• 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...


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.


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.


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

    Newspaper stock tips are often self-fulfilling prophecies. 10. Shares fluctuate in price. Set yourself targets and stop when you reach them. Don't get distracted by short-term excitement or disappointment and remember that over the long term shares usually prove a good investment.

  2. Complete Report on Askari Commercial Bank

    Miscellaneous Products * Demand Draft * Telegraph transfer * Pay Order * Pay Slip * Online Banking * Internet Banking * Rupee Traveler cheque * Foreign Traveler Cheque * Foreign TT * Askari Master Credit Card * Askari Debit Card DEPARTMENTS OF ACBL There are three main departments in ACBL Bahawalpur.

  1. International reporting Standards.

    * In establishing a valuation basis for the business i.e. a standard format for valuing assets * And meeting the regulatory requirements in each country The European commission believes that the solution to these problems is to introduce a single financial reporting framework for listed E.U.

  2. Harmonisation of accounting standards in Europe

    In order to achieve this goal the EU and the IASB had to work closely together. With the help of IASB's professionals and the EU's power of imposing the standards on the member states and companies within that country they could issue directives that give clear dates for implementation.

  1. Identifying and describing the main financial service needs for a student starting at university

    The Accommodation Office provides a list of houses and flats to share rooms which are offered to students with a resident landlord or landlady within reasonable travelling distances of the university. This is also on self-catering basis. Staying At Home A lot of students prefer to stay at home, if

  2. Unit 5 Introduction to Accounting

    If a share is sold at a premium, then the issue price will be the par value plus an additional premium. So if a 10 pence nominal value share is issued at �1, then the par value is 10 pence and the premium is �0.90 per share.

  1. What does Finance involve.

    how many of these items I will need (my decision will be based on an estimate of how many items I will need for 2 weeks).then I will need to research on how mush each item will cost me to buy on a wholesalers price.

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

    Those concepts provide guidance in selecting the transactions, events and circumstances to be accounted for, how the elements (i.e. assets, liability, equity, revenues and expenses) should be recognised, defined and measured, which cost or value should they be measured and how they should be summarised and reported.

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