...2-27 A. Identify and describe Reed’s responsibilities to detect Smith’s errors and fraud. Do not identify specific audit procedures. After his meeting with Smith Company’s new management and predecessor auditor, he is now made aware of possible fraud in the financial statements. With this knowledge, he is now responsible to take steps to identify the errors due to fraud in the financial statements. Initially, Reed and his audit team should assess the risks within Smith Company such as the motives and where opportunities exist to commit fraud. Once all the risk information is gathered, the next step is to audit Smith Company’s financial statements to see if they are prepared in accordance with GAAP and if they are not to identify any material misstatements. During the course of the audit, they should plan and develop tests that account for the risks assessed. As with any audit, Reed, CPA and his staff must “conduct the audit with due professional care and an attitude of professional skepticism.” (Boynton & Johnson. 2006, p. 58) B. Identify and describe Reed’s responsibility to report Smith’s errors and fraud. If Reed, CPA detects that Smith Company’s financial statements are materially misstated, then he should notify the management at Smith Company and have them revise them so that they are in accordance to GAAP with all proper disclosures. Reed has the responsibility to notify others when appropriate including the Board of Directors, the Audit Committee...
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...1) Why do you think Starbucks has been so concerned with social responsibility in its overall corporate strategy? Starbuck is a known corporation local and international for their freshly brewed coffee and other products that are offered. Social responsibility helps the company image, to care about the community and the environment, these are positive stand points that define the company self portrait. It's important how you look on the outside, in the end it's all about sales. As mention in the text “people first and profit last” once a corporation can fulfill its duties that benefit the consumer and the parties involve then there is no need to worry about the business profit. 2) Is Starbucks unique in being able to provide a high level of benefits to its employees? The text mention “it is better for a company to take some short-term loses than to lose sight of its core values in the long term “yes Starbucks is unique because not many restaurant offer the kind of benefits as Starbuck. The employees are important to the business and it helps to retain them. Offering health insurance, paid time off, and other perks are ways to keep employees happy which lead to great work effort and a successful business. It also helps to lower the business employment turnover rate and save the corporation money because they do not spend much money and recruiting new employees and to train them. 3) Do you think that Starbucks has grown rapidly because of its ethical and socially responsible...
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...2012, HMV plc spent £25 million on social responsibility projects. In January 2013, HMV entered liquidation. With reference to HMV and/or other organisations that you know, to what extent is acting in a responsible manner important for sustained businesses success. (40 marks) Acting in a responsible manner will always be an important part of a business’s success, as it links into a business’s reputation which is ultimately how the customers and potential customers view the business before decided whether to purchase their goods or services from them. If a business, for example The body shop is renowned for being socially responsible in relation to environmental factors and employee issues, then its reputation will be strong and customers will look highly upon the business, as opposed to a business, such as Nike, who was found out to be using sweat shops and abusing their workers not long ago, to which consumers responded badly. HMV for many years has been a very popular and well established business. So behaving in a responsible matter will have proved to be an evidently important factor in the success of their business, before they entered liquidation. In their 2008 social responsibility report, HMV stated that “HMV Group recognises that its businesses have social and environmental impacts and that we have a responsibility to manage these impacts effectively at a strategic and operational level”. Environmental factors, social responsibility and economic growth are all part...
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...Management Planning Ava Thompson Hearvey MGT/230 October 23, 2012 The Planning function The first Wal-Mart opened in 1962 in Rogers, Arkansas. Wal-Mart has been dedicated to making a difference in the lives of their customers. This business is the result of Sam Walton’s visionary leadership, along with generations of acquaintances focused on helping customers while building the community, and saving money (Wal-Mart.com). This heritage defines the company in terms of who Wal-Mart is and what the company’s goals are today. In 2009 Wal-Mart introduced a plan that was hoped to guarantee that the company would remain the industry leader. Project Impact is based on three strategic initiatives that will improve the benefits to the customer. The three initiatives are; Save Money, Live Better; Wal-Mart is aiming to keep customers happy and keep them returning to the store. Over the last decade the company had lost customers as they frequented the newer stores of its competitors such as Target. By implementing Project Impact Wal-Mart is renovating its stores in the US by widening the aisles, lowering fixtures, improving signage, and adding natural light to give consumers a store that feels friendlier (Wal-Mart strategic initiatives). Customers are more likely to shop when they feel comfortable. Goals and Strategies The first of the three visions is called Save Money, Live Better. This vision has a number of...
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...Boeing and its Management Planning Christopher Bayles MGT/330 October 2, 2011 Bill Escue Boeing is one of the biggest aviation companies in the world with relations to a number of different countries. They produce products for commercial and government use as well as have contracts with National Aeronautics and Space Administration (NASA). Management planning is one of the primary key focuses to Boeing because of the size of its massive corporation. They create some of the top high-end equipment for medical, commercial, and government use. The primary workings of the company includes goods that aid in the carrying of cargo, people, and other equipment used by the government. The Federal Aviation Administration (FAA) oversees the operation of aircrafts for safety concerns. Because of the safety concerns, Boeing conducts very extensive planning to operate a well-organized and successful business. Planning includes precautionary needs for the future, figuring out the departments’ objectives, activities that could be of some concern to a company, and a company's techniques they will need to accomplish a successful result (Boeing, 2010). During plans making Boeing has to consider the unpredicted problems so that there can be no possible mishaps that could happen. By setting obtainable goals in marketing, sales, mechanical markets and engineering, and updating and training employees to be more effective will ensure that the products exceed high expectations and...
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...Personal Responsibility Title of Paper Responsibility is something we are taught as we grow up, it may be as small as parents letting their children get the mail from the mail box, or as big as babysitting two young children wile their parents are at work. Personal responsibility is the duty to accept the rewards and the consequences of each individuals own personal actions. Personal responsibility goes deeper than just admitting when you make a mistake. Money management is an example of a personal responsibility. As a responsible student with loans out you must guard your credit and your education by making sure you can afford your way of life and school together. Spending less money is a very obvious but not so easy way of making sure your responsibilities are taken care of. Shopping around and comparing prices of normal items you usually buy is a good way to save a couple of bucks, many places these days have discounts for students never be shy about asking for them. Choosing to keep the temple of your body healthy is also a good example, eating healthy, and exercising are two good ways to upkeep your duty. With the delicious and amazing desserts and candies available it is so hard to keep the personal duty we have. Alcohol and tobacco are also two big things that can damage the responsibility we have to our bodies. It seems everyone smokes or drinks these days the thing to make a responsibility is not abusing the products in which you consume. Schoolwork is...
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...been in favor of implementing a social accounting and reporting regime in the company? If I was a member of the board of directors during the time of Ok Tedi operations, I would have been in favor of implementing a social accounting and reporting regime in the company. As social accounting is always a beneficial method for a company to maximize their profit and organizational image. Social accounting allows to see where improvements can be made so that an organization can better achieve their aims and values. It provides a continuous record of how effectively organization has developed and changed. Social accounting and reporting would help the Ok Tedi Mining company by giving feedback on how things are going from the range of people involved in the organization. As the 97% workers at the company are PNG inhabitants, it would be easy to look over them fulfill their basic needs and values. Social accounting would also identify the areas where things are working well and where not. To improve organization’s policy and perception ,it is a very appreciable way. Social accounting would help Ok Tedi Mining to work accordance with legal way and social values. Company’s decision would be more just and equitable to less powerful stakeholders. The company would meet the social responsibility and get a good organizational image from the society. The company was sued by the villagers as they were far away from the touch of people. If social accounting would be applied...
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...Corporate Social responsibility has become the new essence of the business world. “No longer is it acceptable simply to make good products that satisfy customers while complying with laws and regulations. Businesses are now called upon to consider – and, indeed, intentionally to manage – the wider social and environmental consequences of their actions, beyond the requirements of the legal and regulatory settings in which they operate” (Charles River Center, 2008). Thus it is important for Charles River Printing (CRP) to include this concept into its sustainability vision and mission in order to make it as part of their daily operations and grow as a responsible company. To build the strategic planning practices (SPP) for CRP it is important to develop action plans, the timeline for its planning; the level of stakeholder engagement; the governance structure; risk assessment and mitigation plans; and most importantly measure its progress (Pojasek, 2013. p.1). While doing this it is important to integrate the policies and strategies with respect to the economic sustainability, social responsibility and environmental stewardship of the company. Moreover, the goals have to be aligned with the mission, vision and core value of the company and vice versa. The first step is to develop the SPP would be to understand that of its parent company RR Donnelley. The plant manager should try to align the SPP of CRP with the parent company to have a common methodology and then improvise the...
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...is a part of Larger Social system”-Explain from the system concept of business. (Page -12) What do you meant by move toward social concern? (Page -4) What is discontinuity? (Page -5) Define business. (Page -19) Give arguments for Social responsibility. (Page -24) Give arguments against Social responsibility. (Page -30) What is social responsibility? (Page -39) What is social response? (Page -46) Discuss the power-responsibility equation. (Page -47) What is the Iron Law of responsibility? (Page -50) Discuss the Changing role of Business Clients. (Page -59) Describe the elements of a Pluralistic social system. (Page -62) What do you mean by Diffusion of Power? (Page -66) Discuss the strength and weakness of a pluralistic society. (Page -69) Discuss the traditional business role. (Page -79) Define the Quality of life. (Page -85) Discuss the alternative ways is which business may respond to the social demands. (Page -85) Discuss in brief the different socially responsive roles played by a manager. (Page -102) Discuss the general effects of technology on society as a whole. (Page -117) What is social system? “Areas of social responsibility are expanding”- Explain. (Page -12, 7) Briefly discuss the role of socially responsive manager as a boundary mediator. (Page -104) What do you mean by social power and how do you relate it to social responsibility? (Page -48) Part :...
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...Grand Canyon University PSY 357/ Life Span Development Professor/ Carla Homburg January 07, 2013 Adolescence and Early Adulthood There was an old quote that was quoted by Walton,(n.d.) that stated “it takes a villiage to raise a child”. This quote is clearly stating that everyone that is involved in a child’s life shares the responsibility with the parents to help ensure that the child does receive all that is needed for that individual to become a productive citizen of society. Being a parent is not an easy task. With parenting there will be many things that the parent will have to learn in rasing a child, for children does not come with a book on how to raise that child. A parent is the first person that a child will come in contact with , parents holds the largest amount of influence on the child yet with the influence there comes responsibility. The responsibilities of the parent would be such as this, parents have both physical and non-physical responsibilities to their child, the physical responsible of the parent is to provide the child with things to drink such as fresh water there should be clothing ,the child should be taken to the doctor or hospital as necessary. Paretns should also provide the child with a place of being safe. The nor physical things that parents should provide for their child would be teaching the child that they should have a spirit of forgiveness for others, teaching the child to respect themselves as well as others ,also to teach the...
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...Personal Responsibility Kimberly Powers GEN 200 March 20, 2013 Daisy Fromkin Personal Responsibility Unlike water, time or distance, responsibility cannot be measured by counting equal increments of itself. It can however, be categorized into aspects of different degrees and then evaluated. This text focuses on what some may believe to be the foundation for the overall spectrum of responsibility, which is personal responsibility. An attempt to measure the significance and importance of personal responsibility may be conducted most efficiently by determining how directly success can be attributed to it. For this instance, success will serve as the ruler by which personal responsibility is measured. While success will sometimes seem to manifest itself spontaneously and in many variations, inevitably, a person’s success in their endeavors will reflect the degree of personal responsibility they exhibit. The definition of personal responsibility is an individual’s ability to take care of oneself by means of keeping healthy, managing ones emotions, keeping a sound mind and maintaining acceptable standards for overall quality of life. Most people with the maturity and capacity to comprehend the meaning of responsibility will find themselves with some level of responsibility towards others. This could be our children, siblings, parents, co-workers, pets, congregations or even the population of the societies we live in. Random success Random success is just that. It’s random...
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...by means of accommodating the increasing demands of customers, which demonstrates the social responsibility of Air China as an internationally recognized airline. * To meet customers’ demands is the priority and fundamental mission of Air China. Customer service is the most important product that we provide. Satisfying the customer comes before the shareholders, the company and the employees. * To create mutual value demonstrates the idea of value sharing and benefit sharing of Air China as a public company and a modern enterprise. Mutual value means the value that should be shared by shareholders, enterprises, employees, customers and the society as a whole. * Air China is a stakeholder for shareholders, enterprises, employees, customers and the society. The majority shareholder of Air China is the government, and other investors make up the remaining shareholders. Air China will make unremitting efforts to ensure an attractive return to shareholders, give momentum to Air China, have a sustainable and healthy development, assure satisfactory salaries, benefits and welfare to employees, offer excellent services to customers and bring positive benefits and returns to the society. * Employees are Air China’s most valuable resources and they are treasured by the company. While adhering to the people-oriented management philosophy, Air China will assume the primary responsibility of caring for the life, work and growth of their employees. In addition to the importance...
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...Describe the Culture at Devils Den? The Culture at Devils Den is that of a laissez-faire attitude where things are done in an uncontrolled manner. There are rules and regulations but these rules are not applied by managers. Employees demonstrate and practice unethical behaviors and go unpunished. Employees who are students steal food and give to their friends. Some even take home food which is a practice that is against the rules. The managers at the Den either do not care or are afraid to enforce rules and regulations. Identify and discuss the drivers of unethical behavior at the Devil’s Den. The drivers of unethical behavior at the Devil’s Den are the lack of proper control by the management of College Food Services (CFS) which is a contract company that runs the restaurant business at the school. Because of laxity in management, employees get away with unethical behaviors and this only go to embolden them to keep on doing things they know is not allowed such as accessing the unlocked storage door to retrieve food for their own personal gains and self-interests. The managers do not want to take action because they feel this would deter the student employees from working for CFS. The contract company only pays a little over the minimum wage level. The pressure to entice employees to CFS makes management to look the other way when employees practice unethical behaviors. This is evidenced when an employee was caught pocketing money from the register and...
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...functions of investment theory and social responsibility in a global economy. Ans.) The concept of social responsibility was not just conceptually valid, but could also be framed as a valid statistical construct. Social responsibility had been positively associated with financial outcomes. Typical socially responsible investors tilt their portfolios toward stocks of companies with high scores on social responsibility characteristics and shun stocks of companies associated with tobacco, alcohol, gambling, firearms, and military or nuclear operations. Analyzing 1992-2007 returns of stocks rated on social responsibility, study found that this tilt gave such investors an advantage over conventional investors. The study also found that shunning resulted in a disadvantage for such investors relative to conventional investors. The advantage from tilting toward stocks of companies with high social responsibility scores is largely offset by the disadvantage from the exclusion of stocks of shunned companies. Socially responsible investors can thus do both well and good by adopting the best-in-class method in constructing their portfolios: tilting toward stocks of companies with high scores on social responsibility characteristics but refraining from shunning stocks of any company. Social responsibility is an ethical ideology or theory that an entity, be it an organization or individual, has an obligation to a act to benefit society at large. This responsibility can be passive, by avoiding...
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...Personal Responsibility Personal Responsibility for me is taking good care of myself. Being able to consult myself before I understand any type of task no matter how big or small the task may be. Making sure I plan my day, week, month, coming years wisely. Making right choice in my life. Believing in myself that I would accomplish what I have set out to do. We all have to be accountable in what happens in our lives either success or failure. This can be in relationship family life, professional life, academic, religious etc. Begin solely responsible for the choices we make and outcomes and results that follows. We shouldn’t wait for others to make decisions in our behalf instead of blaming or praising others for what happens we look for contribution for what went wrong. In Learning to be more responsible it is important to know our limitations. It does not matter how smart we are there is only so much responsibility that a person can handle. It is also important to remember that we are not responsible for things that are out of our control, for example, how other people feel or how they react to ourselves or others. When we look at personal responsibility and college success its almost the same. All you have to do is follow the system that works for you to be successful at college in accordance with your personal responsibilities. Make you responsibilities by disciplining yourself to all to follow what is expected of you in different situations. You need...
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