and the old money aristocracy last accessed on June 28, 2010
2010, Website of Bentley Motors, http://www.bentleymotors.com last accessed on June 28, 2010
NHS Corporate Social esponsibility Practice
In a contemporary business environment, organizations are struggling with the new roles to meet the needs of present generation without compromising the needs of future generation. Within a business environment, stakeholders are calling upon corporate organizations to implement operations that will meet the societal values and the natural environment. Organizations are also being called upon to apply principles of corpo-rate social responsibility (CS) in the business operations. Corpo-rate social responsibility (CS) is the process where corporate organizations demonstrate the inclusion of social responsibility and environmental concerns in their business activities. (D'Amato, Henderson, & Henderson, 2009). It is no longer acceptable for a firm to conduct business without demonstrating societal concern.
The objective of this report is to evaluate the current Corporate Social esponsibility practice of National Health Service (NHS). The report uses Carroll's pyramid models to demonstrate the effectiveness of NHS Corporate Social esponsibility practice,…
Bowie, N.E. (1999). Business Ethics and Normative Theories. Black well Publishing. UK.
Burton, B.K., Farh, J.L. & Hegarty, W.H. (2000). Comparison of a Cross-Cultural Corporate Social Responsibility Orientation: Hong Kong vs. United States Students. Teaching Business Ethics, 4(2):151-167.
Carroll, A.B. (1999). Evolution of a Definitional Construct of Corporate social responsibility Business and Society, 38(3): 268-295.
D'Amato, A. Henderson, S. & Henderson, S.(2009).Corporate Social Responsibility and Sustainable Business. CCL Press. USA.
Asset misappropriation schemes are frauds in which the perpetrators use trickery or deceit in order to steal or misuse the resources within an organization. When asset misappropriation occurs the specific assets of the organization are taken directly for the benefit the specific person who is committing the fraud. People who are in a position to commit asset misappropriation related crimes cane be employees within an organization, vendors or customers of an organization, or it could also be people who are totally unrelated to the victim organization. A distinguishing element when it comes to asset misappropriation is the fact that the assets belonging to the organization are taken through deceitful or trickery means rather than through force. The actual act of asset theft concealment and conversion should all be present. Asset misappropriation is a major problem in organizations all over the world. esearch suggests that organizations loose almost 7% of their…
Albrecht, C., Kranacher, M., & Albrecht, S. (2010).Asset Misappropriation Research White Paper for the Institute of Fraud Prevention. Retrieved September 6, 2013 from http://www.theifp.org/research-grants/IFP-Whitepaper-5.pdf
Peltier-Rivest, D. (2011).Detecting Occupational Fraud in Canada. Retrieved September 6, 2013 from http://www.acfe.com/uploadedFiles/ACFE_Website/Content/documents/rttn-canadian.pdf
Coenen, T. (2012).Three Basic Fraud types. Retrieved September 6, 2013 from http://www.allbusiness.com/crime-law-enforcement-corrections/criminal-offenses/6635361-1.html
Barret, B. (2011).Different Types of Business Fraud. Retrieved September 6, 2013 from http://www.brighthub.com/office/finance/articles/123108.aspx
EFQM Excellence Model
Investigating the viability of using the (EFQM) Excellence Model 2013 as a basis for introducing an Integrated Management System into a Print Media Company
The viability of using the European foundation for quality management (EFQM) excellence
An integrated management system (IMS) is a system of management that incorporates the entire organizations' processes and departments in one inclusive framework (Pardy & Andrews 2010). This enables the organization to function as a distinct unit that has integrated objectives and vision. An organization with an integrated system becomes a whole unit, which is genuinely coordinated with each specific objective in line with one major goal of the organization; significantly improving the overall performance of the organization.
An integrated system gives a comprehensible, holistic view of all aspects of your organization, how they have an effect on each other and their allied risks. It also reduces work duplication and hence, eases…
Oakland, J.S. (2003). Total quality management: text with cases. Oxford, Butterworth-Heinemann.
Porter, L.J., & Tanner, S.J. (2004). Assessing business excellence: a guide to business excellence and self-assessment. Amsterdam [Netherlands], Elsevier.
Kanji, G.K. (2002). Measuring business excellence. London [u.a.], Routledge.
hakes, C., & Wilkinson, J. (2007). The EFQM excellence model: for assessing organizaional performance: a management guide. Zaltbommel, Van Haren Publishing.
CEO of Company X
While it is understandable that our company does not wish to incur the additional expense of yet another salary onto the payroll, sometimes it is necessary to spend money to save money. Adding a managerial accountant to the accounting department is essential to ensure that Company X remains competitive in the future. In the information age, knowledge is power, and a managerial accountant is able to provide all-important knowledge to the key decision-makers at our company, enabling Company X to remain nimble and efficient when constructing long and short-term strategies.
The objectives and characteristics of an internal accounting system
The types of accounting information that are required for an external audit are different from those used internally. Managerial accounting can provide managers with useful information for planning and control decisions. They can also provide valuable data to other actors with whom the company deals with: "For…
Williams, Jan R. Williams, Susan F. Haka, Mark S. Bettner, Joseph V. Carcello. (2008).
Financial and managerial accounting. McGraw Hill.
Retrieved July 16, 2011 at http://highered.mcgraw-hill.com/sites/0072996501/student_view0/ebook/chapter1/chbody3/management_accounting_information.html
Healthcare management (Strategic operations plan)
The financial section of this strategic operations plan will take into consideration both projected revenues and expenses and will try to anticipate these based on the existing business model. For that, it will look at pricing strategies, essential in the impact these can have on business demand and projected revenue. It will also look at best practices required to maintain profitability and the general financial health of the fertility clinic.
In its very basic form, the basic budget will include the revenue and the expenses. The revenue will be primarily formed from the fees that customers pay for the clinic's services. Other forms of revenue could result from cooperating with different scientists in order to try new procedures at the clinic. With all the components of an infertility treatment, the average cost for such a treatment is likely to be around $7,500. To…
1. Gittings, Christopher (2002). The Advertising Handbook. New York: Routledge
2. Colby, Everett, (N.a.). Fraud and internal controls, Part 3: Internal fraud schemes. Professional Development Network. On the Internet at http://www.cga-pdnet.org/Non_VerifiableProducts/ArticlePublication/FraudInternalControls/FraudInternalControls_p3.pdf . Last retrieved on March 20, 2014
3. Gregson, Andrew (2008). Pricing Strategies for Small Business Self Counsel Press
4. Nagle, Thomas, Holden, Reed, (2002). The Strategy and Tactics of Pricing. Prentice Hall
Enron could engage in their derivative trading strategy with no fear of government intervention because derivative trading was specifically exempted from government regulation. Due in part to a ruling by the Commodity Futures Trading Commission's (CFTC) chairwoman, Wendy Graham, derivatives remained free of regulatory oversight. Ms. Graham, wife of Texas senator Phil Graham, made this ruling 5 weeks before resigning as chairwoman of the CFTC and joining the Enron oard of Directors in 1993.
Derivative accounting is further complicated because there is no consistent way to fairly report their value and risk in a company's financial report. In 1998 Rule No. 133, "Accounting for Derivative Instruments and Hedging Activities" was developed by the Financial Accounting Standards oard (FAS), an independent agency that sets guidelines for corporate auditors. Rule 133 contains more than 800 pages, which further complicates its adoption and consistent interpretation by various companies. SFAS No. 133 was subsequently…
Dettmer, Jamie, and John Berlau. "Requiem for Enron: There's Enough Blame to Go around for the Collapse of the Energy Giant From Executives to Auditors to Financial Analysts to Congress." Insight on the News 7 Jan. 2002: 12+. Questia. 10 Mar. 2005 .
Folbre, Nancy. "Blowing the Whistle on Poverty Policy." Review of Social Economy 61.4 (2003): 479+. Questia. 10 Mar. 2005 .
Gup, Benton E., ed. Too Big to Fail: Policies and Practices in Government Bailouts / . Westport, CT: Praeger, 2003.
Hartgraves, Ai L., and George J. Benston. "The Evolving Accounting Standards for Special Purpose Entities and Consolidations." Accounting Horizons 16.3 (2002): 245+..
Integrating Total Quality Environmental Management Systems - a Critical Study of TQEM
Relevance of TQM to Environmental Management
Scope of Dissertation
Moving from Reactive to Proactive Management
Understanding TQM in Relation to TQEM
History of TQM
Operation of TQM
Quality and Environmental Management Standards
Environmental Management Systems
Weaknesses of EMS Standards
Total Quality Environmental Management
Comparing ISO 9000 and ISO 14000
Integrating the ISO 14000 Environmental Management System
Impact of certification on economic and ecological performances
Research Design and Nature
Integrating a Sustainable EMS with TQM
Steps to Implementing an Effective TQEM Strategy
INTEGRATING QUALITY AND ENVIRONMENTAL ManagementS SYSTEMS - A CRITICAL STUDY
ackground and Overview of Study
For decades economic growth has been considered the main indicator of a healthy society (Oliver, 1996). However, only recently has society begun to recognize the environmental cost of this growth. As a result, there is now an…
Bibliography working paper. Winnipeg, MB: International Institute for Sustainable Development, 1996. 58
Bisang, O. (2000), Green Banking - The Value of ISO 14001 Certification
Chattopadhyay, S.P. (2001), "Improving the Speed of ISO 14000 Implementation: A Framework for Increasing Productivity," Managerial Auditing Journal, 16/1, pp. 36-39.
Chinn, R. (March 21, 2001). Roadmap to Realization -- "Getting Started with Your QMS/EMS Integration Process. Alamo Learning Systems.
Clark, D. (1999), What Drives Companies to Seek ISO 14000 Certification, Pollution Engineering, Summer, pp. 14.
Enron was one of the biggest business collapses, and one of the most egregious incidents during a period in the early 2000s when investor faith in the securities system was shaken by a series of scandals. The scandals varied in terms of their composition, but behind each of them was greed, the drive by senior management teams to defraud securities regulators and investors for their own gain. This paper will look at the Enron fraud in particular. This was probably the worst, for the bald-faced contempt that Enron management showed to securities regulators, and the biggest, as Enron was one of the stars of the stock market during its ride up, and crashed to worthlessness almost instantly.
As with most cases of stock market fraud, the key players were the senior executives. At Enron, the key players were Kenneth Lay, Jeffrey Skilling, Andrew Fastow and the accounting…
Strategic Planning- Tourism Strategic Plan Lewis-Clark Valley
Lewis-Clark Valley is the beautiful site of Lewiston, Idaho and Clarkston, Washington. The historical background of this valley is rich in cultural stories and its own heritage that dated back in some 18th century. The area has been land of Nez Perce Indians who had travelled to this valley and lived long in the land and rivers. The valley is so named because in the 1805, the Corps of discovery explorers Meriwether Lewis and William Clark visited this place and was welcomed by the native people. This meeting and warm welcome has developed good relations with the land and its people thus named it after their second names. Lewis-Clark Valley is the land of miners, merchants, railroaders, millworkers and farmers. Its geographical location is somewhere 465 miles from the Pacific Ocean at the convergence of the Snake and Clearwater ivers.
The cities of…
Aepel, T. (1997). Not All workers Find Idea of Empowerment as Neat as It Sounds. The Wall Street Journal, retrieved July 15, 2011 from http://www.sba.muohio.edu/snavely/empower.htm
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Markides, C. (1999). A dynamic view of strategy. Sloan Management Review, 40 (3), 5 -- 63.
Clarify and discuss the purposes of corporate communication strategies
In definition, corporate communication encompasses the entirety of a company's endeavors to have communication that is not only efficacious but also effective in attracting revenues. In particular, it can be delineated as a tool utilized by corporate managers in the way that they make certain that all kinds of internal and external communication are in synchronization in the most efficacious manner. The general purpose of corporate communications strategy is to institute and sustain positive engagement between the company and its stakeholders (Cornelissen, 2011). In addition, the purpose of the corporate communication strategy takes into account the promotion of effectual corporate principles and beliefs, a comprehensive distinctiveness, a fitting and capable association with all channels of communication and instantaneous, responsible means of communicating in all circumstances (Cornelissen, 2011). The organization in consideration is Coca Cola Company. In particular,…
Adrian, A. D., Downs, C. W. (2004). Assessing Organizational Communication: Strategic Communication Audits. New York The Guilford Press.
Cornelissen, J. (2011). Corporate Communication: A Guide to Theory and Practice. London: SAGE Publications.
Eisenhauer, T. (2015). 15 Ways to Measure the Effectiveness of Internal Communications within Your Company Intranet. Axero. Retrieved 9 July 2016 from: https://axerosolutions.com/blogs/timeisenhauer/pulse/325/15-ways-to-measure-the-effectiveness-of-internal-communications-within-your-company-intranet
Essays, UK. (November 2013). Purpose of Corporate Communication Strategy Marketing Essay. Retrieved from https://www.uk***.com/essays/marketing/purpose-of-corporate-communication-strategy-marketing-essay.php?cref=1
The question is then, how far legislation should go to avoid future scandals such as Enron and other major companies. It appears that the current constraints, especially in terms of business operation, and particularly as these manifest within the medium and small business sector, are somewhat excessive. Although the argument relating to a company's choice regarding the cost/benefit ratio is noted, surely a single piece of legislation cannot be universally applied with fairness.
In conclusion therefore, the need for legislation regarding auditing practices within public companies is vital. The extent and nature of the current legislation however can benefit from considerable revision. Indeed, the scale of costs to medium and small companies should be mitigated by providing institutions and tools that target auditing processes within these companies. Furthermore, the legislation should be revised in such a manner that it does not detract from healthy business practices such as competition, operations,…
D'Aquila, J.M. (2009). Tallying the Cost of the Sarbanes-Oxley Act. The CPA Journal. Retrieved from http://pcaobus.org/Pages/default.aspx
Nusbaum, Edward (2003). The hidden benefits of Sarbanes-Oxley. The Chief Executive, May 2003. Retrieved from http://findarticles.com/p/articles/mi_m4070/is_2003_May/ai_101516993/
PCAOB (2010). Retrieved from
David Jones a Welsh immigrant, founded this departmental store in 1838 in Australia. With a vision to trade in the best and most exclusive goods as well as stocking goods tha embraces everyday wants of mankind at large, his store performed well. This store was located along the main street of Sydney and attracted both gentry and country settlers. They purchased goods such as buckskins, ginghams, fabrics, silk and other goods. David Jones later retired and handed the running of the store to his partners. This move was unsuccessful as the store underperformed with his exit. He came back from retirement borrowed heavily and recreated the stores success. At present David Jones is the oldest department store in Australia as well as in the world still in business using the original trade name (David Jones, 2012).
The board of directors as at March 2012 comprised 8 members under…
Australian Security Exchange. (2012). David Jones Limited. Retrieved April 24, 2012, from www.asx.com.au.
David Jones . (2012). Coperate Governance . Retrieved from www.davidjones.com.au: http:/ / www.davidjones, com.au
Because the home country is not required to reimburse foreign depositors for losses, there is no corresponding financial penalty for lax supervision; there is, though, a benefit to the country with lenient regulatory policies because of increased revenues generated and the employment opportunities these services provide (Edwards 1999). Furthermore, banks seeking to conduct multinational business are attracted to countries where incorporation laws and the regulatory framework offer less regulatory oversight (Edwards 1999). The quid pro quo nature of offshore financial services is clearly indicated by Edwards's observation that, "Multinational banks provide the offshore financial centre with increased tax revenue and employment for its citizens. Because the benefits outweigh the costs, offshore financial centres have a powerful incentive to maintain lenient regulatory policies. As a result, multinational banks incorporated in an offshore financial center successfully avoid supervision by an effective home country regulator" (1999, p. 1267). Given the scope of the…
Black's Law Dictionary. (1999). St. Paul, MN: West Publishing Co.
Boise, C.M. & Morriss, a.P. (2009). 'Change, Dependency, and Regime Plasticity in Offshore Financial
Intermediation: the Saga of the Netherlands Antilles.' Texas International Law Journal, vol. 45,
no. 2, pp. 377-379.
PENALTIES - CIVIL & CIMINAL
There are statutes that impose penalties both civil and criminal for government contractors who commit fraud, waste or abuse. Some of those statutes are as follows:
False Claims Act;
False Statements Act;
Bribery and Gratuities statutes;
Mail and Wire Fraud statutes; and the Public Integrity Act and recent legislative initiatives to strengthen criminal penalties for violations of conflict of interest laws. (Peckar & Abramson, 2007)
The government has the right to audit the records of the contractor for up to three years following a contract for the government being completed. Companies with contracts exceeding $5 million are required to: (1) post a fraud hotline poster; (2) establish a written code of ethics; (3) establish an employee ethics and compliance training program; and (4) establish an internal control system. (New ule for Government Contractors, nd)
SUMMAY & CONCLUSION
The Corporate Compliance Plan…