The Lack of an internal audit department in a company called Mawarid Research Paper

The Lack of an internal audit department in a company called Mawarid Islamic finance in the UAE - Research Paper Example In accordance with the issues discussed in the paper Mawarid Finance’s strategy focuses on supporting and developing the national economy through the provision of Islamic financial services and products for small and medium enterprises (SMEs), which form the backbone of a nation’s economy, to enable them to develop, grow stronger and faster. The organization specializes in developing Shariah complaint economical or financial services. It provides eMurabaha that allows its clients to buy the goods offline or online; financing for the purchase of the items; letter of guarantee covering bib; online labor guarantees, and advance payment bonds, together with guarantees for the retention monies, customs duty, labor, home financing, maintenance. Moreover, it offers vehicle and property financing for people, and different services to the corporate sector, which include working capital, assets, deposits, trading activities and financing projects. Mawarid Finance is the only UAEà ¢â‚¬â„¢s financial institution that is absolutely independent. However, in an attempt to ensuring that it hands itself operational independence, we find that the distribution of its shares has been done across over three hundred and fifty shareholders, whereby organizations or even companies own less than five percent each of the capital there is no stake of an individual shareholder that is more than two and half percent. (English 54). Problem Statement: Lack of internal auditors has appeared as one of the fundamental factors that have led to misappropriation of funds in several companies and organizations. That is why several companies and organizations have adopted it to help in bringing accountability, so that each money spent can be accounted for. Background and Significance: Internal auditors play a very crucial role in the corporate governance of their organizations, financial reporting processes, analysis of risk management and internal control structure. During the last dec ade, they actively offered management with assurance and consulting services to help in conformity with the laws like the 2002 U.S. Sarbanes-Oxley. The internal audit resources have also seen expansion for the purposes of satisfying the increasing demand for the services to facilitate financial report and internal control’s executive certifications. In the future years, it might be expected of the internal auditors to broaden their role to responsibilities such as the improvement of risk management, reduction of organizational costs and complexity, and participation in the development of governance and strategic processes. For instance, the rules of Proxy Disclosure Enhancements of the United States Securities and Exchange Commission to reveal their governance measures, which include the structure of their board, the board’s supervision of risk management as well as its relationship with the executive practices and policies of compensation. The new proxy rules will act ually exert pressure or compel the boards to show their role in the supervision of risk management, and further, this presents both opportunities and challenges for the CAEs (chief audit executives) and their

Lack of Effective Professional Codes and Motivation Essay

Lack of Effective Professional Codes and Motivation - Essay Example Among the sources of the problem in the company, that the auditing discovered included: Employees require a conducive working environment, one that encourages profitability. Your company lacks such a structure a feature that gives rise to numerous unethical practices most of which derail the operations of the employees at the organization. Motivation and supervision are two primary roles of the management that influences the profitability of a company since they affect the productivity of the employees. The management must, therefore, enhance the motivation of its employees besides securing a conducive working environment for the same employees. This way, it becomes possible to develop a structure of accountability in the company thus improving the productivity of the commercial organization. Two cases of sexual molestation went unreported within the last three months. Such is an avid portrayal of an unconducive working environment. Female employees feel threatened at the organization owing to the abject disregard of the sexual offenses act in the country. The cases of sexual molestation in the company portray the lack of unity between the management and the junior employees of the firm a feature that creates space for the senior managers to use their privileged position to sexually molest the vulnerable female employees. In order to curb such cases and create a conducive working environment for the employees of the firm, my taskforce recommends that the company develops appropriate professional codes of conduct. Through the codes, the management must indicate the behavior it considers unwelcome in the company. Besides the codes, the management must apprehend the specific employees found guilty of molesting their juniors in the past. Such is the only way for the management to reassure its employees of the new changes thus develop  their confidence. Additionally, the management must develop an appropriate bureaucratic structure, one that enables appropriate supervision of the employees in the company.

The Microsoft Case Essay Example | Topics and Well Written Essays - 500 words - 2

The Microsoft Case - Essay Example The company was involved with zero marginal price deals with computer producers that brought stiff competition in the market because other companies would not meet this zero marginal price. According to the Kiang (2010), the company was illegally leveraging its monopoly power in the operating systems market by giving its applications programmers with unfair lead time. The company was involved a with license agreement in which conditions had minimum commitments that amounted to exclusive dealings by the monopolist. Moreover, the antirust behavior investigation was as a result of claims by Novell that the company was unlawfully trying DOS windows in the market. The Microsoft managed to hide some interfaces from third party applications software firms and it intentionally sent error messages to users of other software when users tried to use it in combination with Microsoft’s operating system. Finally, the investigation was carried because the company had bought Intuit Company that had a market share of 90 percent. However, the merger would take the market structure from being duopoly to a monopoly, but Microsoft Company abandoned plans from the merger several weeks after the suit was brought that led to investigation of antitrust behavior of the company in the market. By tying to purchase the Intuit Company that had largest shares in the market, I agree the company was trying to adopt the monopoly power in the computer software industry. The company wanted to be a price taker in the market that could result into imperfect competition over other firms in the industry (Mukherje, 2010). Meanwhile, the company option of zero marginal price to its manufacturers show that it wanted to gain the monopoly market structure due to its marginal revenue that are greater than marginal cost. According to Hall and Lieberman (2005), the demand curve of the monopoly company slopes downward because the

Planting and maintaining trees in tough sites Term Paper

Planting and maintaining trees in tough sites - Term Paper Example One of the main researches that were made by this field was the identification and recognition of the characteristics of land that make it tough for trees plantation. A number of characteristics have been identified that make a land a ‘tough site’. CHARACTERISTICS OF TOUGH SITES: 1. POORLY DRAINED SOIL: The drainage of the soil is the main category to consider the toughness of a site for plantation purposes. A site is said to contain well-drained soil if it is capable of draining column of water of 24-inch in 24 hours or less. A test for this purpose is conducted through digging a 24-inch deep hole in the land and filling it with water. It is then examined whether the water is drained in 24 hours or not. If the water is not fully drained even after 24 hours, the soil is deemed to be poorly drained. 2. DROUGHTY SOILS: The soil is said to be droughty soil if the drainage rate is very high and a 24-inch water column is drained in very few minutes. The content of organic mat ter is also very less in droughty soils, sometimes lesser than 1%. This can be calculated by a laboratory test. 3. ALKALINE SOIL: The alkalinity of soil is also considered to determine the toughness of a site. A soil with higher value of PH (PH>7.0) is considered to be alkaline. It is important to note here that most of the trees grow better in acidic soil with PH

Life span Develpoemnt (Prenatal Developement)-Chronic Illnesses,diet & Essay

Life span Develpoemnt (Prenatal Developement)-Chronic Illnesses,diet & exercise - Essay Example Alcohol is one substance that has been carefully studied, as far as its effects on pre-natal development, and the effects that pre-natal alcohol usage has on children as they develop. Pre-natal alcohol use may lead to a birth defect that is known as Fetal Alcohol Syndrome (FAS). (Davies & Bledsoe, 2005, p.1370). The characteristics of a child with FAS include growth deficiency, facial anomalies and damage to the child’s central nervous system. (Davis & Bledsoe, 2005, p. 1371). FAS is the main cause of preventable retardation in the United States. (Davis & Bledsoe, 2005, p.1371). The mechanism of alcohol damage to a developing fetus is through damaging the â€Å"architecture, neuronal migration and synaptogenesis of the developing central nervous system† (CNS). (Davis & Bledsoe, 2005, p.1372). The infants who are at the greatest risk of fetal alcohol syndrome are born to women who drink heavily on a regular basis during her first trimester. (Davis & Bledsoe, 2005, p.1372). The first month of pre-natal development is the most crucial and dangerous time for a woman to indulge in alcohol. (Davis & Bledsoe, 2005, p. 1372). Unfortunately, many women do not realize that they are pregnant during this developmental stage, so it is not unusual for women to drink alcohol unabated during this period. The extent of the damage done to the fetus corresponds how heavily the mother drinks during pregnancy. Women who regularly drink two drinks per day tend to have babies with low birth weight and â€Å"mild† disability, while consuming four to six drinks per day produces babies with more FAS symptoms. (Davis & Bledsoe, 2005, p.1372). The full expression of FAS heavily corresponds with women who consume eight to ten drinks per day, at least during the first trimester. (Davis & Bledsoe, 2005, p.1372). It is estimated that 30% to 50% of the infants born to chronically alcoholic women experiences a â€Å"serious

White Collar and Corporate Crime Essay Example | Topics and Well Written Essays - 2500 words

White Collar and Corporate Crime - Essay Example Concealment of misconduct usually involves falsifying records or documents to disguise discrepancies. The higher the degree of effort to conceal a corporate misconduct the more difficult detection will be for unsuspecting management, the public, investors, directors, auditors, and the government. Crime was defined only by traditional "street crimes" during the 30-year period between 1940 and 1970, and there was minimal public concern with the issue of corporate criminal conduct. Since the early 1970s, however, "crime in the suites" has emerged as an important political, social, and economic problem. The extent and seriousness of criminal behavior by corporations, corporate officials, and employees led to the development of organized crime as a separate type of white-collar crime and, more importantly, an increased recognition of the need for criminal statutes that address corporate misconduct and more severe criminal corporate sanctions (Clinard, Marshall, and Peter Yeager. 1980, 132). Sutherland defined white-collar crime as "crime committed by a person of respectability and high social status in the course of his occupation," and used the term to refer primarily to "business managers and executives." (Edwin Sutherland, 1961, p. 19) His studies and conclusions indicate, however, that white-collar c... Organized crimes were initially defined as "the offenses committed by corporate officials for their corporation and the offenses of the corporation itself" and occupational crimes were the "offenses committed by individuals for themselves in the course of their occupations and the offenses of employees against their employers." (Marshall B. Clinard and Richard Quinney, 1973, p. 188). Occupational crimes are committed by lawyers, doctors, businessmen, and politicians, for example, and may include crimes like income tax evasion, embezzlement, and check kiting. Corporate crimes are organizational crimes and can only occur in the context of the complicated relationships among executives, corporate officers, managers, and corporate agents on the one hand, and among parent corporations, corporate divisions, and subsidiaries on the other hand. Nevertheless, a distinctive feature of organized crime is that the crime is committed primarily for the benefit of an ongoing legitimate business enterprise rather than for the individual who actually carries out the offense. Thus, organized crime is a specific type or form of white-collar crime and includes criminal conduct, intended to benefit the corporation, by corporations and by individual corporate employees, officials, or agents. In the late 1980s and early 1990s has served to bring potentially dangerous corporate activities to the general attention of the public and has inspired the academic legal community to pay greater consideration to several very basic questions concerning the potential use of the criminal law in this area. (Fisse, B And Braithwaite, J, 1993, 134) The criminal statistics show unequivocally that crime, as

Black Homelessness Essay Example | Topics and Well Written Essays - 1750 words

Black Homelessness - Essay Example In this paper the issue of black homelessness in the background of young people living in the project housing is dealt with. It is possible to view the issue of black homelessness on the background of the social theories that deal with such issues, the values and ethics, multidisciplinary working, anti-disciplinary practice, challenges faced by service users, challenges faced by housing support workers, supervision, discrimination, empowerment, young people social skills, integration into society, New Deal for young people, employment, partnership work with other agencies, legislation etc. The barriers affecting housing organisation, good argument between govt and local authority housing, housing law and homelessness, local authority housing resources allocations, and the reflection of work done with young people living within housing projects also can strengthen the understanding of the issue. A close understanding of the issue of black homelessness confirms that there is a great re lation between the social work and the housing issues, the agencies working in housing and practice in the region of black homelessness. ... Utilising theories of human behaviour and social systems, social work intervenes at the points where people interact with their environments. Principles of human rights and social justice are fundamental to social work." (Definition of Social Work, British Association of Social Workers). Therefore, the issue of black homelessness in the background of young people living in project housing can be understood as a serious social issue to be dealt with social workers. As specified in BASW, the works of a social worker include pertinent areas such as interpersonal practice, group work, community work, social development, social action, policy development, research, social work education and supervisory and managerial functions in these fields. Therefore, black homelessness naturally becomes a pertinent issue that concerns the social worker. In this attempt of dealing with the issue, the social workers encounter several challenges. There are several specific values and ethics that contribute to the practice of social working among the homeless. "Social work practice should both promote respect for human dignity and pursue social justice, through service to humanity, integrity and competence." (Values and Principles, British Association of Social Workers). Thus, the responsibilities towards the service users need to be kept important by the social workers practicing in the area of black homelessness. Thus, they need to give priority to the service us er's interests, be aware of their cultural background, respect their privacy, confidentiality, and records etc. they also have responsibilities towards their profession, responsibilities in the workplace, responsibilities in particular roles etc which they need to keep all through