Contemporary issues in managment Essay Example | Topics and Well Written Essays - 3000 words

Contemporary issues in managment - Essay Example One cannot thus separate a corporation from the community in which it operates and as such, whatever it does should be for the collective good of that communities for happiness to be achieved. A corporation in this case is itself a citizen and has an intrinsic responsibility as a social entity; that is, it should be socially responsible. This is in contradiction to economists such as Milton Friedman who viewed corporations as individual entities whose sole responsibility was to make profits. Corporate social responsibility (CSR) was traditionally associated with philanthropy and charity but later came to be associated with stakeholder interests. Carroll and Shabana consider it a post-World War II phenomenon defined as the â€Å"economic, legal, ethical and philanthropic expectations that a society has of organisations at a given point in time† (2010: 89). For McGuire (1963), CSR extends beyond those four expectations such as reputation and company image. Whatever the case, suc cess of CSR depends on commitment from senior management as well as low-level staff and its implementation varies from company to company depending on its context. The aim of this paper is to critically discuss and evaluate an environmental issue that an organisation addresses using the framework presented by Wood (1991). In this case, the orgnisation to be discussed is Wal-Mart Stores, Inc. The first section will give a brief background of the organisation. The Second section will be a brief background of CSR. Third section will discuss the business case for CSR followed by analysis of the environmental issue using the corporate social performance model and finally, a brief summary will be given. Wal-Mart Stores, Inc is the world’s number one retailer with 100 million U.S. shoppers a week visiting their stores. It was founded in 1962 with a commitment to make a difference in the lives of its customers. It has 11,000 stores with 71 banners in 27 countries and e-commerce in

Audit and Accountability. Questions and answers Essay

Audit and Accountability. Questions and answers - Essay Example Under the accounting standards directors are required to: a) Make an appraisal regarding the ability of the company to carry on as a going concern; and b) To make sure, about the uncertainties regarding a company’s ability to carry on as a going concern. These are sufficiently revealed in the financial statements. Directors should also- 1. Apply a suitable degree of rigidity and procedure while making their conclusions to decide whether the business is feasible in going ahead with its objectives. 2. To plan assessment as early as possible, to keep the auditor in preparing financial statements on basis of going concern. 3. Draft disclosures before time, if needed be. 4. Take account of subsequent developments before time and not just on the financial reporting date or yearend date. The Auditor’s Responsibility: The responsibility of an auditor is †¢ To consider, the suitability of the management’s utilization of the assumption of going concern in preparing financial statement. †¢ To consider the going concern concept in the earlier stages of audit by considering the presence of events or situations and associated business risks that may cause doubt on the entity’s capability to maintain as a going concern.... b) You have recently completed the audit of stabler plc. You are involved with the financial statements but you have some doubts over the going concern status of the company. Explain in what circumstances your audit opinion would be relevant or qualified: i)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Qualified with an ‘adverse’ opinion I will convey an adverse opinion ?  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   When I have obtained adequate suitable audit evidence, to conclude that the misstatements, independently or in the total, are both pervasive and essential to financial report. ?  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   When it is incapable to acquire adequate suitable audit evidence on the basis of which opinion is formulated. ?  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Sometimes, relating to multiple uncertainties, despite of having attained adequate suitable audit evidence concerning each of the individual uncertainties, it is impossible to outline an opinion on financial report because of the possible interaction of the uncerta inties and their likely cumulative consequence on financial report. ii)  Ã‚  Ã‚  Ã‚   Qualified With an ‘except for’ Opinion Qualified with an ‘except for’ opinion is expressed when— a. There in adequate suitable audit evidence or if there are constraints on the scope of audit that leads me to the conclusion that I can’t express an unquali?ed opinion or disclaim an opinion. b. On account of the audit done, if the ?nancial statements enclose a departure from the GAAP (generally accepted accounting principles), the result of which will be material, i will conclude that it is not necessary to convey adverse opinion iii) Unqualified with an explanatory paragraph Audit opinion will be unqualified with an explanatory paragraph when: 1.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  When there is â€Å"Lack of consistent application of generally