...Introduction Responsibility Responsibility expressions the duty assigned to a specific situation. Whoever taking the position must achieve the duty which she/he allocated. That is what we call responsibility of him/her. The term responsibility is often identified as a duty to complete an exact job given to a secondary staff. In a business or an organisation, responsibility is the commitment as per the policies or approaches give out. Definition of Responsibility Responsibility is a sense of duty of an individual to another to complete assigned duties to the best of their skills below the instructions of their managing staff. Conferring to Theo Haimann’s academic argument, “Responsibility is the obligation of a secondary staff to achieve the duty as required by his/her first line management” (Kumar and Sharma, 2000). Features of Responsibility 1. The fundamental of responsibility is the sense of duty of a secondary staff to achieve the duty owed. 2. It always commence from the connection of subordinate and superordinate. 3. Usually responsibility vary upwards while authority falls downwards. 4. Responsibility is in the system of a constant duty. 5. Responsibility cannot be replaced. 6. The person accepting responsibility is answerable for the performance of assigned requirements. 7. It is tough to deliberate responsibility underprivileged of authority. Authority Authority is the capability or entitlement given to an executive or a superior in order...
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...ACC 511 Corpporate Governance & Accountability Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser https://hwguiders.com/downloads/acc-511-corpporate-governance-accountability-amaterial/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) Table of content 1. Question 1 1. Introduce to Corporate Governance 2. Governance makes a Difference 3. Failures of Corporate Governance 4. Failures in Major companies 5. Reform of Corporate Governance 6. Conclusions 2. Question 2 1. Introduce to Cadbury Report 2. Conclusions 3.0 References Question 1 Based on the above it has been stated that “the problem is not a failure to comply with rules but a failure in governance practice”. Do you agree and why? (10 Marks) Introduce to Corporate Governance Corporate governance looks at issues pertaining to transparency, integrity, effectiveness and accountability in the management of the affairs, and all other activities of an organization. Management is concerned with the company’s operations, functions and financial performance; hence, corporate governance aims to involve the quality assurance of the operation of the board itself. The concern is for the welfare, good performance, corporate ethics and morality, as well as social and public responsibility for the good corporate citizenship. Corporate governance...
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...and to give orders so as to achieve the organizational objectives. Authority must be well-defined. All people who have the authority should know what is the scope of their authority is and they should not mutualize it. Authority is the right to give commands, orders and get the things done. The top level management has greatest authority. Authority always flows from top to bottom. It explains how a superior gets work done from his subordinate by clearly explaining what is expected of him and how he should go about it. Authority should be accompanied with an equal amount of responsibility. Delegating the authority to someone else doesn’t imply escaping from accountability. Accountability still rest with the person having the utmost authority. Definitions : According to Henri Fayol, “Authority is the right to give orders and the power to exact obedience.” According to Mooney and Reily, “Authority is the principle at the root of Organisation and so important that it is impossible to conceive of an Organisation at all unless some person or persons are in a position to require action of others.” According to Koontz and O’Donnell, “Authority is the power to command, to act or not to act in a manner deemed by the possessor of the authority to further enterprise or departmental performance”. Characteristics of Authority : The main characteristics of authority are given below : (i) Authority is vested in organisational positions they hold, not in people. (ii) Authority flows from top...
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...13 ORGANISING 13.1 INTRODUCTION Organising in a general sense means systematic arrangement of activities. In this sense, organising is done by each individual. However, organising as a process of management essentially relates to sub-dividing and grouping of activities. Organising becomes necessary when two or more persons work together to achieve some common objectives. When a player is playing alone, there is perhaps no need of organising. But organising becomes important when players are playing in a team. In that case, it is important to determine the role of each player and for the team as a whole to attain victory over the rival team. Similarly, in a one-man business, all the activities are performed by the owner himself. But when the owner employs someone to assist him, he has to determine the work to be done by the employee and give him the right to use materials, machinery, equipment, etc. This is the point when organising becomes necessary. As more people are appointed, there has to be further division and sub-division of work among them. When an organisation becomes large, separate departments are created to perform different functions. Each department has to be divided into a number of smaller units. Ultimately, the work of the organisation is divided into a number of positions of employees and managers. Relationships are then established among the different positions in the organisation. The outcome of the organising process is a set of formal relationships which...
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...The Importance of Islamic Accounting in Modern Era by: Chusnul Asfadillah Student of Airlangga University, Surabaya, Indonesia +62899 372 1772 Ines Nur Latifah Student of Airlangga University, Surabaya, Indonesia +62878 8432 3738 DR. Raditya Sukmana Lecturer of Airlangga University, Surabaya, Indonesia + 62 878 5421 6776 ABSTRACT Purpose – This paper aims to determine the importance of the Islamic Accounting in modern era. In particular, the paper analyzes the values of the Islamic principles in the accounting process that prevent the unexpected activity such as fraud, dishonest etc to appear in reality. Arthur Anderson case was a result of the fraudulent activities that lead to its termination. Certainly this kind of case is expecting not to be happened in the future. Design/methodology/approach – The paper adopts the descriptive analysis and elaboration of the important element of the Islamic principles used in the accounting process. Furthermore, this paper attempt to make clear distinction between values underlying the Islamic accounting and that of the conventional accounting. Findings – the comparison of those two systems leads to the conclusion that the value in Islam such as honest, fair, truth (which is important in the Islamic accounting process) has more meaning than the similar value of in the conventional accounting. Hold firmly the Islamic value obviously leads to the decrease fraudulent practices and other unexpected activities. Moreover, it increases the social...
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...The Good Governance Standard for Public Services The Independent Commission for Good Governance in Public Services The Independent Commission for Good Governance in Public Services, chaired by Sir Alan Langlands, worked throughout 2004. Through two rounds of consultation, the Commission drew on the views of a wide range of people with experience of governance, and of service users and citizens, to produce the Good Governance Standard for Public Services. The Standard presents six principles of good governance that are common to all public service organisations and are intended to help all those with an interest in public governance to assess good governance practice. The Independent Commission for Good Governance in Public Services was established and supported by the Office for Public Management (OPM®) and the Chartered Institute of Public Finance and Accountancy (CIPFA), in partnership with the Joseph Rowntree Foundation. The Good Governance Standard for Public Services The Independent Commission on Good Governance in Public Services Good Governance Standard for Public Services © OPM and CIPFA, 2004 OPM (Office for Public Management Ltd) 252b Gray’s Inn Road London WC1X 8XG tel: 020 7239 7800 fax: 020 7837 5800 email: office@opm.co.uk web: www.opm.co.uk CIPFA (The Chartered Institute of Public Finance and Accountancy) 3 Robert Street London WC2N 6RL tel: 020 7543 5600 fax: 020 7543 5700 web: www.cipfa.org.uk ISBN: 1 898531 86 2 This book may not, in part...
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...(Jean, Anil and Mirko 2011, pp.10). Therefore, the corporate governance framework consists of explicit and implicit contracts between the company and the stakeholders for distribution of responsibilities, rights, and rewards; the procedures for reconciling the sometimes conflicting interests of stakeholders in accordance with their duties, privileges, and roles; and procedures for proper supervision, control, and information-flows to serve as a system of checks-and-balances. (businessdictionary.com 2012) Starbucks Company and British Petroleum Plc are chosen to explain and discuss on good corporate governance; meanwhile Enron is chosen to explain and discuss on bad corporate governance. Since Starbucks and Enron are incorporated in the United States of America (USA), therefore these two companies will be used to compare how they governance their company under principle of corporate governance of America. Corporate Governance in United States (US) In United States, after have various corporate scandals, corporate governance has rising to the forefront of public attention such as Enron, WorldCom and Tyco shook the U.S. securities markets then set off a serious global financial crisis. It highlighted corporate governance failures, lack of adequate risk management procedures responsibility from the board. Sarbanes-Oxley Act of 2002 (SOX) strengthened rules of board independence and the role of committees in company. This act...
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...integrity.’ - Angel Gurría, Secretary-General, Organisation for Economic Co-operation and Development (OECD). The collapse of global financial markets in September 2008 has ignited a debate on what caused their quick undoing. As captured in the comments of the OECD Secretary-General, there is a growing sentiment that poor corporate governance is one of the forces to blame. It allowed the transparency, accountability and integrity of companies to be compromised and for abuses to go unchecked, particularly on matters of corruption. w w w. t r a n s p a r e n c y . o r g Table of Contents 1. 2. 3. Why is corporate governance critical? What is covered by corporate governance? Aligning corporate governance and anticorruption 4. 5. Recent reform efforts Moving the agenda forward Strengthening corporate governance to combat corruption What is Corporate Governance? For TI, corporate governance is understood to mean the “procedures and processes for how private sector organisations are directed, managed 4 and controlled”. This includes the relationships between, responsibilities of and legitimate expectations among different stakeholders (Board of Directors, management, shareholders, and other interested groups). Laws and regulations provide the framework on which corporate governance systems are built. These are complemented by voluntary measures that companies adopt. When corporate governance systems are effective, they prevent managers from abusing the power that shareholders...
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...act ethically HR professionals need demonstrate certain behaviours and actions such as: * Adhere with the principles which guide HR profession. These principles are also enunciated by CIPD through Code of Professional Conduct * HR Professionals must adhere with the highest standards of integrity, honesty, diligence, ethical and professional behaviour * Recruitment and selection processes should be fair, transparent and ensures equality * Ensure continually develop professional knowledge and competence of their employees and make sure that equal opportunity, fairness and transparency is provided * HR professionals must comply with the government laws and regulations * Develop, administer and advocate policies and procedures that foster fair, reliable and equitable treatment for all. Organisation ethics is the foundation of all businesses. It is the attitude, values and behaviour an organisation reflects on their employees and all stakeholders. To ensure organisation act ethically: * Organisation that follow good ethical behaviour are able to increase commitment of the people with ethics and increases reliability and loyalty of customers, employees and the stakeholders * Organisations that act ethically follow legal compliances, policies and procedures. * Ethically progressed organisations understands corporates social responsibility * Lead organisation with high...
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...Introduction Responsibility is defined as the "reliability, dependability, and the obligation to accomplish work”, responsibility also includes each person's obligation to perform at an acceptable level, the level that the person has been educated (Kelly-Heidenthal, 2003, p. 268). Accountability is defined as, "being responsible and liable for actions or failure of actions of oneself or others in the context of delegation" (NCSBN, 2009). This is in reference to the nurse's legal liability for the actions taken and patient outcomes. Accountability and responsibility are different, as responsibility belongs to the person doing the task and accountability belongs to the person who assigned the task. The nurse is both accountable for the task being completed and is also responsible for the patients in their care. (RCN, 2010) Accountability and responsibility are two essential parts of delegation. DeWits and O’Neill (2014) define delegation as "transferring the authority to perform a selected nursing task in a selected situation to a competent individual ". When delegating, the registered nurse (RN) allocates nursing tasks to health care assistants (HCAs) while still remaining accountable for the patient and the task that was assigned. Delegating is a management technique that is used to provide more efficient care to patients. (NCSBN, 2009) Permitting HCAs to take on nursing responsibilities allows the nurse to complete other tasks that need to be completed; however, delegation...
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...Integra(ng)Risk)Management) into)Strategy)&)Corp)Governance) Peter%Verhezen% Principal)Verhezen)&)Associates)) Fellow)Harvard)Kennedy)School) Adjunct)Professor)Melbourne)Business)School) ) ) This)slide)presenta(on)has)been)prepared)for)and)in)collabora(on)with) Pri)Notowidigdo) Risk = effect of uncertainty on objectives Scenarios / Probabilities Positive deviation Opportunities Upside Risk has a positive side Target Negative deviation from target Downside Future: probabilities Negative deviation Today’s Value (mark-to-market) Threats As management projects into the future, the value of the firm will be affected by many different market and business variables – i.e. risk factors. Tomorrow’s Possible Values (mark-to-future) 2 Mortgage Crisis => Global Financ Crisis hKp://www.youtube.com/watch?v=KaqvwOJx2eQ) Scenarios / Probabilities ) Positive deviation Opportunities Upside Risk has a positive side Target Risk Appetite Future: probabilities But usually perceived as negative Downside Negative deviation Today’s Value (mark-to-market) Threats As management projects into the future, the value of the firm will be affected by many different market and business variables – i.e. risk factors. Tomorrow’s Possible Values (mark-to-future) 3 Within boundaries & above average High Moral & Social Norms / Higher than Average Value + + Risk Opportunity Value at Risk (1) Enrich Shareholders & Serve Stakeholders ...
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...The Social Responsibility of Business: A Review. Maz Demosthenous School of Commerce The Flinders University of South Australia GPO Box 2100 Adelaide South Australia 5001 Telephone: +61 8 82013896 Facsimile: +61 8 82012644 Email: Maz.Demosthenous@flinders.edu.au SCHOOL OF COMMERCE RESEARCH PAPER SERIES: 00-8 ISSN: 1441-3906 For many, the view that the main goal or purpose of business is to make as much money as possible is accepted as a matter of fact and is beyond debate. To go further and say that the social responsibility of a business is also just to make a profit is open to debate. The aim of this paper is to discuss the various views of the responsibility of business, and to consider where accounting fits in. In addition, to explore the ethical responsibilities that a corporation may have beyond making profits for its stockholders. The Friedman view Milton Friedman’s view is that in a capitalist economy, there is one and only one responsibility of business- to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud (Friedman, 1983). When one is looking at the responsibilities of an individual or an organisation they must first examine their roles. The directors of companies have a fiduciary responsibility to act in the best interest of the shareholders. The managers are agents of the shareholders...
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...[pic] ADVANTAGES OF GOOD GOVERNANCE IN A COUNTRY Governance definition varies from an institution to another, an author to another and from one setting to another. This paper intertwines various definitions of governance as a basis of understanding good governance, outlines the principles of good governance, and discusses the advantage of good governance based on six key principles with variance examples across the continent. 1.1 INTRODUCTION Governance refers to the manner in which public officials and public institutions acquire and exercise the authority to provide public goods and services, including the delivery of basic services, infrastructure, and a sound investment climate (World Bank, 2007). It is also the exercise of power or authority; political, economic, administrative or otherwise to manage a country's resources and affairs (Kefela, 2011). The United Nation (2008) has defined governance in terms of process of government action and how things are done, not just what is done. Governance covers the quality of institutions and their effectiveness in translating policy into successful implementation, which includes the mechanisms, processes and institutions through which citizens and groups articulate their interests, exercise their legal rights, meet their obligations and mediate their differences (Kefela, 2011). The referred institutions are the bodies setting formal rules (property rights, rule of law etc) while taking...
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...Project governance is the management framework within which project decisions are made. Project governance is a critical element of any project since while the accountabilities and responsibilities associated with an organisation’s business as usual activities are laid down in their organisational governance arrangements, seldom does an equivalent framework exist to govern the development of project’s capital investments ( Sharma, Stone and Ekinci 2009 ). Project Governance extends the principle of Governance into both the management of individual projects via Governance structures, and the management of projects at the business level, for example via Business Reviews of Projects. Today, many organisations are developing models for ‘Project Governance Structures', which can be different to a traditional Organisation Structure in that it defines accountabilities and responsibilities for strategic decision-making across the project ( Crawford, Cooke-Davies, Hobbs, Labuschagne, Remington and Chen 2008 ). This can be particularly useful to project management processes such as change control and strategic decision-making. The decision making framework of the project governance is supported by three pillars ( Klakegg, Williams, Magnussen and Glasspool 2008 ) namely: structure, people and information. 1. Structure: This refers to the governance committee structure. As well as there being a Project Board or Project Steering Committee, the broader governance environment may include...
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...Professional Ethics Introduction Importance of Ethics in Public Administration The study of the foundations of ethical administration is an important topic to explore when working in a public organization, especially when pursuing a future role as a public administrator. Ethics in public administration is not a transient concept but has proven to be an approach which has shown a great deal of sustainability which is fundamental to the area of public administration. Ethics is gaining prominence in the discourse about governance today. Public organizations and public administrators should strive for high ethical standards and an ethical workplace. “The general goal of identifying ethical precepts is relatively straight forward—to develop standards of “right conduct” that are known and knowable beforehand and apply to more or less everyone—but maddeningly difficult to specify with precision, an even more onerous to practice (Martinez, 2009, p.1).” Organizations need to abide by ethics or rule of law and engage themselves in fair practices and competition; all of which will benefit the public and organization. Ethics is important because of the following: satisfying basic human needs, creating credibility, uniting people and leadership, improving decision making, long term gains, and securing the public. Ethics tries to create a sense of right and wrong in the organizations and often when the law fails, it is the ethics that may stop organizations from harming the society...
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