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.
NVQ3 TASK B 206 Handout This handout has been designed to assist you during this staff induction, It should be used as a guideline, and read in conjunction with the rest of your induction folder contents. Agreed ways of working, means that this company, managers, colleagues and yourself, are bound to work to an agreed set of guidelines, policies, practices and procedures that have been prepared and designed to incorporate the whole company, and to bring consistency to the team as a whole. Limitations are set out within your job role description. Please identify these limitations, and ensure that you work within this role. Amongst the company's policies and procedures, you will find such guidelines, as 'equality and diversity'., and 'dealing with harassment and bullying at work' These policies exists to enable all employees to work cohesively.
206 Task B Handout It is a legal requirement to follow agreed ways of working. Policies and procedures or "agreed ways of working" set out how we your employer require you to work. They incorporate various pieces of legislation as well as best practice. They are there to benefit and protect you, the individuals you support and us your employer. They enable you to provide a good quality service working within the legal framework and most importantly aim to keep you and the individuals you support, safe from danger or harm.
KNOWLEDGE AND UNDERSTANDING The following activities will help you to generate evidence to show knowledge of your terms and conditions of employment as well as knowing where to seek information and advice should it be necessary. You must show that you understand your own role and how this links to the sector as a whole. You will need to explore issues which have affected the sector and show that you understand how public opinion can influence practice and procedures. ERR Unit 1: 1.1 WorkSkills Unit 10: 1.1 Task 1a There are many aspects of employment which are covered by the law setting out responsibilities and rights of employers and employees. These ensure, for instance, equality of opportunity, safety and fair working conditions.
This plan will also extenuate the legal risks of you the directors and officers of Riordan and the plan will also address the specific laws or aspects of the law that must be adhered to by Riordan as well as an outline of these steps for employees to adhere to these laws. Risk Management Enterprise There are eight components of the enterprise risk management system that includes internal environment, objective setting, event identification, risk assessment, risk response, control activities, information and communication, and monitoring (COSO.org). The first step in ERM process is to ensure that Riordan has a comprehensive understanding of its internal environment. Riordan and its associates must be able to identify their operating strategies and the way that they are viewed by individuals as well as other companies. Riordan should have a clear understanding of the benefits of operating with integrity and following all ethical guidelines associated with running a successful business.
COSO Plan Adoption Law/531 May 21st, 2012 Elizabeth Harrison COSO Plan Adoption Identifying and minimizing risk is essential for an organization to succeed. During the planning process an organization should adopt a structure for its corporate compliance plans to identify and minimize risk. Organizations can create their own plans or rely on organizations that specialize in enterprise risk management. The Committee of Sponsoring Organization of the Treadway Commission (COSO) is an example of an organization that offers structures of enterprise management. The purpose of this paper is to review and identify the most powerful recommendations from COSO and summarize the benefits of adopting the COSO structure as a corporate compliance
The intention of SOX is to restore the confidence of the public and investors through the enhancement of corporate governance, improving the oversight of auditors, focusing the attention of companies and auditors on internal controls, and strengthening the penalties for noncompliance (Deloitte, 2004). Internal controls are essential for establishing corporate governance. In sections 302 and 404 of the Sarbanes Oxley Act, emphasis is placed on the importance of internal controls on corporate governance within an organization. In order to address internal control issues, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued control guidelines called the Internal Control-Integrated Framework. “COSO was formed in 1985 to sponsor the National Commission on Fraudulent Financial Reporting, an independent private-sector initiative which studied the causal factors that can lead to fraudulent financial reporting.
Reporting Practices and Ethics Paper Sharon Tucker HCS/405 May 13, 2013 Elizabeth Caissie Abstract The implementation of financial reporting and ethical standards are crucial for the growth and progression of an organization. Reporting fairly and accurate data will help control measurements that may address theft and/or fraud within the structure. Ethical standards are vital for the development in an organization’s set rules and policies in having quality in the services provided including integrity, values, and delivering effective outcomes in honesty. Generally accepted accounting principles (GAAP) are set guidelines which indicate rules, regulations, and procedures that are implemented for the maintenance and/or monitoring records. An organization that provides a financial statement to the public, investors or government funding entities must follow the set standards developed by Financial Accounting standards Board (FASB).
Cost Club needs to implement a Business Code of Ethics, which can be reviewed with all employees at various Cost Club locations. By implementing this Code of Ethics, Cost Club will be able to introduce the legal principles of employment as well as the moral issues that tend to arise in employment. These ethical behaviors are pivotal to the overall success of Cost Club. The stakeholders of Cost Club can take guidance from the company Business Code of Conduct. When an ethical situation occurs, the Business Code of Conduct will become an important tool of Cost Club employee in dealing with workplace dilemmas.
A code of ethics that is well written should also give guidance to employees on how to deal with certain ethical situations. A well-written code of ethics should also give guidance to employees on how to deal with certain ethical situations. Every code of ethics is different and should reflect the company's ethos, values and business style. Some codes are short, setting out only general guidelines, and others are large manuals, encompassing a huge variety of situations. They should define accepted/acceptable behaviors, promote high standards of practice, provide a benchmark for members to use for self evaluation, and establish a framework for professional behavior and