...Understanding Financial Management unit. The aim of this unit is to develop understanding of finance within the context of an organisation, as required by a practising or potential middle manager.The task requires you to demonstrate your understanding of finance and the value of recording financial information within the context of your organisation. You are then asked to explain the process of budget setting in the organisation and how budgetary techniques are used to contribute to controlling cost in your own area of operation.If you are not currently working within an organisation, then you may complete this task in relation to an organisation with which you are familiar. This could include experience working in a voluntary capacity.The tasks you need to undertake are:- * read all the questions * complete the learning activities associated with this course * discuss the assignment with your coach at your tutorial * complete any other activities that you need to undertake for your assignment * answer the questions in the spaces provided Here are some tips on completing the assignment, based on submissions from previous students: * make sure you read and answer all the questions! Even the most accomplished writers have fallen down by providing answers that are exceptionally well written – but well off the mark. This is usually because they have not gathered a full understanding of the questions before embarking on the answer. * read the assessment criteria on the...
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...Individual Analysis MGMT438 Unit 1 IP September 1, 2013 Abstract For an HR professional there are numerous tools designed to help one comprehend the work that employees perform. One tool is a needs assessment, this needs assessment will help determine the compensation, training, job performance, and financial decisions within the company. A needs assessment consist of an individual, job, and organizational analysis that will help management change policies, manage performance, classify jobs or develop effective training. This paper presents a short version of my very own individual, job, and organizational analysis performed utilizing an Accountant position (AIU Online, 2013; Noe, 2010). Needs Analysis Survey: Accountants Needs analysis surveys are the most important step for designing training classes; this assessment helps distinguish the knowledge of employees and the content to learn. It also serves as the foundation for content selection, trainers, the materials, techniques and the resources that it would take to proceed. Therefore, utilizing the information from the U.S. Department of Labor’s Occupational Outlook Handbook I will prepare an organizational, individual, and job analysis along with questions to ask an Accountant. Based on the information from the Occupational Outlook Handbook, an Accountant examines and prepares financial documents to guarantee accuracy and on-time payments of taxes. They also ensure that business finances are accurate enough to...
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...Informatics Needs Assessment HCS/482 Gina Reiser, RN September 29, 2014 Informatics Needs Essay An informatics needs assessment is a critical step in the selection and implementation of the Electronic Health Record (EHR). The purpose of a needs assessment is to understand the organization and the needs of the organization well enough to boost the positive impact of an EHR while minimizing the negative effects (American Medical Association, n.d.). A readiness assessment can assist in identifying the readiness of an organization to successfully starting an EHR, the readiness for the staff to accept, and productively by using the EHR. The results will help assess what the current state of technology is, what is needed to make a change, what the potential barriers are, the user needs, time-sensitive factors and appropriate steps to take action. The readiness and the needs assessment should involve everyone who will be using the EHR or whose job could be affected by the EHR. This could include personnel such as clerical, and office staff, administration, scheduling, or billing staff, physicians, nurses and computer support staff (Ginsberg, n.d.). A vision for what the EHR means to the organization should be included in the needs assessment. It should also include an assessment of the current processes, the workflow, and data collection, reporting, and billing needs. An assessment should be made of what the Internet capabilities are, the financial abilities, clinical priorities...
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...economic crisis, and increased regulatory pressure, many organizations have placed a large emphasis on financial risk assessments. The risk assessment process is needed to identify risks that need to be treated within an organization, as well as to provide strategies and methods that are most appropriate to treat these risks. Because many organizations are poorly aligned between their risk exposure and their risk appetite, it is important to engage in the risk assessment procedures. These procedures can help an organization prevent risk exposure and determine if their current operations will result in an increase or decrease of market value and owners’ wealth. As a result of the economic crisis, and the recent increase in corporate failures, organizations can now learn from the mistakes of others. This paper will discuss the mistakes that lead WorldCom, a telecom company that was once the fourth-ranked in Fortune 500, to bankruptcy in 2002, in an effort to demonstrate the importance of successful risk assessment and alignment implementation. Keywords: corporate failure, risk analysis, risk assessment, risk management, WorldCom Over the past years, and as a result of high profile firm failures, the economic crisis, and increased regulatory pressure, many organizations have placed a large emphasis on financial risk assessments. Risk assessment is the process where risk managers analyze the risks of an organization and identify risks that need to be treated (Tarantino...
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...persons to be involved in global bribery and required all companies to implement internal control systems. In 1985, in response to these reforms 5 major private sector accounting associations together created The Committee Of Sponsoring Organizations, also referred to as COSO, to help sponsor the National Commission on Fraudulent Financial Reporting (Treadway Commission). The 5 associations included the American Institute of Certified Public Accountants, American Accounting Association, Financial Executives International, Institute of Internal Auditors and the Institute of Management Accountants. The original chairman of COSO was James Treadway, which led to it being referred to as the Treadway Commission. This association was formed to inspect, analyze and make recommendations of fraudulent corporate financial reporting. Today this association is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management, internal control and fraud deterrence. COSO offers 5 key components to the Internal Control Framework: Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring. Control Environment basically sets the groundwork for an organization by directly influencing the employees directly. This also is the foundation for all the other factors of Internal Control by providing discipline and structure. The control environment factors include delegation of authority systems, ethical...
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...for financial institutions and insurance companies. Parts of the glass Steagall act of 1933 GLBA allows financial institutions such as banks to act as insurance companies. GLBA covers both financial institutions and insurance companies since both can perform financial services for its customers. This reform requires banks and insurance companies to comply with both the privacy and safeguard rules of GLBA. 2. What is another name for obtaining information under false pretenses and what does it have to do with GLBA? What is an example of the safeguard pertinent to this requirement? Pre-texting or social engineering. GLBA specifically mentions this in title 15 US code chapter 94 sub chapter 2, section 6821. GLBA encourages companies to implement safeguards around pre-texting and social engineering. Security awareness training and periodic reminders of awareness to pre-texting and social engineering is a best practice performed within the user domain. 3. How does GLBA impact information system security and the need for information systems security practitioners and professionals? The safeguards rule within GLBA requires financial institutions and insurance companies to develop security plan detailing how they will protect their customers nonpublic personal information. The safeguards rule impacts the security plan throughout the 7 domains of a typical IT infrastructure in regards to protecting nonpublic personal information. 4. If your organization is a financial institution...
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...Financial Management in NHS Name: Course: Professor’s Name: University: City (State): Date: Sources of funding There are different sources of financing that the hospital uses to finance its operations. The hospital uses both internal and external sources to fund its operations. One of the internal sources of financing that the hospital utilizes is the revenue that is collected from the services offered to both inpatients and outpatients. The second source of internal finance that the company uses is the sale of fixed assets that are not require in the hospital. The hospital on annual basis carries out an evaluation of the assets that it no longer requires and disposes them as a way of financing its operations. The hospital further uses external methods of financing its activities. One of the main sources of finance is through the use of bank loans and overdrafts. The company seeks for both long-term and short-term loans to finance its operations. Other sources include government grants and charities from non-governmental institutions. Financial stakeholders and their various expectations Stakeholders are referred to those individuals who have an interest in the running of Moorfield’s Eye hospital. These stakeholders may commit their resources towards running of the hospital directly...
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...3, General Motors, Ford Motor Company, and Chrysler LLC. As well as, Tesla Motors, Volkswagen, BMW, Toyota, and other auto companies internationally. The vision that Magna stands by states: We aim to be our customers’ preferred global supplier partner for the automotive industry, by delivering the best value built on innovative products and processes and World Class Manufacturing. We strive to be the employer choice, an ethical and responsible corporate citizen and a superior long-term investment for our shareholders.[1] Here, this report will discuss some of the management strategies, and their control systems and processes that assist Magna deal with problems, improvements, and future growth of the organization. A “strategy specifies how an organization can create value for its customers while differentiating itself from its competitors”[2] In Magna’s Board Charter document, displays Magna’s Corporate Strategy, it displays the Strategic Planning Process that will be adopted. At the corporate and automotive system group levels, the business plans and strategies will be presented by the Executive Management and automotive systems group management for discussion. Regarding the strategic planning for the Corporation, including identification of future trends, opportunities and...
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...An Overview of Sunbeams School Sunbeams was established in the early 70’s by Mrs. Niloufer Manzur with a group of children and her own. Since there has grown into one of the most prestigious educational institutions in Bangladesh through the dedication of the founder Mrs. Manzur, a group of committed teachers who stood by her in times of need and the support of the parents who placed their trust in the institution. Sunbeams was a feeder school initially but the school embarked on an expansion programme in 1994. The GCE Ordinary Level Courses were introduced in 1996 and our first cohort completed their “O” Levels in May 1998. The GCE A Level Course was started from August 2007. The School is currently housed on two sites. The Senior section in Uttara: Plot No. 6-12, Road No. 13/A, Sector. 10, Uttara, Dhaka-1230, Bangladesh. Tel: +8801727343088, E-mail: sunbeams.uttara@gmail.com and the Junior section in Dhanmondi: House No. 51A, Road No. 16 Dhanmondi, Dhaka-1205, Bangladesh. Tel: +88028116311, +88028124484 School Motto At Sunbeams, aim to inculate the following qualities in their students. 1. Knowledge, Skills and Learning 2. Leadership and Initiative 3. Faith and Patriotism 4. Integrity and Honesty 5. Humility and Tolerance 6. Confidence and Self Reliance 7. Commitment The seven beams of the sun in their logo represent these objectives. Vision and Mission of Sunbeams Sunbeams exist to provide the best possible teaching and learning experiences...
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...has adopted the following definition which includes the purpose of ERM : “ERM is the discipline by which an organization in any industry assesses, controls, exploits, finances, and monitors risks from all sources for the purpose of increasing the organization’s short – and long-term value to its stakeholders.” In the US, COSO published its ERM-Integrated framework in 2004. COSO identified a need for robust framework to help companies effectively identify, assess, and manage risk. The resulting framework has eight components and four objectives. The eight components are:- * Internal Environment- It encompasses the tone of an organization, and sets the basis for how risk and control are viewed and addressed by an entity’s people. * Objective setting –Objectives must be aligned with the organization’s risk appetite, which derives risk tolerance levels for the organization. * Event identification-Management identifies potential events that, if they occur, will affect the entity’s ability to successfully implement the strategy and achieve objectives adversely or positively. * Risk Assessment-It allows an entity to consider the extent to which potential events have an impact on achievement of objectives. * Risk response-It includes risk avoidance, reduction, sharing and acceptance. * Control Activities-These are the policies & procedures that help ensure the management’s risk responses are carried out. * Information and communication-“Pertinent information...
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...Informatics Needs Assessment Marisa Mox HSN/375 February 6, 2016 Suzanne Spradley Informatics Needs Assessment The informatics needs assessment is an essential first step in the selection and implementation of an Electronic Health Record (EHR) for a healthcare workplace. This paper will address the purpose of a needs assessment and factors that need to be considered in the needs assessment. Additionally, this paper will explore the types of data that need to be collected and how and where that data can be accessed. This paper will also describe who should be consulted and the rationale why. Finally, this paper will include how the information from the needs assessment could be organized and presented to upper management. The purpose of a needs assessment is to “determine the gap between the organization’s current state and the overall needs of the organization” (Hebda & Czar, 2013). Specifically an informatics needs assessment will assist in selecting the electronic health record that will fit the needs of the organization. This involves putting together the data and information important to the organizations goal (Sewell & Thede, 2013). A needs assessment is an excellent tool for a facility to determine how to move from where they are to where they want to be. Several factors need to be considered when conducting a needs assessment. It is important to determine who has identified the need for an electronic record and to get their input. Did the request...
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...Office of the New York State Comptroller Division of Local Government and School Accountability LOCAL GOVERNMENT M ANAGEMENT GUIDE Management’s Responsibility for Internal Controls Thomas P. DiNapoli State Comptroller For additional copies of this report contact: Division of Local Government and School Accountability 110 State Street, 12th floor Albany, New York 12236 Tel: (518) 474- 4037 Fax: (518) 486- 6479 or email us: localgov@osc.state.ny.us www.osc.state.ny.us October 2010 Table of Contents Who’s Responsible.............................................................................................................. 2 The Origin - Committee of Sponsoring Organizations ......................................................... 4 Integrated Internal Control Framework - The Big Picture ..................................................... 5 The Five Essential Elements of the Internal Control Framework ........................................... 6 Limitations of Internal Controls ..........................................................................................15 The Impact of Information Technology ...............................................................................16 The Role of Internal Auditors and Audit Committees ..........................................................17 Conclusion ....................................................................................................................... 20 Additional Resources...
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...deal with rapidly changing economic and competitive environments, shifting customer demands and priorities, and restructuring for future growth. Internal controls promote efficiency, reduce risk of asset loss, and help ensure the reliability of financial statements and compliance with laws and regulations. Because internal control serves many important purposes, there are increasing calls for better internal control systems and report cards on them. Internal control is looked upon more and more as a solution to a variety of potential problems. Internal Control Internal control means different things to different people. This causes confusion among businesspeople, legislators, regulators and others. Resulting miscommunication and different expectations cause problems within an enterprise. Problems are compounded when the term, if not clearly defined, is written into law, regulation or rule. This report deals with the needs and expectations of management and others. It defines and describes internal control to: 1. Establish a common definition serving the needs of different parties. 2. Provide a standard against which business and other entities--large or small, in the public or private sector, for profit or not--can assess their control systems and determine how to improve them. Internal control is broadly defined as a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives...
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...are tools organizations can use to identify areas where employees are lacking in their performance. These plans can also establish detailed steps employees can follow to boost their ability to meet expected performance standards in the department they work in to help the organization reach their goal. The ultimate goal of a quality improvement plan is to enable an employee to reach their best performance level, which is key to any business reaching optimum performance and ensuring they are abiding by the rules and regulation that govern their organization. In this paper, I will create a plan for an organization and I will describe the data needed to monitor improvement. I will identify and describe at least three data collection tools I can use to collect performance information. I will also Research at least two tools that measure and display the QI data that can be gathered with the data collection tools. The Organization and Issues Aurora Health Care is an integrated, not-for-profit, and all-for-people health care provider serving communities throughout eastern Wisconsin and northern Illinois. Our approach keeps people in our minds and at the heart of everything we do. We treat each person as a person, not as a patient, an illness or an appointment. Today we serve communities throughout eastern Wisconsin and northern Illinois, with 15 hospitals, more than 150 clinics and 70 pharmacies in 30 communities. We strive to offer services that are close to home, and help make the...
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...corporate governance Background High-profile financial reporting scandals in recent years have brought renewed focus on the incidence and corporate-wide exposure to financial statement fraud. These developments have resulted in comprehensive legislation and Securities and Exchange Commission (SEC) rulemaking concerning corporate governance and internal controls. Among the regulations is the Sarbanes-Oxley Act of 2002 which mandates that company management must file an annual report of the adequacy of internal controls related to its financial reporting. Controls related to the prevention and detection of fraud are an integral part of a company’s system of internal control. Deficiencies in antifraud programs and controls are serious. Such weaknesses could constitute significant deficiencies or material weaknesses in internal control over financial reporting. This may require public reporting and possibly may result in adverse consequences. Conversely, U.S. Federal Organizational Sentencing Guidelines indicate that having proper ethics and compliance programs and effective internal controls in place can mitigate the ultimate punishment of an organization, should a company be found guilty of committing a fraud in violation of federal and state laws. In addition to the legislative and regulatory requirements for antifraud programs, there are sound business reasons to implement them. The impact from fraud can have drastic effects on an organization, from loss of stakeholder value to shareholder...
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