Branding, Pricing and Distribution l Marketing 21 November 2010 Create the domestic and global branding strategy. I plan to offer multiple products from my company in the U.S and abroad using the umbrella branding approach. Globally, the company will get branded using the same name and logo that is utilized in the U.S. The main product that I will offer is corporate security services and equipment. In addition to providing corporate security I will sell products unique to delivering a high quality security service.
Mr. President, everyone at LJB needs to understand the definition of internal control and what is required of them under the SOX law since this law requires a combined effort from top management and employees alike. Internal control “consists of all the related methods and measures adopted within an organization to safeguard its assets, enhance the accuracy and reliability of its accounting records, increase efficiency of operations, and ensure compliance with laws and regulations” (Kimmel, Weygandt & Kieso, 2009, pp. 327-328). In other words, effective internal control can help companies achieve established financial goals, prevent loss of resources, and prepare reliable financial statements. Under SOX, all publicly traded U.S corporations are required to maintain an adequate system of internal control by means of developing principles of control over financial reporting as well as continually verifying that these controls are working.
TABLE OF CONENTS INTRODUCTION PG 1 COMPANY EVALUATION PG 2 COMPLIANCE AND RECOMMENDATION PG 4 SUMMARY / CONCLUSION PG 5 REFERENCES PG 6 Introduction The primary objective of Accounting Ink, is to provide LJB Company with the required information to consider the regulations for converting to a publicly traded company. Within this analysis we will identify internal controls currently being used within business operation and the required mandated internal controls enforced by the Sarbanes Oxley Act. Internal Controls are established and or regulated by the Sarbanes-Oxley Act. There are six principles of internal controls 1) Establishment of responsibility, 2) Segregation of Duties, 3) Documentation Procedures, 4) Physical Controls, 5) Independent Internal Verification and 6) Human Resource Controls (Keller, 2012). Companies and their independent accountants or auditors should report the effectiveness of the companies internal controls based on these six principles.
GAAP stands for Generally Accepted Accounting Principles. The common set of accounting principles, standards and procedures that companies use to compile their financial statements. GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information. GAAP are imposed on companies so that investors have a minimum level of consistency in the financial statements they use when analyzing companies for investment purposes. GAAP cover such things as revenue recognition, balance sheet item classification and outstanding share measurements.
The board of directors is responsible for overseeing and exercising corporate powers and certifying the company’s business affairs while managing the goals and objectives for long-term interests of the shareholders. Organizational Annual Report and SEC Filing The SEC requires publically traded companies to file annual financial reports, and these reports are open to the public. Investors are interested in these reports because it helps in determining the financial health of a company. As a means for providing guidelines, principles, and objectives for the financial markets in the United States, the Sarbanes-Oxley Act of 2002 enhances the SEC’s roles for reforming corporate accountability. This also includes establishing a private-sector regulator to oversee the auditing profession to combat accounting fraud, and enhancing financial disclosures.
Nestle wanted to centralize all the autonomous divisions and use common processes, systems and organization structures throughout its organization. They were trying to introduce economies of scale and common practices to all of its brands which were operating independent of each other. Redundancies such as the different coding and pricing of vanilla showed that there were opportunities that would benefit Nestle in becoming one highly integrated company. Pella wanted to coordinate sales, service, and manufacturing by replacing their incompatible legacy systems. Cross enterprise integration would allow visibility across the entire organization resulting in optimization and synchronism between the departments.
Provide two examples of common costs that are not traceable to the four business segments. FedEx’s four main segments are: * FedEx Express Segment * FedEx Ground Segment * FedEx Freight Segment * FedEx Kinko’s Segment All segments have to pay rentals and depreciation and amortization. Also, they have to pay salaries and benefits which are common costs. 3- Identify an example of cost center, profit center and investment center for FedEx. A cost center is a responsibility center in which managers are responsible for controlling costs.
Title: Corporate Governance at Paramount Insurance Company Assignment Topic: Option 1 Conduct a review of the governance of your organisation (or one with which you are familiar) in the form of a report to the Chairman (or President) of the Governing Board of Directors. In the brief report use the concepts, tools and techniques learned in this subject to review the structure, process and effectiveness of the governance of the organisation and make recommendations for appropriate improvements. Whichever option you choose the report should include: a) An outline of, a brief discussion of the importance of, the bases or criteria for the review of the organisation’s governance (e.g., refer to which standards or guiding principles are relevant for the review) and why you need to use them. b) A brief critical review of the organisation’s governance applying the relevant concepts, principles, standards or other tools and techniques learnt during this subject, in accordance with your discussion in (a) c) A list of recommendations for suggested improvement based on your review Word count (from the start of the Introduction to the end of the Conclusion section): 2577 words Executive summary This report sets out to review corporate governance at a private company, namely, Paramount Insurance Company. The specific objectives were to identify the relevant codes the organisation follows, why they are important and review the structure, process and effectiveness of the governance of the organisation.
Consider the following: • What kinds of accounting, audit, and tax services does the firm provide? • Who is their target market(s) by industry and company? • Why would prospective clients give serious consideration to have KSM handle their accounting, audit and tax services? 3. Working in an ever changing accounting, audit and tax environment that is driven by change and strict regulatory adherence, how does the managing partner (David Resnick): • Ensure strict employee compliance to federal and state regulation and the company’s high ethical standards?
I will be using their annual report from 2011, and explain the main sections of the report, discuss key factors that helped influence the company’s financial performance for the year stated above, the company’s assets, and we will also explain how management characterizes the internal control environment. Annual reports for a company are usually divided into sections to separate different topics or ideas. In the annual report for eBay, the main sections that are spoken about are the business section, legal proceedings, selected financial data, market for related stockholder matters and issuer purchaser equity. The business section of the annual report basically tells exactly what the business is. It informs the reader on when the business was founded, who founded it, what products and services the business offers, and how many customers have used their business.