Section 409 of the SOX Act has been interpreted as meaning that when a material financial change occurs in a publicly held company, it must be reported to regulators within 48 hours (Addison-Hewitt Section 409). Disclosures are to be presented in terms that are easy to understand with the use of graphics where necessary. These easy to follow graphics and disclosure protect investors in real time from delayed reporting of material events. “Companies must also account for changes that occur externally, such as changes by customers or business partners that could materially impact its own financial positioning (e.g. key customer/supplier bankruptcy and default)” (Brief Summary 4).
It is a review of management and how operating procedures work. How effective and efficient the procedures are for the company. Although operational audits reveal possible problems in the financials statements, a compliance audit and fraud audit will help Whitfields internal
Research competitors and industry trends to create new ideas and incentives. Compete with competitors – Price matching. With accurate information and efficient communication within the business will ensure business continuance despite possible problems. 4.0 Reports: Identify the types of reports you would be required to review regularly in order to monitor business performance, why is it important to create and use this report and who would the report be written for. 4.1: Performance Report: This report shows how well/poorly a business is doing based on a current revenue, and can identify performance areas that may need improvement.
The corporation has a strong internal environment that makes it succeed in its business venture, which shuns away other players while maintaining both profitability and competitiveness. Its main competitors include Regis Slaons, Macy’s, and Sephora. In this regard, this paper seeks to analyse the company’s potential by scrutinising the internal environment, corporate resources, competence, and other attributes that depict its strength and weaknesses in under the SWOT analysis. Internal Environmental Analysis The company has adopted various measures that enhance its competitive nature embracing different procedures and policies. It has also improved the management department by providing suitable measures that define goals and objectives of the company for it to attain increased returns (Fukuoka et al., 2012).
TO: Business Manager FROM: IT Consultant I can understand how you concerned with your company’s security after all information on competitors can be invaluable or very harmful to a company and this is why it must be protected from prying eyes. This does not have to mean that you have to lose production over trying to secure your networks information. An easy measure like user names and passwords can be used to protect less sensitive information but how strong you make those usernames and passwords can have a significant effect on how well your information is protected. I will give you some tips on how to better secure your network with the tools that you already have at hand, keep in mind that you can also buy better security items to better protect you network things like; smart card, finger print scanners, retinal scanners, etc. but I only recommend these for really sensitive information and only for certain users in your company.
The impact this has is that candidates find the document more appealing leading them to reading the advert and if they think they are suitable for the job they will apply for the job. If the job advert did not have the business logo the impact this would have is that candidates would not know who the business this will make the advert less attractive; some candidates might not apply for the job because the business unknown meaning Topshop can lose out on potential candidates. The job adverts graphology is very distinctive, and will be eye-catching to many different job-seekers, meaning that Topshop will have a wider range of people to actually choose from when they have applied. Furthermore, the
(Rainer, 2011) Without that we will not be able to show were all the funds go in the business. Then you have the transaction processing system which will keep the records of all the receipts that we bought from another business. How would we be able to know what we got from what company? This one of the most important system is the office automation system which will log everything that we have in our record store to keep on track of our daily activities. Without this we wouldn’t be able to show what is going on in the business at the end of the year at tax time.
Evaluate the effectiveness of regulations such as Sarbanes-Oxley Act over minimizing the corporate fraud and protecting investors and make one (1) suggestion for improvement. The Sarbanes-Oxley Act is been very effective especially by protecting investors and improving the accuracy and reliability of corporate disclosures, and much of the law seeks to further this goal by imposing strict rules for audits and auditors of publicly traded companies, prevent insider trading and deals, requiring companies to adopt strict internal controls, and increasing the penalties for white collar crimes relating to investor fraud. As a matter of fact, the Act effects dramatic change across the corporate area to re-established investor confidence in the integrity
ACCT 451 Professor ......... Business Fraud By .................... Advancement in technology has given us a convenient and flexible way on how we conduct business nowadays. This flexibility does not come alone without any complications; complication that can put your identity or information at risk. For this reason it is important to have security systems in place in our information system technology, to protect our privacy and the privacy of others from any malicious actions or a breach. A security breach is the unlawful and unauthorized acquisition of data that materially compromises the security, confidentiality or integrity of personal information.
It has two sub goals which are safeguarding from employee thefts and safeguarding from unauthorized use. These goals are in place to help ensure reliability and accuracy in accounting data. The purpose of internal controls is to help a company meet its stated mission as well as to avoid obstacles that stand in the way by giving access to information that allows a company to evaluate their progress and maximize the use of their resources effectively. It allows managers and administrators to respond in a fast manner to changes in the competitive and overall economic climate and modify their operations through the use of standardized, regulated information. ( Weygandt,Kimmel & Kieso, 2008) It is more than quite obvious that in business dealings all parties involved for do not always conduct themselves in an ethical manner.