...Agency Codes: Exacting Duties and Responsibilities Leading To Exacting and Expanded Liabilities READ: In providing for a system of governance, a legal jurisdiction usually chooses between the principles-based approach where the code of corporate governance provides general principles (like the OECD Code), and the rule-based approach, where the duties and responsibilities are detailed out (perhaps like the Sarbanes-Oxley Act of United States). * Organization for Economic Co-operation and Development (OECD)-promote policies that will improve the economic and social well-being of people around the world. OECD provides a forum in which governments can work together to share experiences and seek solutions to common problems. We work with governments to understand what drives economic, social and environmental change. * Sarbanes–Oxley Act of 2002 also known as the 'Public Company Accounting Reform and Investor Protection Act' (in the Senate) and 'Corporate and Auditing Accountability and Responsibility Act' (in the House) and more commonly called Sarbanes–Oxley, Sarbox or SOX- It is a United States federal law that set new or enhanced standards for all U.S. public company boards, management and public accounting firms. As a result of SOX, top management must now individually certify the accuracy of financial information. In addition, penalties for fraudulent financial activity are much more severe. Also, SOX increased the independence of the outside auditors who review...
Words: 2345 - Pages: 10
...ASSIGNMENT ON CORPORATE GOVERNANCE AND ETHICS SUBMITTED BY:- SREESARAN R 13MBA0097 HISTORY Halliburton Company is an American multinational corporation founded in 1919 and currently one of the world's largest oil field services companies with operations in more than 80 countries. It owns hundreds of subsidiaries, affiliates, branches, brands, and divisions worldwide and employs over 100,000 people. The company has dual headquarters located in Houston and in Dubai, where Chairman and CEO David Lesar works and resides to focus the company’s Eastern Hemisphere Growth. The company adheres to the corporate governance code for American listed companies from 1950s. Halliburton's major business segment is the Energy Services Group (ESG). ESG provides technical products and services for petroleum and natural gas exploration and production. Halliburton's former subsidiary, KBR, is a major construction company of refineries, oil fields, pipelines, and chemical plants. Halliburton announced on April 5, 2007 that it had sold the division and severed its corporate relationship with KBR, which had been its contracting, engineering and construction unit as a part of the company for 44 years. Halliburton comprises 13 product service lines (PSLs). The PSLs operate in two divisions: Drilling and Evaluation, and Completion and Production. Our Consulting and Project Management PSL works across both divisions and is the spearhead of our integrated-services...
Words: 1046 - Pages: 5
...Company X is committed to ensuring our customers are completely satisfied with any interaction they may have with our organization. In order to be the leader in our industry, we must establish an unwavering confidence between our customers, suppliers and stakeholders. Company X is committed to excellence and providing a workplace that instills the values and morals our customers have come to expect. To ensure that everyone associated with our company exudes the standards of a world class organization the following code of conduct has been established for all employees to adhere to. This code of conduct is a guideline to provide an environment of fair and ethical treatment for all employees, suppliers and customers. This code of conduct sets forth the core values of our company and the expectation that all employees perform their duties with honesty and integrity. Examples of acceptable or unacceptable behaviors in accordance with the core values of Company X: 1. Employees will treat everyone including employees, customers or suppliers with fairness and respect regardless of race, sexual orientation, gender or religion. 2. Conflict of interest: Avoid a conflicting personal interest with the interest of Company X, a customer or a Company X supplier. 3. Report any unethical, unlawful, or unsafe situations or behavior. It is the duty of all employees to report any of this misconduct in order to protect your coworkers and Company X from wrongdoings. 4. Gift...
Words: 1799 - Pages: 8
...Consideration of Fraud in a Financial Statement Audit 1719 AU Section 316 Consideration of Fraud in a Financial Statement Audit (Supersedes SAS No. 82.) Source: SAS No. 99; SAS No. 113. Effective for audits of financial statements for periods beginning on or after December 15, 2002, unless otherwise indicated. Introduction and Overview .01 Section 110, Responsibilities and Functions of the Independent Auditor, paragraph .02, states, "The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud. [footnote omitted]"1 This section establishes standards and provides guidance to auditors in fulfilling that responsibility, as it relates to fraud, in an audit of financial statements conducted in accordance with generally accepted auditing standards (GAAS).2 .02 The following is an overview of the organization and content of this section: • • • Description and characteristics of fraud. This section describes fraud and its characteristics. (See paragraphs .05 through .12.) The importance of exercising professional skepticism. This section discusses the need for auditors to exercise professional skepticism when considering the possibility that a material misstatement due to fraud could be present. (See paragraph .13.) Discussion among engagement personnel regarding the risks of material misstatement due to fraud. This section requires...
Words: 25387 - Pages: 102
...Doe CEO FROM: Glen Leonard RE: Ethics Program / Training /Compliance Auditing ------------------------------------------------- DATE: February 22, 2016 This memo serves as notice that we will soon initiate efforts to develop and implement an ethics program as well as the appropriate training and an effective way to monitor those plans. As you are aware, consumers and partners want to work with companies they can trust, and having a program that will build management skills and effectively structure business controls is a great way to become transparent and build that trust. Overall, an effective ethics and compliance program will protect the organization by identifying and preventing inappropriate conduct while promoting adherence to the legal and ethical responsibilities of the organization. The core components of the proposed ethics program will include: * Establishing Standards and Procedures – this will include code of conduct, policies and procedures * Training and Education, to ensure employees are trained on the code of conduct, policies and procedures and other programs and objectives that are relevant to the program * Monitoring, Auditing and Evaluation establishing a system to detect and prevent unethical conduct and to ensure the system is effective and being adhered to. To close, with the establishment of an effective ethics programs will not only decrease potentially exorbitant fines, but reduce system vulnerability, improve the organization’s...
Words: 1669 - Pages: 7
...broader context of personal, societal, cultural and professional values and ethical principles (Fry & Johnstone, 2002). Tesfamicael GhebrehiwetThe nursing profession uses regulatory mechanisms, codes of ethics and other means to ensure ethical behavior. For example, The ICN Code of Ethics for Nurses asserts, “Inherent in nursing is respect for human rights, including the right to life, to dignity and to be treated with respect” (ICN, 2000, p. 2). To locate ethical issues within the context of nursing, it is vital to understand the International Council of Nurses (ICN) definition of nursing itself: “Nursing encompasses autonomous and collaborative care of individuals of all ages, families, groups and communities, sick or well and in all settings. Nursing includes the promotion of health, prevention of illness, and the care of ill, disabled, and dying people. Advocacy, promotion of a safe environment, research, participating in shaping health policy and in patient and health systems management, and education are also key nursing roles” (ICN, 2005). This definition incorporates the three components of bioethics as outlined by Fry and Johnstone (2002), including norms of nursing practice, expansion of knowledge, and advocacy or policy development. It follows that nurses must develop a thorough knowledge of ethical issues, policies and procedures related to the protection of people as part of their responsibility as professional nurses. Ethics and nursing responsibilities ...
Words: 1484 - Pages: 6
...2012 Cisco CSR Report < Previous View 2012 Cisco CSR Report Website How to Use This Report We Welcome Your Feedback C1 Supply Chain Overview Our Supply Chain Embedding Sustainability in Core Business Processes Partnering with Suppliers to Improve Performance and Build Capability Working with Industry Groups Watch the Video! Supply Chain We expect our suppliers to meet the same high standards on ethics, labor rights, health and safety, and the environment that we apply to our own people and operations. Cisco works closely with suppliers to manage these sustainability issues and improve their performance throughout the supply chain and at every stage of the lifecycle of our products. We look to use our relationships with our network of suppliers and peer companies to multiply the impact we can have on sustainability in the information and communications technology (ICT) supply chain. 2012 Cisco CSR Report < Previous View 2012 Cisco CSR Report Website How to Use This Report We Welcome Your Feedback C2 Supply Chain > Overview Our Supply Chain Embedding Sustainability in Core Business Processes Partnering with Suppliers to Improve Performance and Build Capability Working with Industry Groups Overview These first five pages give readers an overview of Cisco’s objectives, key challenges, progress, and performance with regard to Supply Chain. We have used this overview as part of our Executive Summary, which can be downloaded here. We...
Words: 9439 - Pages: 38
...ethical decision making, In order to best understand the purpose of this particular report. Purpose The purpose of this report is to provide and discuss two strategies that the toy company could utilize to ensure that ethical decision takes place in all levels and departments of the company. Creating and introducing a “code of ethics” for the toy company would be the very first implementation. This would serve as an employee manual and guide as to doing things and managing company products and manufacturing. Employees are more liable to follow regulations when there is a standard that is required of all that is employed by the company. Secondly the company must higher “Compliance managers” whose responsibility is to strictly monitor and guide employers, department by department oh how to hold a higher standard of operation and product. It is of the highest importance for the company to constantly produce products with integrity and reputation in mind therefore having a certain set of people roaming the facility, inspecting every facet of the company on compliance is extremely important. Strategy 1 The first strategy for ethical decision making is creating a “code of ethics” personalized for the toy company for on each and every level from the executive arm of the company to the production and down to the distribution, departments and personnel. Like everything in life there are rule and...
Words: 795 - Pages: 4
...Suggested Guidelines for Writing a Code of Ethics/Conduct Writing a Code of Ethics/Conduct Companies that follow both the letter and the spirit of the law by taking a “value-based” approach to ethics and compliance may have a distinct advantage in the marketplace. Give the average employee a legalistic “thou shall not….” code, and a negative response is almost guaranteed. Give employees a document that states clearly and concisely the company’s expectations, outlines acceptable behaviors, and presents viable options for asking questions and voicing concerns, and the likelihood is much greater that they will meet those expectations and exhibit the desired behaviors. Make the contents of the code equally applicable to everyone in the organization—at all levels—and you have a key ingredient for a code that becomes cultural, with all of the benefits. Code Basics There is no standard wording for a code of ethics/conduct. Each organization should develop one to suit the needs of its personnel in defining expected behaviors and in addressing the risks, challenges, and customs in the countries in which it operates, as well as to fit their specific industry and situation. However, there are some basic points to keep in mind when creating or modifying a code. • The code language should be simple, concise, and readily understood by all employees. • The code should not be legalistic—written as “thou shall not”— but rather state expected behaviors. • The code should apply to all employees...
Words: 1884 - Pages: 8
...evolved; the companies we know today would not exist without the men and women who created businesses throughout history. Over the last several decades, companies have developed a sense of business ethics that have defined the reputation of companies and the mission that drives the company. From the 1960s to today, people have been concerned with different ethical issues and have managed to develop a society where those issues have made them stronger. According to the Ethics Resource Center (2009), the 1960s caused the most strain on people and their ethics, and it grew the society into one of the most significant eras in American history. The dilemmas that surrounded the 60s were nothing short of tension and domination. For example, the Civil Rights issues dominated the minds and hearts of that particular generation, the escalation of drug use, as well as how the tension between employee and employer grew are just to name a few of the problems that had to be dealt with during that time. Because of these personal ethical challenges, businesses initiated different codes of conduct and value statements in each company hoping that this would change people’s work ethics and understanding of what it takes to be able to support themselves, as well as their families. However, the 1970’s contained so much scandal in certain corporations, while the economy was...
Words: 1390 - Pages: 6
...ORGANIZATIONS INFLUENCE LABOR AND ENVIRONMENTAL CODES OF CONDUCT Abstract • Concerns over the potential negative spillovers from globalization have resulted in increasing demands for multinational corporations (MNCs) to adhere to international standards and codes of responsibility. Nongovernmental organizations (NGOs) have been important advocates for development and adoption of these standards and codes. • In this paper, we provide a brief review of the emergence of NGOs and their influence on debates about globalization, and a specific assessment of NGO efforts to promote stronger labor and environmental policies of multinational corporations. • We examine the role of NGOs in development and enforcement of twelve international agreements and codes of conduct addressing labor issues and environmental practices. We use findings from these cases and insights from international business and other managerial theory to develop propositions that explain the circumstances under which NGOs have more or less influence in developing and enforcing international codes. Key Results • We suggest NGOs will achieve the greatest impact on codes of conduct when: 1) they intervene early in the code development process; 2) they forge transnational coalitions with other organizations, including other NGOs, MNCs, and governments; 3) codes are devised outside of international organizations; and 4) the structure of the codes or agreements explicitly provides for involvement...
Words: 9703 - Pages: 39
...Project Management Institute Code of Ethics and Professional Conduct CHAPTER 1. 1.1 VISION AND APPLICABILITY Vision and Purpose As practitioners of project management, we are committed to doing what is right and honorable. We set high standards for ourselves and we aspire to meet these standards in all aspects of our lives—at work, at home, and in service to our profession. This Code of Ethics and Professional Conduct describes the expectations that we have of ourselves and our fellow practitioners in the global project management community. It articulates the ideals to which we aspire as well as the behaviors that are mandatory in our professional and volunteer roles. The purpose of this Code is to instill confidence in the project management profession and to help an individual become a better practitioner. We do this by establishing a profession-wide understanding of appropriate behavior. We believe that the credibility and reputation of the project management profession is shaped by the collective conduct of individual practitioners. We believe that we can advance our profession, both individually and collectively, by embracing this Code of Ethics and Professional Conduct. We also believe that this Code will assist us in making wise decisions, particularly when faced with difficult situations where we may be asked to compromise our integrity or our values. Our hope that this Code of Ethics and Professional Conduct will serve as a catalyst for others...
Words: 3490 - Pages: 14
...| The assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor. Submit this document with any required evidence attached. See specifications below for details. Performance objective In this assessment task you will demonstrate skills and knowledge required to plan or review administration systems and implement new or modified administration systems. Assessment description Within a real or simulated business context, you will plan a new administration system or review an existing system. You will need to: ● consult with users or stakeholders to develop a detailed specification for the new or revised system, which must meet both organisational needs and external requirements such as codes of practice or legislation ● follow organisational procurement policies to select an appropriate developer or supplier ● prepare detailed planning for the implementation of the system, including communication, training and risk management activities. Procedure 1. In consultation with your assessor, nominate (a) an appropriate workplace context and (b) an administration systems project to undertake to meet assessment requirements set out in this document. You may choose: ○ the creation of a...
Words: 1683 - Pages: 7
...MALAYSIAN CODE ON CORPORATE GOVERNANCE 2012 CONTENTS Foreword Corporate Governance in Malaysia Corporate Governance Principles and Recommendations Principle 1: Establish clear roles and responsibilities Principle 2: Strengthen composition Principle 3: Reinforce independence Principle 4: Foster commitment Principle 5: Uphold integrity in financial reporting Principle 6: Recognise and manage risks Principle 7: Ensure timely and high quality disclosure Principle 8: Strengthen relationship between company and shareholders Table 1: Comparison between the MCCG 2012 and the 2007 Code 1 FOREWORD By TAN SRI ZARINAH ANWAR Chairman, Securities Commission Malaysia The Securities Commission Malaysia (SC) had in July 2011 released the Corporate Governance Blueprint 2011 (Blueprint) which sets out the desired corporate governance landscape going forward. The essence of the Blueprint is to achieve excellence in corporate governance through strengthening self and market discipline and promoting good compliance and corporate governance culture. Boards and shareholders must embrace the understanding that good business is not just about achieving the desired financial bottom line by being competitive, but by also being ethical and sustainable. The Malaysian Code on Corporate Governance (Code), first issued in March 2000, marked a significant milestone in corporate governance reform in Malaysia. The Code was later revised in 2007 (2007 Code) to strengthen the roles and responsibilities...
Words: 6139 - Pages: 25
...reforms to enhance the quality of good corporate governance practice in the country. The main sources of the Corporate Governance reforms agenda in Malaysia other than Malaysian Code on Corporate governance are the Capital Market Master Plan (CMP) and also Financial Sector Master Plan (FSMP). This sources provides guidelines on the principles and best practices in corporate governance and the direction for the implementation as well as charts for the future prospects of corporate governance in Malaysia. Malaysian Code on Corporate Governance is an initiative that established by the Financial Committee on Corporate in 1998. This committee is consists of both government and also industry. MCCG was introduced on March 2000. This code brought a systematical change in structure of public and also private corporation. The principles underlying the report focus on four areas which are board of directors, directors’s remuneration, shareholders and accountability and audit. Compliance with the code is not mandatory. However, the listed companies in Bursa Malaysia are required to prepare their annual report on how they have applied the principles and best practices set out in the code and also provide the reasons for areas of non-compliance as well as the alternative practices adopted, if any. MCCG was revised several times in 2007, 2011 and 2012. This updates is due to several reason. For example, to improve the role and responsibility of directors, internal and external auditing, promoting...
Words: 2720 - Pages: 11
