...return for damage to an officially sheltered, physical or indefinable, notice. In order to decrease legal action and tort accountability, companies must make sure they are well-informed in local, status, and federal laws, and set of laws and in order to defend its status and property, it is dangerous that companies should have a plan in order to deal with such torts and regulatory hazards. In current environment companies have to be forcefully involved in increasing, keeping and sustaining and carrying up on precautionary and remedial action plans that be appropriate in company. In today’s environment work setting are confronted with regulatory hazards, for instance, tort accountability that consists of planned torts, carelessness, and severe accountability. When parties commit intentional acts such as assault and battery or defamation these are the harms that is called intentional tort. On the other hand, negligence “is the non-success to use sensible care, that the action of something which a sensibly well thought-out person would not do or the disappointment to do something which a sensibly foolish person would do under like conditions (Charles P. S, & Sandra L. H, 2003).“However, for the third tort is harsh tasks it is the authorized accountability for compensation, or injury, still if the person establish securely accountable was not at liability or careless, nearly all generally connected with imperfectly manufactured products.” (Michael A.S, 2003). It has been said...
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...proprietor, partnerships, corporations, and limited liability companies. Corporations and partnerships can be further broken down into what’s known as general partnerships, limited partnerships, C corporations, and S corporations. The key difference is in reporting and accountability. When it comes to a C corporation, the largest shareholder typically owns the entity. Shareholders are accountable for the entity and must be taxed as an entity and individually. In the event of a lawsuit a C corporation's shareholders are protected; only the corporation is held accountable. In case of bankruptcy the shareholders also have limited liability. A dissolution requires a two thirds majority vote in favor of dissolution. Assets are then distributed accordingly. Should there be a dispute the courts typically appoint someone to liquidate the assets. S corporations are much like C corporations, except they reporting and accountability. Instead of the corporation being taxed, the shareholders are taxed individually. S corporations hold the shareholders accountable. Limited Liability Company can be owned by various members. As for accountability, a member’s individual assets are protected. Members report income from the LLC individually. Partnerships are taxed like LLCs, individually. There are two types of partnerships, general and limited liability. General partnerships hold individuals who directly manage the business accountable. Limited liability does not require it’s members to directly manage...
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...Functions and powers of the FRC (s. 225 of ASIC Act )---Provide broad oversight of the process for setting accounting standards//Appoint members of the AASB//Approve and monitor the AASB’s priorities, business plan, budget and staffing//Give the AASB directions, advice or feedback on matters of general policy//No power to direct AASB regarding development of particular standards//No power to veto a standard//Powers expanded in 2003 to include overseeing the activities of AUASB (ASIC) is responsible for administering The Corporations Act. The Corporations Act (enforced by ASIC):--Outlines the responsibilities of company directors in relation to various activities, including the nature of their conduct, and preparation, lodgment and distribution of financial statement///Requires preparation of ‘true and fair’ financial statements by public companies, large proprietary companies, organizations with securities listed on the ASX, and some small proprietary companies. Functions of AASB--developing a conceptual framework making accounting standards that have force of law under s. 334 of the Corporations Act//formulate accounting standards for other purposes such as for entities not governed by The Corporations Law//participate in and contribute to the development of a single set of accounting standards for worldwide use ROLE OF ASX:-- 1. Reviewing applications by companies to be listed on ASX. This includes reviewing the company’s history and finances. Each company must agree to obey...
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...ED242terms of lease accounting provisions of the benefits of changing. Introduction A lease accounting terms is ED242. ISAB think it not only provides complete information about 12 months later, indicated that it for the company to provide within 12 months of operating leases the assets and liabilities of information. Compare with other lease accounting terms, they only consider the intangible of the lease, and the balance sheet will not be recorded within 12 months. For the ED 242 term, it uses the method of the lessor acknowledge to underlying assets of the underlying assets under the terms of the lease contract, which is the subject of the liability under the lease contract, to confirm the use of the right of use (Vivien, 2006, P86). The result will require all of the leases, including the current classified as operating leases, will be shown on the balance sheet (include within 12 months). The ISAB believes that the operating lease the balance sheet will be accountability and transparency, and to provide investors with information on the integrity of a company's assets and liabilities. And this essay will explain the benefits of ED242 terms from...
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...Introduction Responsibility is defined as the "reliability, dependability, and the obligation to accomplish work”, responsibility also includes each person's obligation to perform at an acceptable level, the level that the person has been educated (Kelly-Heidenthal, 2003, p. 268). Accountability is defined as, "being responsible and liable for actions or failure of actions of oneself or others in the context of delegation" (NCSBN, 2009). This is in reference to the nurse's legal liability for the actions taken and patient outcomes. Accountability and responsibility are different, as responsibility belongs to the person doing the task and accountability belongs to the person who assigned the task. The nurse is both accountable for the task being completed and is also responsible for the patients in their care. (RCN, 2010) Accountability and responsibility are two essential parts of delegation. DeWits and O’Neill (2014) define delegation as "transferring the authority to perform a selected nursing task in a selected situation to a competent individual ". When delegating, the registered nurse (RN) allocates nursing tasks to health care assistants (HCAs) while still remaining accountable for the patient and the task that was assigned. Delegating is a management technique that is used to provide more efficient care to patients. (NCSBN, 2009) Permitting HCAs to take on nursing responsibilities allows the nurse to complete other tasks that need to be completed; however, delegation...
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...Product Liability BUS:311 Instructor Samantha Hodapp November 28, 2011 Product Liability 1. Thesis a. As a consumer, you make product purchases on a consistent basis. Once you make your purchases, you are responsible for what happens to those purchases. However, the producers of these products are not completely free from accountability once their product is bought. This is where the term product liability comes into play. During this paper, I will explore the legal aspects of product liability and how it affects businesses. 2. What is product liability? b. According to our text, product liability is the accountability of a producer or seller for injury to buyers, users, and third parties. There are four elements that need to exist in order for the claimant to prove negligence by the manufactuer. These elements are duty, breach, proximate cause, and damages (Liuzzo & Bonnice, 2007). c. The bases for injury claims under product liability consists of product flaw, failure to warn, and design defect. These three characteristics generally become the foundation of claims filed against manufacturers (Liuzzo & Bonnice, 2007). 3. Who can be held liable for injuries caused by products? a. Manufacturers of products are not the only party that can be held liable for a product defect. Other parties that could be held liable include retailers, wholesalers, parts manufacturers, assembly workers, product endorsers, etc. Retailers are most subseptable...
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...Parental responsibility statutes, also referred to as parental liability statutes, appertain to the legal guidelines which hold parents criminally responsible for neglectfulness in not managing their children's delinquent behaviors.[1] Particularly, under parental accountability statutes, fathers and mothers are not held accountable for the actions of their kids, but rather for improperly controlling them. A number of American states have implemented this legislation pertaining to traditional parent obligations. The regulation enforces prospective legal responsibility on a parent or any individual that has the accountability of looking after that child or discipline of that particular child falling under the individual that was in charge of...
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...between ‘fault liability’ and ‘strict liability’: four ideal types of liability in tort law 1. Are the notions of fault and strict liability misleading? • two notions should be considered as they will be applied all along the four types of liability: - fault (as in fault liability) ( liability for one’s own faults. - risk (or strict liability) ( accountability, based on criteria other than individual fault, for the consequences resulting from an unlawful/illegal act. Four ideal types • a) Individual liability for one’s own faults ▪ the basis for this type of liability lies in the conduct of the person held liable. ( this deserves the qualification ‘fault liability’. ▪ article 6:162 BW is the legal basis for the duty to pay damages where the conduct of a person is qualified as wrongful. • b) Individual liability without blameworthiness ▪ accountability is required. ( elements of fault, as wrongful conduct provides the foundation but also elements of strict liability, since there may be no grounds for apportioning blame. ▪ article 6:162 BW as well as article 6:165 BW may provide some legal basis. • c) Liability for damage caused by others (vicarious liability) ▪ this is a form of strict liability, insofar as there is strict responsibility for the fault of others. ▪ Articles 6:169, 6:170, 6:171 and 6:172 BW provide some legal bases for this form of liability. • d) Liability...
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...A C C O U N T I N G & A U standards setting D I T I N G Disclosure of the Engagement Partner in the Audit Report An International Perspective on the PCAOB Proposal By Jason Bergner and Ling Lin n December 4, 2013, the PCAOB conducted an open meeting to reconsider its proposal to require the disclosure of the engagement partner (and certain other participants) in the audit report, as part of its efforts to improve transparency. The PCAOB is carefully considering the likely costs and benefits of this requirement before making a final decision (http://pcaobus.org/News/Speech/Pages/120 42013_Harris_Transparency.aspx). The authors present arguments for and against requiring audit partner disclosure and summarize the current practice and empirical findings in foreign jurisdictions, such as the EU and China. While the debate for the past five years has been an argument about the possible costs and benefits of a signature or disclosure requirement, the authors believe that the movement of the international community toward adopting common standards may eventually warrant a similar U.S. approach. O Debating the Issue The signature/disclosure requirement has been an issue for almost a decade, first appearing on the PCAOB’s agenda in 2005 (Tammy Whitehouse, “Divided PCAOB Presses for Names in Audit Report,” December 4, 2013, Compliance Week, http://www.complianceweek.com/dividedpcaob-presses-for-names-in-audit-report/article/323604/). The current proposal to disclose...
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...communications multi-cultural/multinational issues competition for consumers professional problem professional code of ethics implementing an ombudsman program product liability on site security--data, people or materials workplace violence outsourcing new overtime regulations accounting: inventory systems pension/ stock option problems corporate contributions to political parties executive compensation prevention of accounting fraud risk analysis agriculture: land use management genetically altered plants control of crown gall in ornamental plants methods of crop estimation/pricing/futures bioterrorism in crops architecture: options in environmental or natural disaster proof structures (floods, fires, earthquakes, etc.) landscape designs for different environments (drought, boggy, etc.) solar heating or cooling designs lighting systems for large structures restoration methods for old and/or historic buildings aviation: wind shear problems and solutions pilot retirement or retention issues training and safety procedures global positioning systems runway incursion solutions aircraft fatigue competing materials for aircraft structures screening/security issues options in aircraft for corporate use small airport management biology/pre-med liability insurance/malpractice reform options in diagnosis or treatment medicare/medicaid issues wellness education physician education and training medical school curriculum...
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...in regard to protection from personal liability. The primary benefit is it allows the shareholders, in the course of joint agreement, this will allow themselves to be exempt from liability, whereas the general partners bear the main responsibility for their actions. This will force the top executives and other members involved to be responsible for their actions. Corporations are formed among other things, to shield shareholders from personal liability for the corporation activities. Creditors look at the assets of the corporation for payment, but may not look at the shareholders personal assets for payments. The shareholders can be millionaires and creditors will not make them pay the corporations debts. The other benefit is that the shareholders who decide to invest, but do not want to become actively involved in the organization would not want to become involved in taking responsibility for the shareholders and others in the organization who are actively involved. Because of this benefit, the shareholders that wish to invest and do not want to become actively invested will not be held responsible for the action of others, in the organization. If the benefit to commerce with shareholders not being personally liable were not enforced, investors would be concerned about their own assets, and would not want to invest in large companies, where large dollar lawsuits would be likely. Commerce would be better served if personal liability would attach to those individuals for...
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...Private Police and Civil Liability Dan Seemann SEC/350 August 4, 2014 Darrin Waters Civil Liability and Private Police Private police and security continue to grow at a rapid pace because of reduced Constitutional restrictions, but employers must also understand the increased civil liabilities associated with employing private security. This paper will help to evaluate civil liability and how these liabilities are applied to private police forces. Another key element will be to identify and recommend certain measures that can be implemented to help mitigate organizational and institutional liability. Mitigating these liabilities will enable a larger return on investment for the business using these private security forces. Potential for Civil Liability Civil liability is considered the potential responsibility for payment to be assessed to an individual or organization that has incurred damages based on a lawsuit. There are several different factors that can determine the potential for liability based on certain tort laws that may be applied. A tort is considered to be a wrongful act that was committed that may result in compensation based on varying levels of proof and damages that are present. Rules, evidence, precedent, and judicial discretion all help to determine which category or tort law will be applicable. The elements and burden of evidence and proof can also vary from state to state, and can focus on different...
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...operating as guardians and commercial agents Liability arrangements Traditional methodologies for traditional transactions Critique of Modern Auditing “seeks to encourage debate by focusing on three issues which are deeply embedded within the current auditing practices”: * Appropriateness of the basic auditing model to deliver an independent audit * Audit quality focuses on standards and methodologies and neglects the organisational and social context of auditing * Audit ability of new forms of financial transaction using traditional methodologies Audit Modelling * “is fundamentally flawed as it makes auditors financially dependent upon companies and persuades them to prioritise their own economic interests at the expense of others” * Dependency on client for fees and profits * Ineffective shareholder participation in appointment and remuneration of auditors * Acqulescence to client; not disclosing relevant information to the shareholders * Using audit relationships to develop and sell consultancy Audit Quality * Audit quality associated with appropriate techniques, working papersm compliance with standards and use of expert auditors but... * Little attention to social organisational context of auditing: * Profit motive ... potentially compromising quality or profit * Audit approach * Customer service motive * Career structure and rewards * Liability concession * “Big firms no longer...
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...Accountability is important, because without it, there's no where to place the blame when mistakes occur. In fact, accountability covers more than just blameworthiness; responsibility, answerability, and liability also come into question when discussing the importance of accountability. The very application of the word, describes a system, in which actions, decisions, and policies are all accounted for (or: kept track of, recorded, and assessed and evaluated). Accountability can even extend into the administration of new policies, that are rendered due to obsolete rules and regulations or just out-right compliancy issues; the governance of decisions that define expectations or verify one's performance-- as well as managing and guiding one's decisions and processes for completing a task, also comes into play; finally, the obligation to report, explain, and be answerable to resulting consequences when implementing those actions is quite significant. To put it simply, when taking accountability for something, you are acknowledging and assuming responsibility for your actions.If I go further in depth with this particular topic, we can see that this system of accountability can actually be created by breaking down the very word "accountability," into separate synonyms (words that have the same or similar meaning) and can be categorized as such. The word "count," in "accountability" implies the action of finding the number of elements of a finite set of objects. The traditional way...
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...RJET Task 1 A. Prepare a summary report in which you do the following: 1. Evaluate the company’s operational strengths and weaknesses based on the following: a. Horizontal analysis results Horizontal analysis is to determine dollar and percentage changes by comparing financial statements. (Investopedia.com, 2011) Between years 6 and 7, Competition Bike Inc.’s net sales increased 33.3% at $1,495,000. Between years 7 and 8, net sales of the product decreased 15.0% with a loss of $897,000. Gross profits increased 37.5% at $447,000 between years 6 and 7, but decreased 16.3% with a loss of $266,600 between years 7 and 8. This clearly demonstrated the weakness of Competition Bikes that it has not met its goal of sales. The total general and administrative expenses increased 20.4% with $156,440 in years 6 and 7. It also increased 1.2% with $11,004 in years 7 and 8. Regarding the utilities cost, there is 11.1% increase in years 7 and 8 comparing the 3.8% increase in years 6 and 7. It also has a continuous growth at other general and admin expenses at 31.1% and 7.6%. This demonstrates the weakness in expenses control. The company cut advertising expense to response to the declining sales in year 7 and 8. It is a weakness that company is unable to respond properly to the market changes. In addition, there is 16.3% decrease of research and development in years 7 and 8 comparing the 37.5% increase in years 6 and 7. Lack of research and development fund is...
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