• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Consider the environment factors impacting on organizations today.

Extracts from this document...

Introduction

Consider the environment factors impacting on organizations today. Reflect on each in turn and on their impact on one or more of the following three items a) to c) in terms of your own national/regional experience: a) organizational structure b) employment relations c) organizational culture Our company is organized as an international business company under the laws of the British Virgin Islands on May 2, 1991 and went public on April 7, 1998. Since we are listed on New York Stock Exchange, we are governed by the informational requirements of the Securities Exchange Act of 1934 and, in accordance with the Exchange Act, file reports and other information with the SEC. Despite of the recent economic downturn and global uncertainties, we continue to strive to expand and to grow our business. While we remain committed to existing business of manufacturing electrical household appliances, we plan to accelerate our overall strategy of transforming our business to become a diversified manufacturer of non-commodity, high-margin products. ...read more.

Middle

For our company executives, Sarbanes-Oxley reaffirms that the CEO and CFO carry a primary responsibility for a company's reports filed with the SEC and institutes a requirement for them to report on the completeness and accuracy of the information contained in the reports as well as the effectiveness of underlying controls. As the representative of a company's shareholders, the broad of directors, through its audit committee, is responsible for overseeing the company's accounting and financial reporting processes and audits of the financial statements. As directed by Title III, Section 302 of Sarbanes-Oxley, our company's CEO and CFO have to provide certifications that they have evaluate and report to the public on the effectiveness of internal controls over financial reporting. Further as directed by Title IV, Section 404 require each annual report issued by our company to include an internal control report stating the fact that it is the management's responsibility for establishing and maintaining adequate internal controls and procedures for financial reporting. ...read more.

Conclusion

Our project team members include managers from operations, finance and accounting, information technology, legal adviser and external auditor. In the meantime, we have developed a act plan outling our intended objectives and activities, including the time and scope of the review. Our next step is assessing the effectiveness of internal control at the entity level. The Sarbanes-Oxley Act changes our corporate structure as we established a project team in response for such pronouncement. The employment relationship was closer than before as the senior management will have to actively involve in evaluating the effectiveness of internal control, planning and implementing corrective action when deficiencies are found. Organizational culture changes with stress on public scrutiny and accountability, and comprehensive approach in our internal control processes. We hope that focus on in internal control will result in reducing the cost of accounting process, identifying existing control procedures that are redundant, inefficient, or cost ineffective, simplifying systems to improve productivity. 1 CNN/USA today Poll, July 2002 2 Broadgate Consultants, March 2002 3 F.D. Morgan Walke Poll, August 2002 Part One: Management, People and Organization 1 ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Accounting & Finance section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Accounting & Finance essays

  1. Business systems Babatunde Onaola - Identify and use planning, control methods in conjunction with ...

    Some payments and receipts will be relatively straightforward to identify. Other costs and benefits arising from the investment will be more difficult to identify and estimate. For example, an investment in a high-tech system may lead to an increase in productivity and morale.

  2. Management Accounting Report.

    to make and the reason for this is that he has no in depth information about the manufacturer. If the managing director decides to go ahead with his idea then the company is going to be in a serious trouble.

  1. Unit 5 Introduction to Accounting

    Mostly 28 days credit may be offered. Activity 2; This activity covers the requirements for the P3, M1 and D1 gradin criteria. * P3. Prepare a 12 month cash flow forecast to enable an organisation to manage its cash. JAN FEB MRT APR MEI JUN JUL AUG SEP OKT NOV DEC TOTAL: Receipts: Sales excl VAT 37800,00

  2. Financial Management

    Capital investments in any business are of two types: Investments for permanent or long term purposes ( capital structures e.g. acquiring fixed assets, research and development etc.), Funds needed for current operations ( working capital) Working capital, in simple terms, refers to that ivestment which is needed for day to

  1. This report has been produced as evidence for Unit 9 - 'Financial Services' - ...

    Occupational pension Occupational pension schemes are set up by employers to provide pensions and life assurance benefits for employees, for example, a tax-free lump sum payable if they die before retirement to their widow/widower or other dependant(s). From 6 April 2001, some employers may set up stakeholder pension schemes.

  2. What does Finance involve.

    I am going to buy stock on an every two weekly scale because thing can go out of date. Opening cost stocks are the main products needed for me to start my business. My opening stock will be my ingredients which I will use to make my treatments and so on.

  1. Complete Report on Askari Commercial Bank

    developing our core competencies and moving out of weak and non-core segments. Inspiring shareholder confidence: We believe that the bottom line of any business is creating shareholder value. To gain their trust and confidence, we believe in providing our shareholders timely, regular and reliable information on our activities, structure, financial situation and performance.

  2. This paper discusses the statement 'in a politically charged rulemaking environment, conceptual frameworks has ...

    The CF itself does not describe the requirements on how financial reports should be prepared or presented, however it does describe the quality and requirements of elements that should be included in the financial reports (such as relevant, reliable and understandable, etc.)

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work