...Gleghorn What is transparency in the context of IT governance, and why is it important? How does the COBIT framework provide for internal audit and corrective action? The transparency of IT Governance is to cover the culture, organization, policies and practices. This type of transparency in the government financial management is very important in a way to produce a proper, complete performance measurement system and to provide insufficient disclosure of these performances information to the broader public. This is why the point of transparency becomes a measurement for health and security in governments, leadership and business in almost all the countries in the world especially in the well developed once, because the public certainly wants the government to be transparent. Information Technology settles how well services are provided and how good the company is satisfying its customers. By providing services the companies can also expose their businesses to risk that can affect with their daily operations and transactions. In this case management must be able to make precise decisions in a way to minimize any risks that could affect the company really badly. It's virtually impossible to have too much transparency or education about IT governance, in fact both of them can go well together and so the more transparency of the governance practices, the more confidence in the governance there will be. Companies with more effective Information Technology governance had more...
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...What is transparency in the context of IT governance, and why is it important? The transparency of IT Governance is that it covers the culture, organization, policies and practices. According to the consulting portal in Necessary Frameworks for IT Governance; The Definition IT Governance directs and controls how an IT organization administers necessary IT services to its clients. IT Governance specifies the rights and responsibilities of the parties involved, such as customers, regulators and stakeholders. It defines the policies and procedures under which an IT organization functions, as well as the mechanism to ensure compliance with those rules and regulations. IT Governance also provides the structure through which the IT Organization’s objectives are set, and the means of attaining those objectives and monitoring its performance IT governance is important simple because it guarantees value and eliminate majority of risks and limits future risk. IT determines how well services are provided and how well the company is reaching its customers. Providing service can also expose the business to risk that can interfere with daily operations. Management must be able to make good decision that will minimalize risk. IT governance has the management’s ability to organize, control and direct the company’s IT activities and its objectives. In IT governance organizational structure, leadership and processes are utilized to control the resources and align IT. This also...
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...[pic][pic] Corporate Governance and Performance An Exploration of the Connection in a Public Sector Context By Meredith Edwards & Robyn Clough Issues Series Paper No. 1 January 2005 Preface This paper is part of a major project - Corporate Governance in the Public Sector: An evaluation of its Tensions, Gaps and Potential. The project will provide the first comprehensive theoretical and empirical work on corporate governance in the Commonwealth public sector. It has been designed to enhance communication and participation in governance across government, industry, and the community by improving corporate governance literacy and making information publicly available. The project is a collaborative venture between three University of Canberra research centres and key governmental and industry partners including the Australian National Audit Office, the Australian Government Department of Finance and Administration, Deloitte, Touche, Tohmatsu, CPA Australia and MinterEllison Lawyers. This paper is the first in a series that will be produced by researchers and industry partners involved in the project. The aim of the series is to identify and explore key emerging public sector governance issues and encourage wider discussion and activity. The series has been designed for public sector practitioners and corporate governance ‘enthusiasts’ across the public and private sectors. All papers will be broadly distributed and will be available online - www...
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...------------------------------------------------------------------------------------3 2.0 Review of Previous Empirical Literature------------------------------------------------4 3.0 Banking Industry in Bangladesh---------------------------------------------------------- 3.1 What is a Bank? ----------------------------------------------------------------------5 3.2 Definitions of Bank form different view -------------------------------------5 3.3 Where does the word BANK come from? ------------------------------------6 3.4 Why Banks? Why don’t go to another financial institution? -------------7 3.5 Banking System in Bangladesh---------------------------------------------------7 3.6 Banking system is very from country to country because of Following 3 reasons---------------------------------------------------------------------12 3.7 There are different kinds of financial services firms calling themselves Banks---------------------------------------------------------------------------------------12 4.0 Major Problems Faced by Bangladeshi Banking Industry-------------------------14 4.1 Lack of Good Governance, Accountability and Transparency------------14 4.2 Low quality of asset -----------------------------------------------------------------15 4.3 Inadequacy of Effective Risk Management System--------------------------16 4.4 BASEL Slandered Implementation Problem...
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...IMPLICATIONS OF NEW TURKISH COMMERCIAL CODE ON CORPORATE GOVERNANCE AND IFRS CONVERSION IN TURKEY ACCOUNTING 7140 X, SPRING 2013 I have participated in preparing this paper and concur with its contents: Print name Signature Abstract Globalization brought many changes in many aspects of human life. The introduction of internet made the borders between countries slimmer and slimmer. E-commerce and other international commerce tools opened new cases and new issues to be discussed in the areas of finance, accounting, financial reporting, auditing and corporate governance. That is why, modifying, updating, and advancing the current Turkish Commercial Code (TCC) became a necessity in order to be capable of addressing the contemporary challenges of today’s world. To adapt these changes, Turkish Regulatory bodies introduced a new Turkish Commercial Code. The New Turkish Commercial Code (New TCC) aims to regulate commercial relations in line with the recent changes in the local and global business environment as well as technological and legal developments including the European Union (EU) legislation. Particularly the Company Law section of the New TCC includes the most radical changes in the whole law which will have a significant impact on the Turkish commercial life. These radical changes introduced by the New Turkish Commercial Code will have significant effects on the accounting, finance, financial...
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...Table of contents Executive summary 1 1. Introduction 2. Definition of sustainability report 3. Motivation of sustainability report 3.1 External driver 3.2 Brand value 3.3 Governance 4. Key features 4.1 Materiality 4.2 Transparency 4.3 Assurance 5. Evaluation 5.1 Materiality 5.2 Transparency 5.3 Assurance 6. Conclusion 7.References Executive Summary Sustainability report aims to describe companies’ environmental, economic and social representation and connect with impact on the world around it. It is always written by professors or leaders who are working in international companies and published by professional and known organizations. The information is collected from internet and Lend Lease’s sustainability report. The Sustainability report affect widely, especially in economy and environment and also essential to people’s outlook. The cause of publishing sustainability report identify main factors motivating publish sustainability report such as external and internal drivers, governance, and investors. The key features of sustainability report are materiality, transparence and assure. Introduction Due to the population has a great increase, our resource expend in a high speed; however, a number of people want to have high quality lifestyle, our environment faces serious situation. These kinds of behaviors are negative for our environment, and the unsustainable vista has...
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...CORPORATE GOVERNANCE The need for corporate governance is not something typical to our country or economy .even in countries where regulatory mechanism are more demanding in their content and more vigilant in its implementation. Flagrant violation under the corporate veil have generated the demand for better governance . The advent of information age has created an awakened shareholders , vigilant public and almost predatory journalistic fervour. Depending upon the model of corporate disclosure followed by different legal framework, right to information has forced corporation to divulge more than they ever did. Corporate governance is derived from Latin term ‘corpus’ which means ‘body’. governance means administering the process and system placed for satisfying stakeholders expectations . when the two terms are combined it together brings out set of system procedures , policies , practices , standards put in place by a corporate to ensure that relationship with various stakeholders is maintained in transparent and honest manner. One of the basic feature of corporate governance is that there is a separation of ownership and management. The board of directors work and operate as trustee and agent of shareholders and they have to safeguard the interest of shareholders and other stakeholders It may also be considered as a network of legal provisions , regulations, practices to bring accountability and transparcy in functioning of the body corporate. It specifies the distributions...
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...FUSION OF CORPORATE GOVERNANCE & CSR PRACTICES BUSINESS ETHICS AND CORPORATE GOVERNANCE Submitted to: Prof. I Sridhar Submitted by: Dhvani Shah (64689) FSB II TABLE OF CONTENTS TOPIC | Pg No. | Introduction | 3 | Concepts | 6 | Conceptual Discussion | 10 | Implementation of CG & CSR in corporate | 18 | CSR/CG framework | 21 | Bibliography | 30 | I. INTRODUCTION: CSR is concerned with the impacts that the activities of an organization have on the social, environmental and economic environment in which it operates. CG is concerned with the manner in which the senior management or Board of Directors direct, manage and control the organization and relate to shareholders. The concepts cannot be mutually exclusive but merge together, each offering a different yet complementary perspective on the activities of an organization, to form a robust strategic business management tool. The aim of the CSR and CG management system is to define, understand and improve the balance between entrepreneurship and ethical practice. Organizations must demonstrate this core organizational...
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...Conference in Nicaragua. For me, this in and of itself is a clear signal of the commitment of stakeholders in Latin America to engage in dialogue on international developments. At last year’s conference,I noted a number of important challenges in financial reporting and auditing, and in the surrounding environment. For example, today’s financial reporting involves more complexity, more areas of judgment, and more qualitative disclosures; and users have higher expectations than ever before, with many saying “We want to hear more.” Perhaps most importantly, the global financial crisis has triggered questions concerning the quality of audits, their effectiveness, and the role of professional judgment and skepticism – which have given way to fundamental questions to the profession about relevance and trust. So why change the auditor’s report now? What we learned from research is a positive message: the auditor’s opinion is valued, and users want to hear more from the auditor – more pertinent, and more tailored, information about the specific audit performed on an entity’s financial statements. There is symbolic value in the current report, but little communicative value – and users see the potential for the auditor to provide more value and more transparency. So, now is the time to lay the foundation for the auditor’s report of the future. The Beginning of a New Era I am pleased – indeed proud – to announce that in July the IAASB published its Exposure Draft “Reporting on...
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...A Proposal to Introduce Value Based Management in NGOs of Bangladesh Munima Siddika1 Abstract: Presently the rapid growth and diversification of the gigantic NGO sector of Bangladesh has given rise to questions and concerns, about their trade-offs between sustainability and pro-poor orientation; the impact and quality of services; corporate governance; management and accountability. The paper is based on a proposal to introduce a modern management system viz. value based management (VBM) in the NGOs of Bangladesh. Value-based management can be defined as an integrated management control system that measures, encourages and supports the creation of net worth. The report of Transparency International Bangladesh ‘Problems of Governance in the NGO Sector: The Way Out’ (TIB) 2007 is used here as an information source of finding out the flaws of existing management techniques. Finally the paper recommended implementation techniques of VBM in order to regain the image of the NGOs as a pioneer of social welfare in Bangladesh. Keywords: NGO, Transparency, Governance, Management, Strategies, Value Addition, Value Based Management etc. 1. Introduction Bangladesh has largely failed to assist the poor or reduce poverty because of limited resources and faulty planning, while Non Government Organizations (NGOs) have grown dramatically and ostensibly to fill up this gap. There are more and bigger NGOs here than in any other country of equivalent size. Bangladesh’s NGO sector is remarkable for...
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...fact the NKF has already recognise as a lead charity organisation with the revenue of $116 million. Lots of allegation were slandering around and the spot light goes to the then NKF CEO, Mr Thambirajah Tharmudurai or better known as T.T. Durai. The news not only rock the nation but also has attracting interest of global parties. The scandal has cause the CEO and his board of Directors to resign. Therefore, this case study is significant for the group to analyse the organizational leadership issues and challenges. AIM The aim of this study is to analyse the case of National Kidney Foundation scandal in the context of Organizational Leaderships. OBJECTIVE Objective of this study is to answer the following question: 1. How is leadership related to responsibility? In what ways and to what extent was Durai a responsible leader? In which ways was he not responsible? 2. Comment on Durai’s actions that were revealed in the court proceeding. Do you...
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...What is Social Accountability (SAc)? | | Accountability in common parlance means “answerability”. It is about holding people to account for their impacts on the lives of people and the environment. It involves the rights of those impacted and the obligations of those with power. Thus, accountability can be defined as the obligation of power- holders to account for or take responsibility of their actions.Thus, Social Accountability can be defined as ‘the duty to provide an account or reckoning of those actions for which one is held responsible. Thus, accountability involves two responsibilities or duties: the responsibility to undertake certain actions (or forbear from taking action) and the responsibility to provide an account of those actions’ (Rob Gray, 1996, Accounting & Accountability). | Social Accountability of NGOs | | The priviledge of being an NGO comes with the onus of benevolent and public purpose activities. An NGO comes into existence only with the pre condition of working for charitable purposes involving public benefit without having any profit motive. There is a big difference between the social responsibilities of an NGO and a profit making corporate. A profit making commercial organization may opt for various activities, which enhances its social accountability as well as credibility. An NGO on the other hand has to work for public purposes in order to retain its legal and ethical entity.As organizations interact with a number of other institutions...
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...CHAPTER 1 ETHIC EXPECTATIONS Learning Objectives 2 Understand the basic concepts in ethics, business ethics, governance Understand the relationship between ethics and reputation What constitutes good ethics and good governance? Why are good ethics and good governance important? 3 Changes of ethics trends have brought to the expectation framework Public Expectation （公众的期望） 4 There has been an increasing expectations that business exists to serve the needs of both shareholders and society. Stakeholders’ support are ultimate to the success of businesses or professions to achieve their long-run strategic objectives. A Stakeholder（利益相关者） is: 5 a person, group, organization, member or system who affects or can be affected by an organization's actions. (http://en.wikipedia.org/wiki/Stakeholder) MAP OF CORPORATE STAKEHOLDER ACCOUNTABILITY Shareholders Activists Employees Governments Corporation Customers Creditors Lenders Suppliers Others, including the media, who can be affected by or who can affect the achievement of the corporation’s objectives 6 Figure 1.1 Support of Stakeholders 7 Stakeholders’ support depends on the credibility(可靠 性， 可信性） that stakeholders place in corporate commitments, the corporate’s reputations and the strength of its competitive advantages. How do you get the support from stakeholders? Support of Stakeholders 8 A company’s activities should respect...
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...INSIDER transactions are one of the most controversial and sensitive disclosures for companies to communicate to investors. How your company handles these disclosures can make a strong statement to investors about your company’s transparency. The history of insider transaction disclosure on the Web illustrates companies’ sensitivity and reluctance to provide this information to investors. For years, regulators such as the U.S. Securities and Exchange Commission (SEC) tried to improve transparency around insider trading only to be blocked by heavy corporate lobbying. Eventually, it took massive corporate scandals and collapses in 2001 for the tide to turn against the business lobby. Finally, the SEC introduced rules forcing all U.S. companies to provide access to their insider transaction filings on their corporate websites starting in June 2003. The SEC also dramatically shortened the deadline for insiders to make their filings and made significant improvements to the EDGAR database to accommodate electronic insider reporting. Under the old rules executives had up to 41 days to file reports with the SEC. With the new rules, however, insiders have to file reports by the end of the second business day following the day on which the transaction is executed. Significant geographic differences in insider disclosure Regulators in several countries have followed the SEC’s lead, but with varying levels of effectiveness because most lack a central electronic repository like EDGAR. Consequently...
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...ID# 27EMB12312 INSTRUCTOR: MR G. KACHALI TOPIC DISCUSS THE NEXUS BETWEEN CORPORATE GOVERNANCE AND PREVENTION OF FRAUD AND CORRUPTION IN THE WORKPLACE This paper will discuss the relationship between corporate governance and prevention of Fraud. One can safely argue that corporate governance is a medicine to cure corporate fraud in an organisation. The systems, procedures and policies set by the organisation to curb anomalies such as fraud and corruption largely entail corporate governance. To make this task easier, this paper shall define in detail the meaning of corporate fraud and later proceed by way of analysing how it can curbed by corporate governance. Wikipedia defines fraud as follows: It is a deception made for personal gain at the expense of an entity. According to GAW Kachali, it involves deception, confidence and trickery. There is local, national, regional and global resurgence of interest on how to prevent all forms of unethical practices such as corruption and fraud in both private and public sector including public bodies. Generally institutions with resources to prevent or combat corruption and fraud in all sectors seem to thrive. This is mainly successful through the setting up of strong pillars which promote transparency, fairness, professionalism, integrity and democracy in running the organisation; this is made possible by corporate governance. Corporate governance provides a positive direction which an entity must take. The most common definition is...
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