Task

There are efferent acts for different types of discriminations that must be followed by professional workers in any types Of settings. Sometimes promoting Anti- Discriminatory Practices may be threatening to workers as there are great changes in legislation time to time. The legislations are there to prevent Care Workers from discriminating towards Client Service users. Disability is a state or function that can be judged severally as damage taken place. It causes consequences such as physical, sensory, cognitive and intellectual impairments due to mental illnesses and different types of diseases and situations.It effects individual's organ or body part and may also effect individual's participation in life. This is why there is an Anti- Discriminatory practice that promotes disabled individuals in participating in life and protects individuals from getting discriminated. The act that am going to talk about is the Disability Discrimination Act 2005 (DAD) that relates to Disability. T he main purpose of the Disability Discrimination Act 2005 is to improve the lives of Disabled people by allowing them to carry out day to day activities. However, it does not mean the legislation creates new individual sights for the Disabled people.The act is there to prevent individuals from getting discriminated due to the disabilities. The act ensures that all individuals are entitled to civilian rights in the way that they are entitled to goods, services and facilities that are needed for their needs. The DAD is also there to encourage other communities to help provide regulations which would break the barrier that has been causing discrimination; this is done providing reasonable adjustments like: Providing Transport but also booking premises check if wheelchairs etc are accessible.Share personal details if needed. Improve access route within the location. -: Communicate with disabled person about services that are provided and explain how to improve accessibility. Updated Tec hnology for example: Telephone with text displayed for a Deaf person. -: Treat disabled person like any other customer (Respect and Value them) Provide readers and interpreter for meetings, interviews or consultation. -: Employers or individuals should remember that not all disabilities can be seen, some can be hidden.Encourage the community to support and encourage disabled people. Anti- Discriminatory Practices being promoted in a Health and Social Care setting In order to promote Anti- Discriminatory Practices in the Health and Social Care Settings, Care Workers must train, keep up to date with changes within the legislations, policies and technology as procedure may change over the years, as procedures may change, Care Workers must learn the new procedures to continue on their professionalism in the Career.Care Workers must be informed about the changes in Equality, Diversity and Rights and also any other aspects of Health and Social Care such as the four ethical Principles, Hes s are sectors that must be taken into account to protect the Client Service Users, the sectors are: Justice- this is where people must be treated fairly with respect no matter the differences. An example of this would be, even though a man may be Dyslexic, he should be treated with respect rather than treating him stupidly. Anatomy- this is where a person's choice must be valued. : Beneficence- this is where Care Workers take respond and take action in way that benefits their Client Service Users. They take on risks and costs. An example of this may be, cost of Electronic Wheelchair for a person ho cannot walk. -: Non- Maleficent- this is where Care Workers shouldn't let harm caused by treatments and inventions affect the benefits of their treatment with the Client Service Users. An example of this may be, even if a disabled person has been treated in a Hospital and feels a lot better, A Care Worker cannot say: ‘Your feeling better, you don't need me, another Client needs my h elp more than you. This sort of behavior is not acceptable and professional as Care Workers main purpose is too help anyone who is in need of help. These four principles are there to help guide Care Workers On how to protect Client Service users. Other than the Four Ethical Principles, there are also other procedures that will help Care Workers to keep professionalism and to also help Client Service User by following the Care Value Base, Charter of Rights and the Code of Practice; The Care Value Base is Principles that would help keep Care Workers and Client Service Users relationship professional.These Principles are: The promotion of Anti- Discriminatory Practice. An example for this would be promoting the Disability Discrimination Act 2005 for Disabled People. The promotion and support of dignity, independence and safety. Care Workers should look after the well-being of a Disabled individual. -: Respect for and Acknowledge of personal beliefs and an individual's identity. Care Wo rkers should show the Disabled person that although they have their difference, they are valued in the same way as any other individual. They won't be treated unequal. : The maintenance of Confidentiality. Care Workers should prove to the Disabled person that Care Worker can be trusted unless there are risks; Confidentiality may be broken in order to prevent any trouble of harm. -: Protection from abuse and Harm. Care Workers should ensure Disabled people that their Health and Safety is very important The promotion of effective communication and relationship. An example for this would be a Deaf person, as they cannot hear; Care Workers may bring in for them a worker who may be able to communicate with them through Signs.The promotion of personalized (individual) care. An example of this would be that the disabled individual would be entitled to care that fits their needs. In Health and Social Care, Charter of Rights is standards that are expected from the Service. Client Service Use rs are entitled of these rights. For instance, as for a Disabled person they are entitled to: Right to be respected. Disabled person should feel that they are valued although they may not be the same as others. Rights to Safety from Harm. Disabled people should feel as if they are protected. Right to be allowed Privacy.Disabled people should feel as if they have some space no matter what their situation may be. Right to Confidentiality. Disabled people should feel as if they can trust the Health and Social Care Settings. Right to have access on you. Disabled people should feel as if they are entitled to looking at their own deiced health status. -: Right to independence and Choice. Disabled people are entitled to being dependent on them and should always be entitled to choices. Right to Freedom of Speech. Disabled People should feel as if they can have a say in anything.They should feel as if they are allowed to express their feelings or opinions etc. Right to be seen within a reaso nable time scale. Right to celebrate your own Culture and Beliefs. Disabled people should feel as if their Cultures and Beliefs are respected and valued. Right to be able to communicate in your own language. Disabled people should be allowed to speak in their own language; therefore, Care Workers should bring in translators or interpreters etc. Right to be supportive. Disabled people should feel as if Care Workers are by their side. They shouldn't feel alone and lonely.Right to make their own decisions. Disabled people should be allowed to decide on choices that relates to them and decisions shouldn't always be made for them. Code of Practice is another way of promoting Anti- Discriminatory practice. It is there to guide Care Workers on their roles, responsibilities and rights. It is there to remind Care Workers of what their job is about. The practices for this act are: To respect Diversity of Clients, to be Non- Discriminatory. To treat with Equality and Equity. To respect their R ights, Cultures and Beliefs of Client Service User. : To empower Client Service Users. To promote independence and choice of Client Seen,'ice Users. Not to Marginal's or Disemboweled Client Service users. These principles and the DAD are there to guide Care Worker. Care Workers in the right direction but to also allow them to feel as if they are committed to the Principle and Legislations. Furthermore, Care Workers can also rumoring individual rights; these can be shown in waiting rooms, receptions, canteens etc, for Client Service Users to see, but to also show Client Service Users that Care Workers are taking their job seriously.Furthermore, promoting individual rights can be read out to Client Service user, not only that, if Care Worker is unsure, they are also provided a handbook, which shows Equality, Diversity and Rights, so that their job can still stay professional. Care Workers can also empower individuals, so that individuals feel as if they are able to make choices and de cisions on their own behalf. Care Workers do his to show Client Service Users, that the Health and Social Care settings are there to support them but to also show them that, the service only care about their best interests.The Principles and the DAD is there to also inform Client Service Lesser that they are equal and same as any other individual. The Principle and the DAD are there to promote to Anti- Discriminatory Practice. To prove to Disabled people that they do not tolerate any sort of discrimination but to also show that the Health and Social Care Settings are by their sides. Asses the influence of a recent National Policy promoting Anti – Discriminatory Practice The DAD 2005 is the amended version of the Disability Discrimination Act 1995.The Disability Discrimination Act 1 995 main purpose was to promote rights and encourage organizations. However the DAD 2005 promotes towards the public, the main purpose of the law is to promote the Disability equality and produce a ction plans for the public. This Legislation also goes toward people with HIVE and Students with Disabilities. The Anti- Discriminatory Practice is there so that the public can also follow Laws and Regulations that would prevent discrimination towards people who may have capabilities, this is done by ensuring that all services are planned and covered.If any one does not follow these regulations, scones ounce will come across. Difficulties that may arise when implementing Anti – Discriminatory Practice in a Health & Social care Settings The Difficulties that may arise when implementing Anti-Discriminatory Practices in Health and Social Care settings are that if Care Workers are not prepared or motivated in their jobs they may discriminate as they will not realize. Furthermore, not following Code of Practices, Charter of Rights and Care Value Base, this would lead to discrimination as Care Workers and ClientService would not have any Rules and Regulations to follow. Not only th at, if Care Workers are not trained properly, Client Service User may not attend sessions which could cause future problems in the society as Client Service Users may not understand the Rules and Regulations that are set up for them. Not following professional standards can also lead to Diplomacy Actions and dismissal. Successes of Recent Initiative in Promoting Anti- Discriminating Practice The Disability Discrimination Act 2005 is a law, which means that if anyone goes against this law, serious acts would take into consideration.The main repose of the law is eliminating discrimination toward people who have disabilities. The act ensures that every individual is treated with Equality, Diversity and Rights. This is why promoting Anti- Discriminatory Practice is successful, as it is a method of preventing discriminations. Successful as the Disability Discrimination Act 2005 and other Anti- Discriminatory Practices are there to promote all individuals to follow Procedures and Policies .For instance, in the Health and Social Care Settings, there is applying the Care Value Base, which is there for both Care Workers and Client Service users in alluding up relationships, so that no discrimination is caused between them, or the Charter of Rights which is there for Client Service Users, to inform them on what they expect from organizations or the Code of Practice which is there to remind Care Workers to treat Disabled people or other people fairly, equally and respectfully etc.Furthermore, the Legislations is also successful as there is contain uses training provides for Care Workers and also Technology, Procedures are always updated, which means Procedures would work along side with the coming years. The Legislations also helps as it helps Care Workers to empower individuals and help care workers on how to deal with any sort of discrimination or conflicts which may occur or vice versa, if individuals are discriminated, they would know what help to get. Ways of Overcom ing Difficulties which may arise when implementing Anti- Discriminatory Practices.There are ways of overcoming difficulties when implementing Anti- Discriminatory Practices. For instance, in the Health and Social Care Setting, Care Workers are trained with skills: seeing both sides of the arguments. Being willing to listen. : not taking sides. Not sulking and letting things fester. Ewing good at quick thinking. -: Looking for solutions and not getting bogged down in personal issues. These are skills that sort Conflict. Care Workers must be â€Å"Professional and Positive† as negativity can cause more problems.Furthermore, other ways of overcoming difficulties is by giving advice and guidance (rights) by implementing from the government of policies and guidelines by manager. Furthermore, explaining to worker and individuals of the consequence when breaking the rules Of the Anti- Discriminatory practices. Care Workers can use the Complaints Procedure. These are procedures that al organizations and smaller work places have to follow as the law has made this one of the way of sorting out any conflicts.The Compliant Procedure is there to show Client Service User that any Complaints they have would be dealt effectively and efficiently as Complaints are not acceptable. The Health and Social Care Setting would investigate Complaints properly, even after dealing with Compliant, if Client Service Users are not satisfied with the procedures; they may complain further or even be entitled to receive compensation if they are harmed. The Anti- Harassment is another policy where all organization must follow a logic of law which deals with any sort of harassment.Harassment on the basis of Sexuality, gender, disability, belief etc Advocacy is another way of overcoming any difficulties as a Care Worker is there to represent their Client Service User as they may be young, vulnerable or even elderly. They support their Client so that they don't get discriminated or neither feels as if they are alone. Conclusion In conclusion, a National Initiative is a policy that is implemented by the government. This is why Anti- Discriminatory Practices are put into organizations so that individuals are not discriminated.

Accounting Theory And History Accounting Essay

Accounting has evolved since it was foremost developed and has continued to germinate. The purpose of this essay is to research and discourse why accounting, both fiscal and direction has changed over the last millenary. In order to accomplish this purpose an in-depth attack will be taken into the beginnings of accounting, its intent and demand. This will intend analyzing history documents which are evidence-based but are intertwined with value opinion. Many alternate theoretical and practical accounts are offered in literature for the development of accounting over clip. These class literatures will be evaluated and there theories will later be accepted or rejected. In order to research the inquiry and because the definitions provided by accounting organic structures are themselves are capable to alter, it is important to first define accounting and its intent. The intent of accounting is to supply information based on relevant informations that aids users in doing economic determinations. Fiscal accounting is designed chiefly to bring forth fiscal studies which provide information sing the house ‘s public presentation to external users such as Tax governments, Investors, Customers and Creditors. Financial Accounting is extremely regulated in order to guarantee they have certain features. These features enhance the utility of the fiscal studies to users. These features are relevancy, comparison, seasonableness, equity and objectiveness. Management accounting is used to fix histories and studies that provide accurate and up to day of the month information that allows direction to do determinations. Accounting developed as people needed a method of entering their assets and belongings. If belongings was recorded and accounted for, it would be easy to turn out legal ownership. Accountancy has been around for 1000s of old ages. Professor L. Plunkett of the College of Charleston calls accounting the â€Å" oldest profession † In this millenary at that place have been infinite alterations and developments in accounting. From more crude methods of simple accounting for belongings and assets, in order to enter for grounds of legal ownership to a complex regulated signifier. Management Accounting â€Å" British Entrepreneurs and Pre-Industrial Revolution Evidence of Cost Management † a paper by Richard K. Fleischman and Lee D. Parker examines the usage and developments of cost accounting in 1760 to 1850. The four chief countries looked at in cost direction will be: cost control techniques, accounting for overhead, bing for modus operandi and particular determination devising, and standard costing. These houses used cost informations to command natural stuff input stuffs. The Fe houses broke down costs utilizing natural stuff controls, whilst taking into history the differential costs of excavation and smelting. Textile houses were concerned about the profitable natural mixtures and the cost of natural stuffs input. Marshall fabric house employ the practise of utilizing public presentation cards, which is an effectual method and is still used by houses today. Performance cards are used daily to supervise and command expenses.. These direction accounting practises benefited the concern greatly. It allowed marshal to be cost effectual and efficient by understating costs. Gregs was another fabric house which kept pay and disbursal books to cipher control costs. This helps to place tendencies, failings and countries for betterment. For illustration they experienced losingss in 1829 and where able to place and impute these to heightened production costs and out-of-date machinery. The fabric and Fe houses were in a extremely competitory market, and so dependent on a market-driven pricing construction. This bit by bit changed as with houses utilizing merchandise bing to assistance in finding the optimal degree of end product. Boulton & A ; Watt and Wedgewood were able to cipher operating expenses such as mill costs, fixed costs and selling disbursal. This enabled them to factor these costs into their merchandising monetary values. â€Å" Industrial Revolution entrepreneurs employed cost analysis to back up perpendicular integrating and merchandise line determinations † ( Fleischman 1990, P367 ) Decisions such as capital equipment purchases and mineral field rentals where taken after careful consideration of costing of options. This enabled them to warrant and do potentially better determinations as the quality of information on which to establish the determination on was better. â€Å" The usage of standard costing was associated with an consciousness of the cost salvaging available from appropriate stock list control processs. † ( Richard K. Fleischman et la 1990 ) Standard bing saved the clip of really holding to roll up existent stock list costs. This is good for houses as they can make standard costs, which allow the concern to: place and extinguish disused points, budget and comparison with existent costs, gauge a monetary value more easy than ciphering a monetary value based on existent cost, create prognosiss for production. An Archivist responds to the New Accounting History: The Case of the U.S. Men ‘s Clothing Industry is a paper by Thomas Tyson that uses factual grounds on the history of accounting to analyze the alterations. It focuses chiefly on the work forces ‘s vesture industry. Miller and O'Leary ( 1987 ) implied that â€Å" the rule of criterion costs made it possible to attach to every person within the house norms and criterions of behaviouraˆÂ ¦ Standard costing and budgeting made possible a pinpointing of duty for preventable inefficiencies at the degree of the really single from whom they derived † this is true to an extent and can be seen in the British Railways Industry ‘s costing system. BRM failed to budget or utilize standard bing boulder clay they were forced to make so as a consequence of worsening net incomes. This fail mean preventable inefficiencies were non prevented. Hopper and Armstrong province the ground for these alterations to direction accounting being due to the direct consequence of houses fighting. â€Å" Accounting controls were non a effect of economic or technological jussive moods, but instead were rooted in battles as houses attempted to command labour procedures in assorted eras of capitalistic development. † ( H & A ; A 1991, P. 405 ) Along with alterations in accounting, there came alterations in inventions in direction. â€Å" Scientific direction sought to set up itself a right to interfere in people ‘s lives. This right was finally to be taken over by an ground forces of techniques of societal and economic life of the enterpriseaˆÂ ¦ the undertaking of scientific direction helped to render evident and remediable the waste lying deep within the every move of the worker. † ( Tyson. T, an archivists response to new accounting history ) it is by and large considered that Tysons paper is flawed. Cost accounting in the ship building, technology and metals industries of the West of Scotland, â€Å" The Workshops of the Empire † , C1900-1960 is a paper by A.I.M. Fleming, S. Mckinstry and K. Wallace. The paper examines the nature and developments of bing systems employed in the ship building, technology and metals industries of the West of Scotland between the old ages c1900-1960. These developments can be seen as a patterned advance from the cost direction practises employed in fabric and Fe plants examined in the old paper, adapted to different industries. There were developments necessitated by the fact that most work was contract-based or occupation based and so required a different method of cost accounting. Standard costing and budgetary control were rejected as a consequence of agnosticism over the relevancy of Taylorism and scientific direction to the country ‘s industries. As many of the occupations and contracts were alone, this may non hold been a bad thing. The ship edifice industry split the ships costs into three chief constituents, Hull, Boilers and Engine. Each had a separate cost-book which recorded direct rewards and stuffs. This system allowed a comparing between the estimated direct costs and existent direct costs. A elaborate pay analysis book was kept, dividing pay cost for the three chief constituents ( hull, engine and boiler ) . The pay measure for each constituent was besides split into separate classs e.g. direct workers, category of workingman, patch work-based etc. This allowed them to maximize efficiency in footings of labor costs as staff and stuffs were already supervised. This besides reduced the hazard of larceny. â€Å" There hence existed a system that enabled the trailing of costs versus estimation at premier cost degree on a progressive footing as contracts proceeded. † ( K.Wallace & A ; Parker 2000, P363 ) The British Railway Industry tended to sell in fixed monetary value contracts. The Cost and Weight Book recorded the cost associated with each of the major constituent of the locomotor e.g. Boiler, firebox etc. This book had a rigorous templet each major constituent was printed on the left and separate costs where printed at the top. This format allowed comparing between different contract cost and comprehensibility. It besides allowed for good appraisal for future contract costs. This format has changed little in modern direction accounting. A failure of the company was to non to the full use this valuable information as they did non utilize budgeting, standard costing or fringy costing. â€Å" Costss were non analysed by section or plants. † ( K.wallace and Parker 2000 ) Not until the house began to worsen in 1960 did they present a signifier of â€Å" simple † budgeting. This failure to budget was a failing that was finally addressed but cost the house potency cost s alvaging efficiencies. â€Å" The Industrial Revolution versus the Managerial Revolution: Distinguishing Difference in Accounting Practices † a paper by Keith Hoskin and Richard Macve discusses the function of accounting as a manufacturer of Modern Managerialism. â€Å" The accounting practises of authorship, analyzing and rating came to construction human activity for those who learned to larn under them, it is apprehensible how accounting could detect a new function in the concern context. † ( Hoskin & A ; Macve, 1993, p 9 ) This statement indicates an evolving function of accounting in concern and act uponing the structuring of human activity. This theory was seen being employed at Springfield Armoury. The armory generated a big measures of accounting information â€Å" costs were tracked, records of production were kept, full-cost estimations made for pricing determinations, including the application of charges for involvement and depreciation. † ( Hoskin & A ; Macve, 1993, p 9 ) T his was done in order to organize a â€Å" complete system of answerability. † This was an of import measure along with the debut of charges for involvement and depreciation. This paper relates to economic rational theory which can be used to explicate the developments in direction accounting. Peoples make picks based on their â€Å" rational mentality, available information and yesteryear experiences. † ( Investopedia online, hypertext transfer protocol: //www.investopedia.com/terms/r/rationaltheoryofexpectations.asp # axzz1g2suXeki ) As the consequence of extremely competitory markets and lifting labor costs reduced net incomes, houses developed cost direction techniques, such as: cost control to command and interrupt down the cost of single stuffs used, accounting for operating expenses which allows houses to factor costs such as fixed and mill costs into the merchandising monetary value and criterion costing which allows budgeting and comparing with existent costs. An illustration of economic rational theory is the British Locomotive Company who learned from past experiences of losing cost salvaging for non utilizing budgeting, standard costing or fringy costing and as a consequence they introduce a signifier of â€Å" simple † budgeting. Economic rational besides drove the alterations in cloistered houses. Changes were introduced after rational mentality, failings and past weaknesss were identified were taken into history. Albion Motors and Monastic houses and Estates have besides made alterations based on their economic rational. These alterations represent the development of direction accounting over the last millenary. In the paper â€Å" The Industrial Revolution versus the Managerial Revolution † we see important alterations to direction accounting because of a demand to command labor and maximize labour efficiency. This is because of the abolishment of bondage which means that employees must be paid. This means employees must maximize labour effectivity and efficiency. This led to the managerial revolution. Springfield armory used labour control to increase productiveness and cut down costs. We see a development in cost direction practises in the in â€Å" British Entrepreneurs and Pre-Industrial Revolution Evidence of Cost Management † paper. Fleischman states the drawn-out period of diminution of market monetary values that affected the Fe industry houses from 1808 to 1830. â€Å" The battle to get by with falling market monetary values caused houses in the industry to set about careful probes of their iron-making costs † ( K.wallace and Parker 2000, P368 ) The diminution motivated these developments in cost direction. They were brought approximately by a demand to accommodate to other alterations in the market and economic system at the clip. The practises in usage at the clip were unequal and out-dated. The developments allowed them to break identify failings, which had the consequence of increasing production, efficiency, diminishing waste and assisting put a better merchandising monetary value. In Cost accounting in the ship building, technology and metals industries of the West of Scotland, â€Å" the Workshops of the Empire † , C1900-1960 we see farther development of cost direction system. The ground for these specific developments was that ship building and railroad occupations where contract based and so it would non be ideal to utilize standard costing. It was necessary to utilize another method of cost accounting. Fiscal Accounting The first paper that will be discussed is â€Å" The development of fiscal direction and control in cloistered houses and estates in England c.1200-1540 † by Alisdair Dobie. The alterations focus chiefly on the internal map of a monastery. These alterations are necessitated by â€Å" altering influences and force per unit areas, economic and spiritual which arose from 1200 onwards. † ( Dobie, 2008 P.2 ) Cloistered houses where non all the same, there were different orders. Each was governed by different sets of regulations. New orders were formed when there were perceived failings in established orders. These new orders introduced extra sets of regulations. â€Å" Each Benedictine house was to a big extent independent and responsible for its ain personal businesss. â€Å" ( Dobie 2008, P3 ) . This statement indicates a grade of answerability within the houses. As a consequence of weaknesss due to Benedictine self-regulation, new orders emerged which lead to each house organizing a subordinate portion of the whole order. This meant that each separate house was capable to review, ordinance and control from the order as a whole. These reviews were a signifier of audit from the order on the house. â€Å" Changes in direction might change from order to order and house to house, depending upon single state of affairss, relevancy and demands. † ( Dobie, 2008 P2 ) Changes were intr oduced after failings were identified, in order to go on betterment and convey together all houses from the same orders to utilizing the same set of regulations. Fiscal direction and control alterations can be broken down into three classs: the safeguarding of the assets of the house ; the development of its resources ; and, the attempts to guarantee that all resources were used efficaciously and expeditiously. Safeguarding the assets of the house meant physically procuring and keeping them against for illustration â€Å" invasion, decline or disaffection. † ( Dobie, 2008 P4 ) Exploitation of resources meant doing full usage of land and estate. This was a response to neglecting grain monetary values and lifting labor costs. Efficiency and effectivity referred to the â€Å" efficiency and effectual usage of resources by the house. † Other major developments during this clip were the standardization of histories which allowed comparison and relevancy, accounting was besides taught at university from the 14th century onwards. A important development in the early millenary is seen in Renaissance Italy. There was a rise in trade and banking. A signifier of double-entry book maintaining was already being used by Bankss to maintain path of debitors and creditors. Luca Pacioli, the Perfect Accountant is a paper by Dr F G Volmer, University of Limburg, which discusses the life and plants of Luca Pacioli. Pacioli ‘s work has had a great influence on accounting. His publication â€Å" Summa De Arithmetica † was widely recognised as a elephantine leap forward for double-entry book maintaining. Pacioli ‘s Summa was a conceptual model of best accounting and concern patterns. Summa was written in Tuscan and Venetian idioms. Pacioli used these alternatively of Latin to let the educated and non-educated to profit every bit from his work. Pacioli ‘s conceptual model is really similar to the FASB ‘s 1976 conceptual model. † the rules of systematicalness, consistence and dependability so emerge. â€Å" Every point must be consistently and carefully recorded in the stock list with all countermarks, full names and in every bit much item an as possibleaˆÂ ¦ † ( Volmer P7 ) 200 old ages before Pacioli Italians bargainers began utilizing Arabic numbers in order to maintain path of net incomes alternatively of Roman numbers. This was an of import alteration. Arabic numbers were easier to understand and easier to utilize in an accounting format. This alteration is a measure in the way of modern twenty-four hours direction accounting where English Numberss which are similar to Arabic numbers are used for clerking. Rouse and Rouse sum up Pacioli ‘s inventions under different headers: The usage of alphabetical order â€Å" as a agency of set uping words and thoughts † This development of a new visually orientated layout created an easy to utilize and understand templet for dual entry. â€Å" Pacioli ‘s fully-developed double-entry system, with bi-lateral layout and systematic cross-referencing of debit and recognition, was a peculiar signifier of the new general textuality. † This bi-lateral layout of the double-entry system is still in usage to this twenty-four hours. It allows cross-referencing of credits and debits which is peculiarly utile for to Bankss. This partly answers the chief inquiry as to why direction accounting has changed over the last millenary. Pacioli ‘s influential work resulted in necessary positive alterations in accounting. He introduced three books of record: the leger, the memoranda and the diary. These needed debit and recognition minutes s to be balance. Books that did non equilibrate normally indicated an mistake. Dowlais Iron Company: Accounting Policies and Procedures for Profit Measurement and Reporting Purposes by J. R. Edwards and C. Baber is a paper that shows development in both fiscal and direction accounting. DIC implemented a robust system of direction accounting. Book-keepers were employed by DIC to keep the books of accounting on a rigorous dual entry footing ( a double-entry system developed by Luca Pacioli ) . This was a household concern, but the concern was treated as a separate legal entity. This is common in modern concerns as it allows limited liability for the proprietors. This can besides be seen when personal non-business minutess undertaken by proprietors were decently accounted for through the relevant spouse ‘s current history. DIC adhered to three out of the four chief cardinal constructs of accounting when fixing fiscal statement. These were prudence, traveling concern and consistence. Less accent was placed on the usage of the accumulations concept, â€Å" particularly in its application to the intervention of capital outgo † ( Edwards and Baber 1979 P142 ) This is non unusual for concerns in the 1800s and was chiefly due to a perceived struggle between the accumulations and prudence constructs, with the prudence construct being considered more good. This contrasts with a more balanced usage of both constructs presently used today. The usage of these constructs shows a development of fiscal accounting within the administration. DIC ‘s system of capital accounting is said to hold helped the house successfully turn to an huge size. This was funded through internal finance. The trust on internal finance led to jobs during the 1850s. A sequence of trading losingss drained the modesty financess. This led to DIC reorganizing the Works and turn to external finance. Net income returned to acceptable degrees in the mid-1860s We see in the private legers that there were drumhead balance sheets till 1861 this suggested that there was information that the direction was trying to conceal. From 1861 onwards the company comptroller adopted the policy of adding the relevant narrative explicating each sum. This policy is still in usage today and shows further development in fiscal accounting at the clip. Companies summarise and unwrap important and relevant information associating to the figures in histories in the notes. This would hold been done to heighten the understandibility, leting for sums to be broken up and examined. The fiscal coverage practises of British municipal corporations 1835-1933: a survey in accounting invention by Hugh M Coombs and John Richard Edwards is a paper in which we see the authorities carry throughing the function of a regulative organic structure. Developments were chiefly in response to â€Å" turning cardinal authorities concern with corruptness, misdirection and deficiency of answerability. † ( Combes & A ; Edwards, 1995 P2 ) This in short led to the debut of the Municipal Corporations Act 1835. This act attempted to guarantee proper ordinance of municipal corporations. â€Å" The borough hoarded wealths was obliged to: do â€Å" true histories † of all minutess, make books available for review by the council members, to fix an history for the council as and when required, to subject histories to hearers elected by the ratepayers, to subscribe and do to be printed a full abstract of his histories ‘ , and to do the histories available for review by ra tepayers. † ( H. M. Combes et La, 1995 ) This shows a fastening up of ordinance and an addition in answerability. It is a important development in fiscal accounting. During this clip we besides see a move off from hard currency accounting to accumulations. The accumulations construct had antecedently been viewed with agnosticism as seen in Dowlais Iron Company as it conflicted with the prudence construct. Cash-based accounting was at times restrictive and its disadvantages far out manner its advantages. Accumulations based accounting on the other manus: â€Å" protects against carelessness and abnormality by entering every measure of a dealing, enables the statement of an entity ‘s net income and loss and fiscal place ; it records values ; and it provides a stable and homogeneous footing for statistics. † ( Combes & A ; Edwards, 1995 P2 ) The 2nd development during this clip was the usage of the dual accounting system of fiscal coverage. â€Å" This system is able to unite the properties of charge/discharge accounting with commercial accounting. † ( Combes & A ; Edwards, 1995 P3 ) It is a combination of stewardship orientation and net income computation orientation. The advantage of this system is that it would forestall anyone from being misled into presuming a connexion between outgo looking debited in the capital history and the existent value of plants associated with that outgo In the paper â€Å" Engineering civilization and accounting development at Albion Motors 1900- c.1970 † by Sam McKinstry we see the relationship between Albion Motor ‘s accounting systems and its engineering-orientated civilization. This paper shows alterations in both fiscal and direction accounting. Albion motors used a well-developed dual entry system, a system no uncertainty derived from the work of Pacioli. Depreciation was besides charged on machinery, by measuring at that place utile life. Depreciation ranged from between 10 % and 33.3 % . Albion motors besides used one of the first houses to utilize full accumulations accounting, which is a clear alteration as houses had antecedently preferred to us prudence. Full histories were merely produced every fiscal twelvemonth, as was a full stock-taking. A works registry was kept and maintained by the technology section. This allowed for answerability and reduced the opportunities of fraud in the terminals. Albion motors employed a extremely skilled but unqualified a company secretary and teller, although this was non uncommon at the clip when they became a public company they employed a hired comptroller. This is a important development as the qualified comptrollers ‘ engagement reinforces the respectability of the company ‘s fiscal histories. It is now indispensable for the public company accounts to be produced by person who is qualified to make so, as non to make so would take investors to oppugn their truth. The non-qualified employee responsible for all accounting from 1914 until 1950 was succeeded by a hired comptroller. This emphasizes the repute and influence of the profession of accounting. It is about 1950s that there is seen the outgrowth of the fiscal comptroller. The demand of the users of fiscal information is altering, the outgrowth of this new official function show that clearly. Investors ‘ assurance in fiscal studies is dependent on fiscal informatio n holding features which are discussed in IAS 1. Fiscal information must be relevant, up to day of the month, dependable and free from prejudice. The fiscal comptroller is qualified to bring forth fiscal information that abides by these standards. â€Å" Christie Malry ‘s ain dual entry † by B.S. Johnson: An reading as foucauldian disclosures a paper by Sam McKinstry that examines the work of the novelist B.S. Johnson. This paper discusses the thought that accounting can be used to convey certain information to certain people. In this instance the issue that the Double-entry system merely â€Å" favors specific involvements in society and disadvantages others. † ( McKinstry 2006 P990 ) This straight disagrees with public involvement theory which states that â€Å" ordinance is ab initio put in topographic point to profit society as a whole. † ( C. Deegan & A ; J Unerman 2006, P 65 ) This paper besides takes into history and makes mention to the work of Luca Pacioli in dual entry clerking. Malry adapts the dual entry system, change overing state of affairss in his life into pecuniary values and inputting these values as either debits or credits. This version was peculiarly of import in the context of British political relations and Industrial dealingss at the clip. â€Å" these and other developments recharged and remorilised capitalist economy and retooled societal democratise political orientation and its political relations. † ( McIlorys and Campbells 1999, P 93 ) . Jointly these developments in fiscal accounting over the last millenary have resulted in fiscal accounting as we know it today. These alterations where brought approximately by a alteration in the demands of users of fiscal information and the identifying of failings. We see many alterations in the fiscal direction of cloistered houses and estates at the start of the millenary. â€Å" The early Time period of rapid growing in footings of new foundations was over, and the ulterior Middle-ages witnessed the response of administrations in their age of adulthood endeavoring to keep their intent and place. â€Å" ( Dobie, 2008, P 3 ) Monasteries changed in order to accommodate and last the economic and faiths force per unit areas. These changed allowed them to keep their places survive the times. We see the debut of an audit map and the changing of ordinance to cover with the designation of failing. Other factors such as the Black Death epidemic which impacted on the economic system every bit good as the population influenced developments at the clip. Luca Pacioli developed the double-entry system used at the clip by bargainers after placing room for betterment this system is similar to the 1 used today. He besides developed a conceptual model of accounting best practises. Its influence can clearly be seen in today ‘s IASB and FASB conceptual models. In Dowlais Iron Company we see the implementing of a sophisticated fiscal coverage and direction accounting system which complimented the fiscal accounting system. These systems allowed them to the size and success that they did. â€Å" it is improbable that any house would hold grown to the size and achieved the significance of DIC in the absence of a satisfactory system for entering both influxs and escapes of hard currency and other plus and motion of resources within the house † ( Edwards and Baber 1979 P139 ) The Financial coverage practises of British municipal corporations in 1835-1933 show developments in the ordinance, revelation and controls in order to cover with corruptness, misdirection and deficiency of answerability in municipal corporations. Political factors triggered by the two major wars impacted on both fiscal and direction accounting. This can be seen in â€Å" Engineering civilization and accounting development at Albion motors † a paper by Sam Mckinstry. World War 2 led to the debut of a War pension strategy, which is accounted for utilizing IAS 19. We besides see in 1950 the development of the function of the fiscal comptroller. The function of the fiscal comptroller is created chiefly to supply credibleness and reassurance to fiscal histories. The fiscal accounting is qualified to bring forth histories in conformity with ordinances, to give a true and just position of the house ‘s fundss in order to keep investor assurance. This is a part factor in accounting being the reputable profession it is today. This is unfastened to debate as it can be argued that this lone gives the semblance of respectability. As seen in the prostration of Enron the fiscal studies approved by the fiscal comptrollers did n' t give a true and just position of the administration. Possible theories into grounds for these alterations are given in the demand for and supply of Accounting Theories: The Market for Excuses a paper by Ross L. Watts and Jerold L. Zimmerman. The paper discusses the inquiry of why accounting theories are preponderantly normative and why no general theory is by and large accepted. â€Å" It is by and large concluded that accounting theory has had small substantial, direct impact on accounting practise or policy formation despite half a century of research † ( R. L. Watts 1979, P 1 ) the theory of political procedure is one theorises the thought that persons with power in authorities will try to derive wealth through the influence and prescribe accounting processs that are in their ain best involvements. There is besides the thought that as persons have different involvements there will be a figure of different accounting theories on a individual issue. This â€Å" prevents general understanding on accounting history. † ( R. L. Watts 1979, P 273 ) This theory can be proven by looking at the recent dirt affecting MP ‘s disbursals. MPs influenced the ordinances on disbursals in their ain favor, in an effort to derive wealth. There was besides the issue that these single disbursal claims were non made public but were leaked. This shows that revelation demands were unequal, as a consequence of the designation of this failing ordinances have been tightened up. Another illustration of this is Ex-Prime Minister Tony Blair holding tax-payers wage for his security when he travels the universes for his ain fiscal additions. Blair ‘s constitutional reform of the Human Rights Act 1998 when he was in power gives him this right. â€Å" The demand for â€Å" public interest-orientated accounting theories depends on the extent of the authorities ‘s function in the economic system. † ( R. L. Watts 1979, P 275 ) a clear illustration of this is the adjusting of involvement rates in order to assist economic growing. Another illustration of this is the fiscal coverage practises of British municipal corporations 1835-1933, where there was corruptness, misdirection and deficiency of answerability. The authorities gave the semblance of moving in the public involvement but from farther analysis it can be seen that this statute law was a response to public protest. We can see that there was a grade of opportunism involved. The motive for all the developments of in fiscal accounting can be examined utilizing Self-interest theory. In the narrative of Christie Malry the author kills himself because of a deficiency of acknowledgment of his work. Another illustration of this is Luca Pacioli work which benefited accounting greatly. His motive for this work was to have acknowledgment. An statement for Pacioli utilizing the Tuscan and Venetian linguistic communications in his book was that this would take to more acknowledgment for his work as more people could understand it, this is self-interest. This can besides be seen in the accounting organic structures who work to stay reputable and influential. For illustration the ACCA and CIMA offer their ain peculiar makings in accounting. Why is at that place a demand for these makings when there have been comptrollers around for 100s of old ages without these makings? These administrations work to advance their ain importance and respectability and as a consequence the makings add importance and respectability to persons that gain them. Influencing the development of accounting ordinance examined through gaining control theory. This is where the regulated seeks to â€Å" gaining control † the regulative organic structure, therefore act uponing the ordinances to their ain advantage. This poses a menace to the independency of the regulator. Capture theory links in with the demand for accounting theories â€Å" the lone accounting theory that will supply a set of anticipations that are consistent with ascertained phenomena is one based on opportunism † ( W & A ; Z 1979 P. 301 ) This is Watts and Zimmerman ‘s statement, that it comes down to self-interest and other theories are at that place to supply the semblance of respectability. In decision it can be seen that the development of both fiscal accounting and direction was down to many grounds. Changes where chiefly instigated by the designation of failing, a demand to accommodate and last, alterations in the economic system and jurisprudence. But the motive to do these developments was a consequence of opportunism and economic rational. For illustration Pacioli ‘s part to accounting came from a thrust for acknowledgment. Another illustration is the alterations cloistered houses whish were a consequence of mainly economic rational. Developments in accounting increasingly reflect the altering demands of users, economic, technological, cultural, societal and political environments

Essay About Smart-Phones Industry Essay

Question 1 According to the task, I select the smart-phones industry as an example to figure out my own opinion. The marketing environment always consists of particular elements within a business’s external competitive environment and operating environment which is related to the demands of one product’s target consumer, that is also known as the target market member. The operating environment includes investors, employees, customers, creditors, and the marketing environment, and how to use a business and its obtained resources. The elements beyond the scope of the company’s control is a company’s remote environment composed of . Elements about the remote-environment incorporate current and expected economic, social, technical and political factors. The industry environment, which describes the situations of businesses supplying a similar kind of product or service, is also called the competitive environment. Analyzing the remote business environment is doing good at helping business people understand the innate character and tendency of the nowaday conditions. Remote analysis tells hidden issues and predicts directions. Competitive or industry analysis lends a hand for business managers knowing how can they make their outputs diverse and better than their competitors’. Operational analysis provides people an wide profile about the company. The operational profile benefits analysts in learning which business strategies are efficacious and after all which strategies may be needed to be optimized or abolished. The macro environment involves the external factors which can totally influence a business or industry. However, these factors are not often in the control or the management ability that a company equipped with. Factors typically also include economic, demographic and social, political, technological, and legal forces in business. Business managers as well as the owners often spend a lot of time and efforts to evaluate the worldwide economic environment to finally make a determination about the number and the effectiveness of all these factors. Economic factors are generally comprised of supply and demand, the actual number of competitors in this given market, availability of recently economic resources, and efficient manufacturing methods used by companies. All these factors influence this company’s output and latent profit margins while they are selling goods and services to their consumers. Free market economies obviously have more competition for the sake of that more individuals and businesses can benefit themselves through the raw materials, labor, and facilities in the market. Demographics and society refers to information which is about the buyers in this economic market. This information involves statistics on not only the consumer age, sex, race, religion, education, but also their household size, marital status, and also other similar information. Companies that use that information to create productions and marketing strategies in order to meet the demands of all the consumers in the designated macro environment. Whatever, this information interacts on general economic factors. Companies must have the ability to decide the consumer supply and need by assessing consumer benefits. Political forces generally indicate that the government agencies or apartments and policies must be responsible for this particular nation’s economy. Policies may involve business taxes, interest rate as well as the availability of currency. Otherwise, companies regular make a business decision that is based on the government involvement within a set business industry. Creating business distributions in these regions sometimes can reduce one company’s incomes and make it adapt to more regulations and laws, which also rises operating costs. Technological changes these recent decades have changed the method companies do trades in the very macro environment. Websites, network station, software based on Internet, and the fulfillment centers permit companies to put their goods and services in multiple and international economic markets. Strategies and performance reviews can favor owners as well as the managers to use the macro environment elements to product a few competitive advantages for their subsidiary companies. Recognition of strategic groups is the crucial side for industry itself analysis. A strategic group is comprised of firms in this industry which is following almost the same strategies that aimed at the same target market groups. Marketing environments are related to the stage which the product stand on in the whole business marketing life cycle. The life-cycle marketing environment, thus, the four marketing life-cycle stages incorporated introduction, growth, maturity or decline. New products emerge on stage Introductory which is often described by an invention or an original service. Environments in the growth stage are with high competition, that means there are many firms attempting to divide shares of the similar target market. When it comes to the maturity stage, sales are growing slowly since most buyers who buy this kind product are those people who have already bought the product before. Sales slow to a halt in the decline stage. However, there may be some types would not go through every stage in this marketing life cycle. Marketing environments could also be depictured obviously of no concern of the marketing life cycle. None market leaders exist in Fragmented marketing environments. And this kind environment consisted of plenty of relatively small firms. The global marketing environment is the station for worldwide selling products businesses. Smart phone companies are illustrations of businesses which connected close with this free global marketing environment. Question 2 Since I am one of Samsung’s loyal customers, let’s take Samsung LTD as an individual firm within the cellphone industry. Samsung is a famous company selling smart phones all around the world. When we go back to see the last ten years, the rapid development of the mobile technology is an very outstanding phenomenon which really forever changed nowadays society we live in. In spite of the challenges that the current mobile industry environment brings, mobile future buyers growth are continuing without stopping with the emergency of markets to lead the way. However, the mobile industry is facing with a good many key issues, the economic downturn as well as the saturation of the spectrum concerns included. Before going next, we must say something about marketing assets. It can fall into four categories as the following: Internal or marketing support assets is the first sort. For instance, cost advantages emerge when Samsung try many ways to save its cost; while, on the other hand, information systems together with market intelligence is also of consequence; moreover, Samsung do business bases on the feeling of their existing customer; technological skills is irreplaceable in today’s mobile industry. There are many other aspects in this professional realm. The next is called the Alliance-based assets which can be described by the following questions: do the company have a market access to entry the big market? How to access to this market? And what is their management skills? How to share technology and so on. Supply chain assets is another category. In this part, Samsung pays enough attention to distribution network and the relationships between workers and buyers; they deal wel l with the pockets of strength; they ensure the delivery lead times and security of supply which is hard to come by. The last one is Customer-based and reputation assets. Relationships between Samsung supplier and customers is good. Samsung has great company name as well as good reputation; nowadays Samsung really have the smart phone market’s domination and it can not get without superior products and the after-sale services. In order to develope Samsung’s marketing capabilities which refers to its ability to perform their fixed marketing-mix activities this firm must marshal all kinds of resources they have and then deliver the value to customer. Fortunately, Samsung did this, too. We can see advertising of Samsung’s product wherever we go, such as GALAXY S4. Resources portfolios are related to the project that organizations is described as collections of resources, assets, and capabilities. The crucial dimensions of resources portfolios are the significance of resources when it comes to create values for customers together with resource advantage relative to other smart phone producer, namely, competitors. What is the competitive advantage of Samsung? First, they save costs as possible compared to competitors based on the large-scale production or intensive production. Second, they have unique production and after service. Otherwise, Samsung has done good job in developing and exploiting all their resources. Since the emergency of Apple’s iPhone in phone market, most rival mobile manufacturers are spot in a hard ‘catch-up’ stage due to they fell behind after they did not find out how to use ‘touch screen’ technology through their cellphones’ production process. However, Samsung is a winner just like Apple. It exploited not only a unique system for Galaxy but also good screen-touch technology and applications. Around this rapidly developed world, the mobile industry is standing out. America is moving forward faraway but other countries keep banging away at their spectrum plans. The mobile industry, obviously, wants their governments to say something to clarified and regard their spectrum policies. Samsung start to research and develop spectrum since that more spectrum is needed whether they want many new opportunities to use mobile and wireless broadband technology to offer this society and the worldwide economy more help. With the number of mobile users are growing up day after day worldwide, the mobile industry is still put up with the declining Average Revenue Per User. The economic downturn, nevertheless, would not be the only element that driving down the ARPU; I believe that price wars involving in the increasingly competitive market and the trend for mobile users growth. Total cellphone sales and the mobile phone revenues were also decreasing in early years after the strong financial crisis. There is also evidence showing that the whole sales of smart phones are mounting while the handset sales totally being declining. Since Nokia has been losing its hegemony in market shares in the recent times. In spite of only this recent two or three years in the mobile market, Samsung has also become very very popular. Question 3 Sellers have three choices when they come in a market. Mass marketing is decided by a mass-produce mode and mass divide one product into pieces and try to attract each types of consumers. Target marketing is the decision to distinguish the different groups which make up a market to develop corresponding products and marketing mixes for each target market. Sellers in the last decade are continuing moving away from the mass marketing and they are moving towards their established target marketing since the latter is more helpful in cramping out market opportunities and developing successful product marketing mixes. Market segmentation is the procedure of dividing and measuring distinct groups of customers or potential buyers finally into subgroups in view of the same needs or preferences. Competitive positioning pay attention on how consumers consider about the sundry providing on the mobile market contrast with the other mobile producers. Not only the competitive positioning but the market segmentation must be formulated in this way so that the demand for consumers are fulled in ways which are better than competitors. Talking about so much, the definition of market positioning is not told. It is a sure process about formulating competitive positioning for each kind of product and the detailed mix of the product in marketing. The firm should be quite sure about their plan for how to introduce the function and advantage of the product to all these the consumers. How Samsung’s consumers think about it on significate attributes and decide the product’s position. That is to say, a company’s positioning relates to Samsung finding the appropriate ‘location’ among a group of buyers as well as their market segment is good so that they could d evelop a new product or provide better service in a customer desired way. While we define market segmentation as the process of placing the buyers in our target product-market and then divide them into multiple sub-groups for the members in every segmentation showing similar respond to a special positioning strategy. Market segmentation bases on the real information but not the marketers’ intuition. Obviously, Samsung catches the value of the procedure of market segmentation. They find out that customers are not all the same and other different products may probably take the fancy of buyers on multiform stages through their lifetimes. Considering about the mobile industry, for the sake of an illustration of this conception, Samsung practices what one preaches. The segmentation procedure refers to separating the big market into different groups of customers who might require separate products or marketing mixes, recognised that all buyers have unique needs and wants. It is generally possible in buyer markets to ensure comparatively homogeneous parts or segmentation of the whole mobile market rely on shared preferences, views, or actions that separate them from the others in the smart phone market. Diverse products and separate mixes may be needed in these segments, and one-to-one marketing approach segment is a decisive step in this contemporary. Generally speaking, B2B or B2C mode are used bu Samsung for a long time and its markets can be divided into parts using geographical and demographic descriptors, while diverse forms of behavioral descriptors and psychographics. Demographic descriptors include age like how old their customers are, gender which means female or male, household life cycle, income about their benefit, their occupation, their education degree, and race. Behavioral descriptors contain a plentiful collection of segment bases that benefits sought, behaviour about purchasing, usage about this kind of product, loyalty to distinct brand, their attitudes towards product and relationship seeking characteristics are included. Psychographic descriptors include personality and lifestyle, Samsung research every class for their buyers to gain more. References Hooley, G., Piercy, N., & Nicolaud, B. (2012). Marketing strategy and competitive positioning (5th ed.). New York: FT Prentice Hall. Oviatt, B. and McDougall, P. (1994), Toward a theory of international new ventures, Journal of International Business Studies, Vol. 25 No. 1, p. 45-64. Knight, G., Koed Madsen, T., Servais, P. 2004. An inquiry into born-global firms in Europe and the USA. International Marketing Review, 21/6, p645-665 Gleason, K., Madura, J., Wiggenhorn, J. 2006. Operating characteristics, risk and performance of born-global firms. International Journal of Managerial Finance. 2/2, p96-120 Lee, Li, Gongming, Qian, Zhengming, Qian. 2012. Early internationalization of small high tech ‘born-globals’. Strategic Marketing Review. 29/5. p536-561. Johanson, Jan and Jan-Erik VAHLNE. 1990. The Mechanism of Internationalization. International Marketing Review, vol. 7, no. 4, p. 11-24. Baird, Inga S. and ali. 1994. The Choice of International Strategies by Small Businesses. Journal of Small Business Management, vol. 32, no. 1, p. 48-59. Forrest, Janet E. 1990. Strategic Alliances and the Small Technology-Based Firm. Journal of Small Business Management, vol. 28, no. 3, p. 37-45. Larson, A. 1991. Partner Network : Leveraging External Ties to Improve Entrepreneurial Performance. Journal of Business Venturing, vol. 6, no. 3, p. 173-188. Doukas, J. and Lang, L. 2003. Foreign direct investment, diversification and firm performance, Journal of International Business Studies, Vol. 34, p. 153-72. Agmon, T. and Lessard, D.R. 1977. Investor recognition of corporate international diversification†, The Journal of Finance, Vol. 32 No. 4, p. 1049. Knight, G. and Cavusgil, S. 2004. Innovation, organizational capabilities, and the born-global firm, Journal of International Business Studies, Vol. 35, p. 124-41.

Table of content Essay Example | Topics and Well Written Essays - 250 words

Table of content - Essay Example There is also a problem in where one is not in a position to draw up a clear investment plan with limited finances. All these problems emanate from the failure to have a tool where one can account for daily expenditures and income. The end solution, therefore, is to invent a tool that facilitates evaluation of the financial inputs and outputs incurred on a daily basis. To gather the information, academic journals were analyzed. Data collection did entail utilization of a cross-sectional survey, using the questionnaires. Information was also the journals tend to explain some of the challenges and drawbacks that a person may face while budgeting. They also give a clear guideline on the steps to draw an effective budget. Theoretical studies did indicate that the business is subject to undergoing various steps in its operational life. All the steps have different financial demands and unless budgeting is done effectively, it is prone to failure. Personal expenses also stand a gap in the success of a business. Therefore, budgeting of the expenses is equally important. I choose to go with the third option simply because it revolves around developing my own expense report. It directly has to do with my finances that range from my savings, wages, expenses and investments. Everyone ought to have a well-developed Individual Expense Report even if only to keep track of both the in-flow and out-flow of his or her personal finances. It is a good true that can help solve the problem of trying to figure out what you did with your last month’s income and what you can do with the extra cash you still have. Finances are very volatile and if not allocated to a certain area, they tend to disappear with nothing tangible to show for them. Option C to me is the basis of the rest two; reason being that one has to learn their own financial management before they can launch out to writing reports for companies (Option A) or a future business (Option B). One of

BP Essay Example | Topics and Well Written Essays - 5000 words

BP - Essay Example As well, a statistical review of the last 44 years reveals the urgency in addressing the problem of oil industry disasters. The research analysis reveals that there are multi-level and diverse impacts of the oil industry on environment. These impacts are the result of the routine operations of the industry as well as because of the accidents and disasters that occur due to negligence. It is also seen that while BP promotes itself as a green energy company, it is however involved in violating environmental and safety norms with disastrous results as can be seen in the case of the Gulf of Mexico oil spill. The research provides several recommendations like developing an international agency for formulating a framework for oil industries to make them more environmentally responsible; to develop more coordinated framework of monitoring the oil companies’ performance; to make it mandatory for the oil companies to show transparency about their standards and processes and projects; a nd to generate public awareness about full impact that oil industry has the potential of making to the environment. Table of Contents Abstract Table of Contents Chapter 1: Introduction 1.1 Introduction 1.2 Research Questions 1.5 Research aim and objectives 1.4 Significance of Research 1.5 Structure of Dissertation Chapter 2: Literature Review 2.1 Oil Extraction Leads to Disturbing the Natural Environment 2.2 Oil Transportation Hazards to the Natural Environment 2.3 Oil Usage and Its Impacts on the Environment 2.4 Environmental Standards for oil industry 2.5 Oil Spill Clean-up Methods 2.6 BP 2.6.1 Organizational Structure Supportive of Environmental Accountability 2.6.2 Operation Management and Environmental Management 2.6.3 Using Technology for Reducing Impact on Environment 2.6.4 Using Education to Create Environmental Awareness 2.6.5 Renewable Energy Products 2.7 Summary of Literature Review Chapter 3: Research Methodology 3.1 Introduction 3.2 Research Methods 3.2.1 Case Study Met hod 3.2.2 Statistical Analysis 3.4 Methods of Analysis 3.5 Research Validity and Reliability 3.6 Summary Chapter 4: Findings and Analysis 4.1 Case Study 4.1.1 Background Information 4.1.2 BP Performance on Environment 4.1.3 BP Safety Track Record 4.2 Comparative Analysis of Oil Disasters in Recent History 4.2.1 The Costs of Clean-up 4.2.2 Calculating the Level of Threat 4.3 Summary of Chapter Chapter 5: Conclusions and Recommendations 5.1 Conclusions 5.1.1 Environmental Impacts of Oil Industry 5.1.2 BP and its Performance on Environment 5.2 Historic Perspective 5.3 Recommendations 5.3.1. There is a need to establish an internationally recognized organization that sets operational and maintenance standards for the oil industry 5.3.2. There is a need to make the oil industry operations and procedures more transparent. 5.3.3. There is a need for generating public interest and awareness of oil industry related impacts on the environment. 5.4 Limitations of Current Research and Scope for Future Research The oil industry: Assessing the impact of oil disasters on the environment through a case study of BP and its responsibility for the Deepwater Horizon drilling rig disaster Chapter 1: Introduction 1.1 Introduction The recent oil spill in the gulf of Mexico early in the year has once again provided experiential evidence of the disastrous impacts that oil and drilling operations may have on the natural

Hispanic American Diversity Research Paper Example | Topics and Well Written Essays - 1250 words - 1

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Sula Essay Example | Topics and Well Written Essays - 1000 words

Sula - Essay Example It begins in the year 1919 and proceeds with chapters titled 1920, 1922.1927,1937 and so on to the year 1965. Each chapter represents a particular event around which resolves the past ,present and future significance. The narrative unfolds like a firmly interwoven oral folktale. In this novel the past present and future collapse into a kind of synchronic action. The setting in Sula is an isolated neighborhood called â€Å"The Bottom†, but it is a neighborhood of recent historical past and therefore â€Å"The Bottom and its inhabitants assume, like a narrative itself, a mythological quality. They and their environment are drawn from the rich tradition of black folktale and legend. However the inhabitants of â€Å"the Bottom are not often prey to the extreme seduction of dominant culture. Patrick Bryce Bjorn in the â€Å" The Novels of Tonni Morrison: The search for self and Place within the community says that , instead they are presented as having a world of their own , and thus the delimiting of an external gaze and the valorization of black values and traditions further emphasize Morrison’s singular concern for black life†. Morrison. in all her novels likes to examine the community and its characters. It has become a familiar motif in all her novels. In Sula this motif is played conspicuously in the dialectal tension between communities as monolithic status. The novel has the family of self sustaining black female characters Matriarch, Eva Peace , her daughter Hanna and her granddaughter ,the protagonist of the novel Sula Peace, who combine to provide the oppositional energy to redefine both selfhood and black womanhood. The novel begins with the end to â€Å"The Bottom â€Å"a neighborhood once isolated from and eventually destroyed by white progress in Medallion City, Ohio . A master gave this â€Å"the Bottom to slave and it was considered as a gift given to his master to his former slave. He made them believe that the land is wor thwhile because it is closer to heaven .thus there grows a particular community. But there is a threat from the white that they decided t builds golf course there. The first living being introduced to the reader is Shadreack who returns to the Bottom. He in order to overcome fears of death invents National Suicide Day. He is a representative of who dislike war. Sula the protagonist is friendly with Nel. They are from different family set ups. Nel is from a conventional family. The theme of friendship is treated effectively in this novel. The converging point in the novel is the death of a boy Chicken Little while playing with Sula and Nel. They hide this fact. But guilt conscious arise in the mind is Sula. She considers herself as responsible for the death of the boy, She is suffering from acute feeling that she is an evil character. At the sane time Nel develops a positive attitude to life and she slowly began to move away from Sula. Soon we find that Sula’s mother dies of b urning. When Sula takes a different path of fierce independence and total disregard for social conventions Nel takes the path of a peaceful married life. Sula leaves the bottom for ten more years. During that time she makes affairs with especially white man. When she returns to â€Å"The Bottom† the people considers her as a figure of evil, particularly because of her interracial relations. She even develops relation with Nel’s husband Jude. Jude abandons Nel for that. Later when Sula dies Nel herself blames herself admits her

Democratic and socialist approaches Essay Example | Topics and Well Written Essays - 1000 words

Democratic and socialist approaches - Essay Example Democracy should inevitably lead to ever more local forms of government, and appears to work best when shareholders or stakeholders have some true value or worth accorded to their participation in governance. By this standard, the voting for a President every four years is merely a symbolic action, and in nation states with a huge population such as the United States, it is clear that the individual vote is often lost, viewed as inconsequential, or easily disposed of with by politicians. However, on the local level, the importance of the vote is much more valuable for those who are actively participating in their own governance. The Greek city-state can be seen as a classic example of small-scale governance where the individual voice is truly valued and participation can make a real impact. When power is decentralized to ever smaller and more local organizations of government, democracy works best, as it is under these situations when the people whose lives are actually affected by t he decision-making process are actually given the opportunity to discuss and vote on the issues which concern them. This is the principle behind Federalism, and there is significant evidence that the Founding Fathers of America intended or hoped that the Federal government would be an extremely limited organization, lacking the power of income tax initially for example or restricted in its ability to raise debt or standing armies. What has become known as the modern democratic State is in fact little different from what is called an oligarchy?

Application of a Borrowed Nursing theory to a Nursing Issue Essay

Application of a Borrowed Nursing theory to a Nursing Issue - Essay Example This research will begin with the statement that nursing theories have profound effects on nursing practice. They offer a structure to support and express nursing practice and assist in offering solutions to practice problems. An example of a middle-range theory that has been applied to nursing leadership is Jean Watson’s theory of human caring. This essay discusses that this theory offers an ethical structure for nursing management, organizational effectiveness, and quality management. According to Watson, the theory of human caring offers a structure that nurse leaders can employ to reinstate the nurses’ value-oriented mission of care that permits the leaders to care for nurses and promote wellness. As a result, Watson’s theory of human caring can be used to solve staffing issues in the organization. In reference to Douglas, staffing of nurses is an imperative aspect of patient care delivery. The author has rightly presented that nurse leaders can adopt the the ory of human caring to solve staffing issues in myriad ways. One way can be through impacting nursing staff through supporting them to take part in self-care activities and practice kindness and love for self and others. This paper illustrates that the nurse leaders can use the theory to develop and adopt policies that guarantee healthy work settings, restricting work hours and offering time for the nurses to relax and rejuvenate.

Fire Safety Management Plan for Student Hub Case Study

Fire Safety Management Plan for Student Hub - Case Study Example The Student Hub is a sensitive part of our institution due to the number of students that visit the area in a day. Hence, many activities like eating and drinking, studying, relaxation and meeting take place there; therefore, it is important that a definite fire safety management plan be drawn up to provide appropriate safety strategies for students in case of unexpected fire outbreak. Fire hazard and disaster can happen at any place without prior notice. And when such a dangerous thing occurred, it could claim some lives and destroy a lot of property including buildings, furniture and other materials (Thomson, 2001; Davletshina & Cheremisinoff, 1998). The Student Hub has some safety measures that were previously put in place, and these include safety procedures for escape through exit fire doors; the use of a controlled-descent shutter in the kitchen to shut out the flame; the use of automatic exit doors; applying the fire-resistant property of the building by using the fire fighting shafts; designing of cavity barriers in a place like library to reduce the spread of fire; space separation of the designed buildings is another safety measure to limit external fire spread, also construction of external walls help to fight fire in this regards; the installation of fire alarms help to give warnings to all students in the Hub buildings. So, this fire safety management plan will harness all the above-mentioned fire safety strategies so as to map out a functional fire safety management plan for the Student Hub in case of an emergency.  

Challenging environment Essay Example for Free

Challenging environment Essay Mrs. Dae is a 28 year old Caucasian female. She presents clean and well dressed. She is approximately 5’ 6†, 145 lbs. She appears healthy and in shape. No visible physical deformities. She has normal gate. She is open and cooperative. She has a normal rate of speech and makes appropriate eye contact. Mrs. Dae expresses herself appropriately. In discussing family history, Mrs. Dae has little trouble recalling events. She is unaware of some family history on her father’s side. Mrs. Dae is orientated x 4. She has logical thought process. Mrs. Dae is alert, however, states she has been busy lately and is tired today. She reports getting approximately 6-8 hours of sleep nightly. Mrs. Dae is able to count backward from 100 by 7’s. She displays logical thought processes. No report of hallucinations or delusions. Mrs. Dae appears to have good judgment and insight. She is of high intelligence and is able to appropriately explain the meaning of a common proverb. (â€Å"A rolling stone gathers no moss†) (â€Å"How to†). Mrs. Dae appears happy and confident, with appropriate affect. During the interview Mrs. Dae was relaxed and participated in spontaneous conversation. She denies any suicidal or homicidal ideation. Strengths/ Weaknesses: Mrs. Dae is highly educated. She appears confidant with high self esteem. She reports she enjoys caring for others. She has good insight and appears to have good coping skills. Mrs. Dae has a supportive family. In terms of weaknesses, Mrs. Dae admits to taking on too many activities at once and at times she feels â€Å"burned out†. Family History: Mrs. Dae is the second of three children and grew up in a typical middle class American home. She has an older brother and a younger sister. Mrs. Dae’s parents were divorced when she was 7 years old. Ms. Dae and her siblings lived with their mother. Mrs. Dae reports her father was verbally and physically abusive toward her mother. This was the reason for the divorce. She does not recall being the victim of such abuse herself. However, she reports that her mother tells her that her father was â€Å"mean to all of us† (referring to Ms. Dae, her siblings and mother). Mrs. Dae denies any sexual abuse. Shortly after the divorce, Mrs. Dae reports all three children stopped seeing their father. She currently has no relationship with her father, however she reports speaking to him on the phone occasionally. Aside from these events, Mrs. Dae reports a normal childhood. She reports discipline as a child in the form of â€Å"grounding, which rarely occurred†. Mrs. Dae is currently married. She has been married for the past 8 years. She denies any previous marriages. Ms. Dae describes her marriage as â€Å"good†. She states she and her husband attended marriage counseling for approximately 3 months earlier in their marriage. Mrs. Dae reports that her husband has a well paying job. She denies any current financial hardship. The couple recently bought their first home. She reported some stress during the process. However, she did not think it was â€Å"more then would be expected when buying a home†. Mrs. Dae and her husband have one child, a 5 year old girl. Education and Work: Mrs. Dae graduated high school in the top 10% of her class and went on to college. She majored in psychology and graduated Cum Laude. She continued to earn her Master of Science degree. Mrs. Dae currently works with at risk youth in the prevention and advocacy department of a non-profit company. She has been with her current employer for one year. She reports being satisfied with her job. She states she makes â€Å"good† money and the work she does is rewarding. Mrs. Dae stated she plans on returning to school in the near future for her PhD in Psychology. Her long term goal is to go into private practice serving youth. Mental/ Physical Health: There is no known history of mental illness on her mother’s side of the family. Mrs. Dae reported there may be depression on her father’s side. Mrs. Dae denies any form of depression aside from â€Å"the blues† every now and then. Mrs. Dae reports history of cancer on both sides of her family. Mrs. Dae participates in annual physical examinations. According to her last physical she is in good health. Mrs. Dae denies substance use. She stated she will drink a glass of wine â€Å"once in a while†. Mrs. Dae denies tobacco use. Legal History: Mrs. Dae denies any significant legal history, aside from a few traffic tickets. Social: Mrs. Dae reports she has a group of friends, other married couples, that she and her husband spend time with. She is also a member of her church and participates in social events at the church. As her child recently started attending elementary school, Mrs. Dae stated she has joined the school’s Parent-Teacher Association. Spiritual: Mrs. Dae reports growing up Catholic but she did not go to church often as a child. She states that she no longer practices Catholicism, however, she does go to a non denominational Christian church. She goes to church on a regular basis. She feels strongly about her beliefs. Mrs. Dae reports that she prays on a daily basis and stated â€Å"this keeps me grounded†. Hobbies/Activities: Mrs. Day states she enjoys reading, yoga, and going to the spa with friends. She admits she has little time to spend on these activities. However, she reports that she and her husband give each other time with their friends, time together, and family time on a regular basis. References How to do a Mental Status Exam. Retrieved on November 9, 2007 from http://www.psychpage.com/learning/library/assess/mse.htm

Bdo Benchmarking Assignment Essay Example for Free

Bdo Benchmarking Assignment Essay When considered in general terms Turnbull described it as: â€Å"All influences affecting the institution processes, including those for appointing the controllers and/or regulators involved in organising the production and sale of good and services†¦.. it includes all types of firms whether or not they are incorporated under civil law. † (Turnbull, 2002:181) Factoring in all other definitions, in its simplest terms it can be defined as the â€Å"exercise of power over corporate entities† (Clarke, 2004). It is not the same as the management and the running of the company, it is concerned with how the Board of Directors, who are the governing body of a company, supervise management, because it is they who are responsible for holding the management of a company accountable and ensuring the company is being ran in a way which is favourable towards the shareholders and other stakeholders. It is the Directors’ responsibility to develop strategy and policies for the ompany and to determine the direction the management should take the business in and the Directors have overall responsibility for the performance of the company (Tricker, 2012). While the phrase ‘corporate governance’ wasn’t coined until the 1960’s and not commonly used until the 1980’s, it has really been in a gradual process of evolution since the 16th century and joint venture trading. One of the major developments in world economies which brought the need for corporate governance to the fore was the introduction of limited liability companies in the 19th century. What this meant was when companies were incorporated they became a separate legal entity, separate from their shareholders and with similar legal rights to buy, sell and transfer shares and assets, to employ people and to sue and be sued in the name of the company. This meant the liability for any company debts lay with the shareholders and not the management or the company. Add to this the fact that because of the introduction of the stock market, shares could be easily bought and sold, meaning the shareholders could be vast in numbers and have a large geographical spread. Due to the fact that all corporate entitites need to governed, the implications of this were that the management (executive control) and the shareholders (owners) were often separated (Tricker, 2012). Situations such as these, are where corporate governance is deemed to be most necessary because there is a root assumption, that members of management who do not own the company are likely to be more reckless with someone else’s money, i. e. the company’s, than they would be with their own money (Having Their Cake, 2013). This is known as the agency dilemma, which will be expanded upon later. Electing a Board of Directors who have the interest of the shareholders at the forefront of their mind, allows members to indirectly oversee the actions undertaken by the management, in order to ensure that as agents of the shareholders, the management is performing in line with the best interests of the corporation (Lashgari, 2004). 1. 2. Selection of a Case Company However, as Turnbull pointed out in ‘Corporate Governance: Its scope, concerns and theories’ (2002), having a restriction of only publicly traded corporations in studies of corporate governance, limits the validity of any onclusions drawn about the most efficient arrangements for corporate institutions with regards to good governance practices and the effect they have on a company’s performance. As Jensen said in 1993: â€Å"Privately held entities could provide the most form of enterprise. † (Jensen, 1993, cited in Turnbull, 2002). It was with this in mind that I chose BDO LLP UK (BDO), which is an incorporated partnership company in the UK, which is owned and ran by its members/partners. It is a company which offers financial accounting, audit, tax and business consultancy services (BDO LLP UK website, 2013). . 3. About the UK Financial Accounting and Audit Sector With the ever increasing focus on corporate governance for companies across the World, not just in the UK, audit firms such as BDO, KPMG and Deloitte are becoming more important because it is there job to ensure that companies are adhering to regulations laid out in the UK Corporate Governance Code (2010, revised in 2012). It should naturally follow that audit companies will have extremely good corporate governance practices put in place, however, this is not necessarily the case. Since 2000 there have been a number of high profile scandals within the International Corporate Financial Accounting industry, for example, Enron were found to be inflating revenues and hiding debts and there was also the Bernard Madoff â€Å"Ponzi Scheme†, where the real scandal was that the robbing of millions of pounds worth of people’s money, escaped the attention of auditors and regulators. ). Due to such scandals, many national regulators implemented new corporate governance requirements to improve standards (Mitchell Van der Zahn, 2009). In the UK new regulations with regards specifically to audit companies were also introduced, targeted directly at a certain group of companies. As of January 2010, 95% of the auditing work in the UK was being carried out by 8 firms, BDO being one of them. It was deemed that such companies had built upon their reputation to gain dominance in the UK market and the Financial Reporting Council (FRC) felt it was in the Public’s interest for these companies to be transparent and in order to maintain public trust be exemplars of best corporate governance practice. This led to the introduction of the Audit Firm Governance Code (2010) by the Institute of Chartered Accountants in England and Wales (ICAEW), which drew from aspects of the 2010 UK Code and established principles such as the appointment of independent non-executives within the governance structure of their company. While such rules did not apply outside of the targeted companies, it was the hope of the ICAEW that it would provide a benchmark of good governance for other companies to follow (ICAEW website, 2013). With such a bold statement being made about the importance of corporate governance in this field of work, it seemed to me to be an obvious choice to choose one of the 8 companies on the ICAEW’s list for my case-study. 1. 4. About BDO LLP UK As detailed earlier BDO LLP UK is an incorporated partnership company in the UK, which is owned and ran by its members/partners and it provides financial accounting, audit, tax and business consultancy services. It is the 6th largest accountancy firm in the UK and is a member of the BDO International Network, which itself is the 5th largest accounting organisation in the World. In an attempt to break into the top 4 big firms in the UK, BDO LLP UK completed a merger with PKF, a rival firm, in April 2013 (Keynote, 2013). After researching BDO LLP UK, it became very clear that corporate governance was of the upmost importance to the company. Not only did it have specific areas on its website dedicated to corporate governance and corporate social responsibility but it also had a number of relevant publications regarding corporate governance. One article for example, ‘Making Internal Audit Relevant’, discussed the high quality of corporate governance in the UK found by studies carried out by the FRC, it went on to say that this was underpinned by the UK Corporate Governance Code and that it was vital in maintaining the attractiveness of the UK market, to encourage new investment (BDO LLP UK website, 2013). My research also found that BDO had carried out a joint study with the Quoted Companies Alliance, which considered the introduction of a mandatory corporate governance code for small and mid-capital audit companies in the UK. Just as a point of fact, this was a proposition that 92% of such companies agreed with. One of the major indications that BDO think corporate governance is vital to the success of a company is that they produce an annual transparency report, which has an appendix of a statement of compliance with the Audit Firm Governance Code (2010). They have also went to great lengths to create a summary report in 2012 for businesses which they audit, detailing any changes to corporate governance regulations and focusing on leadership and effectiveness, reporting, risk, audit, remuneration and investor relations (Corporate Governance for TMT Businesses, 2012). It seems to be an interesting idea to look at a company who places so much emphasis on good corporate governance, not only for itself but also the companies it works for, to see if they do comply completely with the codes and if they are in fact â€Å"exemplars† of good practice. . Theories of Corporate Governance There are various theories and philosophies with regards to corporate governance, all of which, as a collective, have laid a foundation for the development of different corporate governance systems around the world (Lashgari, 2004). This paper will look at a number of these theories and how they relate to BDO, in order to gain a better understanding of th e governance standards at BDO. 2. 1. Agency Theory In the 1930’s, Berle and Means published ‘The Modern Corporation and Private Property’, it provided the first debate about the agency dilemma and set a basis for agency theory. They suggested that where ownership is separated from management or is widely dispersed, it becomes difficult for owners to have an effective check on the autonomy of corporate managers. The agency dilemma was further refined in the 1970’s, when theories were brought to the fore suggesting agents (managers) are likely to be self-interested and will serve their own interest before those of the principle (owners). Such theories also suggested that in order to counter this problem companies have to incur agency costs, for example, to create incentives to align the interest of the agent with the company and the cost of monitoring the conduct of agents. Many other theorists have a problem with agency theory because it does not even attempt to explore the possibility managers are not self-interested and opportunistic. However, they cannot deny that it has een very influential in developing market-based governance mechanisms and board-based governance mechanisms. Due to BDO being an incorporated partnership and their shares not being publicly traded, we will only look at the board-based mechanisms (Having Their Cake, 2013). Agency theory has caused internal reform of boards, there has been an increase in executive share options schemes, meaning that managers are being offered equity in the company they will manage, in order to â€Å"align their interest† (Having Their Cake, 2013). Agency theory has also led to the introduction of independent non-executive directors onto Boards of Directors, in order to ensure the actions of the management are being sufficiently monitored by the board themselves and role of boards have been greatly elaborated, they are becoming more involved with the setting of objectives of companies and monitoring of any actions taken by management and stricter provisions have been put in place to ensure the separation of the roles of chairmen and chief executive (Cadbury Committee, 1999). When applying agency theory to BDO, it is easy to see that there is a situation of agency and principle, with the fact that there are 193 partners in the firm and only 5 partners who are part of the Leadership Team (LT- management) which is responsible for the overall management of the company and is chaired by the Managing Partner. It is also noticeable from their 2012 ‘Transparency Report’ that all members of the LT have been partners in the company for a number of years, with currently the shortest term being 12 years. This could be considered good governance by BDO because in an effort to avoid the agency dilemma, they ensure their management team is made up of partners, whose interest is already aligned with the interests of the business. The transparency report also states that BDO have a Partner Council (equivalent to a Board of Directors) which is independent from the LT and responsible for the overall governance, in particular the oversight and accountability of the LT. They are also responsible for choosing members of the LT and for electing independent non-executive directors, for which there are 2 at BDO. These independent non-executive directors sit on the LT and report to the partner council of any issues of compliance with governance, policies and procedures, for which they are responsible for providing information on to the LT. The Partner Council is chaired by the Senior Partner who performs a client facing role and is responsible for managing all decisions. He also attends LT meetings in a non-executive capacity to facilitate his oversight role of the governance of the company (Transparency Report, 2012). As we can see the management team is subject to a lot of oversight and monitoring by the Partner Council and the roles of the Senior Partner and Managing Partner are completely separate, this is all a way of ensuring the company has a high standard of governance and to also ensure the management is acting in the best interest of the all the owners. BDO goes to a big effort in organising their governance structure in order to avoid the problems arising from the agency dilemma. 2. 2. Resource Dependence Theory This theory originated from studies performed by Pfeffer and Salancik (1978), they suggest that board members and non-executive directors can provide a firm with a vital set of resources. Non-executive directors are appointed with the expectation that they will support the organisation with its problems and to be a source of expertise which executives can draw upon for skills and advice and they can also be a source of contacts and information which they have gained through their past experience (Having Their Cake, 2013). At different stages in the life-cycle of companies, they have very different needs from their non-executive directors. To young entrepreneurial companies, non-executive directors can be a cheap source of legal, financial or operation management skills, while publicly listed companies are in need of network connections such directors can provide, for example, sources of finance. They can also provide the benefit of attaching a good reputation to their company. Mature businesses, with which we are most concerned because BDO falls into that category, can use non-executive directors for their relevant market or managerial experience and from the consumer confidence which can be gained from that person’s good reputation being affiliated to their company (Having Their Cake, 2013). Applying this theory to the independent non-executive directors of BDO, we can clearly see from the Transparency Report (2012) that both have experience of past non-executive director roles and both bring their own experience in a relevant field, Lesley MacDonagh with a high level of experience of law and business management which she gained from being a Managing Partner at Law firm Lovells and Lord David Currie having experience of business management from eing a Dean of Cass Business School and a past Chairman of OFCOM and he also has sound knowledge of the legal system from being a member of the House of Lords. This places them perfectly for their positions of overseeing the governance of and business management of BDO. 2. 3. Stewardship Theory This theory, which originated from the works of Donaldson (1990), suggests that directors can have motives which are ‘pro-organizational’ and counters the assumption by agency theorists that management aims are based in self-in terest and are not aligned with those of the shareholders. Donaldson even goes as far as to suggest that negative investor assumptions of the management will have the opposite effect to what was intended and can actually weaken the leadership of a company by weakening the management’s authority when splitting the decision making power between the board and the management. Donaldson also put forward the theory that inside managers and directors have possibly spent their lives working for the company they govern and because of this not only have a strong understanding of how the company is ran, therefore are able to make superior decisions, but also they will have naturally built a strong affiliation and personal investment in the success of the company. He also points out that decisions made by a board of outsiders could be of a lower quality because they would not be in a position to fully understand the company because they would not have access to the same informal knowledge sources and would lack any information which could inform them of the contextual nature of any business situations. All this in turn could lead to low firm performance (Nicholson and Kiel, 2007). As was stated earlier, BDO has a LT which is made up of partners who have been working for the company in a particular field and have been a partner for a number of years. The field they are responsible for as part of the LT is relevant to the field they have been previously working in, for example the Head of Audit and Tax, Paul Eagland has been a Tax Partner for 17 years. This ensures that any decisions that are being made are informed with the necessary knowledge to make the correct decision for the company. Also, as has been stated previously working for the company has long has built a strong affiliation to the company and its success. With regards to the non-executive director element of the board, it is made up of both independent members who come from outside the company (such as mentioned previously) and Directors such as the Senior Partner who has been with the company for a number of years, this allows for any gaps in the knowledge of the directors to be covered because there is an overlap between the meetings of the LT and the Partner Council when the Senior Partner sits in on LT meetings as an affiliated non-executive director. This ensures that the company is practicing good governance and that the board cannot be misled by the management as to how the company is being ran and if the interests of the other Partners are being looked after (Transparency Report, 2012). 2. 4. Stakeholder Theory Freeman (1980’s) put forward a whole new idea in terms of corporate governance theories, he argued that it should not simply be just the shareholders’ or partners’ interests which should be considered when making business decisions, he suggested that companies should be ran with the interests of all stakeholders in mind. Other stakeholders include employees, who have invested their time and skills in the company and have an invested interest in the company’s success, in order for them to ensure job security. This, Freeman classes as a direct interest in the success of the company, other direct stakeholders include customers and suppliers. What Freeman classed as having an indirect interest in the performance of the company includes the community as a whole and the environment (Having Their Cake, 2013). There is a major problem with this theory, which is that it is hard to operationalize because it is difficult to decide the weight that should be given to different stakeholders but accepting this difficulty, some theorists have suggested that while ultimately they are accountable to the shareholders, they must take into account the interests of other stakeholders when making decisions. This demand for ‘stakeholder value’ is legitimised through a number of examples, take globalisation; the spread of business and corporations across the world has led to environmental damage, an increase in corporate corruption and excessive executive pay has been, for example with RBS, to come hand-in-hand with company downsizing which has a direct impact on employees. In the name of good corporate governance, the increase in the value of stakeholder interests has led to an increase in business ethic codes and heightened corporate practice visibility and corporate reports of social responsibility and environmental matters (Having Their Cake, 2013). According to BDO’s website and their Transparency Report (2012), the company takes the interests of various stakeholders into account when making decisions about how the business is run, in a number of different ways, through policies and procedures: * Ethical Requirements The company has a Professional Services Manual and an Audit Manual, which contain rules relating to ethical conduct of employees, management and Partners. It is easily accessible on the company intranet and is supplemented with training and is designed to comply with International and UK Ethics Standards. The Partners and staff sign annual declarations as to their compliance to the code and the company has an Ethics Partner who is tasked with providing guidance as to correct ethics and also with maintaining compliance. * Client Relationships BDO has 5 core values which all partners and staff are committed to, they are; honesty and integrity, taking personal responsibility, mutual support and strong and personal client relationships. To aid in these values and to help deliver a quality service to clients, the company has robust client and engagement procedures. They carry out risk assessments on every potential client, before signing a contract and this helps to ensure that not only is the company secure but also that they provide the client with the sufficient standard and amount of staff they are in need of. The HR department also has clear policies and procedures when it comes to recruitment in training, to ensure the company has a sufficient number of staff who are competent and meet the required ethical standards, all in the name of providing a quality service to clients. * Employee Relationships BDO have an inclusive culture when it comes to recruitment and training and development, it provides every staff member with the same opportunities to progress regardless of differences. They have strong policies and procedures regarding regular reviews, which are performed bi-annually. They also seek to adopt the most relevant recruitment selection tools, in order to ensure the fit and quality of those joining the company. They also provide employees with ‘learning maps’ and ‘career and performance wheels’, which helps with career development and ensures promotions only occur when the staff member is ready. This all aids in the success of the company. * Corporate Social Responsibility BDO actively support and develop the local community, they have an established network of over 20 champions in the UK, tasked with â€Å"stimulating local ideas and initiatives† to help developing the community. They have a Community Volunteering Policy, allowing employees to take 6 days a year to volunteer, and they are not restricted to volunteer at certain organisations. It can be whatever is important to them. BDO ensure the negative impact their business has on the environment is minimised and have an Environmental Policy which can be accessed at the follow address: http://www. bdo. uk. com/about-us/corporate-social-responsibility/environment. Considering this, it could be said that with regards to ‘stakeholder value’ BDO practices good corporate governance. . BDO Governance in Practice 3. 1. Transparency Report Due to the EU’s 8th Directive on transparency reporting being adopted, in April 2008 the Professional Oversight Board published the Statutory Auditors (Transparency) Instrument (2008), requiring auditors of companies with a public interest to publish annual transparency reports. It also detailed requirements that such reports must meet, including systems of q uality control, independence practices and procedures and information about the company, i. e. he structure and the management. The BDO Transparency Report (2012) is available at: http://static. bdo. uk. com/assets/documents/2012/09/Transparency_Report_for_the_52_weeks_ended_29_June_2012. pdf . Transparency reports are used to demonstrate the quality of audit processes and practices of a company and are also used to encourage a high level of confidence and trust from stakeholders and the business community. BDO also provided a statement of compliance with the Audit Firm Governance Code (2010), which can be seen in Appendix A. The transparency includes details of the Governance Structure of the UK Firm, including the management and implementation of independent non-executive directors, the values of the company, the Internal Quality Control System, the Risk Management Control System and details the policies and procedures regarding independence, whistleblowing, professional development and partner remuneration. 3. 2. Statement of Compliance with the Audit Firm Governance Code One of the most important aspects of the Transparency Report is the Statement of Compliance with the Audit Firm Governance Code. Some of the key aspects of which include compliance with: * the owner accountability principle- the Partnership Council reviews decisions made by the Leadership Team, the management * the management principle- strategic and operational leadership is provided by the LT * the professionalism principle- the whole firm is committed to quality work and professional judgement and values. The firm’s management and the Head of Risk and Quality reinforce the appropriate ‘tone at the top’, instilling professional and ethical values in the firm. BDO employees are expected to comply with an internal code of conduct * the Involvement of independent non-executives principle- BDO appointed Independent Non-Executives in July 2008, comply with the same independence requirements as our partners and employees and they have sufficient experience and expertise to command the respect of the partners * the Compliance Principle- BDO have policies and procedures to ensure they comply with professional standards and applicable legal and regulatory requirements * the whistleblowing policy- all actions arising out of incidents of whistleblowing, are reported to the Head of Risk and Quality who will make an annual report the Internal Reporting Principle- LT, Partnership Council, Audit Committee and Risk Committee are supplied with information in a timely manner and in a form and of a quality which enables them to discharge their duties * the Financial Statements Principle- BDO publish annual audited financial statements in accordance with UK GAAP While BDO provide a very clear statement about how compliant they are with regards to the Audit Firm Governance Code, we must look at the FRC’s ‘BDO LLP- Audit Quality Inspection, 2013’ which considered the corporate governance compliance of BDO in order to get a true understanding of their standard of corporate governance compliance. 3. 3. FRC Annual Review of BDO The FRC found that in most areas there were appropriate policies and procedures in place for its size and client base and they found that all the statements that were made in the Transparency Report were consistent with their understanding of BDO’s policies and procedures of the firm. However, when the FRC reviewed the audits BDO carried out themselves on other companies, they found that a number of governance codes were not being adhered to: * Firstly, they were not always providing a high standard of quality auditing, failing to challenge explanations and inputs from managers, they did not always report the disclosure deficiencies which were identified to the Audit Committee and there was a lack of adequate communication with the Audit Committee with regards to inaccurate information, which led to safeguards that had been put in place not being properly assessed. Secondly, the FRC found that the audits were not always being reviewed thoroughly enough and audit quality issues and omissions in reports were not being identified. * Thirdly, BDO were found to not have complied fully with ethical standards in a number of different ways; * The business plan inferred that fees should be set lower if non-audit fees are likely to be earned, this goes against their own required ethical standards and their own * Performance evaluation criteria including the cross-selling of non-audit services * The list of entities which partners held shares and could generate a conflict of interests was not up to date. A more robust set of procedures was suggested to ensure that this list was kept up to date in future Lastly, the Internal Quality Review was not of a high enough standard, it did not provide a sufficient level of detail and clarity of explanations of significant findings. 4. Conclusion We can see that BDO go to great lengths to try and ensure that they are fully compliant with corporate governance codes and regulations, not only with their policies and procedures a nd the way the company is managed but also with governance structure of the company and the values and focus of the aims and objectives of the company. They also have a strong focus on transparency and ethics within in their business and this is linked to their value of providing great customer client relationships with professionalism, honesty and integrity. They also go to great lengths to aid the companies with which they work, in complying with corporate governance codes, again this is all in the name of developing excellent quality and trustworthy client relationships, in order to maintain and improve the success of their business. However, as we can see from the FRC review, there are gaps in their governance compliance, in particular with internal reporting and ethical standards, but it will have to be seen in the coming years of reviews if the increase in transparency and an even greater focus on corporate governance will lead to BDO closing such gaps. 5. 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