The audit team submits the audit report to the Board of Directors and management in a transparent and open process. It determines improvement opportunities. It is the objective of auditors and management to address the critical issues of change management first. Then, they address the important ones next. Managers and auditors ensure that goals are achievable and useful to the company.
Corporate governance essentially involves balancing the interests of the many stakeholders in a company - these include its shareholders, management, customers, suppliers, financiers, government and the community. The King (III) 4. The purpose of an audit is to provide an objective examination of the financial statements, which increases the credibility and value of the financial statements produced by the company. It therefore increases user confidence of financial statement, reduce investor risk and consequently reduce the cost of capital of the preparer of the financial statements. The statements were audited by PwC.
2.1 NOMINATING/GOVERNANCE AND PUBLIC POLICY COMMITTEE The Nominating/Governance and Public Policy Committee of the Board of Directors of Valero Energy Corporation assists the Board in fulfilling its oversight responsibilities with respect to the Company’s performance in the areas of corporate governance and Board membership matters, assists the Board of Directors in identifying, evaluating, and monitoring public policy trends and social and political issues that could impact the Company’s business activities and performance, and considers and makes recommendations for the Company’s strategies related to corporate responsibility, contributions and reputation management. The committee is composed of at least three members of the board and each
Director of the JD has been appointed as Chief Executive Officer. Corporate governance refers the policies and practices that executive managers, and boards of directors use to manage themselves and to fulfill their responsibilities to achieve their organizational goal. The company has formal rule and regulation to conduct various project. The governance is well informed of the recent trends in human outsourcing business, government rules and regulations, their client needs and aspirations; and marketability of potential candidate. JD has transparent financial management system as recommended by the government, does annual auditing through an independent auditor, and has feedback mechanism system.
A Strategic Report provides shareholders of the company with information that will enable them to evaluate how the directors have performed their duty to promote the success of the company. A strategic report will always contain information that is material to its shareholders just like an annual report. A strategic reports main objective is to provide an understanding into the company’s business model and its main strategy and objectives. It also provides the users about the risks faced by the company and its impact in the future. The companies past performance is also analysed in the strategic report.
The chief executive is one of the people who takes the decisions and has explained clearly to all employees of the company . Chief executive directs the employees. In addition, give direction to work. The chief executive has to make that strategic that which help the company and peoples working in the company develop and other sense make a profit. CEO is responsible for the performance of the company.
(Diageo, 2017). DIAGEO PLC’s BOARD OF DIRECTORS Roles: The role of the Chairman of the Board is to manage and provide leadership to the Board and ensures that all the Directors are properly informed and adequate information is made available to facilitate appropriate judgements. The CEO of Diageo has a duty of care for the day to day management of the company and putting into effect the resolutions and policies of the Board. The six Non-Executive Directors provide an innovative contribution and enhancement to the Board by offering objective and constructive criticism. This role also extend to the chairman as he is also the Non-executive director.
They must also guide staff members to behave in accordance with the code of Ethics, furthermore identify Ethics risks in the organization. They must establish ways to reduce risks and address potential contraventions of the code of Ethics. Managers and supervisors must take appropriate action to correct behavioral deviations and enforce disciplinary action when appropriate. As managers and supervisors, another requirement is to ensure that their staff members are in possession of the code of Ethics. Staff members must be sensitized to the code of Ethics through staff dialogue sessions.
Business ethics also referred to as corporate ethics can be considered as either a form of applied ethics or professional ethics. Its purpose is to analyse ethical principles and also moral as well as the ethical problems that might arise in a business environment. Business ethic is applicable to all parts of business conduct and also takes into consideration the conduct of individuals and the business organizations as a whole. Business ethics can be divided into normative and descriptive discipline. For the purpose of this assignment, the Nestle Company has been chosen.
How do managerial accountants support strategic decisions? Management accounting is a profession that involves partnering in management decisions, arranging planning to performance management systems, and providing expertise in financial reporting and control to assist in the formulation and implementation of an organization's strategy. Managerial accountants look at a variety of events that happen in and around a business while considering the needs of the business. Once completed data and estimates surface, cost accounting brings the estimates and data into knowledge that will eventually be used to guide decision-making. In managerial accounting, managers use the collected information to get better informed before any decisions are made within their organizations.