PCAOB is authorized to investigate and sanctioned public accounting firms and every individual associated with the firm. Yes, it has assistance from, The Office of Research and Analysis (ORA) supports PCAOB and oversees the board’s activities. ORA identifies audit issues that would make the audit fail. Sanctions could be a fine and/or suspension or revocation of the firm. The Federal Trade Commission is an agency to protect consumer from anti-competitive business practice, (monopoly) I believe that is a waste of an agency.
Sarbanes-Oxley Act reiterates the importance of the cost of law to the companies and to the future of the economy by placing officers in charge of such obligations. “These officers require lower-level employees to certify accuracy of those portions of the financials for which they are responsible, and are creating a practice of a series of meetings down the line to discuss control issues” (Carney, 2006, p 144). Many other sanctions have been put into place to regard the cost of owning a business and the importance of safekeeping of financial records. “The law also forbids corporate loans to officers and directors, requires issuers to disclose a code of ethics for senior financial officers or explain why one has not been adopted, and prohibits adverse employment actions against whistle-blowers” (Carney, 2006, p 144). The adaptation of pushing such a law into firm action can make for either a better future for the economy or for a fiscal cliff as it is now
For example it states for the suppliers that “Employment is freely chosen”, “Working conditions are safe and hygienic” These principles are intended to guide your decision-making and workplace behaviour. Ideally, a code of ethics will significantly impact your work practices, because you will follow the principles when at work, but how much impact a code has depends on how your company uses it. http://www.bodyshopinfo.com/assets/c_of_c_suppliers.pdf http://www.bodyshopinfo.com/assets/c_of_c_employees.pdf Body Shop state on their website “we've helped to raise funds and global awareness of domestic violence. Since 2004, over £4m has been donated to local partners who fund the prevention, support and protection of abused women and children” http://www.thebodyshop.co.uk/values/DefendHumanRight.aspx. Body shop are defending human rights through complying with laws and giving better working conditions, and reasonable hours to work.
STAKEHOLDERS For this assignment I will identify and explain the external factors that affect two contrasting businesses which are McDonalds and NHS. TASK 1 - POLICITCAL FACTORS Political Political factors are the changes that take within the government and that’s how it affects businesses. The stability of the government can hugely affect businesses or what type of government is ruling, their ideas such dictatorship, capitalism and others. The economic and trade policy makes it difficult for businesses. Credit crunch and recession are great examples of external factors influencing the business.
Kokemuller defines legal and ethical practices clearly stating, “Legal practices refer to processes and policies to abide by the law. Ethical practices refer to efforts to meet stakeholder expectations for business activities” (Kokemuller). Zions Bancorporation created the Code of Business Conduct and Ethics Handbook to cover all ethical issues Zions believed should be addressed in its company. There are legal laws all employees of Zions must abide by, but Zions clearly defined all ethical expectations for the company as
Colin Boyd, professor in the department of university of Saskatchewan, is coordinator of Initiative 21 project and the author of Zebrugge ferry disaster. He wrote that, on two areas, Canada’s business ethics varies from the other countries. First was on the harvest of animals like seal, fur bearing animals and of forests. Canada was the center of controversy on these business activities. He also pointed out that Greenpeace spearheaded the attacks on Canada’s harvest of baby seals.
So he could have power to control the railroad business which was one of the biggest industries and corrupted business. He also gave the pressure to congress to make them pass the “Pure Food and Drug Act” and the “Meat Inspection Act”. Because of these Acts, adulteration and mislabeling food, alcohol, and drugs were prevented. People could ensure that the foods and drugs are safe and healthy. This was the second element of “Square Deal”, consumer protection.
But some also think that the threats are due to Americas weak cyber policy. Congressman Mike Rogers, Chairman of the House Permanent Select Committee on Intelligence and a former FBI agent, has been warning that China has been stealing government information and intellectual property from U.S. businesses. If this is true,
So organized crime groups play a huge role in insurance fraud. That money could go to something else, that is useful. Another type of is payment card fraud. Most criminal groups involved in payment card fraud are involved in lower aspects of the market like using counterfeit cards to purchase goods. “ In 2006 according to the Canadian Bankers Association, credit card fraud
Their powers are delegated to them by the province in which they are located. * The legislative branch of government passes laws that impact on business operations. For example, when government enacts a law, failure to comply can result in fines and other penalties, including closure of the business. Ignorance of a law means that business loses out on opportunities to influence government policy and to take advantage of favourable laws. And failure to challenge laws that are unconstitutional means that business is needlessly