...BA 3301 Legal Environment of Business Compliance Interview and Report Assignment Associate Professor Lee Usnick, JD I. ASSIGNMENT OVERVIEW Virtually all business activities conducted in the United States are highly regulated, not only by governmental entities, but by professional entities as well. Compliance with all federal, state, and local laws and regulations is a prerequisite to the long term health and survival of a business. Equally important is a business's compliance with standards issued by the professional and accrediting bodies responsible for licensing and certification. Certain industries are more regulated than others. For example, health care, financial services, and public utilities are all highly regulated with extensive licensing and operational standards. When a business fails to comply with all applicable regulations and standards, the business and the individuals who manage it can face a variety of sanctions, from loss of license and program certification, to civil and criminal sanctions that include monetary penalties and prison. In this assignment, you will learn how someone in your selected industry meets the challenges of current compliance requirements. It is not necessary to address all aspects of compliance in this industry or selected company. Rather, you should educate yourself in broad terms about the kinds of governmental and industry standards covering your interviewee's business, then select a few key aspects to explore in depth with...
Words: 3552 - Pages: 15
...BA 3301 Legal Environment of Business Compliance Interview and Report Assignment Associate Professor Lee Usnick, JD I. ASSIGNMENT OVERVIEW Virtually all business activities conducted in the United States are highly regulated, not only by governmental entities, but by professional entities as well. Compliance with all federal, state, and local laws and regulations is a prerequisite to the long term health and survival of a business. Equally important is a business's compliance with standards issued by the professional and accrediting bodies responsible for licensing and certification. Certain industries are more regulated than others. For example, health care, financial services, and public utilities are all highly regulated with extensive licensing and operational standards. When a business fails to comply with all applicable regulations and standards, the business and the individuals who manage it can face a variety of sanctions, from loss of license and program certification, to civil and criminal sanctions that include monetary penalties and prison. In this assignment, you will learn how someone in your selected industry meets the challenges of current compliance requirements. It is not necessary to address all aspects of compliance in this industry or selected company. Rather, you should educate yourself in broad terms about the kinds of governmental and industry standards covering your interviewee's business, then select a few key aspects to explore in depth with...
Words: 3519 - Pages: 15
...environmental regulations, regulatory pressures and changing customer preferences” (Oskvig). These challenges are something that need to be overcome due to the urgency of their nature. A key challenge that needs to be addressed is the issue of energy that has been wasted due to lost electricity. The industry of electric utility needs to attempt to deal with the issue of lost energy. There is a huge amount, totaling to, “…a whopping $40 billion [that] is wasted in lost electricity, natural gas and water resources in the U.S. alone” (Pyper). Even though this amount includes natural gas and water resources, one can still see the great affect that this waste has on the electric utility industry. In order to fix this issue, there needs to be a better, more effective way for people to save this energy that is being wasted. Scientists must be able to develop a more reliable method for storing electric energy in order to be more efficient. With the saved energy, we will be able to become much more efficient and effective in electrical usage. All-in-all, the electric utility industry has a few issues that it needs to address in order to become as efficient as possible. Whether it be new technology, tighter regulations, regulatory pressures, changing customer demands, or storage capabilities, the issue needs to be addressed and dealt with. Due to the severe nature of this industry, an answer needs to be found and applied in a timely matter. Works Cited Oskvig, Dean. "Critical Challenges Facing...
Words: 381 - Pages: 2
...The reading chosen for this critical review is Chapter 2-Regulation of health and safety management: a developmental perspective from textbook Regulating Work Risks: A comparative study of Inspection Regimes in Times of Change by Walters, D. Johnstone, R. Frick, K. Quinlan, M. Gringras, G. & Thebaud-Mony. This chapter discusses the development and contexts of regulation and regulatory inspection of health and safety at work. It focuses on the range of issues concerning regulation of health and safety and its management and the consequences of these developments for regulatory surveillance of OHS in advanced market economies. The chapter start off by outlining the path of OHS regulation from its origins to the present, focusing on the approaches mandating its management and how the introduction of the Robens Report changed the perception towards OHS and its influence to regulations in different jurisdiction. This report was a modification of the regulatory model towards process based regulation with a focus on a unified OHS legislation, development of a more effective self-regulating system and OHS management in organizations. The chapter ends off by examining challenges in effectively delivering mandated OHS management in workplaces changes. The approach that the authors used in writing this chapter is by examining the implications of the shift from specification to process based regulation, and recognises the fact that attention has been increasingly directed to the...
Words: 710 - Pages: 3
...Compliance Interview and Report Assignment BA 3301 Legal Environment of Business Associate Professor Lee Usnick, JD I. ASSIGNMENT OVERVIEW Virtually all business activities conducted in the United States are highly regulated, not only by governmental entities, but by professional entities as well. Compliance with all federal, state, and local laws and regulations is a prerequisite to the long term health and survival of a business. Also important is compliance with standards issued by the professional and accrediting bodies responsible for licensing and certification. Certain industries are more regulated than others. For example, health care, financial services, and public utilities are all highly regulated with extensive licensing and operational standards. When a business fails to comply with all applicable regulations and standards, the business and the individuals who manage it can face a variety of sanctions, from loss of license and program certification, to civil and criminal sanctions including monetary penalties and prison. In this assignment, you will learn how a person working in your selected industry meets the challenges of current compliance requirements. It is not necessary to address all aspects of compliance in this industry or selected company. Rather, you should educate yourself in broad terms about the kinds of governmental and industry standards covering your interviewee's business, then select a few key aspects to explore in depth with your...
Words: 4325 - Pages: 18
...Abstract The topic of this assignment is to explain the importance of CAPA in FDA regulated industry. Answer the question of what is a good CAPA process. In this report I will be exploring the inner workings and functions of corrective and preventive action systems. All unfamiliar terms and abbreviations will be defined and explained. The FDA’s role has been outlined and the importance of the CAPA in FDA regulated industry has been determined. The essential aspects of CAPA have been conveyed. I have also highlighted the main concepts and extracted two examples of how CAPA works in two different job applications. I have gone into detail on what makes a good CAPA system and subsystem. There are 3 simple examples of where corrective and preventive action can be applied. Towards the end of the report I have gone into detail on how this research topic has impacted my previous/present jobs, possible ways how it might impact my future career and what I have successfully gained from undertaking this research assignment. The final page of the report is composed of the various references I have used and compiled to attain the necessary information to complete this assignment. Introduction...
Words: 1589 - Pages: 7
...environment, state and federal regulations, and legislative statues present challenges to Riordan that require implementation of strong methods for organizing risk management responsibilities and activities. To achieve business objectives and continued competitive advantages, Riordan must structure risk management responsibilities and activities using a formalized process. The Enterprise Risk Management (ERM) process will ensure identified risks are properly assessed, controlled, and monitored throughout the company to reduce Riordan’s exposure to legal liabilities. This compliance plan outlines the ERM process for Riordan following the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework recommendations on critical aspects of organizational governance, business ethics, internal control, enterprise risk management, fraud, and financial reporting. Enterprise risk management deals with risks and opportunities that affect business value, negatively or positively, is defined as follows: “Enterprise risk management is a process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives”...
Words: 2414 - Pages: 10
...ABSTRACT Auditing disclosures play an important role within accounting reports as they provide a level of assurance to the users (public). These disclosures will be discussed in light of the collapse of Health International Holdings (HIH). The HIH collapse warranted a Royal Commission investigation and also recorded the biggest corporate collapse in Australia's history. Corporate failures of similar magnitude such as Enron and Parmalat have occurred elsewhere and sparked large scale investigation and media scrutiny. In all of these corporate failures, the level or absence of disclosure has had a lot to do with the unexpectedness of the collapse. This paper analyses the HIH collapse within a Foucaldian framework to demonstrate the need for accountants and auditors to work together so as to avoid criticism of the profession arising from unexpected corporate failures in the future. INTRODUCTION The purpose of this paper is to analyse the collapse of HIH and the role of its auditor, Andersen, within a Foucauldian framework encompassing archeology and genealogy of power and knowledge. The mythical Jedi force is used as a metaphor for power attained by the accounting profession through its claim to superior knowledge and skill to be applied in the public interest. Accordingly, the force includes professional ethics. The dark side is used as a metaphor for the collapse of HIH because accounting standards and practices, the accounting profession's power base, were used to conceal...
Words: 7735 - Pages: 31
...Corporate Governance 2013 Shaun Dabypersad AIB Student A12795 3/19/2013 ASSIGNMENT COVER SHEET(to be completed by the student) | AIB student ID number: | A12795 | | | Student name: | Shaun Dabypersad | | | Course name: | MBA | | | Subject name: | Corporate Governance | | | Subject facilitator: | Keisha Butcher | | | Teaching Centre: | Sital College | | | No. of pages: | 10 | | | Word count: | 2431 | | | DECLARATION | I, the above named student, confirm that by submitting, or causing the attached assignment to be submitted, to AIB, I have not plagiarised any other person’s work in this assignment and except where appropriately acknowledged, this assignment is my own work, has been expressed in my own words, and has not previously been submitted for assessment. | ASSESSMENT SHEET(to be completed by the examiner) | Student name: | | | | Course name: | | | | Subject name: | | | | Assessor/marker: | | | | COMMENTS | Principles learnt (for example, number and understanding of principles referred to, their influence on the structure of this paper, number and correct citations of references, use of appropriate jargon) | | /4 | | | Application of principles. That is, the analysis and evaluation of the example problem based on the principles, including the final recommendations and their justification | | | /8 | | | How well the example problem was described...
Words: 2971 - Pages: 12
...the theoretical framework of accounting, the various perspectives on financial accounting theory are examined with particular emphasis on their rationale and implications on accounting practice. General concepts of theory formulation are discussed and types of accounting perspectives and research are also introduced in this course. Corporate Accounting Policies are explained by the development of the Conceptual Framework and the Importance of a Regulatory Environment. The Standard Setting process in Malaysia is discussed. An analytical approach of the accounting standards is adopted by examining the recognition, measurement, disclosure and presentation of accounting information is discussed. Significant emphasis is placed on Asset Measurement, Nature of Liabilities, Types of Equity, Recognition of Revenue and Income Finally contemporary accounting practices and issues are discussed including corporate governance and social and environmental reporting. LEARNING OBJECTIVES The primary objective of this course is to develop the critical skills in accounting students of not only understanding what and how accounting practices have been adopted but also why the accounting principles, policies and practices have developed in the professional...
Words: 1820 - Pages: 8
...patient demands. This has prompted the Institute Of Medicine to review the “Future of Nursing, Leading change and Advancing Health”. {Creasia & Fribery,2011} The Impact of the IOM report on Nursing Education. According to IOM report the future of nursing is aimed at improving the health of Americans by transforming the nursing profession. It is important for nurses to receive higher education and training to meet the dynamic environment in which they will practice.{Institute of Medicine,2010}. The IOM recommends that 80% of the nursing workforce will have baccalaureate degree in nursing by the year 2020. These nurses would be able to promote quality of nursing care through their critical thinking skills and research. Nurses should achieve higher levels of education and training through an improved education system by encouraging associate degree nurses to obtain BSN degrees. A highly educated nurse is preferred to handle the challenges of today’s health care environment. These well trained nurses include Nurse Practitioners, Nurse Midwives, Nurse Anesthetics and clinical nurse specialists who can practice to the full extent of their education and training. Nurses should up grade themselves in education to meet the present standards in providing safe patient care. The Impact of the IOM report on...
Words: 937 - Pages: 4
...AMERICAN EXPRESS COMPANY AUDIT AND RISK COMMITTEE CHARTER (as amended and restated as of January 23, 2011) Purpose The Committee is responsible for assisting the Board of Directors in its oversight responsibilities relating to (i) the integrity of the Company’s financial statements and financial reporting process; (ii) internal and external auditing, including the qualifications and independence of the independent registered public accounting firm and the performance of the Company’s internal audit services function; (iii) the integrity of the Company’s systems of internal accounting and financial controls; (iv) legal and regulatory compliance; (v) the assessment and management of the Company’s risk and capital; and (vi) the performance of the other Committee functions set forth in this charter. In discharging its responsibilities, the Committee is not itself responsible for planning or conducting audits or for any determination that the Company’s financial statements and disclosures are complete and accurate or are in accordance with generally accepted accounting principles and applicable rules and regulations. This is the responsibility of the Company’s management and the independent registered public accounting firm. In addition, the Company’s management is responsible for managing its risk function and for reporting on its processes and assessments with respect to the Company’s management of risk. Organization and Certain Responsibilities The Committee shall be comprised...
Words: 2324 - Pages: 10
...Issue: 1a) Are the disclosures in the Swiss annual report really unnecessary? 1b) what social, economic, and institutional factors in Switzerland Might be causing the inclusion of these disclosures? 1c) Describe on of the differences in financial reporting between a Swiss company and the reporting in another country? Facts: Rob Carpenter senior manager at a prestigious accounting firm, recently transferred to the international division of acquisition and mergers. Mr. Carpenter was recently asked to make a recommendation regarding Nestle. Mr. Carpenter unfamiliar with the accounting in Switzerland has realized substantial differences between Swiss and U.S. accounting standards. Surprisingly, there are many “unnecessary” details in Nestle’s annual report including things such as social, environmental and employee disclosures. Furthermore, he notices differences in the financial statements. Mr. Carpenter is in charge of resolving the reports. Analysis: Multiple aspects of accounting and financial reporting affect the international community in different forms particularly in respect to needs of their prospective capital markets. The United States and Canada are equity-oriented markets, in these countries any individual is allowed to invest in the companies. The reports are typically a “public relations document that will present a positive image of the company” (Saudagaran, 2009). This may be a frowned upon practice by some parties but nonetheless its aim is to create...
Words: 1852 - Pages: 8
...Legal and Regulatory Issues Malpractice Legal and Regulatory Issues Malpractice Legal and Regulatory Issues Malpractice Legal and Regulatory Issues Malpractice is an issue that is always can affect a healthcare office. Malpractice is when the improper or negligent treatment of a patient, as by a physician, resulting in injury, damage, or loss of life. Physicians have insurance for this in case an incident occurs. Physicians follow a code that states do no harm but sometimes harm occurs due to their negligence to underlined issues. If underlined issues dealing with your diagnosis is not checked out then it can lead to further injuries and even death. Medical malpractice can cost a facility or hospital millions even billions of dollars each year. Medical malpractice not only will cost money but it can also hurt a hospital or facility reputation for treatment for patients. Medical malpractice cases require stringent and comprehensive clinical review, and hospitals always employ medical experts to review their cases. The clinical issues are always analyzed, but often overlooked is the evaluation of the corporate responsibilities of the hospital involved in the matter. It is becoming increasingly likely that the hospital will be included in the claim as plaintiff attorneys are very aware that courts are finding corporate negligence as a factor in many claims, and more and more states are recognizing corporate negligence as a contributing issue (Steinberg...
Words: 804 - Pages: 4
...A Critical Regulatory Issue in Health Care A Critical Regulatory Issue in Health Care Congress grants agencies the ability to create regulations to promote and carry out public policy (Fremgen, 2012). A critical health care regulatory issue in today’s world is The Privacy and Security Rule. The Privacy Rule, 45 CFR (Code of Federal Regulations) Part 160 and Subparts A and E of Part 164 govern the privacy of individually identifiable health information and the security of electronic individually identifiable health information. CFR 45 Part 160 is otherwise known as the Health Insurance Portability and Accountability Act (HIPAA) (U.S. Department of Health and Human Services, 2012). HIPAA enacted in 1996, outlines the conditions protected health information (PHI) may be used or released by covered entities or individuals. The Office for Civil Rights (OCR) of the Department of Health and Human Services (HHS) enforces the HIPAA Privacy Rule. The Privacy Rule, modified in 2002 and 2003, set standards for protecting the integrity and confidentiality of PHIs covered entities must follow. Medical organizations and their employees have a legal and ethical responsibility to protect patients’ medical privacy at all times. Health care facilities and employees who fail to implement effective privacy rules and regulations are subject to fines, accreditation problems, and possible suits from affected individuals. Facilities and government agencies are liable to HHS for fines but also the...
Words: 815 - Pages: 4