Access the internal control of Shangri-la company

Access the internal control of Shangri-la company Access the internal control of Shangri-la company Internal control is defined as Systematic measures that been used by accountant and auditor to make sure the goals is achieved, conduct the business in efficient matter, safeguard of asset, to ensure that rules and regulation is being followed, completeness and accuracy of financial record and produce reliable and timely financial and management information. There are a few matters that Shangri-la concerning about of internal control such as: a. Completeness and accurancy of financial record. Shangri-la company use a system to ensure of appropriateness of business operation of the Group consisting of the Company and its subsidiaries. Chief Executive Officer of the company which is Mr Lim Beng Chee should discovered the fact and any decision that may cause a substantial damage, or act in violation of the laws, regulations or the Articles of incorporation and other acts outside the scope of the purpose to ensure that proper operation of subsidiaries is well-managed. In addition it also help to ensure the proper operation of subsidiary companies so that the reliability of financial reports by performing the maintenance, construction of internal control system in accordance with the financial statements, together with ongoing assessment, carried out necessary corrections if there are deficiencies, management shall appropriate the Company and to ensure. b. Ensure that rules and regulation is being followed. Shangri-la company always ensure that their operating business followed the rules. Information Management will make sure that they are following regulation and security guideline about Rules on the handling of personal data, Personal information protection regulation, and Information security policy by proper managing of important document. c. Ensure that the goals of company is achieved.Promote agile decision-making by the executive officers of small and further strengthen executive power. Set up the goals and objective of company so that the employee will understand and help employee achieved the company objectivity. d. The management and operating manager should segregate duties amongst executive officers and employee.The manager should divide the duties and work among their staff to make sure that objective of company is achieved. Shangri-la set up the goals for every department and their staff know their roles and responsibility for the company. e. Safeguard of asset. Shangri-la company established Risk Management Regulation clarify the department responsible for each risk category, endeavor to establish a risk management system. Established a management meeting risk, together with the corresponding consultation on matters relating to risk management, internal control report to the Commission on a regular basis for other conditions.

Oil Spills And Their Affects On Our Beaches Research Paper

Oil Spills And Their Affects On Our Beaches - Research Paper Example Oil Pollution Act of 1990 (OPA ’90), which imposed unlimited liability on proprietors and operators of ships and shore facilities who discharge oil  into surrounding waters. This Act met with much criticism, especially from energy company lobbyists, for it contained strict rules and regulations that had the potential to alter international oil trade. For example, the cost of compliance with OPA ’90 was said to be â€Å"$1.3 billion over the next 24 years, but some say the figure will be closer to $7 million by 2015.† (Oshins, 1992, p.54) This is an important statistic in the context of this essay, for it indicates the real reason behind continued instances of oil spills – namely, cost of compliance. Although the OPA ’90 was supposed to deter sub-standard safety measures, it has not fulfilled that end. This is in part due to the perceived excesses in some of its clauses. There is validity to those claims which portray OPA ’90 in negative lig ht, attacking it for the severity of punitive measures it encompasses. For example, under the OPA ’90, â€Å"in addition to removal costs, the responsible party becomes liable for consequential damages: harm to natural resources, economic loss to real or personal property, losses suffered by one who earns subsistence from natural resources, losses in tax revenues, loss to profit or earning capacity, and increased expense of public services.† (Oshins, 1992, p.54) Hence, a major drawback of the legislation is its underlying assumption that exorbitant financial compensation after the event will somewhat prompt oil companies to tighten up their transportation procedures. But this assumption has proven weak. For example, although there are some efforts by major oil companies toward making their oceanic oil transport as risk-free as possible, the frequency of spills has not reduced. The recent British Petroleum disaster is another example of the systemic failure of oil indus try and government agencies. The recent BP disaster is as much a result of human failures as it is due to technical shortcomings and inadequate planning. Even as investigations were started and all pretense of earnestness were shown by politicians, the most important reason has been ignored – namely, that deep sea drilling is inherently risky and continued use of fossil fuels are already affecting marine ecosystems through climate change. Another factor that amplifies risk of oil-spill is the generation of hydrate gas. Under a depth of 1000 feet or more beneath the sea-level hydrate gases such as methane are found in a solid state, compressed into â€Å"molecular cages of ice†. (Allen, 2010, p.12) But if they happen to get destabilized due to a reduction in pressure or rise in temperature, the â€Å"gas-water compound can quickly expand 164 times in volume. If ignited, even ice-bound hydrates burn. This could potentially block the [blowout preventer] stack, kill lines and chokes, obstruct the movement of the drill string, and cause serious operational and safety concerns including blowouts† (Allen, 2010, p.12) In the last thirty years, 165 blowouts were witnessed in U.S. marine zones and 500 worldwide. The Minerals Management Service (MMS), which is the chief government agency looking into the problem, has not taken adequate steps to mitigate this risk. Even in the BP case, the MMS was suspected of colluding with the business corporation: â€Å"

Economics Summary and review paper Essay Example | Topics and Well Written Essays - 4000 words

Economics Summary and review paper - Essay Example Further, he discusses the often absurd state of being human, along with the challenges that our often conflicting needs and wants pose. In doing so, Simon conceptualizes the constructs humans use to make sense of their condition and how they apply a "common denominator" to the various claims that are made on our conflicting stimuli, which may be called the "Good" or "utility." His penchant for the human element is what led him to the social sciences is general, and economics more specifically. Simon depicts economics as "an interest in human decision making, and especially an interest in how human beings cope with the complexities, the uncertainties, and the goal conflicts and incommensurabilities of everyday personal and professional life." He asserts that economics is a critical discipline because "the allocation of individual or organizational resources - how it is done, and how it ought to be done - remains a central question about the human condition." In order to address this central question of allocation, Simon found it necessary to migrate from his "home disciplines" of political science and economics into uncharted territory, such as psychology, computer science and artificial intelligence. According to Simon, these disciplines are where he has spent the bulk of his time since reaching this realization. This broadened view of economics provided Simon with tremendous insight into human economic behavior. He "saw a creature of bounded rationality using techniques of heuristic search to find satisficing - good-enough - courses of action." His expanded disciplinary experience enabled him to apply computer modeling to "show that these techniques could account for the data of human problem solving in a range of both simple and complex situations." Simon's ideas, by his own admission, remain outside of the mainstream of modern economics, but he asserts that they will eventually find their way into the main stream. He maintains that "they provide a realistic picture of human choice, a picture that may instruct us about some of the most puzzling problems confronting economics today: decision making under uncertainty, business cycles with their accompanying natural or unnatural unemployment, the role of entrepreneurship in investment, and others." He goes on to consider the duties incumbent on humans from an economic standpoint, both positive and negative. These duties might be considered from an individual and societal point of view, and encompass the realm from doing no harm to leaving at least as attractive a range of options to future generations to eliminating poverty. He concludes that a merger of scientific disciplines such as he embraced in his own life holds the promise of offering better answers than the parochialism of life-long adherence to a single discipline. Ultimately, Simon has sought to apply concrete science and mathematics to social science as a "field of virgin snow on which one could imprint one's characters." His interdisciplinary approach promises to raise and answer questions for economics that might not otherwise have entered our consciousness. "Scientific Humanism as an Ideal," Shigeto