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Consider the environment factors impacting on organizations today.

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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.

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