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Case Study: Pfizer Enterprise Risk Management, 2008.
Looks at enterprise risk management (ERM) at Pfizer from the viewpoint of the Sarbanes-Oxley financial reporting requirements.
1,185 words (approx. 4.7 pages), 6 sources, APA, £ 20.95
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Abstract
This paper discusses enterprise risk management from the viewpoint of new financial reporting requirements in the corporate world, specifically those associated with Sarbanes-Oxley legislation in the United States. Additionally, this brief implementation plan discusses enterprise risk management from the perspective of a single company: Pfizer. Pfizer scale and scope of operations ensures that it requires the most comprehensive of plans. Additionally, the particular enterprise risk management planning strategy employed is the COSO framework.
Table of Contents:
Abstract
Company Overview
COSO and Sarbanes Oxley
COSO
Sarbanes-Oxley
Implementation Framework
Control Environment
Risk Assessment
Control Activities
Information and Communication
Monitoring
From the Paper
"Pfizer's executive leadership should identify financial reporting objectives with sufficient clarity and specificity to enable the identification of risks to reliable financial reporting. Pfizer should identify and analyze risks that are associated with preventing the achievement of financial reporting objectives as a basis for determining how the risks should be managed. The potential for possible financial misstatement due to fraudulent reporting should be incorporated when assessing risks to the achievement of financial reporting objectives with the company."
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Ethics in Accounting, 2008.
This paper examines federal and state ethical considerations in the practice of accounting.
833 words (approx. 3.3 pages), 2 sources, APA, £ 15.95
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Abstract
The paper discusses Massachusetts' laws that govern the practice of accountants within its borders. The paper explores how the Sarbanes-Oxley Act (SOX) impacts the professional and ethical standards of accountants. The paper then shows how SOX ensures that accounting firms will adhere to strict ethical standards by providing greater scrutiny of accountants' methods and practices when it comes to corporate auditing.
Outline:
Introduction
Massachusetts Provides for Accountant-Client Privilege
Massachusetts' Position on Accounting Work Product
Three Code Violations that May Result in Criminal and/or Civil Accountant Liabilities
How the Sarbanes-Oxley Act Impacts the Professional and Ethical Standards of Accountants
From the Paper
"An accountant's work product is that work which is used to complete the client's case, and is held to be confidential, unless the client allows its release. However, according to 252 CMR 3.03, an accountant must comply with a subpoena or summons enforceable by order of a court to release information obtained in the course of a "professional engagement", even without client consent.
Therefore, an accountant is required to release confidential client information if a court of law so requires. "
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Stock Option Accounting, 2008.
This paper explores the accounting concepts surrounding eBay's stock options.
966 words (approx. 3.9 pages), 3 sources, APA, £ 17.95
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Abstract
The paper examines the ethical issues surrounding eBay's financial reporting practices and how eBay's practices are affected by the current accounting procedure for stock options. The paper also explores what a conversion to the fair value method implies for eBay and its stakeholders. The paper then provides two specific examples related to the effects on financial statements and examines footnote disclosure from an ethical perspective. The paper concludes that eBay should change the accounting for stock options, even though it is not mandated.
From the Paper
"It is argued that the triangulation of the accounting concepts surrounding stock options for eBay employees does not absolve the ethical consideration and obligation to include the earnings of the company that is affected by actions that have an intrinsic value to the firm (Baviera & Walther, 2005, p. 2). Even the FASB is currently trying to get companies like eBay to expense stock options in wake of the fact that it adds a significant value to executive compensation and the fact that employees can sell these shares for cash implies that they should be expensed rather than treated as a footnote (Baviera & Walther, 2005, p. 3).Overall eBay's stock options are not 'value-less' and should impact expenses, the issue is what value should be used? "
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Enterprise Risk Management, 2008.
A plan to implement enterprise risk management in a local hospital's emergency room based on the Committee of Sponsorship Organizations of the Treadway Commission (COSO) recommendations.
2,181 words (approx. 8.7 pages), 3 sources, APA, £ 35.95
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Abstract
The paper outlines all the 'best practices' presented by the Committee of Sponsorship Organizations of the Treadway Commission (COSO) framework with applicability to the hospital setting. The paper incorporates the key concepts of the COSO recommendations within its plan. The paper aims to integrate the COSO recommendations' operational aspects into the Suburban Hospital Emergency Room model.
Outline:
Introduction
Risk Management at Suburban Hospital - A General Outline
Enterprise Risk Management Proposal - Why Incorporate COSO Recommendations?
Internal Control and Objective Setting
Event Identification, Risk Assessment and Response
Control Activities, Information and Communication, and Monitoring
Implementation/Scheduling: Integrating the COSO Recommendations in Suburban Hospital Current Structure
Conclusion
From the Paper
"The Committee of Sponsorship Organizations of the Treadway Commission (COSO) was formed in 1985 so as to identify and make recommendations to reduce the incidences of fraudulent financial reporting. COSO has used commonality as it relates to definitions surrounding internal controls, standards, and the assessment of control systems. In 2004, the COSO presented an expansion of the initial framework and augmented the structure to include eight more components. This change in structure was published as the Enterprise Risk Management - Integrated Framework."
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Corporate Compliance on a Personal Level, 2008.
A look at the changes in corporate compliance laws.
898 words (approx. 3.6 pages), 4 sources, APA, £ 16.95
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Abstract
This paper explores the changes in corporate compliance brought about by the enactment of The Comprehensive Environmental Response, Compensation and Liability Act and the Sarbanes-Oxley Act of 2002. The paper relates that both of these comprehensive legislative initiatives were brought about by infamous events in American Corporate history, and were aimed at preventing such corporate transgressions in the future. They brought personal liability for the actions of the corporation to its directors, officers and management.
From the Paper
"The corporate veil was a thick impenetrable barrier that protected Officers, Directors, Management and shareholders from personal liability from the acts of the corporation. The immunity granted by the legislative progenitors of these modern day immortals are now chipping away at the corporate shield, and have created large holes where the long arms of personal liability can now reach. As with all things political, seminal events brought about these fundamental changes in corporate law. The pollution scandal of Love Canal brought about The Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), among other provisions brought about criminal liability to Officers and Management for willful violations (Darragh, 1997, n.p.). The corporate financial scandals associated with the "Dot Bomb" era of the late 1990's resulted in the Sarbanes-Oxley Act of 2002, establishing personal liability to the corporate officers in the reporting of financial data to the Security and Exchange Commission (SEC) (Hein, Neimeth, Rosner & Watts, 2002, n.p.). The spectacular misdeeds of a very few in the corporate world brought about increase personal liability and risk to those that run corporations in America."
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Sarbanes-Oxley (SOX) Act of 2002, 2008.
A critical review of Sarbanes-Oxley (SOX) Act of 2002 to assess its success.
1,960 words (approx. 7.8 pages), 4 sources, APA, £ 32.95
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Abstract
This paper outlines the events leading to the creation of the Sarbanes-Oxley (SOX) Act of 2002 and its major features. The author conducts this investigation within the contextual framework of well-known companies Symbol and WorldCom, which were publicly identified as companies that had compliance issues and faced serious failures in corporate governance. The paper also uses the CareNetWest situational analysis for a comparative analysis of risk management and other compliance issues related to the Symbol and WorldCom scenario. The paper concludes that SOX has been able to alleviate or at least deter poor financial reporting that either directly or indirectly had the objective to defraud individuals.
Table of Contents:
Introduction
Preceding the Sarbanes-Oxley Act - Symbol and WorldCom
Outcomes of the Compliance Issues with Symbol and WorldCom - Understanding Sox
Will the Act Be Successful - Avoiding another Symbol and WorldCom?
Comparative Analysis: Compliance Issues with CareNetWest, Symbol, and WorldCom
Conclusion
From the Paper
"WorldCom were the main companies that led to the severe need for SOX. WorldCom in 2002 was fined by the Securities Exchange Commission, after it was found that the company improperly booked $3.8 billion dollars over five years that made revenues looked better than what they were and was used to 'trick' shareholders and investors with a blatant misrepresentation of the company's finances. WorldCom's actions were unethical and purposefully did not account for true cost and expenses which severely overstated profits."
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Financial Impact of Globalization, 2008.
This paper looks at the financial impact of globalization on manufacturing
in the United States.
1,136 words (approx. 4.5 pages), 7 sources, APA, £ 20.95
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Abstract
In this article, the writer discusses globalization in terms of its impact on US based manufacturing. The observation is made that globalization is best described as the internationalization of goods and services as well as the internationalization of production and manufacturing. The predominant business strategies related to globalization are discussed which are outsourcing and offshoring. These phenomena are related to productive output within the US economy and with total number of manufacturing positions in the market that have been lost due to globalization factors. The writer concludes that the impact of globalization on US based manufacturing has been negative in terms of total productive output as well as in total number of jobs in manufacturing.
Outline:
Abstract
Introduction
Productivity & Labor
Globalization's Affect on the US
Conclusion
From the Paper
"Manufacturing and production as an economic activity consists of many factors. However, the two most important economic factors relative to manufacturing are productivity and labor because overall output is the broadest measure of productivity and labor relative to the number of manufacturing jobs present is the broadest measure of efficiency. Developing a better understanding of how globalization has affected these two factors in the US market is paramount to determining the future trends related to US manufacturing as globalization continues to be the international economic model of choice. Before examining these factors vis-a-vis the US market, it is important to describe the particular phenomena associated with globalization, which leads to the mass movement of manufacturing and production from one market to another that impacts productivity and labor metrics."
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Canadian Telecommunications: Customer Profile Analysis, 2008.
This paper provides a straight forward customer profile analysis that includes target market, product usage and purchasing motivation for the three Canadian-based telecommunication companies of Telus, Rogers and Bell.
785 words (approx. 3.1 pages), 4 sources, MLA, £ 14.95
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Abstract
This paper shows a customer profile analysis for the Canadian based telecommunication companies of Telus, Rogers and Bell. The paper compares the market strategies of the three companies within a shared target and space, and determines that each of the companies rely heavily on phone communication as a necessity, for building their businesses. The paper also shows the slight differences in strategies: Telus as a growing global performer, Rogers as offering a host of commercial solutions and Bell as being the leader due to its long-standing presence in the market, its recognized brand, and its array of bundled services.
Telus
Target Market
Product Usage
Purchasing Motivation
Rogers
Target Market
Product Usage
Purchasing Motivation
Bell
Target Market
Product Usage
Purchasing Motivation
From the Paper
"The motivation for Rogers' wireless solutions is centered on the company's target market's desire to remain connected with both peers and family. Increasingly, wireless phones are being employed as the sole means of communication between family members as well as peer groups. The residential and business phone accounts are subscribed to out necessity since many customers and certainly most businesses still rely on the traditional phone line as their main form of communication. Likewise, Rogers' cable television service is purchase more for its entertainment value than for any form of communication method even when packaged with Internet services."
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Healthcare Budgeting Regulations, 2008.
A review of the article "Health Care Fraud" by A.M. Nann, J.C. Ashe, and K.H. Levy.
1,032 words (approx. 4.1 pages), 3 sources, APA, £ 18.95
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Abstract
This paper discusses the subject of healthcare fraud and its effect on healthcare budgeting with respect to government rules and regulations that directly impact the budgeting process. In the article by Nann, Ashe and Levy entitled 'Health Care Fraud" the paper states that of particular importance are the Medicaid and Medicare programs and how recent changes in policies and the regulatory environment have impacted the healthcare industry from a regulatory perspective.
From the Paper
"The healthcare budgeting process has become so difficult vis-a-vis Medicare and Medicaid because of the increasing legislation, scope, and expansion of these plans accompanied by increased reporting and billing accountability. As recently as the current Presidency Medicare has come under expansive reform that has thrown the typical healthcare budget process into an exercise in futility because reconciling expected payments under a typical fee for service plan is difficult and is susceptible to fraudulent billing practices (Nann, Ashe and Levy, 2005). The current administration implemented the most sweeping reforms of Medicare in many years. One of the biggest impacts made on healthcare budgeting by these new adjustments to Medicare have been on capping expenses which physicians and healthcare institutions can charge for a given service if it is accepted within the Medicare program."
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Macroeconomics of Interest Rates, 2008.
This paper examines the issue of interest rates as it relates to the economy.
1,856 words (approx. 7.4 pages), 5 sources, MLA, £ 30.95
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Abstract
This paper discusses the recent economic reports and events with respect to interest rates and interest rate movements. The current state of the US economy is examined as well as the Federal Reserve handling of monetary and fiscal policy relative to the economy. Of particular importance is the Federal Reserve's strategic shift in policy from accommodative to appropriate. The writer concludes that it can be seen that interest rates are much more than one of many economic devices that the Fed has to influence the economy but is actually one of theprimary methods in which the Fed interacts and influences the direction of economic growth and expansion.
Outline:
Abstract
Introduction & Thesis
Overview of Interest Rates
Types of Interest Rates
Impact of Change in Interest Rates
Conclusion
From the Paper
"Risk structure as it relates to interest rates is essentially the relationship between the interest rates on bonds that have the same term to maturity features. This leads to an active consideration of the default risk which is the chance that a given issuer of a bond may default by not being able to make the interest payments on the bonds at completion of the term or may not be able to meet the face value payment of the bond either. This creates the default risk model which implies that as the risk associated to a bond family increase then interest rates must also increase in order to compensate for the risk premium being incurred. Thus, since corporate bonds are more prone to market failure they typically bear a higher interest rate than government bonds, for example."
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| Essay # 104450 |
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Cu Boxes: Capital Expenditure, 2008.
Explores the factors Cu Boxes should consider when deciding to lease or purchase capital equipment.
1,015 words (approx. 4.1 pages), 3 sources, MLA, £ 18.95
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Abstract
This paper indicates that the NPV (net present value) analysis shows a net loss fo Cu Boxes on the lease option over the operational life of the equipment because it would lose the tax benefits related to depreciation. The paper then explains, however, that the initial capital requirement to purchase capital equipment is a major concern for Cu Boxes. The paper also points out that Cu Boxes intends to borrow money to partially cover the purchase, which will make it a higher credit risk and will limit its lines of credit and loan options. The paper relates that, in Cu Boxes' automation dependent industry, the pace of obsolescence makes the purchase more problematic. The paper includes analysis charts.
Table of Contents:
Issue Overview
Capital Equipment Lease or Purchase
Machine Purchase
Conclusion
From the Paper
"Buying equipment can often be the best decision because of the equity position that a company receives in the equipment which, depending on the industry, could be substantial. This implies that the strongest advantages in purchasing capital equipment are the outright ownership and the extended tax benefits but for companies with cash flow concerns, the initial investment costs are or can be prohibitive ("Capital"). "
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Capital Asset Pricing and Discounted Cash Flow, 2008.
A comparison between the capital asset pricing model (CAPM) and the discounted cash flow (DCF) model.
820 words (approx. 3.3 pages), 2 sources, APA, £ 15.95
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Abstract
This paper compares and contrasts the capital asset pricing model (CAPM) and the discounted cash flow (DCF) model in valuing common stock. The paper holds that, because of the complexity and importance of valuing common stock, the above techniques have been devised over time to accomplish this task. It points out that CAPM focuses on inputs to calculate stock prices that are external to the firm while the DCF model focuses on internal factors. Also, CAPM is concerned with growth rate, while DCF is concerned with estimated returns. The paper concludes that both models are important to investors and expanding companies.
From the Paper
"For a firm that is expanding, it is difficult to establish a proper growth rate for the DCF. If past growth rates in earnings and dividends have been relatively stable, and if investors appear to be projecting a continuation of past trends, then the growth rate may be based on the firm's historic growth rate. However, if the company's past growth has been abnormally high or low, either because of its own unique situation or because of economic fluctuations, then the growth rate has to be estimated in some other manner."
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Modeling Strategies for Financial Hedging, 2008.
An examination of GARCH or generalized auto regressive conditional heteroskedasticity, which is a modeling technique that allows researchers to predict for financial variances.
962 words (approx. 3.8 pages), 7 sources, MLA, £ 17.95
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Abstract
The predominance of existing research related to hedging strategies relative to the futures markets is typically concerned with agricultural, foreign exchange (forex), and petroleum products. This paper attempts to offer some insight relative to the mathematical modeling techniques which financial hedging strategists employ in order to be successful at mitigating risk. The paper explains that modeling volatility within the financial markets has not received a great deal of academic attention. The paper then looks at how Siddique and Harvey, in "Auto regressive Conditional Skewness" undertook a study of auto regressive conditional skewness which utilized GARCH techniques wherein they concluded that auto regressive models might be successful at modeling time-series variations relative to asset pricing such as stock returns but not necessarily for futures and related hedging strategies. The paper shows that researchers successfully applied the GARCH model to daily returns volatility of two separate futures markets in commodities. The paper concludes that these researchers proved that every hedging entity can adapt these models to develop a functional model that can accurately incorporate intervention related to exchange rate fluctuations into a futures volatility model that works to effectively hedge each entity's particular needs and constraints.
Outline:
Abstract
Garch Modeling
Durban-Watson
Omega Function in Modelling
From the Paper
"Predicting, managing, and leveraging the uncertainty in futures market is however vital if a comprehensive market strategy is going to be developed that enables an entity to efficiently control, or at least manage, the cost-basis of its investments or operating expenses. GARCH techniques can be used to construct models that control, to some degree, conditional variances related to futures as well as spot market prices and allow better management of financial or commodities portfolios."
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