Importance of Financial Information to Stakeholders

Importance of Financial Information to Stakeholders Financial information contain in annual reports that the companies are published in periodically. That period is identified as reporting period. Company obligates to provide financial information to their various stakeholders during the past reporting period. Annual report is a report the company report their comprehensive transactions and events to publish and provide for required parties. There are few reasons to publish annual reports by companies generally as follows. Because companies have legal obligation between companies and the government act implemented for companies is known as company act 2007 No 7. The company acts section 150, 151, 152 and 153 has mention the obligation to prepare financial statements, content and form of financial statements, obligation to prepare group financial statements and content and form of group financial statements accordingly. Stakeholders of the company require the financial information for following reasons. To know how well the company is doing. To find company has earned more money than they spent. To get an idea about strategic and tactical plans of the management. To provide information to make decisions who make decisions about organisatoin. Avoid dissimulations and corruptions of the organisation. Through the audit process, organisations will be able to identify weaknesses of their control of procedures and corruptions occurred due to them. To obtain and fulfill the financial requirements from monitory markets via financial equipments such as shares, debentures, bank loans and etc. 1.1. Importance of Financial Information to Stakeholders However the financial information require by stakeholders of the organisation. Stakeholder of the organisation can divide into two. The bellow chart represents the stakeholders of the organisation according to the environment they belongs to. Stakeholders of the Organisation External stakeholders a). Suppliers and Trade creditors b). Government c). Consumers d). Public e). Medias Internal Stakeholders a).Directors Managers b). Shareholders c). Employees (Diagram 01) Above chart shows the deviation of stakeholders of the organisation and they require financial information due to various purposes. 1.1.1. Directors and Managers To make decisions about the organisation in different time and in different level. Directors and managers of the organisation are taking different types of decisions as follows. About new investment and project appreciation decision. About continued and discontinued operations. Dividend decisions. Diversified business decision. Winding up decision. To establish overall objectives and periodical targets. To avoid dissimulations and corruptions. To establish squired systems and strengthens control of procedures. To increase the productivity level of the organisation. 1.1.2. Shareholders To determine whether their investment will be sold, Holt or bought more shares of the organization. To decided the fairness of the returned for their investments. To determine the going concern of the organisation. To obtain wide knowledge about the organizational activities. To compare their investments and their benefits with other competitive organizations and industries. 1.1.3. Employees To know about the stability and profitability of the employer. To know about remuneration, retirement benefits, and employment opportunities are in organisation To ensure the job security with the current employer. To ensure the fairness of the salaries and wages they obtain from the organization according to their earnings. To have a clear view about other operations of the organisation. 1.1.4. Suppliers To ensure their payments of supplies will be received on due. To ensure the stability of their customers. To have knowledge about other products and their suppliers of the organisation. To compare their transaction with existing and other companies To find other competitive suppliers and their contribution towards the organisation. To find opportunities to supply more. 1.1.5. Government To collect accurate taxes and amounts from organizations on due dates. To provide government benefaction to improve their business. To obtain financial and non-financial assistance for government development projects. To ensure the organizations oversee their employees in reasonable way. To ensure the organizations compliance with government rules, regulations and acts that established by the government. 1.1.6. Consumers To have knowledge about the cost structure of the products that the organisation is producing. To ensure the stability of the organisation. To know about the organizations profitability, because profitability is a shed light to know about products impossible growth, improvements, best customer service and low price strategic implications. To know about CSR programs conducted by the organisation. 1.1.7. Public To conscious about organizations substantial contribution towards the society. To know about the opportunities to link with the organisation. To know about CSR contribution towards the country. To conscious their activities which can be affected to interest of the nature and the country. 2. Standards requirement for published Financial Statements The entire organizations specially registered in Sri Lanka need to prepare their financial statements according to the requirements of the accounting standard issued by the Institute of Chartered Accountants of Sri Lanka (ICASL). ICASL is responsible for prepare and issue all accounting standard which are relative and necessary to prepare financial statements. The entire organizations need to be adopted and compliance with the accounting standard which issued by the ICASL and need to mentioned under the notes to the financial statements of their annual report. This note can identify as Note of Compliance. As an example Richard Pearis PLC has mentioned their note of compliance as follows. The Financial Statements of the Company and the Group, comprising the Balance Sheet, Income Statement, Statement of Changes in Equity, the Cash Flow Statement, Accounting Policies and Notes to the Financial Statements are prepared on the basis of the historical cost conventions, and in conformity with Generally Accepted Accounting Principles and Accounting Standards laid down by the Institute of Chartered Accountants of Sri Lanka. These principles and standards have been applied consistently with that of the previous year. No adjustments are made for inflationary factors affecting these Financial Statements. There is a list of accounting standards. Its consisting with 28 LKASs and 8 SLFRSs. (See appendix 01). 2.1. LKAS 8: Accounting Policies, Changes in Accounting Estimates and Errors As per the requirement of LKAS 8 all of the companies need to mention their accounting policies estimates that they have used to prepare their financial statements during the reporting period. Because due to the change of any policy of the company will be affected retrospectively and caused to restated of comparative information unless it is impracticable to do so. Appendix 02 represents significant accounting policies and estimates that use by Richard Pearis PLC. 2.2. SLFRS 8: Operating Segments As per the above standard company may have some operating segments. Operating segment can define as follows; Operating segment is a component of an entity, It may earns revenue and incur expenses to the organisation, Operating results are revived by board of directors and Discrete financial information is available. Bellow table shows the segmental operations of Richard Pearis PLC. (Table 01) (Richard Pearis PLC, (2012). Financial Statements In: (ed), Arpico Annual Report. 2012: Sri Lanka pp.41.) 2.3. LKAS 34: Interim Financial Reporting. LKAS 34 requires preparing interim financial reports due to timely and reliable interim financial reporting improves the ability of investors, creditors, and other to understand an enterprises capacity to generate earnings and cash flows and its financial conditions and liquidity. Richard Pearis PLC prepares their interim financial reports according to the following financial colander. 2.4. SLFRS 4: Insurance Contracts This standard is applied virtually all insurance contracts that an entity issues and to reinsurance contracts that it hold. This is not applied to other assets and liabilities such as covering under the scope of LKAS 39 financial instruments recognition and measurement. Therefore company need to disclosure following information as requirement of this standard. Accounting policies for insurance contracts and related assets, liabilities, income and expenses. The recognized assets, liabilities, income, expenses and cash flows arising from insurance contracts. If the insurer is a cedant, certain additional disclosures are required. Information about assumptions that have the greatest effect on the measurement of assets, liabilities, income and expenses including, if practicable, quantified disclosures of those assumptions. The effect of changes of assumptions. Reconciliations of changes in insurance liabilities, reinsurance assets and if any related deferred acquisition cost. 2.5. SLFRS 6: Exploration for and Evaluation of Mineral Resources Under this standard affected activities such as; The search for mineral , Determination of the technical feasibility and commercial viability of extracting those resources. Following are specially excluded from the scope of the SLFRS 6; Expenditures incurred before the entity has obtained legal rights to explore in a specific area and Expenditure incurred after the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. The accounting policy that entity can apply for mineral resources are; All expenditures related to exploration and evaluation assets need to incur to profit and loss and first recognition of the asset required to measure at cost, subsequently whether cost or revaluation model. Exploration and evaluation assets need represent in balance sheet, if its satisfy LKAS 16 requirements under property plants and equipments or if its satisfy LKAS 38 requirements under intangible assets. 2.6. LKAS 16: Property Plant and Equipments Property, Plants and Equipments (PPE) are tangible items that; Are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes and Are expected to be use during more than one accounting period. (Mapitiya, (2011). Definitions of Standard In: Gayan (ed), LKAS 16 Property plant and Equipment. 1st ed. 2011: Sri Lanka pp.4.) The cost of assets of an item of PPE shall be recognized as assets if and only if; It is probable that future economic benefits generate with the item will flow to the entity. The cost of the item can be measured reliably. All property, plant and equipments require to represent in balance sheet under non-current assets and need to be valued whether cost or revaluation model. Every property, plant and equipment need depreciate. Depreciation can define as systematic allocation of the depreciable amount of an asset over its useful life. Depreciable Amount = Cost-Residual Value Useful life of the asset is the period the entity is expected to use. It will be vary from each and every asset. Company can use different types of depreciation methods that mentioned in the standard. They are; Straight line method. Reducing Balance method. Units of production method. 2.7. LKAS 38: Intangible Assets Intangible Assets are that identifiable non-monitory assets without any physical substance. (Jayasigha, (2011). Intangibla Assets In: Dimuthu (ed), LKAS 38. 1st ed. 2011: Sri Lanka pp.2.) There are three critical features of intangible assets. They are

Re-organization and Layoff Team Discussion & Summary Essay

Mismanaged layoffs can go ‘horribly wrong.’ The effect of mismanaged LAYOFFs on the remaining workforce and the effects, lack of management preparation, the human condition, and lack of mitigation strategies. We think that the problem with this article is that not enough managers or HR personal, know how to let a person go from their employment effectively. They sometimes don’t realize the impact that it has on the other employees morals. Also, that sometimes companies don’t take a closer look to make sure downsizing will be the answer to cutting costs like they think that it will. Every HR or manager should be let go in their lifetime so that they know what it feels like. I believe that this statement holds tremendous merit because the best lessons in life are learned through personal experience. In order to adequately communicate life changing messages of sorts, it should be done by a seasoned manager. I will be very surprised if any company has a potential layoff learning path that will coach and train the management staff for these kinds of things. It is imperative to be sensitive to the individual being laid off as this will impact their livelihood significantly. I do agree that other options much is explored such as relocating or wage cuts before making the decision to lay off people. The Problem Layoffs create uncertainty in the workforce causing loss of productivity in remaining the remaining workforce. The article addresses that a manager’s approach is paramount; we don’t disagree with this sentiment, but I don’t see it as a large of an issue as the author of the article. If a company is at a point where they are laying off employees, all other options should have been exhausted. The author writes the article from the position that managers don’t know how manage and that layoff are ineffective. I agree layoffs are not useful, but an amount of respect or approach refinement is  going to make the loss of income any easier; I compare that to putting lipstick on a pig. Trying to make a bad situation easier is often more disrespectful than being direct. Firing is something that is done privately and should be kept confident between the manager and the employee being let go. If a manager is letting, someone go for the right reasons the example should be evident to the employees as cause and effect; being held accountable for their actions. If the Manager is abusing their hiring/firing authority that would affect employee morale; forced silence, uncertainty, etc. Problem Solutions The options that were covered in the group discussion I feel very informative. When it comes to releasing someone, whether it is a termination or a layoff, it was discussed if training for those types of situations would be suitable, or if one could even prepare to carry out something of that delicate nature. You can train someone how to do anything, but that does not necessarily mean it will be conducted in the manner it was taught. I think it all highly depends on the situation and the individual who is delivering the news to the employee. The author’s best point is one of the best solutions; transparency. Managers should allow people the autonomy of reacting, working through, and coping with a layoff in their own way. Transparency is the most respectful approach that management can take as it shows them the truth of the situation and explains the steps being taken and why. I would add rather than trying to find another position within the company as suggested (the company is already struggling!?) they could offer employment assistance to other enterprises; communicate with other organizations in the same industry to identify openings that people would fit into well. They could put together a communications package that shows them what benefits are available, assistance programs, etc.

Operation Management

agement AEREN FOUNDATION’S Maharashtra Govt. Reg. No. : F-11724 [pic] SUBJECT : OPERATIONS MANAGEMENT Total Marks : 80 CASE-1 (16 Marks) Bloomsday Outfitters produces T-shirts for road races. They need to acquire some new stamping machines to produce 30,000 good T-shirts per month. Their plant operates 200 hours per month, but the new machines will be used for T-shirts only 60 percent of the time and the output usually includes 5 percent that are â€Å"seconds† and unusable. The stamping operation takes 1 minute per T-shirt, and the stamping machines are expected to have 90 percent efficiency considering adjustments, changeover of patterns, and unavoidable downtime. How many stamping machines are required? CASE-2 (16 Marks) In the table given below the Distribution Manager is expected to service these DCs as per the demands placed. If the actual sales after completing week one is as follows, what would be the quantities that would need amendment as far as Distribution Manager is concerned to service for week two and onwards? After week one the actual sales to Forecasted sales for week one ratio is as under: Mumbai did 80 % of forecast , Lucknow did 75 % of forecast Kolkata did 60 % of week one forecast Chennai did 125 % of forecast and Delhi did 150 % of week one forecast [pic] Note : Kolkata will receive transit stocks in week 2 . CASE-3 (16 Marks) After working for 30 years, Ramjee Somjee Dutt opted for VRS and started a courier company and did very well in the first four years. He was now looking for expansion of his business and decided to venture into Road transportation business between Chennai and Mumbai and Mumbai and Delhi as he felt that he could do well on this line. However before taking a final decision he hires your Management Consultant firm formed by yourself. He has requested you to work out the Price to quote his clients for these two routes considering the costs involved. He expects to earn a minimum profit of Rs 1000 per day per truck after meeting all expenses. Your analysis of market conditions tell you the following: Vehicle cost Rs 7 lacs Depreciation 15 % Maintenance costs per day Rs 150 Drivers monthly Salary Rs 5000 : Attendants monthly salary Rs 3000 . Misc expenses Rs 200 per day. Driver allowance is Rs 125 per day and attendant gets Rs 75. Diesel cost per liter is Rs 25 and the vehicle gives an average mileage of 4 km to a liter. The Financial institutions offer loans at 10 % interest pa, which Ramjee has been negotiating. It has been observed that on an average the vehicle covers 400 km per day. The distance between Mumbai to Delhi is 1500 km and Mumbai to Chennai is 1350 km. The driver gets rest day in Mumbai only for one day after they return from any trip. CASE-4 (16 Marks) A company is operating in two unrelated businesses. The first one is making common salt, which is sold in one-kilogram consumer packs. The second business is making readymade garments. The owner of the businesses has decided to implement Materials Requirement Planning (MRP) in one of the two businesses, which is likely to give him greater benefit. Assuming that the current turnover and profits of both the units are comparable, compare the relative benefits and limitations of Materials Requirement Planning (MRP) for these two businesses. CASE-5 (16 Marks) A Manufacturer of motorcycles buys spark plugs at Rs. 15 each. Now he wishes to manufacture the plugs in his own factory. The estimated cost for the manufacture of spark plugs is around Rs. 50,000=00 and the variable cost comes to Rs. 5 per spark plug. The Production Manager advises the Manufacturer that the factory should go for manufacturing instead of procuring them from the open market. List out reasons for the decision of the Production Manager backed up by the necessary data. ———————– AN ISO 9001 : 2008 CERTIFIED INTERNATIONAL B-SCHOOL Operation Management agement AEREN FOUNDATION’S Maharashtra Govt. Reg. No. : F-11724 [pic] SUBJECT : OPERATIONS MANAGEMENT Total Marks : 80 CASE-1 (16 Marks) Bloomsday Outfitters produces T-shirts for road races. They need to acquire some new stamping machines to produce 30,000 good T-shirts per month. Their plant operates 200 hours per month, but the new machines will be used for T-shirts only 60 percent of the time and the output usually includes 5 percent that are â€Å"seconds† and unusable. The stamping operation takes 1 minute per T-shirt, and the stamping machines are expected to have 90 percent efficiency considering adjustments, changeover of patterns, and unavoidable downtime. How many stamping machines are required? CASE-2 (16 Marks) In the table given below the Distribution Manager is expected to service these DCs as per the demands placed. If the actual sales after completing week one is as follows, what would be the quantities that would need amendment as far as Distribution Manager is concerned to service for week two and onwards? After week one the actual sales to Forecasted sales for week one ratio is as under: Mumbai did 80 % of forecast , Lucknow did 75 % of forecast Kolkata did 60 % of week one forecast Chennai did 125 % of forecast and Delhi did 150 % of week one forecast [pic] Note : Kolkata will receive transit stocks in week 2 . CASE-3 (16 Marks) After working for 30 years, Ramjee Somjee Dutt opted for VRS and started a courier company and did very well in the first four years. He was now looking for expansion of his business and decided to venture into Road transportation business between Chennai and Mumbai and Mumbai and Delhi as he felt that he could do well on this line. However before taking a final decision he hires your Management Consultant firm formed by yourself. He has requested you to work out the Price to quote his clients for these two routes considering the costs involved. He expects to earn a minimum profit of Rs 1000 per day per truck after meeting all expenses. Your analysis of market conditions tell you the following: Vehicle cost Rs 7 lacs Depreciation 15 % Maintenance costs per day Rs 150 Drivers monthly Salary Rs 5000 : Attendants monthly salary Rs 3000 . Misc expenses Rs 200 per day. Driver allowance is Rs 125 per day and attendant gets Rs 75. Diesel cost per liter is Rs 25 and the vehicle gives an average mileage of 4 km to a liter. The Financial institutions offer loans at 10 % interest pa, which Ramjee has been negotiating. It has been observed that on an average the vehicle covers 400 km per day. The distance between Mumbai to Delhi is 1500 km and Mumbai to Chennai is 1350 km. The driver gets rest day in Mumbai only for one day after they return from any trip. CASE-4 (16 Marks) A company is operating in two unrelated businesses. The first one is making common salt, which is sold in one-kilogram consumer packs. The second business is making readymade garments. The owner of the businesses has decided to implement Materials Requirement Planning (MRP) in one of the two businesses, which is likely to give him greater benefit. Assuming that the current turnover and profits of both the units are comparable, compare the relative benefits and limitations of Materials Requirement Planning (MRP) for these two businesses. CASE-5 (16 Marks) A Manufacturer of motorcycles buys spark plugs at Rs. 15 each. Now he wishes to manufacture the plugs in his own factory. The estimated cost for the manufacture of spark plugs is around Rs. 50,000=00 and the variable cost comes to Rs. 5 per spark plug. The Production Manager advises the Manufacturer that the factory should go for manufacturing instead of procuring them from the open market. List out reasons for the decision of the Production Manager backed up by the necessary data. ———————– AN ISO 9001 : 2008 CERTIFIED INTERNATIONAL B-SCHOOL Operation Management agement AEREN FOUNDATION’S Maharashtra Govt. Reg. No. : F-11724 [pic] SUBJECT : OPERATIONS MANAGEMENT Total Marks : 80 CASE-1 (16 Marks) Bloomsday Outfitters produces T-shirts for road races. They need to acquire some new stamping machines to produce 30,000 good T-shirts per month. Their plant operates 200 hours per month, but the new machines will be used for T-shirts only 60 percent of the time and the output usually includes 5 percent that are â€Å"seconds† and unusable. The stamping operation takes 1 minute per T-shirt, and the stamping machines are expected to have 90 percent efficiency considering adjustments, changeover of patterns, and unavoidable downtime. How many stamping machines are required? CASE-2 (16 Marks) In the table given below the Distribution Manager is expected to service these DCs as per the demands placed. If the actual sales after completing week one is as follows, what would be the quantities that would need amendment as far as Distribution Manager is concerned to service for week two and onwards? After week one the actual sales to Forecasted sales for week one ratio is as under: Mumbai did 80 % of forecast , Lucknow did 75 % of forecast Kolkata did 60 % of week one forecast Chennai did 125 % of forecast and Delhi did 150 % of week one forecast [pic] Note : Kolkata will receive transit stocks in week 2 . CASE-3 (16 Marks) After working for 30 years, Ramjee Somjee Dutt opted for VRS and started a courier company and did very well in the first four years. He was now looking for expansion of his business and decided to venture into Road transportation business between Chennai and Mumbai and Mumbai and Delhi as he felt that he could do well on this line. However before taking a final decision he hires your Management Consultant firm formed by yourself. He has requested you to work out the Price to quote his clients for these two routes considering the costs involved. He expects to earn a minimum profit of Rs 1000 per day per truck after meeting all expenses. Your analysis of market conditions tell you the following: Vehicle cost Rs 7 lacs Depreciation 15 % Maintenance costs per day Rs 150 Drivers monthly Salary Rs 5000 : Attendants monthly salary Rs 3000 . Misc expenses Rs 200 per day. Driver allowance is Rs 125 per day and attendant gets Rs 75. Diesel cost per liter is Rs 25 and the vehicle gives an average mileage of 4 km to a liter. The Financial institutions offer loans at 10 % interest pa, which Ramjee has been negotiating. It has been observed that on an average the vehicle covers 400 km per day. The distance between Mumbai to Delhi is 1500 km and Mumbai to Chennai is 1350 km. The driver gets rest day in Mumbai only for one day after they return from any trip. CASE-4 (16 Marks) A company is operating in two unrelated businesses. The first one is making common salt, which is sold in one-kilogram consumer packs. The second business is making readymade garments. The owner of the businesses has decided to implement Materials Requirement Planning (MRP) in one of the two businesses, which is likely to give him greater benefit. Assuming that the current turnover and profits of both the units are comparable, compare the relative benefits and limitations of Materials Requirement Planning (MRP) for these two businesses. CASE-5 (16 Marks) A Manufacturer of motorcycles buys spark plugs at Rs. 15 each. Now he wishes to manufacture the plugs in his own factory. The estimated cost for the manufacture of spark plugs is around Rs. 50,000=00 and the variable cost comes to Rs. 5 per spark plug. The Production Manager advises the Manufacturer that the factory should go for manufacturing instead of procuring them from the open market. List out reasons for the decision of the Production Manager backed up by the necessary data. ———————– AN ISO 9001 : 2008 CERTIFIED INTERNATIONAL B-SCHOOL

A Study of the Gilded Age Essay - 2260 Words

A Study of Social and Economic Aspects of the Gilded Age Henry James and Abraham Cahan lived in the turn of the twentieth century, where social and economic corruptions were gilded by the extreme wealth of the few. This period also marked the beginning of a distinction between the European and American culture. Both authors artistically create in their stories the tragedy and drama of Americans in Europe and Europeans in America. James lived comfortably in both America and Europe, and it showed in his work Daisy Miller: A Study in which he creates a fairy tale land full of extravagant hotels, beautiful sceneries, sparkly blue lakes and well dressed people. Cahan was an immigrant living during the time of mass Americanization of†¦show more content†¦James described Veney as for the entertainment of tourists is the business of the place (James 1501) from the beginning James hints the way American foreigners are perceived does not fit with the outer appearances of Veney. It is a place for the entertainment of the tourists but Daisy and her family, who are tourists, but they are not allowed much entertainment, for everything they did, they get criticized for. When Randolp describes his new home in Rome he says its all gold on the wall (James 1520), since James was a writer during the Gilded Age, it was a way to describe the Miller family. On the outside the Miller looked like they would fit into the social circles because they are wealthy and dresses extremely well. However, their wealth gilds the fact that they are dislike by other Americans. Through this James presented the double standard a society has; society looks down upon the poor folks, but the Millers are still looked down upon because of how they earn their wealth, which is one of the reasons Mrs. Costello used to reject Daisy. It implies James own dislike for the European Americans social circle. James displays his aversion and the hypocrisy of the European Americans social circle. 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The Effects of Bullying and Why Should It Be Stopped Essay

Good morning everybody. I am up here today to give you all a speech about school bullying. Basically, my purpose is to tell you all more about the effects of school bullying and why should it be stopped. Do you all know that one in every four children is a victim of bullying? (P2, Neurotic Ramblings) From the 519 students surveyed by the organization, 129 claimed they had been bullied. (P2, Sunday times 16/7/2006) School bullying is a kind of bullying which happens in an educational environment. The behaviour must be repeated and aggressive in order for it to be considered bullying. So what are the effects of school bullying? Firstly, victims who are bullied can lose interest in school. (Victim point 1, Source 2) This is so as they feel†¦show more content†¦Out of the 37, 10 claimed their reason for doing so is that they were bullied before.† (P2-3, Sunday Times 2006) This is so as they feel that they should retaliate this way when they are provoked. In such cases, the victims do not know how to react with their frustrations. They feel that they need not be kind to others since others treat them in an unkind way. This is a worrying as it might become worse. One example of such case would be Penny, who turned into a bully in Secondary two. She was a victim of school bullying and dealt with her feelings by terrorising others. By doing so, she wanted others to feel her agony. For a year, the bully threw her books out of the window, shouted vulgarities at her and kicked her chair till she almost injured herself. To avenge herself, she would throw her juniors’ bags into the school pond. B y doing so, she claimed that she would feel controlled. ( P5-7, Sunday Times 2006)Therefore, bullying should be stopped as it could cause harm to innocent ones and may even influence others to join bullying as they would feel that they could be higher powered than the rest. 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The Role Of External Auditing On Promoting Good Corporate...

The purpose of this paper is to highlight the role of external auditing in promoting good corporate governance. The role of auditors has been emphasized after the pass of the Sarbanes-Oxley Act as a response to the accounting scandal of Enron. Even though auditors are hired and paid by the company, their role is not to represent or act in favor of the company, but to watch and investigate the company’s financials to protect the public from any material misstatements that can affect their decisions. As part of this role, the auditors assess the level of the company’s adherence to its own code of ethics. External Auditing Since reliable financial information is essential for investors and other stakeholders to take adequate decisions, this reliability must be backed by independent review performed by independent and certified auditing firms, which are supposed to verify and certify financial statements issued by a company’s management. If the auditor is not competent and independent from management, the audit of the financial statements loses its credibility (Schelker, 2013, p.295). According to Impastato (2003), because of audit failures, accountants are to blame for investors losing billions of dollars in earnings in addition to market capitalization (as cited in Grubbs Ethridge 2007). As explained by Schelker (2013), the agency problem between the owners and the management of a ï ¬ rm is at the heart of the corporate governance literature. Hence, there is a need for aShow MoreRelatedSetting And Enforcing Clear Lines Of Responsibility Essay1461 Words   |  6 PagesSetting and Enforcing Clear Lines of Responsibility Good corporate governance needs effective and appropriate regulatory, legal and institutional basis. A variety of elements which including the laws and regulatory framework, and financial accounting standards have an effect on the setting of clear lines of responsibility on auditing (Chiang, 2005). 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Byod at Innovate Technologies

Questions: 1. What are BYODs and how are they currently being used. You should explore a range of applications of BYOD, for example, in areas such as healthcare, education and other software companies. 2. Discuss at least three ways that BYODs could be used to enhance your organisation over the next five years. In particular the CEO would like you to explore ways BYODs could be used to provide opportunities to expand your business both locally and globally. Analyse potential options that could lead to recommendations at the end of your report. 3. Assess the advantages and disadvantages of using BYODs. Consider the current uses by various organisations and possibilities for your organisation (especially those you have considered in tasks 1 and 2 above). Explore the ethical, social and legal considerations, and the potential positive and negative impacts your organisation should consider. These should lead to some recommendations at the end of your report. Answers: 1. Introduction Innovate Technologies is a Sydney based IT company that works to major fields of software development. The first is the mobile application development, where the company develops a range of efficient and time saving application for mobile users. The second field is the information systems development for large organizations. The company develops and supports both the fields equally but has a major share of its business from the information systems development as the clients associated with the same are billion dollar companies. Hence, Innovate technologies is looking for ways to strengthen its bonds with the existing clients and break deals with new clients. The company has an extremely innovative group of employees who are enthusiastic in developing applications that sync with the latest technologies. The company is looking forward to a way to develop applications that can be sold to its existing information system clients to increase the business if mobile application development s ector. Though the company is relatively new in the field of IT, it has leaped forward with its fast moving services. The company strongly believes in supporting services as a crucial need to make sure the corporate bonds with the clients sustain. The company encourages innovation and is known for developing new services that make use of the new technologies introduced, to help its clients and mobile users get the best of these technologies through new applications. The company is known to have developed major information systems and places a huge amount of significance to ensure security of data. The company is always ready to invest in technologies that would have a positive impact on both the business and lifestyle of its employees. The report below has been developed by an ICT manager at Innovate Technologies to help the CEO of the organization understand how implementing BYOD can substantially reach all the above goals of the organization. The report has four major sections. The first section is about understanding BYOD, its advantages and disadvantages and the various sectors that have currently implemented BYOD applications. The second section identifies three reasons that explain the need for BYOD to be implemented in Innovate Technologies. This sections also provide ideas that would help the company reach its current goals. The third section details out the various implications that may arise due to the usage of BYOD and the final section has recommendations as to how to overcome these implication and successfully implement BYOD in Innovate Technologies. 2. BYOD and its current applications 2.1 Understanding BYOD BYOD stands for Bring Your Own Device. BYOD allows employees of an organization to access corporate mails, company Wi-Fi and other privileged company information (Miller, 2012). The concept has rose due to the increasing need of employees to carry their own devices and access company applications through the same for flexibility and convenience. It is a part of the evolution that empowers the organizations practicing them with consumerization of IT, where the customer originated technologies impact the enterprise. These concepts have been bought in to light to reap the advantages of the technologies that originate and develop in the consumer space rather than sourcing the same from the IT enterprise sector (Thomson, 2012). The term BYOD was initially coined by Intel, however, it was Unisys Corporation that has put the concept into use in most of its business segments with the help of Citrix Systems. 2.2 Advantages of BYOD The various reasons for enterprises to constantly adopt to the concept of BYOD are listed below Cost Saving: BYOD enables cost-saving by allowing the employees carry their own devices. The hardware expenses of a company to provide these devices significantly reduces as an employee would not need a secondary device (Bien, 2015). When correctly implemented, BYOD can completely eliminate the need for company issued Blackberry thereby reducing the hardware cost. Software licensing costs and device maintenance is decreased as the devices would be owned by the employees rather than the company. Figure 1: Impact of BYOD on expenses Anywhere, Anytime: BYOD provides the ability to access corporate information from anywhere, the need to be continuously present at the desk is reduced (Ballagas, 2014). Especially in support environments the need to be able to access corporate applications from anywhere anytime will help the employee resolve issues at the comfort of their home (Morrow, 2012). Cutting Edge Technology: The devices carried by employees are usually faster with far better technology than that provided by the company. This is especially true in case of smaller organizations with budgetary constraints (Shim, 2013). By using BYOD the organization can make use of advanced technologies without actually investing in them. Employee Satisfaction: Employees are happier with the flexibility BYOD provides. Ability to work with their own devices makes the employees more comfortable (Hopkins, 2013). Also, the employee gets to choose the device they would like to work with, rather than use the company mandated devices Attractive Employer: Organizations that implement BYOD are seen as adaptive organizations that put the comfort of their employees as a priority. This makes the organization an attractive employer there by increasing the recruitment quality. 2.3 Disadvantages of BYOD Every technology has its own cons list. Understanding them and applying appropriate measures to ground the negative impacts would help an organization use the technology to an advantage. The chances of security breach is high when corporate data is accessed through personal devices. The sheer number of devices connecting increasing exponentially leading to a need to implement advanced measures to ensure security The device may be lost or sold with corporate data still residing in the device. The corporate data may be stored in personal cloud storage. Malware threats increase substantially (Scarfo, 2012) The chances of the current applications used by the company are not compatible with the employee device. The support sector of organization should find ways to implement them on all devices (Ghosh, 2013) Lack of infrastructure to handle network traffic with increasing BYOD users. 2.4 Current applications of BYOD 2.4.1 BYOD in Healthcare BYOD in health care segment is currently restricted to a smaller scale as the need for patient data confidentiality is high. Reports of various tests conducted on a patient are uploaded on to the companys database and the same can be checked by doctors using a tablet (Gwaltney, 2015). However, since IT support for BYOD is not the primary concern in healthcare industries 2.4.2 BOYD in Education BOYD is being adapted into education sector by changing smartphone from a distraction to an important tool for educational enhancement. Starting from schools to educational universities, e-learning had become the latest trend and the same can be easily implemented through BYOD (Ho, 2015). The need to carry around textbooks and notes can be completely eliminated and the concept of beyond the classroom can be applied broadly (Song, 2014). However, special attention needs to be paid to make sure that the BYOD device is not misused and e- safety needs to be ensured. 2.4.3 Public sector The public sectors of US and UK has started implementing the BYOD concept at a higher level allowing employees to access the network with personal laptops. However, given the sensitivity of data that prevails in a public sector and the large number of employees associated stringent guidelines as per the new End User Devices Security and Configuration Guidance policy was issued by Communications-Electronics Security Group (CESG) have to be adhered to, to ensure data safety. 2.4.4 IT Sector BOYD is currently most popular in IT sector with IBM being a lead implementer. Companies with support projects are migrating to BYOD to ensure 24x7 support for clients. The IT sector has dedicated wings to ensure that the devices used adhere to the guidelines listed by the enterprise. The increase in flexibility and feasibility of the working environment of the employee has been a major reason for implementing BYOD. 3. Enhancing Innovate Technologies with BYOD 3.1 Implementing BYOD as a Sand Box Innovate Technologies works in the field of mobile application development and information system applications. Both the fields are closely related to BYOD. The company can therefore, implement BYOD in its own organization and use it closely to understand how BYOD works and what the implications with it are (Mansfield, 2012). Once the same is understood and analyzed the company can develop mobile applications that can be sold to large organizations to implement BYOD or to the device owners to make their devices compatible with the BYOD policies of the company. The chances of developing a new product is high when how the work is closely observed, helping the company come with applications that enhance BYOD. The company can expand both globally and locally by supplying these service to corporations implementing BYOD. 3.2 BYOD to enhance support Since Innovate Technologies develop information system application for large organizations, the need to provide round the clock support to client is essential. By implementing BYOD the company can provide support services 24x7. The employees can address issues as soon as they rise as they are constantly connected to the corporate network. SLA of support services can be easily reached, allowing the company to provide best support services. This would help them enhance their support services with the current clients and also would be helpful to break deals with new clients (French, 2014) 3.3 Cost Cutting and employee satisfaction The major advantage with the BYOD is its cost saving capabilities with reduced secondary devices and device maintenance. The company works in mobile applications and hence, it is ideally for them to implement the same through BYOD, enhancing the integrity of the company. The company has much more satisfied employee increasing the productivity gains. 4. Ethical, Social and Legal considerations When implementing any technologies there are several litigations that may question the ethical sense of the employees and the legal issue the company may face due to the implementation. It is important to realize the possible issue before implementing something to make sure necessary steps are taken to make sure all the issues are correctly addressed Below listed are the ethical, social and legal considerations to be looked into before implementing BYOD The company would have access to the device of the employee and hence employee privacy may be violated The employees need to remain ethical when using corporate network and should be responsible to ensure that privileged data is not shared with third parties in any form. The need to implement reasonable security on BYOD devices is high to ensure the security of corporate data (Romer, 2014) If data security issues arise due to BYOD, the employees device cannot be taken by the company due to lack of ownership Data security needs to be enhanced to make sure that third party or unauthorized users dont have access to this data The technically savvy employees may jailbreak the devices eliminating the restrictions to improve security. The employees are responsible to apply corporate security patches regularly to protect data (Cook, 2013) Accessing corporate sites from public Wi-Fi increases the risk of malware and hackers Device locking may not be implemented by employees exposing corporate mails to unauthorized users (Benigno, 2014) 5. Conclusion BYOD or Bring Your Own Device is one of the key technologies that lead to the consumerisation of IT where the consumer technologies impact the working on an enterprise. With the rising need for flexible working environment of employee, it is only obvious that BYOD has been implemented in major parts of software sectors. The concept allows the employees to access privileged corporate data through their personal devices. BYOD has become popular due it its cost cutting and employee satisfying capabilities. The need for secondary devices is almost completely eliminated by the concept of BYOD. However, the concept of BYOD is relatively new and hence laws and policies have not being concretely developed around it. Data security and employee privacy are major issues when implementing BYOD and addressing the same is essential to ensure that the integrity of the organization is not compromised. Innovate Technologies can make the best use of BYOD as the concept would not only provide advantages such as cost cutting but will also help the organization come up with mobile application products that can be sold over to its large clientele that implement information systems. Most of these organizations would be looking into BYOD which is bound to happen in almost all the sectors and hence, Innovate technologies would have a chance to migrate their potential clients to their mobile application development sector as well. The objectives to strengthen bonds with the existing clientele of information system can be achieved by implementing BYOD to enhance support services. Understanding and analyzing how BYOD works can help the company come up with products that support the implementation of BYOD on mobile platforms for the large clientele of information systems to take up mobile application development services as well. 6. Recommendations Implementing BYOD without a question advantageous to Innovate Technologies. However, extreme care should be taken to provide security to corporate data accessed through BYOD devices and also employee privacy has to be respected. The below policies have to be implemented to ensure the negative impacts of BYOD is reduced As the company cannot develop security applications to all mobile platforms at once, the BYOD has to be implemented in patches allowing devices of one platform at a time to ensure that the security applications are appropriately developed for data security (Tokuyoshi, 2013) To ensure data cannot be accessed by unauthorized users employees with BYOD have to follow the below guidelines mandatorily. Screen locks with passwords are mandatory (Keyes, 2013) All the corporate applications have to be locked or hidden (Donaldson, 2015) Logging in with corporate credentials for all corporate applications Erase the data on the device completely before selling it Install all security patches mandated by the company Make sure that the device is treated as any other corporate device and password sharing has to be restricted (Walker, 2013) Jailbraking and rooting devices is strictly prohibited If the device is lost or stolen the same as to be reported to the company immediately (Jaramillo, 2013) Installation of apps that can pose potential threat to the corporate data security should be restricted (Lim, 2014) Clearly help the employee understand that the device can be lawfully and legally owned by the company to investigate any issues that occurred through the device A strict exit strategy has to defined to ensure that the company data is not accessible to the employee post separation The company data should not be stored in the mobile device permanently and only reading access wherever possible should be provided Clearly define the device maintenance if any is given to the employee (Eslahi, 2014). All the employees has to sign an acceptable use policy declared by the company The company has the right to erase the data remotely in case of stolen or lost device Malware and other hacking threats have to be addressed to with appropriate security measures The company has the right to pull out services without prior notification if a potential threat is identified The above listed are a brief list of recommendations. While actually implementing BYOD a much more comprehensive policy would be required to be adapted. 7. References Ballagas, R., Rohs, M., Sheridan, J.G. and Borchers, J., 2014. BYOD: Bring Your Own Device, UBICOMP. Benigno, V., Caruso, G., Ravicchio, F., Repetto, M. and Trentin, G., 2014. DO BYOD (BRING-YOUR-OWN-DEVICE) TECHNOLOGIES SUPPORT INCLUSIVE VIRTUAL CLASSROOMS?. ICERI2014 Proceedings, pp.6239-6248. Bien, D., Negahban, A. and Windsor, J., 2015. BYOD in Practice: A Comparison of Four BYOD Programs. Cook, T., Jaramillo, D., Katz, N., Bodin, B., Cooper, S., Becker, C.H., Smart, R. and Lu, C., 2013. Mobile innovation applications for the BYOD enterprise user. IBM Journal of Research and Development, 57(6), pp.6-1. Donaldson, S.E., Siegel, S.G., Williams, C.K. and Aslam, A., 2015. Enterprise Cybersecurity for Mobile and BYOD. In Enterprise Cybersecurity (pp. 119-129). Apress. Eslahi, M., Naseri, M.V., Hashim, H., Tahir, N.M. and Saad, E.H.M., 2014, April. BYOD: current state and security challenges. In Computer Applications and Industrial Electronics (ISCAIE), 2014 IEEE Symposium on (pp. 189-192). IEEE. French, A.M., Guo, C. and Shim, J.P., 2014. Current status, issues, and future of bring your own device (BYOD). Communications of the Association for Information Systems, 35(10), pp.191-197. Ghosh, A., Gajar, P.K. and Rai, S., 2013. Bring your own device (BYOD): Security risks and mitigating strategies. Journal of Global Research in Computer Science, 4(4), pp.62-70. Gwaltney, C., Coons, S.J., ODonohoe, P., OGorman, H., Denomey, M., Howry, C. and Ross, J., 2015. Bring Your Own Device(BYOD) The Future of Field-Based Patient-Reported Outcome Data Collection in Clinical Trials?. Therapeutic Innovation Regulatory Science, 49(6), pp.783-791. Ho, R.C. and Chua, H.K., 2015. The Influence of Mobile Learning on Learners Absorptive Capacity: A Case of Bring-Your-Own-Device (BYOD) Learning Environment. In Taylors 7th Teaching and Learning Conference 2014 Proceedings (pp. 471-479). Springer Singapore. Hopkins, N., Sylvester, A. and Tate, M., 2013. Motivations for BYOD: an investigation of the contents of a 21st century school bag. Jaramillo, D., Katz, N., Bodin, B., Tworek, W., Smart, R. and Cook, T., 2013. Cooperative solutions for bring your own device (BYOD). IBM journal of research and development, 57(6), pp.5-1. Keyes, J., 2013. Bring your own devices (BYOD) survival guide. CRC press. Lim, K., Jang, Y. and Lee, E., 2014. Research on BYOD (Bring Your Own Device) policy guidelines with the extension of the. Journal of Digital Convergence, 12(7), pp.21-36. Mansfield-Devine, S., 2012. Interview: BYOD and the enterprise network. Computer fraud security, 2012(4), pp.14-17. Miller, K.W., Voas, J. and Hurlburt, G.F., 2012. BYOD: Security and privacy considerations. It Professional, (5), pp.53-55. Morrow, B., 2012. BYOD security challenges: control and protect your most sensitive data. Network Security, 2012(12), pp.5-8. Romer, H., 2014. Best practices for BYOD security. Computer Fraud Security, 2014(1), pp.13-15. Scarfo, A., 2012, November. New security perspectives around BYOD. In Broadband, Wireless Computing, Communication and Applications (BWCCA), 2012 Seventh International Conference on (pp. 446-451). IEEE. Shim, J.P., Mittleman, D., Welke, R., French, A.M. and Guo, J.C., 2013. Bring your own device (BYOD): Current status, issues, and future directions. Song, Y., 2014. Bring Your Own Device (BYOD) for seamless science inquiry in a primary school. Computers Education, 74, pp.50-60. Thomson, G., 2012. BYOD: enabling the chaos. Network Security, 2012(2), pp.5-8. Tokuyoshi, B., 2013. The security implications of BYOD. Network Security, 2013(4), pp.12-13. Walker-Osborn, C., Mann, S. and Mann, V., 2013. to Byod or not to Byod. ITNow, 55(1), pp.38-39.