Corporate Ethics in the Post-Enron Era from the Role of a Policy Essay

Corporate Ethics in the Post-Enron Era from the Role of a Policy Analyst - Essay Example It evident that for those companies that collapsed, most of them exhibited symptoms like conflict of interest in dealings, exaggerated compensation packages, manipulation of voting rights etc. All these issues have renewed the need to strengthen corporate governance by inculcating business ethics in corporate dealings. Accordingly for us to tackle the issue of corporate governance, the basic principles and concepts in corporate governance need to be discussed (McDonald, 2007). Ethics as a concept refers to concepts or maxims of right or wrong behavior in the society. Ethics can be equated to morality. The critical question to be asked on ethics with regard to corporate governance is whether ethics has a place in this profit centered capitalist economy. The answer lies in the experiences highlighted above on business malpractices whose consequences have not only affected the shareholders only but also the general public at large. Corporate governance involves the assignment of duties and rights amongst all the participants in a corporation from the board of governors all the way to the stakeholders. It also provides for structures for achieving set objectives and decision making. At the same time the corporation exists within a society, thus societal ideals such as fair dealing, transparency, accountability and responsible citizenship must be upheld by the corporate entity. All these societal values have to be incorporated into the concept of corporate governance. This is to say that the corporation has to consider both the legal and social values in its pursuit of better corporate governance. Encompassing the aspect of societal values and norms dictates that the participants in the running of modern day corporations ascribe to the principle of corporate citizenship. The principle of corporate citizenship entails the commitment of individuals to unquestionable ethical behavior in corporate affairs (Cross & Miller, 2012). This principle sits well from the strateg ic and the operational levels of an organization as it is usually tied up with board leadership and corporate image. It is therefore imperative that for any business to be sustainable in these globalized and interconnected world all the corporate players have to recognize that the operating environmental, social obligations, and governance responsibilities are integral to corporate performance and sustenance (Cross & Miller, 2012). All these factors will determine company profits. The case of companies like Enron reflects a new dimension of corporate governance. This dimension entails strategic thinking by the board of directors in providing leadership beyond short term financial performance. The corporate leadership, boards of directors, shareholders, and the modern role of the CEO, must be prepared to provide strategic leadership and oversight on issues to do with the environment as this presents substantial reputation risk. They must also commit to creating shareholder value thro ugh engaging in activities which will increase access to markets while at the same time mitigating against immediate tangible and anticipated future risk (Bernstein, 2004). General Policy recommendations Several policies and strategic thinking

Placement Report at Abacus Business Advisors, Ltd Essay

Placement Report at Abacus Business Advisors, Ltd - Essay Example Abacus Business Advisors, Ltd. (Abacus) was reportedly incorporated on March 17, 2010. Just two years in operation, this corporation is classified as private company with three partners:   Ishtiaq Mahmood Farooqui, the Director and Accountant with expertise in accountancy, book-keeping and transactions involving tax consultancy; Ejaz Farooqui, also the Director and Accountant share the same expertise with Ishtiaq Mahmood Farooqui; finally, Yomtov Eliezer Jacobs, was the Director whose expertise was in company formation. As such, his directorship was already classified as inactive at current times.Location and Contact Numbers  Abacus is currently located at 9 Norville Terrace, Headingley Lane, Leeds in the United Kingdom. It is classified as a private organization that offers accounting and auditing services; as well as tax consultancy services. Its contact number is 0113 225 2026 and 0113 274 5508. It currently advertises its services through online sites such as the SeekAccounta nt.co.uk,   TouchLocal.com, among others.Placement Job DetailsMajor Accounts and Responsibilities  In my first week, the first few days were spent in orientation of the organization’s accounting system. I had to be familiarized with their system to enable facilitation of filing, encoding, and working on basis accounting responsibilities: book-keeping, bank reconciliation, among others. I was made to start off with sorting out bank reconciliation in the first few weeks. I worked through the organization’s general ledger accounts.... It is classified as a private organization that offers accounting and auditing services; as well as tax consultancy services. Its contact number is 0113 225 2026 and 0113 274 5508. It currently advertises its services through online sites such as the SeekAccountant.co.uk, TouchLocal.com, among others. Placement Job Details Major Accounts and Responsibilities In my first week, the first few days were spent in orientation of the organization’s accounting system. I had to be familiarized with their system to enable facilitation of filing, encoding, and working on basis accounting responsibilities: book-keeping, bank reconciliation, among others. I was made to start off with sorting out bank reconciliation in the first few weeks. I worked through the organization’s general ledger accounts that contained records of their cash and check transactions. Likewise, I worked through bank statements to reconcile and counter check that the cash and check transactions during the perio d under study to perfectly reconcile with the balances shown in both the general ledger and the bank statements. It was initially a difficult task given the details that one needs to check and countercheck these balances (bank versus book). Likewise, adjustments had to be made in terms of deposits in transit, any outstanding checks issued but not yet recorded by the bank, and the occurrence of some bank errors (as it normally happens). In addition, I had to adjust the balance in the company’s books in terms of the need to deduct bank service charges, NSF check fees and fees for the issuance of checks. I also noted the need to add interests earned and any notes receivable, as identified. After comparing the accuracy of the balances, I finally had to prepare journal entries to