International Policy Between Western Countries And The...

CHAPTER 3: DATA ANALYSIS AND CONCLUSION 1) ISIS changed foreign policy between western countries and the Middle East Data Analysis and Sources: *Empirical history USA Foreign policy: From 1945 to 1990 the United States of America kept an important military deployment in Europe and Asia and in contrast they had a low military footprint in the Middle East counting relying instead on their local allies; more particularly the conservative Arab monarchies in Saudi Arabia, Jordan, Persian gulf and had a close relationship with Iran until the revolution in 1979. Furthermore, Israel has always been for the United States a strategic weapon in the Middle East mostly because it kept defeating the Soviet Union’s Arab allies. -Bush foreign policy was mainly about keeping the United States powerful and play a â€Å"balance power of game† in the Gulf. Bush â€Å"tilted toward Iraq during its war with Iran, and then Bush turned against Iraq when it invaded Kuwait in 1990†. â€Å"When the Cold War ended, one might have expected that U.S. involvement in the region would decline, because there was no longer a significant external threat to contain. Instead, the U.S. role deepened, beginning with the 1991 Gulf War. Instead of its earlier balance-of-power approach, the Clinton administration’s strategy of â€Å"dual containment† cast Washington in the role of regional policeman. Unfortunately, this ill-conceived strategy required the United States to keep substantial ground and air forces in Saudi Arabia,Show MoreRelatedU.s. Relations With Arab Nations Essay1554 Words   |  7 PagesIntroduction U.S. relations with countries in the Middle East remain to be a point of great interest due to the geopolitical atmosphere and security. 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Sarbanes-Oxley Free Essays

string(156) " Any significant change or observation made by the signing officers, within internal controls which can negatively impact must be reported by the officers\." Securities Exchange Commission is the highest authority which administers and monitors the audit of U. S Listed Companies at NYSE, NASDAQ and Dow Zones. All U. We will write a custom essay sample on Sarbanes-Oxley or any similar topic only for you Order Now S. Listed Companies which get traded at U. S. bourses, have to comply with the FASB rules and practice GAAP standards of accounting. Non-compliance to any of the auditing rules prescribed by GAAP would be seriously viewed. U. S. Federal Government works in the interest of public investors and it expects all public companies to work in a transparent method by disclosing fair transactions in annual financial statements of all public companies. Particularly, with the collapse of Enron, which is the world’s largest corporation, which shocked the entire corporate world, with the clean opinion of company’s auditor. , Arthur Anderson. The emphasis here is more on auditing committees and board of directors of the company who must participate and work without any prejudicial interest, with the fact that Board of Directors are the fiduciary officers of a company who work and intermediate between shareholders and management of the company whereas Auditors are the representatives of public investors who must in all respects protect and safeguard the investments of public. In spite of highly qualified CFOs, COOs and CEOs, who are penalized for falling part of the non-compliance, officers also invite criminal charges. In order to prevent future scandals in corporate America and also to protect all the investments of investors, President Bush signed the law of SOX on 30th July, 2002 and it was passed through Congress for unanimous support. For the common investor, SOX is a great saver and also enables complete transparency about a public listed company. Further this is also in the interest of Federal Government whose responsibility to safeguard the international businesses and nation’s economy. Discrepancies found in Enron that laid foundation to SOX Enron filed bankruptcy in the year 2001 and the company’s share dropped down from $ 90 per share to $ 0. 30 cents per share. Fortune magazine named Enron as â€Å"America’s most innovative Company†. Enron had nearly $ 101 billion revenues prior to the filing of bankruptcy and it was the most successful company in United States in supplying electricity and natural gas. Surprisingly, all the credit rating agencies viz. , SP, Moody’s Investors Service, Fitch Rating have given all good credit ratings until Enrol filed Chapter 11. According to SOX reporting standards , some of the discrepancies found in Enron are viz. , successive resignations of management, inaccurate and unreliable financial statements, CEO stock sales during blackout period, nondisclosure of earlier CEO stock sales, off-balance sheet transactions to hide losses, destruction of documentation and rigging of ratings. After three months of collapse of Enron, another giant Internet company Global Crossing Ltd. , filed its bankruptcy indicating its financial condition. WorldCom followed by Tyco went completely bankrupt indicating disability to run the companies any longer. One common factor in all of the above companies, is either mismanagement or non-practice of professional accounting procedures which yielded the companies to its last stage of fate and certainly, this could have been prevented by methodical and professional accounting procedures particularly with the authentication and certification of Auditors who in all probability are relied upon by the SEC and Federal Government. Therefore, the emphasis here is that auditors have to be free and fair in certifying the financial statements and in order to thoroughly screen the public companies, without leaving any scope for fraudulent account procedures, U. S. Government has initiated SOX law in the year 2002. (Jill Gilbert Welytok Sarbanes-Oxley for Dummies) Literature Review What is SOX law? Sarbanes-Oxley Act of 2002 also called as SOX is mandatory for all organisations including large and small. This legislation is aimed at enforcement of financial practices, regulations and to ensure corporate governance. Sarbanes-Oxley is named after Senator Paul Sarbanes and Representative Michael Oxley, who were main designers in setting number of deadlines for the compliance of legislation. SOX is arrnaged in eleven titles. Some of the most importance sections with regard to the compliance are sec. 302, 401, 404, 409, 802 and 906. Compliance through SOX has to be performed methodically, through proper analysis and study. After a thorough work, SOX leaves no scope for any fraud or misrepresentation of facts and figures and by far, it recommends all the organisations to act in a credible manner stating that â€Å"don’t put off until tomorrow what can be done today! † in order to save companies and also refraining from adverse consequences caused by lenient views either by audit committees or by the management of the companies. SOX has helped many companies to draw benefit from the compliance of regulations as it provides a clear picture of financial status of the company and to those who would like to have to access to the information about a particular company. Further, this also helps the U. S Government to keep a watchful eye on the financial status of companies and keeps a vigilance on the financial system of companies. (A guide to the Sarbanes-Oxley Act 2002) Methods Section 302 of SOX This section is listed under Title III of the Act and details about â€Å"Corporate Responsibility for Financial Reports†. Section 302 states that periodic filing of statutory financial reports should be certified by the signing officers who must review the report. The report must not contain any untrue or false statements or omissions or misleading statements. The financial statements must state only related information which is fairly presented and must also reflect on the financial condition of the company and must also details the results of all material facts and aspects. The signing officers are responsible for all internal controls and must evaluate these internal controls within previous 3 months and must have reported on the findings. A list of all deficiencies if any found, in the internal controls or any fraud information that involves the employees of the company who are involved in internal activities must be stated. Any significant change or observation made by the signing officers, within internal controls which can negatively impact must be reported by the officers. All the provisions of this Section cannot be avoided by transferring or reincorporating the activities of a company outside United States. Whether company is operating within United States or outside United States, must comply with this Section as a registered company under Securities Exchange Commission. (A guide to Sarbanes-Oxley Act 2002, summary of section 302) Section 401 of SOX This section is listed under Title IV of the Act and discusses about â€Å"Disclosure in Periodic Reports†. Financial statements published must be accurate and must not contain any incorrect statements or admit the fact that material information is stated. Financial statements apart from regular Profit Loss Account and Balance Sheet, also include off-Balance Sheet liabilities, obligations or any transactions. To this effect, the Commission would study and report with a complete analysis of off-Balance Sheet transactions and to what extent these are transparent. The Commission has also to decide whether GAAP principles or any other regulations are resulting in its reporting. Section 404 of SOX This section is listed under Title IV of the Act and discusses about â€Å"Management Assessment of Internal Controls†. All Annual Reports of companies have to publish information about the scope and adequacy of the internal control structure and other procedures with regard to financial reporting. This statement must also confirm the effectiveness about internal controls and procedures. A registered accounting firm can also attest and report on the assessment and about effectiveness of the internal control procedures for financial reporting. Section 409 of SOX This section is listed under the Title IV of the Act and details about â€Å"Real Time Issuer Disclosures†. Issuers are required to provide information on material changes pertaining to financial conditions or changes. Public must have access to information on urgent basis and no delay can be made. These disclosures have to be presented in an easy and understanding manner and the information should be qualitative with graphic presentations as required. Section 802 of SOX This section is listed in Title VIII of the Act and pertains to the â€Å"Criminal Penalties for Altering Documents†. This section states that penalties and fines or imprisonment up to 20 years is levied on the persons who are responsible for altering, destroying, concealing, falsifying records or documents or tangible objects. This act done either with an intention to obstruct, impede or to influence a legal investigation is seriously viewed by the SOX officers. Further this section also imposes penalty or fine or imprisonment up to 10 years on any accountant who knowingly or willfully violates the provisions of this section or violates the maintenance of audit or review of papers for a period of 5 years. Discussion SOX is divided into many parts and each part carries certain specific rules and regulations which are prescribed for easy understanding of corporates. SEC-Rules states about SOX SEC Rules and Regulations, which states that officers have to certify about the maintenance, regularity and establishment of effectiveness of the issuer’s internal controls. IC-Primer states about internal control framework, risk control, assessments, audit programs relating to Sections 302 and 404 regarding Certification of Disclosure and Managements’ Internal Controls and Procedures. This framework established by COSO/SAS-78. SOX Act 2002 is aimed at to improve the quality and transparency in financial reporting, independent audit and accounting services for public companies and also to create a Public Company Accounting Oversight Board, to work towards setting up of standards for best accounting practices and also to strengthen the independence of audit firms who audit public companies. Further SOX is aimed at to increase the corporate responsibility and the useful advantages of financial disclosure, to protect the independence of securities analyst and also to improve the Securities and Exchange Commission resources for all purposes. SOA-Manual lists all the key dates and timetable, self-assessment questionnaires, definitions relating to Titles II and III regarding Auditor Independence and Corporate Responsibility. Forms have to be prepared independently or by the assistantship of a practitioner who is engaged to perform accounting compliance services. (Sarbanes-Oxley Act 2002, Financial and Accounting Disclosure Information) According to Pricewaterhouse Coopers Report 2006, â€Å"Audit Committees Effectiveness, what works best† focus and emphasis is more on financial statements, compliance and ethics, relationship with external auditors, risk management and internal control which discuss as to how effective practice of auditing can be conducted in organizations. There is also an emphasis about external auditing and internal auditing which is conducted periodically within the internal environment by internal audit committees and whose report can reveal much accounting information about the recording of business transactions of organizations. After the year 2002, which witnessed the unfortunate events in U. S. corporate sector, the entire corporate world, stood up for more accuracy and correct presentation in financial statements. A quote which states â€Å"prevention is better than cure† which is applicable in health, is also now applicable to corporate sector with the fact that, companies would never reach to the last stage of liquidation or bankruptcy, if the companies had been properly conducting internal audits and external audit, and thoroughly complying with the auditing procedures and has been GAAP accounting practices, worst state-of-affairs could have been prevented and many companies could be saved. Another development in the corporate sector that is to be noted is, loss making companies or companies that are performing low in business, are finding many potential ways to save the companies by mergers or acquisitions. In the recent years, throughout the world there have many mergers and acquisitions (MA). For example Daimler-Benz is now called as DaimlerChrysler, JP Morgan Chase Co. , purchased Bank One Corp, CitiCorp purchased Travelers Group, ATT Inc purchased Bell South Corporation. It can be stated here that, MA activity saved many companies in the past decade and even saved jobs of many people. Apart from MA activity, SOX Act is equally protecting companies and public investments and there can be absolute assurance about the compliance of SOX regulations. This is due to the fact SOX aims at checking the fraudulent working of organizations. From another angle, SOX Act credibility is also being questioned by the legislative authorities and another alternative is also being looked for future business regulations. According to the authorities, who believe that the advantages of SOX would never last long which is why another source of compliance is being searched. (How Does The Sarbanes-Oxley Act Impact American Business? ) However, the Federal Government continues to update SOX mandates and in the year 2007, U. S. Securities and Exchange Commission (SEC) approved new auditing standard for internal controls. In order to bring more awareness about auditing, SEC and PCAOB are encouraging auditors to undertake risk-based approach in the evaluation of internal controls on financial reporting of public companies. There are many benefits from SOX compliance such as findings can be used in evaluations, it would reduce the costs associated with risk assessment, it would also reveal the risks that an organization is confronted with and the remedial measures available to manage risk, help companies to begin groundwork for risk assessment and to introduce more regulations and specifications and further a risk management program can be developed through SOX compliance. As stated above the success of SOX is quite benefiting to both American companies as well U. S. Federal Government with the fact that SOX identifies assets and activities, monitors the activities and ensures accuracy in financial statements which is the most important activity in checking the health of a listed company. Access to data wherever required demonstrates and indicates the practice of Accounting Standards according to FASB Rules and it reveals complete business transactions of a company. SOX can also retrieve entire events, records, commands given to data server and find out whether there is any mismanagement, forgery or fraudulent activity in the accounting procedures. SOX also generates audit reports which gives a full length of information about each and every company. The information that is provided by SOX enables Government to take necessary steps to issues notices or memos to U. S companies to make necessary corrections wherever required and can also provide plans for remedial measures to save the companies from liquidation. SOX is a wake up call for many American businesses and also to all those foreign companies which are venturing into business with American companies. Conclusion SOX continues to keep the companies under check and investigation about the compliance of accounting procedures as laid in FASB Rules and also about the compliance of auditing procedures in internal controls. It is very difficult for American companies to evade any procedures which come under the purview of SOX and therefore, there is expected to be a neat and clean organizations with excellent auditing committees. How to cite Sarbanes-Oxley, Papers

Role of Peer Mentoring in an Organisation-Free-Samples for Students

Questions: 1.Conduct a research on two real-life Companies, the first uses conventional mentoring method at the work place and the second Company uses the peer relationship in the workplace, compare, and contrast between the two applied methods with examples/reflection from the two Companies of your choice. 2.Draw a System Map for a company from your Local Market. 3.Draw a Multiple-Cause diagram for a situation where the staff are overworked and stressed at work. Explain your diagram in words briefly. 4.Imagine a situation related to the nature of the Company and as a Manager, you are required to apply the active listening technique in that situation. Apply in details the active listening to resolve the issue. 5.Also as a Manager in your Company, you are faced with Business proposition where you need to negotiate. Use the negotiation technique as discussed in the material to win the situation. Answers: 1.Mentoring is an important role played by the management of every organization. Unlike in the traditional mentoring where the process had to be conducted on a one on one basis things have changed with the current technological changes. Conventional mentoring refers to the traditional form of mentoring where the mentors had to have a formal or informal one on one sitting with their mentees for the entire mentoring program (Iomaire, 2008). An Intel organization is a good example of a company that uses conventional mentoring programs, but still manages to successfully mentor their employees (Firth et al, 2017, p. 6). This has resulted to vast opportunities which organization and their employees are taking advantage. Examples of these opportunities include peer mentoring which involves an organization picking one or a few employees, trains them to become expertise then assigns them a group of their colleagues to a mentor. This type of relationship does not base its functionality on hierarchies rather it is only meant to create a reciprocated learning environment for the entire organization. As Firth et al (2017, P. 8) explain, peer mentoring is currently being applied by the Microsoft group in their attempts to successfully recruit new employees. In comparing the two, it can be said that the peer relationship mentoring is more popular than the conventional mentoring in a number of ways. To begin with, peer relationship mentoring widens the learning grounds because several peers can be used as mentoring experts unlike traditionally where the role was assigned to a single mentor. Second, there is room for diversification of knowledge due to the involvement of a number of persons in the mentoring pr ogram (Gladwell White, 2016). Third, a peer mentoring might be more successful than conventional mentoring as most employees are more willing to listen to fellow collogues than they may listen to a person from a higher rank. On the other hand, conventional mentoring overpowers peer mentoring based and the experience level of mentors. Peer relationship mentors are less experienced and might not mentor the employees beyond the levels of their received training. While peer relationship mentoring model allows room for development of peer relationships, the conventional mentoring model allows development of close personal relationship between the mentee and the mentor. As a result, employees can learn from their mentors even beyond the intended mentoring program. Conventional mentoring can be revolutionized to fit in todays first changing work environments by incorporating modernized programs (Smith, 2015, p. 298). An Intel Company has managed to remain current despite their traditional mentoring model application. Conventional mentoring at times faces the limitation of mentor availability. This is because the number of mentors is usually limited this is unlike the case of a company that uses peer relationship mentors where several are available at any given time. Finally, peer mentoring creates a wide ground for netw orking. (Johnson, 2001) For instance, Microsoft is using their current workforce to reach out to other potential young people working in other organizations. It also enables the company to learn the strategies and performance procedures applied by other organizations, hence offering them a more competitive advantage. Unlike the Intel organization, Microsoft group keeps all their staff engaged and none of them feels left out in the overall running of the organization. 2.A system Map is a diagram that gives a visual representation of a service technical based organization revealing the companies business actors, the existing links between actors, and how materials, energy, information, and funds flow through the entire organizational system. Below is a sample of a System Map for McDonalds, which is used in maintaining a companys integrity in the section of food production. Through the cold chain link the company manages to offer fresh and nutritional food at all times. 3.Multiple Diagrams The purpose of multiple cause diagrams is to reveal the reasons behind an occurrence of an event and the existing relationships between the causes and variables (Kenneth, 2014, p. 2) The above diagram shows that employees can resign due to several reasons. Either from the employers stressing issues or from employees related issues 4.Active Listening Technique Active listening is a form of listening that goes beyond the ordinary hearing. It involves the listener paying ultimate attention to what the speaker is talking about. The main objective of active listening is to allow the listener to understand the major feelings that the speaker has as well as comprehend the main views and opinions possessed by the speaker. Active listening is an essential communication tool that enhances effecting information exchange between two or more persons. Managers irrespective of the nature of their organization are faced with the task of being active listeners. This is important because it is the most efficient means through which they can establish problems existing in the organization if any. Additionally, through active listening managers can identify with the feelings and the views of their clients and subordinates. The role of manager goes beyond giving orders and overseeing employees performance. The responsibilities incorporate their need to also b e listeners. This creates a big difference between active listening managers from the rest. In a restaurant joint, active listening is important as it enables smooth communication between the management and the staff. As a manager of Golden Trusts Limited at some point a poor performance of employees, resulting too weak employees interpersonal skills and customer relationships is a challenge. This situation might appear simple, but it is excessively complex and requires application of the well-designed skills. To start with, the greatest first step is to show the employees that I care about them. When employees realize my concern for their well-being both at a personal and organizational level they reciprocate by working harder. This is because they feel appreciated hence work more and can even exceed the managers expectations. To achieve this as a manager my care and concern go beyond the workplace to the general wellbeing of the employees. The second step of active listening is engaging me in all matters that are important to the employees (Brown8ing Waite, 2010, p. 150). This is especially when they share their opinions and views regarding different situations. By engaging, I encourage them, f ollow up with and hold myself accountable for their performance. As a result the employees will feel that they are being listened to and the manager wants to understand the issues affecting them. Active listening also requires a manager to be emphatic. Poor performance can be as a result of stress on employees either personal or organizational. Managers need to understand how each employee is affected by stress. Empathy shows the employees that their leader listens to them and shares in their frustrations. An emphatic leader is easily approachable. Employees can openly share their frustrations with them without fear. In addition, even after receiving the frustrations that employees might be having it is important not to judge anyone. Instead of being judgmental, an active listening leader embraces diversity and the different approaches applied by employers. Through the process, the leader might either learn from the employees or change them for the better. A manager acting as an active listener will pick new ideas and ideals from the employees that are needed in the first changing organizations of the 21st century. As a manager applying active listening means, that one is mindful of an entire process. Being at the limelight every person in the organization keenly watches what the manager does. This means that managers should engage in dialogues when faced with the situation such as poor performance. Active listening ensures that the manager does not get disconnected with ongoing conversations. Finally, a manager employing active listening should not interrupt an ongoing conversation. Even if a manager feels that an employee is not making any point, as an active listener, rude interruption is the least expected. Employees respect and appreciate leaders who listen to them and this is the only way solutions to poor performance can be reached. 5.Negotiation Technique By definition negotiation is the process that involves two parties bargaining on a business deal with an aim to reaching mutual agreement stand. Negotiating for a Business Tender within University of Bahrain University Following a tender advert in University of Bahrain that requires negotiation between Golden Trust Management and University of Bahrain, application of negotiation techniques are important. As managers of Golden Trust Ltd, winning the tender requires application of effective negotiation techniques. To start with, confidence is critical in starting this negotiation. No matter how badly the Golden Trust needs, the tender University of Bahrain should not have a chance to view the company as desperate for the tender. Having confidence will make the university have confidence with their ability to deliver desirable results (McCarthy Hay, 2015, p. 143). Second, as a manager prior research on similar negotiation is required. This will foster the managers preparedness and equip them with knowledge required to leverage the situation especially when faced with difficulty situations while in the middle of negotiating. As a startup company, it is important to have deep research of what such processes entails. Additionally, the process requires building a buffer. This means that as a negotiator the manager should never start by stating his final offer to the second party. The initial request and offer and an initial one creates a room for negotiation. This is important in the Process above as it makes Golden Trust Ltd appear as a flexible organization in the eyes of University of Bahrain. The Manager of Golden Trust also requires having a well outlined final offer. To successfully win a negotiation process a manager should not compromise for ay negotiation that goes below their final limit. It is preferred that the manager leaves the negotiation unsuccessful that settling for a deal that will not benefit the company (MaCarthy, 2015, p. 144). With this in mind, it is therefore critical that the manager known the organizations limit before initiating the negotiation process. Last, the final step to wi nning a negotiation is giving realistic offers and remaining cool even if a heated discussion arises. The remaining pool show a business maturity and might be the biggest breakthrough for Golden Trust to win the tender. References Browning,S., Waite,R. 2010. The Gift of Listening: JUST Listening Strategies. Nursing Forum, 45(3), 150- 153. doi:10.1111/j.1744-6198.2010.00179.x Frith,L., May,G., Pocklington,A. 2017. The Role of Peer Mentoring in Universities. The Students Guide to Peer Mentoring, 6-20. Doi: 10.1057/978-1-137-59996-4_2 Gladwell, NJ, White, GE. 2016. Mentoring 101. Parks Recreation, vol. 51, no. 5, pp. 20-22. Iomaire, MC. 2008. Understanding the Heat--Mentoring a Model for Nurturing Culinary Talent. Journal of Culinary Science Technology, vol. 6, no. 1, pp. 43-62 Johnson, B. 2001. Mentoring 101: learning never goes out of style. National Real Estate Investor, vol. 43, no. 4, p. 63. Kenett,R.S. 2014. Cause-and-Effect Diagrams. Wiley StatsRef: Statistics Reference Online. 2-4 doi:10.1002/9781118445112.stat03928 McCarthy,A., Hay,S. 2015. Strategic Framework for Negotiation. Advanced Negotiation Techniques, 143-148. Doi: 10.1007/978-1-4842-0850-2_15 Smith,K. 2015. Mentoring. Mentoring for Learning, 283-298. Doi: 10.1007/978-94-6300-058-1_13