management team Weaknesses 1. Allowed earnings trends to be distorted 2. Apparently unaware of division-level earnings management practices 3. Was not able to convince top management of need for change 4. Little sense of fiduciary duty to parent company 5. Differing roles of controllers 1. Degree of involvement * Differing roles of controllers (cont.) 3. Eight characteristics of a “strong” controller 1. Personal energy and motivation. (Takes initiative.)
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Question 1: provide a definition/ description of strategic planning process, addressing the critical issues/questions the process takes into account. Answers (a) Strategic planning process is an organization’s process, which is designed to identify a long-term goal or direction to develop the organization, and put into practice. Strategic planning guides conversations about an organization’s purpose, helps integrate perspectives from multiple stakeholders, and provides the steps to develop goals
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partnership’s contracts with the independent-contractor auditors and signed many of these auditors with his new firm. The partnership terminated about 11 months after Fial wrote the letter to Steeby. Steeby brought an action against Fial, alleging breach of fiduciary duty and seeking a final accounting. Who wins? Steeby v. Fial, 765 P.2d 1081, Web 1988 Colo.App. Lexis 409 (Court of Appeals of Colorado) PARTIES In the Steeby vs. Fial case Roger Steeby is the plaintiff and Charles Fial is the defendant. Steeby
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Financial Statement. Besides, we are able to know the importance of corporate governance in the business world. A part from that, we are notice about the principle of separation of ownership and management in the company relating to the director’s fiduciary duty to the company. Plus, we need to recognize the code of ethics for Company Secretary. Last but not least, we should consider other aspects in this case to reflect the best recommendation to achieve the effectiveness and efficiency of the business
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LAW421 Week 4 Individual Assignment - Crusoe and Cold Case Trucking Name University Individual Assignment - Crusoe and Cold Case Trucking 1. What is Crusoe's agent classification? What factors should CCT analyze in making this determination? Crusoe’s agent classification is an “independent contractor”. CCT provides only direction for the completion of tasks and does not provide a direct supervisory role of Crusoe. The IRS three-prong test would be the primary way this classification is
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‘Directors duties occupy a strange position in company law. They must be sufficiently strong so as to keep directors in line but sufficiently weak to allow directors to take risks. It is no wonder the courts can’t enforce them properly.’ Do you agree with the above statement? By any measure the 2006 Act is a momentous and monumental piece of legislation. The largest statute ever enacted by the Westminster Parliament, it has engineered the modernisation, consolidation and codification of the vast
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System and Budget To understand how budget be used, it is necessary to know the fund system of accounting first. Overall in governmental accounting there are three broad categories of fund types: governmental funds, proprietary funds, and fiduciary funds. First, the governmental funds, which are taxed based, receive sales tax, property tax, vehicle tax, and other state and federal taxes as their main source of revenues. There are five types of funds in this category: general fund, special revenue
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convenient to categorise the duties of directors into fiduciary duties which arise because they are quasi-trustees of the assets of the company. The word ‘fiduciary’ refers to trust and confidence. ‘A fiduciary is someone who has undertaken to act for or on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence’(Bristol and West Building Society v Mothew [1998] Ch1 per Millet LJ at p.18). Fiduciary duties of the directors of a company considered
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The Role of Board of Regents and Board of Trustees in Higher Education Name Institution Affiliation The Role of Board of Regents and Board of Trustees in Higher Education This essay intends to discuss the role of the Board of Regents and those of the Board of Trustees. Both phrases refer to higher education governing boards. The Board of Trustees is the most common term. Universities and colleges in the United States of America are managed by boards of trustees, regents, or other correspondingly
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Week 6 Problem Set Answer the following questions and solve the following problems in the space provided. When you are done, save the file in the format flastname_Week_6_Problem_Set.docx (where flastname is your first initial and your last name), and submit it to the appropriate Dropbox. Chapter 29 (pages 983-984): 1. What inherent characteristic of corporations creates the need for a system of checks on manager behavior? The fact that investors are not the ones actually working within the company
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