Following is an overview of the Plan with regard to compliance by each of the Facilities with regard to the universal and individual reporting obligations they face with respect to tax policies, employment laws, environmental and manufacturing regulations, international trade restrictions, tariffs, transportation, and the political stability of international governments and trade opportunities. I. Enterprise Liabilities The responsibility for the reporting requirements has been divided amongst the individual managers and directors in such a manner as to provide a system of checks and balances to minimize the opportunities for error by the Company and to limit its legal liabilities. A sample of the division of those responsibilities is as follows: 1) The Chief Financial Officer, with the assistance of the Comptrollers or Senior Financial Officers and Accounting Department Managers of each of the facilities owned or operated by the Company, shall bear responsibility for making all payments and ensuring that the Company complies with all applicable federal, state, municipal and international laws, statutes, regulations or otherrequirements in connection
Stakeholder signifies an individual or individuals who take concern or interest in anything, majorly commerce. (Grimsley) CEO is accountable for the failure or the success of the organization. Both the organizations John Deere and the Caterpillar requires the tasks to be carried out efficiently such as marketing tactics, operations financing, firing, human resources, formation of the culture of the organization, hiring, sales, compliance with the protection directives, PR, etc. The entire of these activities are tackled from the CEO. Stakeholders can decide a plan for the commerce.
McBride financial is an organization that needs to focus and adhere to compliance issues within the organization. Two effective ways of ensuring this is for McBride Financial to implement charters and bylaws. Doing so will transfer authority of the organization from the CEO to the independent Board of Directors. “Bylaws established by the board of director’s authority include the specific rules that govern the corporation and its business conduct” (Chew, D. and Gillian, 2005). “Charters assist in the creation of committees.
As an auditor, understanding and testing internal control over financial requires knowledge of standards applicable to the corporation established by GAAP or IFRS. Section 404 of the Sarbanes-Oxley Act requires mandatory reporting on internal controls by management and independent auditors. To obtain a system of internal control as mandated by Section 404 of the Sarbanes-Oxley, policies and procedures designed to provide reasonable assurance of the companies’ effort in achieving its objectives and goals. Committee of Sponsoring Organizations of the Treadway
CHAPTER 4 - Internal Controls, Accounting for Cash, and Ethics ANSWERS TO QUESTIONS 1. The accounting scandals of WorldCom and Enron are partially responsible for the passage of the Sarbanes-Oxley Act. SOX requires public companies to evaluate their internal control system. 2. Internal control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations.
However if this fee comes from the agency in which is being audited this firm is subject to scrutiny in regards to the audit. Independent auditors have been profoundly scrutinized based on the risk that an auditor may be swayed by the financial side of their agreement. A conflict of interest would make it difficult for an auditor to remain objective during an audit. A firm must take every precaution to assure there is no conflict of interest before commencing an audit. Conflict of interest is not always easy to see.
Strategic Management & Business Policy, 12e (Wheelen/Hunger) Chapter 2 Corporate Governance 1) The board of directors has an obligation to approve all decisions that might affect the long-run performance of the corporation. Answer: TRUE Diff: 2 Page Ref: 45 Topic: Role of the Board of Directors 2) The term corporate governance refers to the relationship among the board of directors, top management, and the shareholders in determining the direction and performance of the corporation. Answer: TRUE Diff: 1 Page Ref: 45 Topic: Role of the Board of Directors AACSB: Ethical Reasoning 3) The more active professional boards are being replaced by the board as a rubber stamp of the CEO. Answer: FALSE Diff: 2 Page Ref: 45 Topic: Role of the Board of Directors AACSB: Ethical Reasoning 4) Hiring and firing the CEO and top management is one of the five responsibilities of the board of directors. Answer: TRUE Diff: 2 Page Ref: 45 Topic: Role of the Board of Directors 5) Those directors who fail to act with due care and allow the corporation to be harmed may be held personally liable.
Shaquila Turner Reporting Practices and Ethics Paper March 28, 2011 HCS/405 David Catoe Reporting Practices and Ethics Paper Financial management of health care organizations is faces with many ethical standards and reporting practices. Organizations must report all financial data the proper way to ensure that it is true and factually. Handling the financial side poorly will and can show a different side of the organization. The organization can lose money which will affect many people that is working with the company or working for the company. The person that is has an effect on will be the employees, customers,
Tesco PCL Board: The individuals who are selected to be on the board of directors of a corporation have overall responsibility for the activities of the corporation. A corporate board is not responsible for the day-to-day decision-making; the daily decisions are made by the corporation's executives and managers. The corporate officers are the people who head departments, and these executives are responsible for running the business. The board acts on behalf of the shareholders to make overall policy decisions and provide oversight. The board has a fiduciary duty with respect to the shareholders; that is, the board has financial and other responsibilities to keep the corporation running efficiently so the shareholders don't lose money.
PROMINENT POSITIONS Board of directors Bradley J. Wechsler The role of the Board of Director is to supervise the business and affairs of the Company, Which are conducted by its officers and employees under the direction of the chief executive office CEO, to enhance the long-term value of the Company for its shareholders. The Board is elected by the shareholders to oversee management by enhancing shareholder value in a manner that recognizes the concerns of other stakeholders in the Company including its employees, suppliers, customers and the communities in which it operates. Chief Executive Officer The current CEO Richard L.Gelfond is responsible for ensuring that financial targets are being reached and that marketing activities and operational procedures are consistent with IMAX’s objective Executive Vice President & Chief Financial Officer As CFO, Joseph Sparacio is responsible for overseeing the financial activities of an entire company. This includes signing checks, monitoring cash flow and financial planning. Greg Foster Chairman & President, Filmed Entertainment Foster’s primary responsibility is overseeing all aspects of the company's global filmed entertainment activities, including creative, production, film distribution, business affairs, marketing, sponsorship, studio relationships and the revolutionary IMAX DMR® process.