...Introduction This paper investigates the act of Audit Committees in enhancing the act of external audit so as to gratify stakeholders’ needs. In present years, Audit Committee (AC) has become to be one of the mainstays in Corporate Governance system in British public companies. It plays a vital act by bestowing critical oversight of risk management in a firm across monitoring the integrity of its financial statements in conjunction to company’s financial performance. According to the Combined Code on Corporate Governance, all listed company are needed to set up an AC. According Millichamp et al (2008), it should comprise of no less than three non-executive managers who are independent directors. The members should expert in certain areas in company, however should have no on-site managing the management of the business. Besides, members should state their duties and powers clearly in written form. External audits normally furnish non-audit services across the year and rely on the inner control. They furnish reasonable assurance concerning the effectiveness of internal controls above financial describing across a collection of evidence. They express their judgments if the financial statements are fairly gave by the association and additionally untitled make sure the accounting records are well upheld in a proper way. They are responsible to the stockholders in a firm in addition to reveal the annual financial reports by collecting the facts so as to attain reasonable assurance...
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...Introduction to the regulatory environment in India The regulatory environment also known as Legal Aspects of Business, Business law, Commercial Law, Mercantile law is a subject which provides an element of limitation to all the business strategies regulated through different statutory provisions and rules. It not only emphasizes on substantive law but also on procedures and compliances thereby prepares the students of Business for the legal environment they would eventually face in the corporate situation. The legal environment and its 3 “I’s”- The rule of law is envisaged by the people of any state and hence in India the preamble of the Constitution starts with the words “We, the people…..” The term signifies the importance of a persuasive legal regime which has stood the test of “We the people” and thereby every provision of law must be declared constitutional. The 3 “I” of the legal environment are - i. Institutions ii. Instruments iii. Individuals with discretionary powers In short the people of country give the State power to create Institutions, these institutions give instruments created through different sources of law and in turn these institutions appoint individuals with discretionary powers. These powers are directly governed, regulated, monitored and executed through the instruments which legitimate their appointments. The rider being that the powers will be exercised by being fair and unbiased. The principle of “FAT” is essential for the individuals...
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...nav DOI: 10.1177/0276146709344954 http://jmmk.sagepub.com Abstract The authors provide evidence that firms can enhance their own objectives by internalizing the objectives of most stakeholder groups. This suggests that society’s objectives, as defined by stakeholders to the firm, can be augmented by the self-interest motivation at the heart of a market system. Specifically examined was the impact of stakeholder responsiveness on innovativeness. The second objective of this study was to explore the impact of compliance-based versus strategic-based regulation approaches on firm innovation and overall corporate social responsibility (CSR). Findings suggest that regulatory responsiveness decreases innovation when firms expend resources only on compliance. Firms adopting strategic-based approaches, such as voluntary regulatory...
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...World Dialogue on Regulation for Network Economies Regulation and Investment: Case study of Bangladesh Harsha de Silva[1] and Abu Saeed Khan[2] August 2004 Abstract The paper considers the available evidence in determining a relationship, if any, in the Telecom Regulatory Environment [TRE] of Bangladesh and investments in to its telecommunications industry over the last decade. TRE is segmented in to market entry, access to scarce resources, interconnection, tariff regulation and regulation of anti-competitive practices while investments are all non-divestiture foreign and domestic private and public investment. The TRE in Bangladesh is found to be wanting in all defined aspects. Interconnection is the worst of the five components, where a mobile only parallel network is being created due to regulatory ineffectiveness where almost ninety percent of mobile users do not have access to a fixed phone. Investments in to the fixed sector in Bangladesh dominated by the state owned virtual monopoly have been sorely inadequate and continue to be dictated by the funds availability [or lack thereof] of the Government. The mobile sector on the other hand has seen some amount of investments flowing in led by the widely acclaimed GrameenPhone. However, once standardized to compare across the region, it is found, even though using imperfect data to compare, that the reason for this flow could...
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..."Impact of Government Regulation" Please respond to the following: •* From the scenario for Katrina’s Candies, take a position as to whether government regulation is constraining or enabling in this situation, as it relates to the operational efficiency of the company. Speculate on the fundamental manner in which government regulation could impact the shareholders’ wealth and profitability. Considering the scenario for Katrina’s Candies, I believe the government regulation is enabling in this situation, as it relates to the operational efficiency of the company. The government’s intervention in the US market place process is to; provide for a market that is competitive by keeping monopolistic and other anti-competitive tactics at bay, protect the public interest and enable and encourage innovation. These are accomplished through the antitrust regulation statues and their enforcement which prohibits monopolies as stated in the Sherman Act, 1890 (McGuigan et al., 2014). The presence of anticompetitive business practices of collisional price fixing, wholesale price discrimination, exclusive dealing and tying contracts, anti-merger regulations, and interlocking directorates are specified in the Clayton Act, 1914. The Federal Trade Commission is the nation’s consumer protection agency that works for the consumer to prevent fraud, deception and unfair business practices in the marketplace. Government policies are there to ensure that products are available to the consumer at lower...
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...Legal, Safety, and Regulatory Requirements HCS/341 February 1, 2014 Legal, Safety, and Regulatory Requirements The course syllabus for Human Resources in Health Care by Brown (2010) makes a debatable statement: "Common sense and compassion in the workplace has been replaced by litigation" (Version One). I disagree with this statement. Common sense and compassion are relative to the supplier. Therefore, federal regulatory agencies have ebeen created to establish and enforce legal, safety and regulatory requirements. In an effort to originate these regulations, the federal government has established the U.S. Department of Labor, U.S. Equal Employment Opportunity Commission, the Americans with Disabilities Act of 1990 and the Department of Homeland Security. Legal Regulations Legal regulations about topics such as wage requirements, work hour requirements, and medical or family leave time is enforced by the U.S. Department of Labor. One example of this agency's oversight is the provision of protected break times for breastfeeding mothers. According to "U.S. Department Of Labor" (2014), "The Patient Protection and Affordable Care Act amended section seven of the Fair Labor Standards Act to require employers to provide reasonable break time for an employee to express breast milk for her nursing child for one year after the child’s birth each time such employee has the need to express the milk" (Wage and Hour Division: Break Time for Nursing Mothers). Signed...
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...The name of the business is Haleakala Solar Inc In addition to the grading guidelines and requirements outlined in the syllabus, a more detailed breakdown of the term paper grading is as follows: * Review of business formation, development, background and activities, including length of existence in Hawaii and a description of Hawaii-based activities (particularly if you are covering a national "chain" business): 50 points * Quality of analysis and thoroughness of research and discussion of the required topics, including the incorporation of concepts reviewed in the textbooks and use of any outside resources or research as you see fit (a minimum of 3 of the 7 topics outlined in the syllabus must be covered, the paper will be marked down by 50 points if only 2 of the topics are covered, and will be marked down by 100 points if only 1 of the topics is covered. Please clearly indicate which topics you are covering within the body of the paper by creating new titiled subsections for each new topic, see Example 1 below): 150 points. * Conclusion and final thoughts, which may include a global view of what you've discovered about the business, what the future likely holds for the business, etc.: 25 points. Example 1 (create new subsections for each new required topic as follows): Blah Blah Blah Blah Blah Ethical or Moral Issues: Blah Blah Blah Blah Blah Advertising Blah Blah Blah Blah Blah Environmental Issues Blah Blah Blah...
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...gather information about forces in the environment and get to interpret it then you can market based on what you feel would be the best way to either use or avoid the forces. 2. What are four types of competition? Which is most important to marketers? The four types are brand competitors, product competitors, generic competitors, total budget competitors. Brand competitors are most important to marketers because the products are very similar. 3. Define income, disposable income, and discretionary income. How does each type of income affect consumer buying power? Income is how much money people make. The more they make the more they are willing to spend. Disposable income is what you get after tax. The less taxes that get taken out will make your more be able to spend more on products. Discretionary income is disposable income available for spending and saving after individual has purchased their basic necessities. If people still have enough money after getting what they need they will be more able to spend money on what they want. 4. What factors influence a buyer’s willingness to spend? Willingness to spend is inclination to buy because of expected satisfaction from a product. A products price and value also influence almost all of us. Another factor is if people have the power to buy. 5. What are the goals of the Federal Trade commission? List the ways in which the FTC affects marketing activities. Do you think that a single regulatory agency should have such broad jurisdiction...
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...describe what is the micro and macro enviroment analysis. The micro environment, as the name suggests, is the immediate environment that impacts a business. The micro environment includes considerations related to suppliers, customers and local stakeholders, including local government agencies or regulatory bodies. The micro environment can generally be considered the local environment where the business Macro Environment The macro-environment includes those things that may impact small businesses but which are outside of their control. It is the larger, external environment within which businesses operate from an industry or economic standpoint. For describing and analyzing the enviroment that involves our new product Apple Watch we should make a study about its internal (micro) and external (macro) enviroment. First of all, we will describe what is the micro and macro enviroment analysis. The micro environment, as the name suggests, is the immediate environment that impacts a business. The micro environment includes considerations related to suppliers, customers and local stakeholders, including local government agencies or regulatory bodies. The micro environment can generally be considered the local environment where the business Macro Environment The macro-environment includes those things that may impact small businesses but which are outside of their control. It is the larger, external environment within which businesses operate from an industry or economic standpoint...
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...REI Marketing Environment Worksheet List the current characteristics of each environmental factor as they relate to REI. REI is a specialty retailer whose product line focuses on equipment and materials for the outdoor recreational enthusiast. They carry nearly everything one needs to enjoy the outdoors comfortably and effectively. Shoppers will find that they can purchase everything from tents, sleeping bags and camping equipment to specialized clothing to mountain bikes, kayaks and climbing equipment. REI’s product line includes gear of the quality that serves both the weekend family camper and the serious climber or cyclist. REI’s pricing is reasonable and will accommodate various income levels. In addition to the product lines, REI has a travel service that arranges unique and challenging adventures in exotic places such as Austria, Kilimanjaro and Botswana, and even Antarctica. One can explore these regions by foot, bike, rail or boat. Their group focus ranges from families to women only to birding to volunteer vacations with the American Hiking Association in which one can spend their recreational time helping to build or maintain hiking trails in sometimes remote areas. REI’s company information includes an encouragement to “join our winning team” and states that they have been chosen as one of Fortune’s “100 Best Companies to Work For” in 2005. They speak of themselves as a consumer cooperative with more than 2.4 active members. In general, they portray a corporate...
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...BY: Dennis kankam A PROJECT SUBMITTED TO THE DEPARTMENT OF MARKETING THE SCHOOL OF BUSINESS STUDIES, ACCRA POLYTECHNIC, IN PARTIAL FULLFILMENT OF THE REQUIREMENTS FOR AWARD OF THE HIGHER NATIONAL DIPLOMA JULY, 2013. CHAPTER ONE 1.0 INTRODUCTION 1.1 Background of the Study Environment is simply our surrounding. The increased awareness on environmental issues is as a result of increased publicity on the media on issues such as, the warring off of the ozone layer and increased pollution of the environment by industries. Customers have become concern about their everyday habit and the impact it has on their environment, (Baumann, H., Boons, F., Bragd, A, 2002). Managing environmental safety issue is highly challenging, time consuming and expensive. There are many laws on environmental safety that have made companies liable to any wrongdoings. These laws cover areas such as, harmful pollution, managing of hazardous materials and so on. As a result, several hazard controls, pollution control and prevention programs are held in different parts of the world on emergency procedures, contingency planning and employee training, (Baumann, H., Boons, F., Bragd, A. 2002). Similarly, many regulatory bodies and acts are set to ensure environmental safety and protection, some of which include, OSHA (Occupational Safety and health Act), CERCLA ( Comprehensive environmental Respond Compensation liability Act), TSCA (Toxic Substance Control Act), HMTA ( the Hazardous Material Transportation...
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...standard, OUHK affect by this factor due to proportion of students. Legal – it will restrict the OUHK operation, development, administrative apply, strategy…etc, because organization need to follow legal in order to avoid problems or if Hong Kong legislation only eight work hours for a day, therefore, employees have more freedom time to spend on their education, so the demand of course will increase. Global environment – The analysis can be done with the help OUHK make a checklist that evaluates every criteria of a segment. In this manner, the status of the global environment shall be defined. In general, every segment needs to be worked on systematically to recognize changes. Then, the factors and its impacts can be interpreted right. After the segmentation, the analysis consists of four further steps:, Environmental Scanning, Environmental Monitoring, Environmental Forecasting and Environmental Assessment Conclusion, general environment is very important for every organization , the management should pay attention to the environment and good problems solving when facing change. 2. Mission Statement: A written declaration of an organization's core purpose and focus that normally remains unchanged over time. Properly crafted mission statements (1) serve as filters to separate what is important from what is not, (2) clearly state which markets will be served and how, and (3) communicate a sense of intended direction to the entire organization...
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...Marketing Environment The marketing environment surrounds and impacts upon the organization. There are three key elements to the marketing environment which are the internal environment, the microenvironment and the macro environment. Why are they important? Well marketers build both internal and external relationships. Marketers aim to deliver value to satisfied customers, so we need to assess and evaluate our internal business/corporate environment and our external environment which is subdivided into micro and macro. Microenvironment The microenvironment is made from individuals and organizations that are close to the company and directly impact the customer experience. Examples would include the company itself, its suppliers, other marketing input from agencies, the markets and segments in which your business trades, your competition and also those around you (which public relations would call publics) who are not paying customers but still have an interest in your business. The Micro environment is relatively controllable since the actions of the business may influence such stakeholders. Walmart’s Micro environment would be very much focused on immediate local issues. It would consider how to recruit, retain and extend products and services to customers. It would pay close attention to the actions and reactions of direct competitors. Walmart would build and nurture close relationships with key suppliers. The business would need to communicate and liaise with its publics...
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...CHAPTER ONE INTRODUCTION 1.1 Background to the Study The need for Environmental Accounting has become the concern and focus of nations and responsible corporate managements. It became one of the foremost issues on the agenda of nations and businesses earlier in the 1990s and the reasons for this were varied emanating from both within and outside of the firm and particularly at the global level (Okoye and Ngwakwe:2004:220-235). A lot of government enactments, laws and regulations on environmental protection have been made in several nations of the world. In the light of the awakening to environment protection, various laws and regulations such as the Environmental Impact Assessment Act, 1992 have been enacted. These require corporate managements to consider the environmental implications of all internal decisions of their managements. Also, all organizations monitored by environmental policy agencies in Kenya are expected to demonstrate much consideration in decision making. Environmentalists agree that it could be more cost effective and beneficial for companies to acquire pollution prevention or clean technology than those of pollution clean-up. It is also observed that in environmental regulations, there is a shift from the ‘command and control’ approach to market-driven forms in which pollution prevention alternatives are replacing pollution cleaning approach. It follows therefore, that determining the appropriate pollution prevention approach may lead to additional decisions...
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... Lead Counsel, ESSD and International Law The World Bank Legal Department. 1 1 I. ABSTRACT Traditionally, environmental protection has been considered to be “in the public interest” and external to private life. Governments have assumed principal responsibility for assuring environmental management, and have focused on creating and preserving a safe environment. They have directed the private sector to adopt environmentally sound behavior through regulations, sanctions and occasionally, incentives. When environmental problems have arisen, the public sector has generally born the responsibility for mitigation of environmental damage. . In this approach, some have contended that unrestricted private sector behavior has been considered as presenting the “environmental problem”. However, the roles of sectors have been changing, with the private sector becoming an active partner in environmental protection. Many governments and businesses are now realizing that environmental protection and economic growth are not always in conflict. Since the Brundtland Report was published in 1987 as a result of World Commission on Environment work, business and management scholars have been grappling with the question of how and why corporations should incorporate...
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