Sarbanes Oxley Act of 2002 Essay Example for Free

Sarbanes Oxley Act of 2002 Essay Descriptions of the main aspects of the regulatory environment which will protect the public from fraud within corporations are going to be provided in this paper. A special attention to the Sarbanes – Oxley Act of 2002 (SOX) requirement; along with an evaluation of whether Sarbanes-Oxley Act will be effective in avoiding future frauds based on their implemented rules and regulations. The main aspects of the regulatory environment are based on the different laws and regulations the different governmental institutions such as federal, state, and local developed to create control over business practices. The regulatory environment creates a positive business financial operational environment as well as efficiency in management, integration of capital flow and domestic savings. For instance, the Securities Act of 1933 which provides regulations and laws to those offering corporate stocks to the public (University of Phoenix, 2014). Another regulatory environment is the Securities Act of 1934. The Securities Act of 1934 regulates and uses laws for trading stocks on markets that are consider as secondary markets like the New York Stock Exchange. The Securities Act of 1933 also provides the requirements for financial reporting and auditing for corporations (University of Phoenix, 2014). When looking at the history of the business environment regulatory compliance has been part of the process of conducting business. In addition, in most industries the different organizations are going to find different rules and regulations that are presented by the government, requiring companies to follow them. In the event, these are not followed the business will be confronted with penalties for not following the regulations that are clearly defined by the government. As time progresses, many regulations were created to help and prevent fraud against the public. Some of these regulations include the requirement of state filing, and laws to create fair lending to the public. An example of this is the Securities and Exchange Commission also known as the SEC. The SEC is a major aspect of the regulatory environment. â€Å"The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation † (SEC, 2013, para. 1). In today’s environment, many are utilizing the market as a way to secure their future. The way to secure the future is by purchasing and paying for a home, pay for children college tuition, as well as any  other expenses. As investors, it is important that the SEC does protect these individuals. According to the SEC (2013) â€Å"the common interest of all Americans in a growing economy that produces jobs, improves our standard of living, and protects the value of our savings means that all of the SECs actions must be taken with an eye toward promoting the capital formation that is necessary to sustain economic growth† (para. 4). The U.S. Securities and Exchange Commission (2013) states â€Å"the laws and rules that govern the securities industry in the United States derive from a simple and straightforward concept: all investors, whether large institutions or private individuals, should have access to certain basic facts about an investment prior to buying it, and so long as they hold it† (para. 6). To ensure this rule is followed by ever organization the SEC requires public companies to make the appropriate financial state available to the general public. Making this statement public, future investors as well as current investors can clearly see and determine whether or not the investor wants to purchase, sell or hold an investment. The SEC (2013) also states â€Å"the result of this information flow is a far more active, efficient, and transparent capital market that facilitates the capital formation so important to our nations economy† (para. 7). The SEC is proactively working with other major markets that participate in environmental securities to certify that this guideline is being followed. One of the SEC functions is to supervise the participants in the area of securities world. The securities would include the areas of securities exchanges, securities brokers and dealers, mutual funds as well as investment advisors. Another function the SEC provides is the promotion of disclosure of market related information and to maintain appropriate dealings. In addition, as a yearly procedure the SEC submits civil enforcement actions to those individuals and companies violating any of the securities laws. The infractions can include accounting fraud, trading misconduct, and providing deceptive as well as false information in regards the company’s procedures or securities. In doing this yearly event and disclosing market related data, it allows the SEC to protect companies and individuals against fraud. The SEC is an organization that works closely with other institutions to ensure rules and regulations are implemented and followed by the public. Some of the institutions that work with the SEC include Congress, self-regulatory organizations such as stock  exchange, federal departments, the state securities regulators, and different private sector. The Securities and Exchange Commission is one of the main regulatory environments that assist to protect the public from fraud that a corporation can commit. Another regulatory environment that collaborates with the enforcement of the rules and regulations is the Sarbanes – Oxley Act (SOX). The Sarbanes – Oxley is a regulatory act â€Å"passed by Congress in 2002 in response to a series of massive corporate frauds (i.e., Enron, WorldCom)† (University of Phoenix, 2014, p. 3). When Congress passed the Sarbanes-Oley Act, it was â€Å"to provide greater protections to investors, creditors, and other stakeholders† (University of Phoenix, 2014, p. 3). SOX will provide greater protection by â€Å"reducing unethical corporate behavior† (University of Phoenix, 2014, p. 3). The SOX play a major function with the SEC because not only this also helps protect the public from fraud a corporation can commit, but because this can provide solutions to issues, the SE C is confronted with based on fraudulent accounting practices. A scandal and major concerns on how American Corporations are governed was the Enron and WorldCom scandal of a series of massive corporation frauds. As a result, the Public Company Accounting Reform and Investor Protection Act of 2002 were developed. The act was established to improve transparency, and to create new standards for accounting firms, for management at senior level, for executives, and for board members of public companies. According to Corporate Secretary (2014) a condition this act present is that companies are required â€Å"to have robust internal control systems that can be built into their compliance processes to promote integrity and accuracy within their business operations (para. 2). With the passing of the Public Company Accounting Reform and Investor Protection Act, Congress intent was to help reduce unethical behavior and to eliminate future corporation scandals. As a result of the creation of the Public Company Accounting Reform and Investor Protection Act the penalties for fraudulent financial activities are more severe (Corporate Secretary, 2014). The Sarbanes – Oxley Act has played an important role in the regulatory environment which will protect the public from fraud within corporations. Even when this act has played an important role it is clear the implementation of the act by legislation is not going to solve the problem of fraud. However; with the implementation of The Sarbanes – Oxley  Act, of The Securities and Exchange Commission, The Securities Act of 1933, and The Securities Act of 1934 it has assisted with minimizing fraud as well as to create transparency when companies are following rules and regulations presented by the gover nment. References Corporate Secretary. (2014). Ten events that have changed corporate governance. Retrieved from http://www.corporatesecretary.com/articles/regulation-and-legal/12277/ten-events-have-changes-corporate-governance/ University of Phoenix. (2014). Week 1 Study Guide: Introduction to Financial Reporting. Retrieved from University of Phoenix, ACC561 Accounting website. U.S. Securities and Exchange Commission. (2013). The Investors Advocate: How the SEC Protects Investors, Maintains Market Integrity, and Facilitates Capital Formation. Retrieved from http://www.sec.gov/about/whatwedo.shtml U.S. Securities and Exchange Commission. (2013). Codification of Staff Accounting Bulletins. Retrieved from http://www.sec.gov/interps/account/sabcodet1.htm

The Free Will of Macbeth Essay -- Macbeth essays

The Free Will of Macbeth      Ã‚   Destiny "Destiny is not a matter of chance, it is a matter of choice; it is not a thing to be waited for, it is a thing to be achieved." (William Jennings Bryan) Are we in control of our own destiny, our own fate, or are our lives really already planned and mapped out for us? Does Macbeth willfully choose evil in order to achieve his "destiny"? Or, is his "destiny" doomed by the witches' prophecies? Macbeth may not have made any of his same choices, if the three Weird sisters hadn't come to him. In Shakespeare's play Macbeth, Macbeth is no pawn of fate. Although Macbeth was destined to become king, the path he chose to take to achieve his aspiration of obtaining the throne was of his own free will. Macbeth knew exactly what he was doing in order to attain his destiny of becoming king. Although Macbeth was skeptical about the witches' predictions he later learned as the play progressed that destiny truly determined his future.    The prophecy of the witches was that Macbeth would become king. Nowhere did the witches predict the following events in Macbeth's life before he reached the throne. The prophecy of Macbeth becoming Thane of Cawdor had already come true, enhancing Macbeth's aspirations of becoming king. The second prophecy would certainly come true for him, but he has to choose how to get there. Macbeth was destined for the throne, however obtaining that destiny was completely up to him. Killing Duncan seemed to be the only way for him, even though he knew it was wrong. Macbeth was well-aware his actions were immoral and unjust, and he continued with the murders anyway. He contemplates the reasons for why it would be wrong to kill Duncan, showing he could have ... ...rely different way if he had not already been told his future. The witches could have very well enhanced Macbeth's desires he had held up inside him, causing him to make such evil and terrible choices. Macbeth believed that there was a destiny, for he was so threatened by Banquo's destiny of being father to a whole line of kings, that he had Banquo murdered. As the play progressed, Macbeth learned that his destiny ultimately forms his future.    All Macbeth's actions were choices to attain his destiny, but they were nonetheless choices of his own free will. Macbeth was destined to become king; however, destiny doesn't come along with the choices made to achieve that destiny. Macbeth knew what he was doing.    Work Cited Shakespeare, William.   Tragedy of Macbeth . Ed. Barbara Mowat and Paul  Ã‚   Warstine. New York: Washington Press, 1992.  Ã‚  Ã‚  

Frito Lay Case Study

Develop A Plan for Implementing the Chosen Alternative Porter’s Generic Business Strategy Cost Leadership Strategy It is a low cost strategy focusing on broad mass market. – Requires good scale facilities, tight cost and overhead controls and cost minimization in selected functional areas like manufacturing cost, marketing, r & d and advertising Reasons for cost reduction:- Learning experience Frito Lay’s is a worldwide leading manufacturer of snack chips and has 8 to 10 top ten famous brand with brand loyalty customers. They have skills and thereby increase the productivity of the labour.Specialisation and division labour Standardization of work may increase productivity by labour. Efficency is the key factor with less training. – Economies of scale Mass production will reduce the cost. As per test market, Frito Lay’s will be serving about 1. 98 million households that are identified as users of snack chips at the area of Minneapolis – St. P aul Metropolitan. As such, – Control of expenses can charge lower price to customer – Low price strategy serves as a barrier of entry to competitors Differentiation Strategy It is pursued when the product can be differentiatedSun Chips Multigrain Snack is a crispy consisting of blend whole wheat, rice, corn and oat flours with lightly salty multigrain taste and slightly sweet aftertaste. Brand loyalty able to create barriers to entry for new entrants Frito Lay’s has good reputable brand name with their other well-known brand and it is difficult for competitors to entry for new entrants due to high cost of marketing. Frito Lay could use their brand name as the key differentiating strategy in attracting new customer 3. Focus Strategy – Focuses on certain segments of the market in selling productsFrito Lay’s target market segment is those who is taking snack but not everyday because of health conscious concerns – Able to focus efforts on specif ic target market segment more efficiently Develop A Plan for Implementing the Chosen Alternative Porter’s Generic Business Strategy Cost Leadership Strategy It is a low cost strategy focusing on broad mass market. – Requires good scale facilities, tight cost and overhead controls and cost minimization in selected functional areas like manufacturing cost, marketing, r & d and advertisingReasons for cost reduction:- Learning experience Frito Lay’s is a worldwide leading manufacturer of snack chips and has 8 to 10 top ten famous brand with brand loyalty customers. They have skills and thereby increase the productivity of the labour. Specialisation and division labour Standardization of work may increase productivity by labour. Efficency is the key factor with less training. – Economies of scale Mass production will reduce the cost. As per test market, Frito Lay’s will be serving about 1. 8 million households that are identified as users of snack chips at the area of Minneapolis – St. Paul Metropolitan. As such, – Control of expenses can charge lower price to customer – Low price strategy serves as a barrier of entry to competitors Differentiation Strategy It is pursued when the product can be differentiated Sun Chips Multigrain Snack is a crispy consisting of blend whole wheat, rice, corn and oat flours with lightly salty multigrain taste and slightly sweet aftertaste.Brand loyalty able to create barriers to entry for new entrants Frito Lay’s has good reputable brand name with their other well-known brand and it is difficult for competitors to entry for new entrants due to high cost of marketing. Frito Lay could use their brand name as the key differentiating strategy in attracting new customer 3. Focus Strategy – Focuses on certain segments of the market in selling products Frito Lay’s target market segment is those who is taking snack but not everyday because of health conscious concer ns – Able to focus efforts on specific target market segment more efficiently Frito Lay Case Study Develop A Plan for Implementing the Chosen Alternative Porter’s Generic Business Strategy Cost Leadership Strategy It is a low cost strategy focusing on broad mass market. – Requires good scale facilities, tight cost and overhead controls and cost minimization in selected functional areas like manufacturing cost, marketing, r & d and advertising Reasons for cost reduction:- Learning experience Frito Lay’s is a worldwide leading manufacturer of snack chips and has 8 to 10 top ten famous brand with brand loyalty customers. They have skills and thereby increase the productivity of the labour.Specialisation and division labour Standardization of work may increase productivity by labour. Efficency is the key factor with less training. – Economies of scale Mass production will reduce the cost. As per test market, Frito Lay’s will be serving about 1. 98 million households that are identified as users of snack chips at the area of Minneapolis – St. P aul Metropolitan. As such, – Control of expenses can charge lower price to customer – Low price strategy serves as a barrier of entry to competitors Differentiation Strategy It is pursued when the product can be differentiatedSun Chips Multigrain Snack is a crispy consisting of blend whole wheat, rice, corn and oat flours with lightly salty multigrain taste and slightly sweet aftertaste. Brand loyalty able to create barriers to entry for new entrants Frito Lay’s has good reputable brand name with their other well-known brand and it is difficult for competitors to entry for new entrants due to high cost of marketing. Frito Lay could use their brand name as the key differentiating strategy in attracting new customer 3. Focus Strategy – Focuses on certain segments of the market in selling productsFrito Lay’s target market segment is those who is taking snack but not everyday because of health conscious concerns – Able to focus efforts on specif ic target market segment more efficiently Develop A Plan for Implementing the Chosen Alternative Porter’s Generic Business Strategy Cost Leadership Strategy It is a low cost strategy focusing on broad mass market. – Requires good scale facilities, tight cost and overhead controls and cost minimization in selected functional areas like manufacturing cost, marketing, r & d and advertisingReasons for cost reduction:- Learning experience Frito Lay’s is a worldwide leading manufacturer of snack chips and has 8 to 10 top ten famous brand with brand loyalty customers. They have skills and thereby increase the productivity of the labour. Specialisation and division labour Standardization of work may increase productivity by labour. Efficency is the key factor with less training. – Economies of scale Mass production will reduce the cost. As per test market, Frito Lay’s will be serving about 1. 8 million households that are identified as users of snack chips at the area of Minneapolis – St. Paul Metropolitan. As such, – Control of expenses can charge lower price to customer – Low price strategy serves as a barrier of entry to competitors Differentiation Strategy It is pursued when the product can be differentiated Sun Chips Multigrain Snack is a crispy consisting of blend whole wheat, rice, corn and oat flours with lightly salty multigrain taste and slightly sweet aftertaste.Brand loyalty able to create barriers to entry for new entrants Frito Lay’s has good reputable brand name with their other well-known brand and it is difficult for competitors to entry for new entrants due to high cost of marketing. Frito Lay could use their brand name as the key differentiating strategy in attracting new customer 3. Focus Strategy – Focuses on certain segments of the market in selling products Frito Lay’s target market segment is those who is taking snack but not everyday because of health conscious concer ns – Able to focus efforts on specific target market segment more efficiently

Contractual Right and Responsibilities - Free Essay Example

Sample details Pages: 5 Words: 1486 Downloads: 10 Date added: 2017/06/26 Category Management Essay Type Narrative essay Did you like this example? 1 | Page Contractual Right and Responsibilities Nowadays there are a lot of rights and responsibilities for employer as well as employee at every work place. Rights at work depend on statutory rights written by law and contract of employment in between an employer and an employee. The contract of employment can differ slightly within the businesses but statutory rights are all similar for everyone. Don’t waste time! Our writers will create an original "Contractual Right and Responsibilities" essay for you Create order What an employer is responsible for and the legislation that affects that? There are lot of statutory rights from an employer based on laws passed by Parliament. They are: to be paid the national minimum wage not to have illegal deductions made to have paid holidays, at least 28 days a year to receive a written contract to have itemised pay slips to have time off work for trade union duties; if being redundant; for study or training for 16-17 year olds; for antenatal care to have paid maternity, paternity and adoption leave to ask for flexible working to work 48-hour a week, have weekly and daily rest breaks no discrimination to work till at least 65 to receive notice of dismissal, as well as written reasons for that; employee can claim compensation if unfairly dismissed to claim redundancy pay to work partà ¢Ã¢â€š ¬Ã¢â‚¬Å"time and receive the same contractual rights as a full-time worker Under Health and Safety at Work Act 1974 employers are responsible for health and safety management. It is their duty to protect the health and safety of their employees and other people who can be affected by their business. They should carry out risk assessments at work for identifying any harm at a workplace. Employees should receive a full Health and Safety training before starting any job especially building jobs; they should know how to deal with the risks at work.[1] Contract of Employment The contract of employment is a written or verbal agreement between the employer and the employee. After 2 months of employment every employee should receive a written contract of employment. Contract of Employment must include such elements as: Job title which position you are going to occupy Wages how much money are you going to be paid Hours of work à ¢Ã¢â€š ¬Ã¢â‚¬Å" how many hours a week you are going to work Sick pay à ¢Ã¢â€š ¬Ã¢â‚¬Å" how much are you going to be paid while being sick Holiday entitlement à ¢Ã¢â€š ¬Ã¢â‚¬Å" how many paid days off are you going to have a year Pension schemes Notice à ¢Ã¢â€š ¬Ã¢â‚¬Å" how many days before you should notify your employer about leaving the job Grievance, dismissal and disciplinary procedures[2] What an employee required to do and the legislation affecting them? The employee required to know all the statutory rights they have and always read through the contract of employment before signing it. Employees are responsible for: Carrying out the duties of their position Complying with workplace rules, regulations, policies and legislation Informing the supervisor or manager of any unlawful or discriminatory behaviour Treating clients, co-workers and the public with respect By law employees are responsible: to create a healthy environment at work which will be free of discrimination to cooperate with and participate in the employerà ¢Ã¢â€š ¬Ã¢â€ž ¢s attempts in accommodating employeeà ¢Ã¢â€š ¬Ã¢â€ž ¢s needs that are protected by law to cooperate with the employer in accommodating co-workers. For example: if there is an employee with a disability, other employees might be doing the job which disable person cannot perform to follow Health and Safety rules at a work place to co-operate with employers and co-workers or not to have an offensive behaviour at work and outside There are lots of rights and responsibilities for every person involved in work process. The most important thing is to obey these rules and always to carry out only legal actions which are protected by law.[3] Employment Legislation Working time regulations You have basic rights as a full-time employee. They are: you cannot work more than 48 hours a week you are entitled to 28 days paid leave per year if you work 5 days a week you are permitted to have at least 11 hours rest between working days after working 6 hours or work you need to have a 20-minute rest break you have the right to either 24 hour free from work period each week or 48 hours each fortnight National Minimum Wage As of 1 October 2013 national minimum wage is:  £6.31 per hour à ¢Ã¢â€š ¬Ã¢â‚¬Å" 21 years old and more  £5.03 per hour à ¢Ã¢â€š ¬Ã¢â‚¬Å" 18-20 years old  £3.72 per hour à ¢Ã¢â€š ¬Ã¢â‚¬Å" 16-17 years old Sick Leave and Pay If you are sick and not able to work you only need to inform your employer and to provide proof of illness after 7 days off work sick. Weekly Statutory Sick Pay is  £86.70 for up to 28 weeks. Notice of dismissal The procedure of dismissal is: send you a written statement with the reason to dismiss you hold a meeting with you to discuss the matter hold an appeal meeting with you, if you are not agree with your employer and want to appeal against dismissal if you still disagree with the result of your appeal you can still take your employer to an employment tribunal The period of notice is: one week à ¢Ã¢â€š ¬Ã¢â‚¬Å" if you worked for one month but less than 2 years two weeks à ¢Ã¢â€š ¬Ã¢â‚¬Å" if you worked for two whole years one extra week for each year of employment Employment Act 2008 The employerà ¢Ã¢â€š ¬Ã¢â€ž ¢s duty is to make reasonable adjustments to grievance, disciplinary and other workplace procedures. Disciplinary situations include misconduct and poor performance. Grievances are concerns, problems or complaints that employees can raise with their employers[4]. Equality Act 2010 The Equality Act consists with over 116 separate bits of legislation into one single Act. The nine main bits are: the Equal Pay Act 1970 the Sex Discrimination Act 1975 the Disability Discrimination Act 1995 the Race Relations Act 1976 the Employment Equality Regulations 2003 (Religion and Sexual Orientation) the Employment Equality Regulations 2006 the Employment Equality Regulations 2006 part 2 the Equality(Sexual Orientation) Regulations 2007 Data Protection Act 1998 Any company or professional that wants to store personal data from their clients are under requirements of the Data Protection Act. There are several requirements: Information must be processed fairly and lawfully Information collected must be processed for limited purposes Information collected must be accurate and up to date Information collected must be adequate, relevant and not excessive Information must be processed according to individualà ¢Ã¢â€š ¬Ã¢â€ž ¢s rights Information must be not held for longer than is necessary Information must be kept secure Information must not be spread outside the European Economic Area Working in office Under the legislation there are several rules which have to be followed while working in an office. They are: Working Environment: cleanliness à ¢Ã¢â€š ¬Ã¢â‚¬Å" all furniture, furnishings and fittings in the office shall be kept in a clean state overcrowding à ¢Ã¢â€š ¬Ã¢â‚¬Å" the room where you work shouldnà ¢Ã¢â€š ¬Ã¢â€ž ¢t be overcrowded that may lead to injury at a work place temperature à ¢Ã¢â€š ¬Ã¢â‚¬Å" effective provision shall be made for maintaining a reasonable temperature in the office ventilation à ¢Ã¢â€š ¬Ã¢â‚¬Å" the room should be ventilating frequently lighting à ¢Ã¢â€š ¬Ã¢â‚¬Å" there should always sufficient and suitable lighting in the room, whether natural or artificial[5] Welfare Facilities: sanitary conveniences there should be suitable and sufficient sanitary conveniences for workers use; they should be kept clean all the time washing facilities à ¢Ã¢â€š ¬Ã¢â‚¬Å" there should be suitable washing facilities, supply of clean towels and soap, cold and warm water supply of drinking water should be sufficient and clean rest and eating à ¢Ã¢â€š ¬Ã¢â‚¬Å" there should be suitable rest facilities where workers can eat meals; there should be a canteen or a place where workers can obtain hot food changing facilities à ¢Ã¢â€š ¬Ã¢â‚¬Å" there should be changing facilities in areas where special clothing is required(for example: uniforms or special protective clothes) Workplace Safety: maintenance à ¢Ã¢â€š ¬Ã¢â‚¬Å" any equipment or part of the workplace that could bring a risk to the health, safety or welfare of staff should be maintained in a safe condition floors, doors, walls and windows à ¢Ã¢â€š ¬Ã¢â‚¬Å" should be in good condition, should be made from safety materials and protected against breakage While working in the office you will be dealing with lots of different electric devices. Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s take as an example Display Screen Equipment (DSE). If you regularly use DSE at work you must: analyse workstations to assess and reduce risks of injury make sure controls are in place have a special training obtaining all information required for use of this equipment do regular eye and eyesight tests[6] Jevgenija MalisevskajaCentre number 54354Unit 17, Task 3 [1] material were taken from https://www.hse.gov.uk/workers/responsibilities.htm [2] materials were taken from https://www.out-law.com/page-455 [3] Materials were taken from https://www.adviceguide.org.uk/england/work_e/work_rights_at_work_e/basic_rights_at_work.htm [4] Materials were taken from https://www.adviceguide.org.uk/england/work_e/work_rights_at_work_e/basic_rights_at_work.htm [5] Materials were taken from https://www.adviceguide.org.uk/england/work_e/work_rights_at_work_e/basic_rights_at_work.htm [6] Materials were taken from https://www.adviceguide.org.uk/england/work_e/work_rights_at_work_e/basic_rights_at_work.htm