Submit a 2-3 pages paper assignment, (excluding the title page and reference page) double-spaced in Times New Roman font which is no greater than 12-points in size. Paper and all citations should be in APA format. Send it to maggrabillo@rtu.edu.ph once completely accomplished.
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
After sending through email, kindly post in rich text format your case analysis by commenting on this post.
Deadline for accomplishment: November 28, 2021 11:59PM
The 7 Es according to importance or with the greatest impact on the organization and how they impact the business.
ReplyDeleteOrganizations can find it difficult to operate the complex quantitative and qualitative elements without organizing where to devote appropriate attention to the entity’s operation. In the help of the 7 Es model, business organization can address some of the most important aspects of an organization that can lead to success.
Below I listed the 7 Es according to importance or with the greatest impact on the organization and how they impact the business.
· Effectiveness: As one of the goals of operational audit is to meet the objectives of an organization it is important to evaluate and to have knowledge if the processes, procedures, and policies, including the other elements of the 7 Es, are effective enough to achieve its objectives and goals. Another importance of it is, through comparing the planned outputs with the actual outputs, the organization will know if they are making progress in their efforts to achieve their stated mission, as the organization’s mission, including its vision, serves as a guide to its target destination. And once the degree of its achievement is identified, the organization can establish appropriate actions to work toward its goals and objectives.
· Efficiency and Economy: I combined these two elements as they relate to the inputs and resources of the organization. By assessing the economy, the overall value of the organizational resources is considered not only the amount of money that is provided for that resources. For example, acquiring high value equipment increase productivity, improve high production rate, and lead to efficient use of materials. As efficiency also relates to the productivity and producing high quality products with least amount of resources and efforts.
· Equity and Excellence: these elements highlight the driving force of the employees in an organization. If the organization treats employees with equity, they will be motivated to do their work with excellence as they know that their efforts toward the organization are being paid off and getting the proper recognition.
· Ethics and Environment: while these two last elements relate to the attitudes, awareness, decisions, compliance and behavior of the people in the organization and the organization itself. If they are practicing the ethical behavior in operating the organization it can lead to the awareness of the ecological impact of what they are doing.
1/3
2015-100842
MANALAC, ERICKA
The concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
DeletePerforming all the work with high quality is the concept of excellence. The quality of the work that is being done is one of the key things that is need to look at from an operational audit as it is essential for continued success of the organization. The work done by the auditors at large should be performed with excellence, since they should produce as much as they reasonably can without having a significant problem with errors along the way (ACI Learning, Audit, 2021), because their work will be the basis of the organization to make decision that will affect the achievement of the organization’s objective.
How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
Ethics is a critical subject for internal auditors since individual’s viewpoint regarding what is right and wrong affect most aspects of decision -making (Murdock, 2016). So lack of ethics is a key driver of inappropriate behavior that will affect the attitudes and decisions of the organization in policy-making and organizational conduct. And it also affects the reputation of the business if they will not performed operations with ethical behavior.
L’Oreal sell their products in China where animal testing is mandatory for foreign cosmetics and the company do fund the animal testing. It is required by law in China but it is morally unacceptable as it killed and damaged a lot of animals included in the tests or experiment.
2/3
2015-100842
MANALAC, ERICKA
Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
DeleteIn operating businesses, it is also important to consider the effects of the work done by the organization in environment. In economic perspective, compliance, ecological awareness, and environmental stewardship can also have a positive impact in the profitability of the organization. For example, by limiting the water usage and lowering the consumption of electricity the organization can reduce their operating profits which leads to higher profit.
We can be mindful of the ecological impact of what we do by minimizing wastes, using of recyclable materials in packaging products, practicing proper disposal of hazardous materials, and such.
References:
ACI Learning, Audit. (2021, August 4). The 8 Es of Operational Audit Excellence - ACI Learning’s Webinar Series 2021 [Video]. YouTube. https://www.youtube.com/watch?v=QLBmTq8DO4A&feature=youtu.be
Laughlin, A. (2021, April 21). 30 Makeup Brands That Still Test On Animals In 2021. Cruelty-Free Kitty. https://www.crueltyfreekitty.com/cruelty-free-101/makeup-brands-that-test-on-animals/
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World (Internal Audit and IT Audit) (1st ed.). Auerbach Publications.
3/3
2015-100842
MANALAC, ERICKA
Success cannot be achieved overnight. It will require a lot of effort, time, proper management, and good planning. Especially in a business venture where risks are evident. But there are ways to overcome it, or even avoid it in the first place. They are as follows:
ReplyDelete1. Effectiveness- this is vital for growth. It measures how outputs interact with the economic and social environment. The amount of effectiveness is determined by the outcomes of employees' and managers' actions. Employees and managers who are effective in the workplace aid in the production of high-quality outcomes.
2. Efficiency- Making the most efficient use of resources is what efficiency is all about. Efficient businesses maximize outputs from limited inputs while lowering expenses. A company's costs can be reduced, and its competitiveness improved by increasing efficiency.
3. Economy- The economy follows a predictable pattern. Businesses are able to hire more staff while the economy is booming. As a result, profits for business owners will rise. The lower the unemployment rate, the more probable your company will make substantial profits.
4. Excellence- Outstanding techniques in managing the organization and generating results, all based on a set of fundamental beliefs or ideals, are typically termed as business.
5. Ethics- These are the rules for morally proper and wrong corporate. These established by corporations to encourage employee integrity and acquire trust from key stakeholders such as investors and consumers. Business ethics is an important skill to have.
6. Equity- In the event of liquidation, it reflects the amount of money that would be repaid to a company's shareholders if all of the assets were liquidated, and all of the debt was paid off.
7. Ecology- Environmental considerations influencing business are linked to actions and processes that are required to conserve the natural environment while also maintaining or increasing the corporation's efficiency.
Pursuing greatness entails always looking for new ways to improve one's attainment and performance. Auditors must possess particular abilities or attributes in order to excel. Competence, communication skills, and professional skepticism are among these attributes. Moreover, auditors must retain objectivity and integrity during the audit. In this way, auditors will be more efficient and effective to the business organization. Audits are beneficial because they reassure financial stakeholders that a company's established rules and procedures are being followed as planned. Positive audit findings demonstrate that a company is running properly.
1/3
Carlos, Leila Lauren M. 2019-101650
On the other hand, some business organizations fail to follow the 7Es to achieve success. Nowadays, a breach of ethics has a direct detrimental impact on a company's bottom line. Being unethical has a direct impact on a company's efficiency. An unethical business usually involves the following:
Delete1. Disrespecting and inequitably managing employees, customers, investors, the community, and all other stakeholders.
2. Dishonest communication with all stakeholders, both internally and internationally.
3. While dealing with everyone, they maintain a low level of integrity.
4. Personal accountability and behavior are held to low standards.
5. Internal and external policies are not clearly communicated to important stakeholders.
Here is an example of a CEO who failed to remain in the side of ethics.
• Kenneth Lay, Enron- Enron's demise, as well as the imprisonment of several of its top executives, was one of the most startling and extensively publicized ethics scandals of all time. Not only did it bankrupt the corporation, but it also wrecked Arthur Andersen, one of the world's top audit firms. After several years of questioning from analysts and shareholders, the Securities and Exchange Commission (SEC) stated in 2001 that it was investigating Enron's accounting procedures. The charges were willfully distorting accounting procedures in order to conceal the company's massive losses and liabilities. Money laundering, bank fraud, insider trading, and conspiracy were among the 46 charges made against Lay and Skilling. Skilling was sentenced to 24 years in jail on 19 counts, but his sentence was reduced to 14 years in 2013 and he was released in 2019.
2/3
Carlos, Leila Lauren M. 2019-101650
Ecosystem monetization is the process of assigning a cash value to ecosystem services based on the cost of providing the same service using human-built infrastructure. The goal of monetizing ecosystem services is to encourage environmentally conscious behavior in municipalities and businesses. Nature is worth a lot of money. There are some ways to monetize the concept of ecology, and some of them are as follows:
Delete1. To begin, it must select a keystone contribution, a component or activity that it can own and govern in a way that is necessary for the ecosystem to provide value for customers.
2. Second, when partners exploit an ecosystem leader's keystone contribution, an efficient "tollgate" must be established to collect revenue. Tolls could be in the form of license fees, royalties, or commissions on ecosystem transactions; a share of the revenue from products and services provided by partners; or profits from value-added products or services generated utilizing ecosystem data and knowledge.
3. Lastly, leaders must figure out how to use the ecosystem to innovate and renew the keystone contributions. This entails developing trustworthy and ethical routes for collecting data about partners' and consumers' behaviors, as well as mechanisms for innovating based on the information gathered.
3/3
Carlos, Leila Lauren M. 2019-101650
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteFirst is effectiveness, it is in part of operational objectives which focuses on the vision, mission aand goals of the company. It serves as gudance or directive manuals for the organization. Effectiveness is the most important Es because without this, the whole organization will not function well and not guided appropriately to their objectives. Effficiency is also part of the operational objectives which focuses on the resources and skills to make an output. It is maximizing the resources to produce output to maximize profit. Excellence is part of financial objective in which focus on performing in high and quality. This is also associated with effectiveness and efficiency. Economy is part of financial reporting objectives that talks about management of organization to its resources and indicating price and value on it. This is also associated with effectiveness, efficiency and excellence. Ethics is also part of financial reporting in which the orgnization leans toward acceptable norms and ethical practices. Ethics are concerned with 3ps the profit, people and planet. Equity is part of financial reporting objectives that tacles in equality or fair treatment for all. This focuses on no discrimination on race, sexuality, religion, and more. Ecology is part of compliance objectives which focus on compying in doing good for the environment and ecology.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Being excellent auditor is delivering quality andoutstanding output. In order to become an excellent auditor you must first recognize your role for not just do an audit but give ssurance for your client to meet its objectives. The assurance will reflect in making the reports periodically, it should reflect the opinion of the auditor and that will be a big help for decision making and for improvements. The opinion of an auditor compases with the compliance with governance, rules and regulations, laws, risk management and the related internal controls provide a reasonable level of assurance that the more significant risks to the achievement of the organization’s goals and objectives are managed at acceptable levels. Establish a vision for internal audit that has as its primary product an opinion as outlined above. Understand that the audit plan has to identify the engagements required to support such an opinion. Build a risk assessment process that is continuous, so that the audit plan always includes projects to address the risks that matter in an environment where risks change constantly.
(1/2)
Villanueva Don Luis M. (2019-102313)
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteOne of the examples is Enron’s scandal in 2000. It all happened when they used the market to market accounting method in which the cost is not based on the actual cost but in the fair value cost. This is easily be manipulating in stating the value of assets and liabilities which is harder to pin down. In Enron’s case, the company build an asset, such as a power plant and immediately claim the projected profit on its books, even though the company doesn’t receive any profit to that project. If the revenue is less than the cost of putting the plant, instead of taking a loss, they transfer the asset to an off-the-books corporation where the loss would go unreported. This type of accounting enabled Enron to write off unprofitable activities without hurting its bottom line.
In relating the Enron’s scandal to entry level controls, the failed in conducting the governance control in which audit committee doesn’t foresight this happenings and just let the market to market accounting method to conduct without further assessment and studies. They failed to direct the senior management in their attitudes in reporting financial statements, they are greedy that they only want their company sounds financial stable even though they are incurring losses. The management failed in conducting ethics and policies that the auditors didn’t anticipated to that risks. They failed in monthly analysis of budget versus the actual cost because they are using market to market accounting and off-the-books entries. They failed in many ways that resulted to their downfall.
In relating to ethics, the Enron’s scandal failed to comply with the 3ps which are the Profit, People and Plant. They only want to look and sound financially well but they are not earning. People are misleaded in result of poor decision planning and execusion. The whole organization failed by doing such things.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Nature has significant capital. The oceans naturally have carbon, provide food, provide recreation, and provide a cooling effect in the summer. Glaciers provide drinking water and reduce the Earth’s albedo without a fee as well.
Ways to monetize the concept of ecology is through First, it must identify a “keystone contribution,” some element or activity it can uniquely own and control that is essential for the ecosystem to create value for customers. Second, establish an efficient “tollgate” to collect revenues when partners use its keystone contribution. Third, find a way to leverage the ecosystem to innovate and find ways to renew the keystone contributions. This means establishing reliable and ethical channels to accumulate data on the activities of partners and customers, and processes for innovating on insights gleaned.
Reference:
Morris, A., (2020). Davidsonmorris.com. Available at:
Marks, N., (2013). The Path to Excellence for Internal Audit. [online] CMSWire.com. Available at:
Williamson, P., (2019). Monetizing a business ecosystem | BusinessMirror. [online] BusinessMirror. Available at:
(2/2)
Don Luis M. Villanueva (2019-102313)
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteAn organization that lacks structure does not achieve its goal of success. A computer without a motherboard, for example, is useless because it lacks the backbone that connects each hardware component to conduct a user's input-output process. This is where the 7 Es come into play; they are guidelines provided to corporations by auditors to assist them in becoming a successful firm or business. Effectiveness, efficiency, economy, equity, ethics, excellence, and ecology are the seven E's. The points earned by an organization in attaining its goals are determined by its effectiveness. Efficiency decreases waste in the use and processing of inputs into outputs in a more efficient manner (Operational Audits: Efficiency & Effectiveness, 2017). The economy offers stability and growth in the organization, allowing it to produce services, goods, and profit, which benefits the community's health (Smyth & Seidel, 2019). Excellence is defined as excellent performance that exceeds standards and expectations while exhibiting no substantial defects or waste (American Society for Quality, 2020). Ethics establishes rules and distinguishes between good and incorrect behavior in the workplace. Equity encourages peer diversity and inclusion within the company (Bantukul et al., 2021). Ecology determines the measures that an organization must do in order to preserve its natural surroundings and boost its efficiency (Wozniak, 2020).
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Always seek to improve; an organization encounters risks on a daily basis, and internal auditors focus on issues that may hinder the organization from fulfilling its goals. It is critical to remember that each day will bring a new set of obstacles. The responsibilities that these audit programs entail enhance the organization's progress toward grandeur. Though no program is flawless, the key point is that the organization uses it to the best of their ability (Chron, 2020). This attempt will highlight the structure's capability, which will subsequently be strengthened with the support of internal auditors' assessments and recommendations.
[1/3] Jerick E. Guasin ; 2019-105702
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteA violation of ethics can have an influence on the image that a corporation or organization has created for itself. It may result in other brands surpassing the steps in the competition, with concerns circling around the organization impeding its journey to its objective. According to Holton (2021), one of the unpleasant facts in business operations is that some organizations strive to gain an unfair edge over their competitors by engaging in a variety of unethical business tactics. Companies may utilize phony reviews or solicit endorsements from influencers. Back in 2009, Coca-Cola touted Powerade as having more electrolytes than Gatorade, Pepsi's competitor energy drink. In response, Pepsi sued Coca-Cola, claiming that its claim was unsupported by science (McCool et al., 2009). Because of this failure, many were unaware of Coca-Cola’s marketing approach for Powerade. Clients tended to promote Gatorade because they suspect Coca-Cola of putting unknown substances in their products. As indicated in this example, an organization's brand can be tarnished and become its downfall. However, a corporation may learn from this to better its role in ethical standards and avoid disseminating inaccurate information or marketing to customers.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Ecology is significant in business because it emphasizes the connection between all living things and their surroundings. This gives them an indication of where they'll be absorbing resources. They take advantage of this and generate the inputs and outputs required to profit from these basic commodities. Of course, the efficiency of the organization must be considered; taking something from nature is an instinctive response of human beings, but we must be rational. In her Ted talk, Raworth (2018) stated that humanity's task in this period is to address the demands of the planet. It may also be defined as not allowing the planet's population to fall short of their necessities. Not just humans, but everything in our environment. A single act or movement in the cycle, as she described it, may help shift and balance the globe; she refers to this as a doughnut of social and planetary boundaries. Taking is so simple for us, but when we obtain what we want, we don't think about returning. Gaining profit from this resource fulfills our aim in business but reaching the objective should not be the end of our aspirations as corporate people. We must give back to the source and, if possible, choose to reuse and recycle these basic resources. Overconsumption of these items can influence other elements of life. We don't want to be in a situation where there are no resources and the world is rendered useless. As an inhabitant of this planet we must seek others to act as one in conserving this planet by being responsible enough to respect our home and other living things. In the article written by Shaw (2019) the first step is to encourage clients to support the scheme and engage with staff at all levels. From this we entail our responsibility as rational beings aside from being an organization, this will take effect to protect our environment.
[2/3] Jerick E. Guasin ; 2019-105702
References:
DeleteOperational Audits: Efficiency & Effectiveness. (2017, August 15). Retrieved from
https://study.com/academy/lesson/operational-audits-efficiency-effectiveness.html.
Smyth, D., & Seidel, M. (2019, February 11). Major Factors Influencing Economic Growth. Bizfluent. Retrieved November 24, 2021, from https://bizfluent.com/list-6706424-major-factors-influencing-economic-growth.html
American Society for Quality. (2020). What is Organizational Excellence? Organizational Excellence Model | ASQ. ASQ - Excellence Through Quality. Retrieved November 24, 2021, from https://asq.org/quality-resources/organizational-excellence
Bantukul, A., Carter, T., Fevry, C., Schlobohm, A., & Sloan, R. (2021).
Organizational Equity: Your Missing Metric for Success. Kenan Institute of Private Enterprise. Retrieved November 24, 2021, from https://kenaninstitute.unc.edu/kenan-insight/organizational-equity-your-missing-metric-for-success/
Wozniak, K. (2020, September 25). Ecological factors affecting business. CEOpedia | Management Online. Retrieved November 24, 2021, from https://ceopedia.org/index.php/Ecological_factors_affecting_business
[2.5/3] Jerick E. Guasin ; 2019-105702
Chron. (2020, September 24). What Is the Purpose of Internal Auditing? Retrieved November 24, 2021, from https://smallbusiness.chron.com/purpose-internal-auditing-81775.html
DeleteHolton, L. (2021, May 24). The Ugly Truth About Unethical Business Practices. MYVA360. Retrieved November 24, 2021, from https://myva360.com/blog/the-ugly-truth-about-unethical-business-practices
McCool, G., Geller, M., & Lewis, M. (2009, April 13). PepsiCo unit sues Coca-Cola over drink advertising. Reuters. Retrieved November 24, 2021, from https://www.reuters.com/article/us-gatorade-powerade-lawsuit/pepsico-unit-sues-coca-cola-over-drink-advertising-idUSTRE53C5OC20090413
Raworth, K. (2018, May 14). A healthy economy should be designed to thrive, not grow [Video]. TED Talks. https://www.ted.com/talks/kate_raworth_a_healthy_economy_should_be_designed_to_thrive_not_grow/up-next
Shaw, C. (2019, March 6). The importance of environmental stewardship. Cleaning Matters. Retrieved November 24, 2021, from https://www.cleaning-matters.co.uk/page_1058902.asp
[3/3] Jerick E. Guasin ; 2019-105702
(1/3)
ReplyDeleteList the 7 E’s according to importance or with the greatest impact on the organization. Explain how they impact the business.
Operational audits frequently include the 7 E’s, which are critical to an organization's success or failure, in their scope of work. When these E’s are deployed in the form of themes, they can help the auditor offer significant value to the engagement and demonstrate to audit clients that auditors are genuinely engaged in assisting the organization's success. So, if I am asked to list themes in order of relevance or impact on the company, this is my hierarchy:
1. Effectiveness and Efficiency – This pair always comes to me together since they are so important to the company's success. Effectiveness, First and foremost, any firm should have a mission and vision, as well as goals and objectives that motivate employees to achieve them. Efficiency refers to the use of inputs and other resources toward the fulfillment of goals and objectives in some sort of productive activity. Without a mission and vision, the organization will drift wildly like a ship without a definite direction.
2. Economy - The cost of organizational resources is referred to as the cost of economy. It is significant in the organization since it indicates that the company is making more money as a result of lower product costs.
3. Excellence and Ethics - The performance of all work with high quality is another major part of organizational priorities, while the standards of behavior are founded on notions about what is morally good and evil, it deals with what is good and bad behavior, what is morally right or wrong, and moral duty and obligation. I merged these two because they are related; they have an effect on both the internal and external operations of the business because if you understand ethics, you will be a good employee in that organization.
4. Equity - The treatment of others with dignity and respect is referred to as equity. This should be done consistently, by everyone, all of the time. Fairness, reciprocity, and impartiality are all terms used to describe equity. It is vital in business because it provides a positive work atmosphere, eliminates prejudice, and ensures that all employees are treated fairly.
5. Ecological - Environmental concerns have grown in prominence in recent years and will almost certainly continue to do so in the future. Furthermore, customers, employees, local communities, regulators, and other stakeholders are increasingly expecting firms to be environmentally responsible. It is also crucial for the corporation since, even though you are exploiting some natural resources, you must remember that you must be liable for the damages produced by your operations.
(2/3)
DeleteLink the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Performing everything to a high standard is a sign of professional expertise. Internal auditors are outstanding at their jobs since they must create neutral financial documents and also try their best to identify the threats and risks that the organization faces. Internal auditing is a highly beneficial activity that entities can use to gain assurance about a company's achievement of its goals. Internal auditing is a vocation that includes risk management, risk assessment, financial reporting, developing audit plans, conducting operational audits, and ensuring processes meet national and international standards.
How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
Nowadays, failures in ethics have a detrimental impact on a company's bottom line. Being unethical has a direct impact on a company's efficiency. Bottom line is all about calculating efficiency and converting it into a company's net worth.
Scott Thompson, Yahoo, Thompson was appointed as Yahoo's new CEO in early 2012 in an attempt to turn around the company's woes. By May, a shareholder activism group claimed Thompson had exaggerated his resume by pretending he had a computer science degree in addition to an accounting degree. He merely had an accounting degree.
(3/3)
DeleteDescribe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Some claim that monetization can raise public awareness and support conservation efforts by demonstrating the economic value of nature and its benefits. Aside from compliance, environmental awareness and stewardship can have a positive impact on an organization's revenue. Companies can minimize their running expenses by reducing their water usage, lowering their electricity consumption, and generating their own electricity. Ecology metrics serve to promote acceptable actions and provide a mechanism to monitor, compare, benchmark, and improve results. Examples include the quantity of water, electricity, and natural gas consumed in manufacturing and support activities, the amount of CO2s produced, the amount of fuel consumed in transportation activities, and the amount and types of trash generated in manufacturing and support activities.
References:
• Unmüßig, B. (2021, October 27). Monetizing Nature: Taking Precaution on a Slippery Slope. Great Transition Initiative. Retrieved November 26, 2021, from https://greattransition.org/publication/monetizing-nature-taking-precaution-on-a-slippery-slope
• Cpe, S. (2020, August 10). Excellence in Internal Auditing. Surgent. Retrieved November 26, 2021, from https://www.surgent.com/the-surge/podcast-episode-5-excellence-in-internal-auditing/
• Roddy, S. R. (2017, September 5). Ethics Failures Impact On A Business Bottom Line. Intuitive-Risk-Mgmt. Retrieved November 26, 2021, from https://www.intuitiveriskmanagement.com/single-post/2017/09/05/ethics-failures-impact-on-a-business-bottom-line
• Segal, T. (2021, January 27). 5 Most Publicized Ethics Violations by CEOs. Investopedia. Retrieved November 26, 2021, from https://www.investopedia.com/financial-edge/0113/5-most-publicized-ethics-violations-by-ceos.aspx
• Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World (Internal Audit and IT Audit) (1st ed.). Auerbach Publications.
CEDO, JOHN JOSEPH C.
2019-101001
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteEffectiveness is the first one on our list with the greatest impact on the organization. According to Murdock (2017), effectiveness is the process of evaluating the degree to which the organization, program, or process is achieving its goals and objectives. Thus, part of the effectiveness is the mission and vision established by every organization that will guide them towards their objectives and goals. Moreover, they will also serve as a motivation for the employees to do their job properly and ethically. Imagine an organization without a mission and vision, then there is no clear direction or destination for the organization. There is also no unity among the employees since there is no specific purpose applicable for the whole stakeholders of the organization. Next in the list of 7Es is what we called efficiency. It refers to the number of inputs or other resources used in the production activity. If an organization was able to achieve efficiency within its operation, then the benefits are surely greater than the costs. The next one is the economy. This one is about the amount of price paid for the organizational resources (Murdock, 2017). When purchasing various resources or items, the organization must consider not only the value but also the overall quality and attributes. The next one included in the list is excellence. As Murdock stated, one of the key aspects of organizational priorities is the performance of all work with high quality. The job performed from the top-level management to lower-level management must be in quality, and not poorly executed. If every employee managed to do their task properly with minimal or zero mistakes or errors, then it will result in positive outcomes and will bring more opportunities for the organization to achieve their established objectives. Next in the list of 7Es is very familiar among us which is ethics. According to Spooner (n.d), ethical practices help companies to develop an excellent reputation, which helps bring in additional customers, generates positive publicity, and can help solidify support for the organization in times of crisis and controversy. The next one is equity. It relates to how we respectfully treat other individuals. All the people involved in the organization must show respect to one another in a consistent manner. Long-term good relationship of the organization to its people will be achieved if equity is exercised regularly. The last one on our list is ecology. It refers to the relationship of every living organism around the world. But, it can also relate to the relationship of an organization to the environment. Establishing ecological awareness and stewardship are considered to be a great factor to increase the profit of the organization. Various businesses can lower their operating costs by generating their electricity or by reducing their monthly consumption of electricity and water. In addition, other companies choose to use paper materials than plastics since we all know how dangerous plastics are in our nature.
[1/3]
BALAYSOCHE, STEPHANIE (2019-101856)
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
DeleteInternal auditors provide essential information about the control environment, risks, objectives, operational effectiveness and compliance with existing laws and regulations of the organization. Also, it is part of their job to observe and monitor how certain strategies and policies are being implemented inside the company. Auditors use an audit program to conduct an audit of a specific organization. It is an action plan that documents what procedures an auditor will follow to validate that an organization is in conformance with compliance regulations (Cole, 2017). If the audit program is conducted with excellence by the internal auditor, then the high quality of work is guaranteed and the possibility of error or mistakes is minimal or zero. Also, the management and other stakeholders will be satisfied with the quality of the audit conducted since it was produced with excellence.
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
The former CEO of Tyco International, Dennis Kozlowski has been found guilty of spending the money of the company which cost more than $600 million. This huge amount of money was used to pay for lavish parties, fancy art and a luxurious apartment in Manhattan. Moreover, Kozlowski and the finance chief of Tyco International, Mark Swartz are also involved in grand larceny, falsifying business records, securities fraud and other charges. Their wrongdoings caused huge damage to the reputation of the business and negatively affects the entire operation. In fact, the business performance of Tyco International rapidly declined and they lost some of their huge investors. Thus, if an employee exhibits any unethical or fraudulent acts, the one who will greatly suffer in the end is the organization itself.
[2/3]
BALAYSOCHE, STEPHANIE (2019-101856)
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
DeleteMany businesses around the globe showed their concern in recent happenings regarding our environment and at the same time, they actively promote environmental stewardship. It is known to us that if the health of the environment drastically declined, it will greatly affect all the existing businesses in every country. However, if every business starts to genuinely show their care towards the environment, then any worst-case scenario might be prevented and their profitability will increase as well. For instance, if the business limits their electricity and water consumption during their production activities, their costs will be reduced and their income will be increased. Besides, as an individual we can also encourage other people to observe environmental stewardship by planting more plants, using less plastic materials, less consumption of electricity and water, proper segregation of wastes, etc.
References:
Cole, B. (2017, April 28). Audit program (audit plan). SearchCompliance. https://searchcompliance.techtarget.com/definition/audit-program?amp=1
Ex-Tyco CEO Dennis Kozlowski was found guilty. (2005, June 18). NBC News. https://www.nbcnews.com/id/wbna8258729
Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World. Taylor & Francis Group, LLC. pp 86-94.
Spooner, A. (n.d.). Importance of ethics in business. LoveToKnow. https://business.lovetoknow.com/business-operations-corporate-management/importance-ethics-business
[3/3]
BALAYSOCHE, STEPHANIE (2019-101856)
The Seven Es to success will vary from auditor to auditor. Some might say this and some might say that. In all honesty, there will be no right or wrong answer simply because it is opinionated. Opinions will be different because not all people are the same. For my take, I think that Efficiency is at the top of the list followed by Effectiveness, Economy, Excellence, Equity, and Ethics and Environment. I ranked Efficiency at the top because Efficiency is where we use less efforts and resources to gain more products. Being efficient will certainly help the business to thrive. Next is Effectiveness because the primary goal of operational audit is to see if the business is reaching its goal. It is very important to the business if its policies, procedure and etc. are effective to the businesses end goal. If its not, then its time to come up with a new strategy. Economy ranked third for me because a business needs a lot of money and according to Murdock (2016), Economy refers to the price paid for organizational resources. These resources are what makes the business operates. If a business don’t have any economics whatsoever, then the business would have a hard time operating or worse, not operate at all. Excellence is next because A business from top to bottom should work hard in order for the business to thrive. Excellence is where a business is molded into having a high-quality work wherein each employee is getting great results. Equity is next because unmotivated employees will not excel. As a human being, we need to treat others how we want others to treat us. At the end of the day, we are all human beings trying to get by. Respecting each other will go a long way. Lastly, I put both Ethics and Ecology in the same rank because these two are synonymous to each other. Behaving with a moral code in a business will in turn help the environment to be better. But right now, Money talks in the world and most business owners do not think of the environment but rather the money they can make.
ReplyDelete(1/4)
Excellence is where a we perform with high quality. As an auditor, The business is going to expect a thorough and honest report from us. If we don’t do our jobs right, the business will be affected drastically and we might get sued for it. A lot of business have been closed out simply because we the employees are not working as hard enough. What about the auditors who failed to see the risk or failed to see opportunities? By simply not excelling or trying, the auditors are a bigger risk than the ones he failed to identify.
Delete(2/4)
According to Twin (2021), Business ethics is the study of appropriate business policies and practices regarding potentially controversial subjects including corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities. The law often guides business ethics, but at other times business ethics provide a basic guideline that businesses can choose to follow to gain public approval. According to american-historama (n.d.), The Enron Scandal surfaced in October 2001 when it was revealed that America's seventh largest company was involved in corporate corruption and accounting fraud. The scandal surrounding the Enron energy company included political implications due to Enron's close links with the White House, the Deregulation of ENRON allowing the corporation to operate largely free from US government scrutiny, misrepresentation in earnings reports, a fraudulent 'energy crisis' and embezzlement undertaken by ENRON Executives. The Enron scandal eventually led to the bankruptcy of the corporation together with and the dissolution of the auditing company Arthur Andersen. ENRON shareholders lost $74 billion leading up to its bankruptcy, and its employees lost their jobs and billions in pension benefits. Enron CEO Jeff Skilling was sentenced to 24 years, former CEO Kenneth Lay died before serving time. The scandal was didn’t start at 2001 but it started way before. A lot of employees hired were incompetent and lack the skills and knowledge to work there and a lot of higher managements have embezzled the funds and hid the accountants hid the debt of the firm. This turned out to be one of the biggest scandals in the business world because they did not practice any ethics whatsoever. Simply put, it’s a spit to the faces of aspiring accountants and auditors because the so called CPA’s there knowingly tarnished the promises we made while they were still trying to get that degree.
Delete(3/4)
Honda is one of the top car-engine manufactures in the world. They are also a part of a lot of motor sporting events particularly F1. But 2021 will be its last time in F1 not because of money but rather for the environment. In essence Honda has justified its decision to stop its F1 programme not on economic grounds but in order to focus its resources on developing alternative energy forms, and specifically a move to carbon neutrality by 2050 (Cooper,2020). By doing this, F1 also is trying to go green as well. Formula 1 announced an ambitious sustainability plan to have a net-zero carbon footprint by 2030. Just by Honda announcing its intentions to going green, Formula 1 also stepped up by announcing its plans to going green as well. We only have one Earth, lets save it before its to late.
DeleteSources:
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World (Internal Audit and IT Audit) (1st ed.). Auerbach Publications.
Twin, A. (2021). What is Business Ethics? https://www.investopedia.com/terms/b/business-ethics.asp
american-historama (n.d). Enron Scandal, https://www.american-historama.org/1990-present-modern-era/enron-scandal.htm
Cooper, A. (2020). Why is Honda leaving Formula 1 and which engine will Red Bull use?
https://www.motorsport.com/f1/news/why-honda-is-leaving-formula-1/4885332/
Ànonymous(2019). Formula 1 announces plan to be Net Zero Carbon by 2030
https://www.formula1.com/en/latest/article.formula-1-announces-plan-to-be-net-zero-carbon-by-2030.5IaX2AZHyy7jqxl6wra6CZ.html
Hans Theo Ezequiel N. Valenzuela (2020-110421)
(4/4)
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThe 7 Es model addresses the most crucial aspects to an organization. They are utilized to look at the short and long-term dynamics of a situation. They are valuable in understanding the organization's structure and operating methods (Murdock, 2016). The Es are effectiveness, efficiency, economy, excellence, ethics, equity, and ecology. Effectiveness is a means of determining whether or not an organization is meeting its goals and objectives. The comparison between planned and actual outputs is used to review outputs. Efficiency refers to an organization's efforts to execute the desired outcome with the least amount of resources. A business is said to be operating efficiently if it is maximizing its profits by manufacturing products with least amount of waste. Economy is the cost of the organizational resources. It encourages organizations to accomplish what they need to do. Excellence is the production of products with the best quality possible. Ethics pertains to acting accordingly and rightfully. Equity refers to how people should be treated with respect and dignity. Everyone should do this in a consistent manner. And finally, ecology means businesses should help in preserving the environment by producing products in an eco-friendly way. The implementation of these 7Es ensures an organization's success if they are established and strictly followed, since it aids in the oversight of operational procedures.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Quality matters because it contributes value to customers and can grant a company a significant competitive edge. The quality of internal auditors' work is equally important when it comes to the execution of an auditing process. Internal audit normally supports a company in detecting and reducing risk. Internal auditors are asked to assist organizations in improving their able to deliver high quality products or services to their consumers. Internal audit, like its clients, has customers, thus internal auditors must satisfy them and give outstanding service.
1/2
LEYCO, PATRICIA DENISE P. (2019-101438)
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteEvery firm is obliged to develop an ethics code that emphasizes the need of maintaining integrity, which is an important quality for everyone to possess as it is one of the aspects that contribute to success. Nevertheless, no company can precisely regulate this because ethics deals with people's perceptions of what is good and evil, hence it varies depending on the person. Every professional's job, including that of internal auditors, is impacted by ethics. If a company's lack of ethics becomes public awareness, it will impair the company's credibility, which is critical for all firms to succeed. As a result, a business may lose clients, and even if the firm regains its credibility, it will be difficult to regain the customers' trust, and they may seek out alternative businesses that will fulfill and satisfy their demands.
An example of a company that failed as to its ethics is Nestle. Nestle is the target of the world's longest-running protest over its deceptive marketing of infant milk to developing-world mothers. The corporation has also been reprimanded for a variety of other business practices, such as using unhealthy palm oil and genetically modified substances in its products (Hunt, 2018).
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
We behave in ways that consciously or unwittingly disrupt and ruin the environment. We must understand the huge importance of ecosystems to our well-being in order to conserve and nurture environment. One strategy to monetize the concept of ecology is to show how essential ecological services are to the general public's economic well-being. Indeed, we are unaware of the huge value and numerous benefits that nature supplies to humanity. All individuals will be more conscious to their surroundings if they are educated about the significance of nature which will then lead to the prevention of additional devastation and would institute environmental redevelopment.
References:
Hunt, T. (2018). Five unethical companies. https://www.ethicalconsumer.org/retailers/five-unethical-companies
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World. Taylor & Francis Group, LLC.
2/2
LEYCO, PATRICIA DENISE P. (2019-101438)
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDelete• The 7 Es are all essential concept that a business organization must consider. These are simple yet effective concept in mind that will drive the success or failure of an organization Murdock (2017). All these Es has definitely the same significance as the other. In regards to importance and impact of these concept, the first on the list would definitely ethics. Based on (Schroeder, 2019), business ethics refers to the standard for what is morally right or wrong in a business. They enhance the law within the organization. Hence, ethics is certainly the first one because it will serve as a guidance to every employee or people in the organization on how to execute things in company. Ethics will serve as their basis or foundation in assessing the decision on the business. Secondly, I believe that effectiveness and efficiency always come at the same time. These two as defined by Murdock (2017) as the degree of achieving the mission, vison, goals, and objectives of the organization. Effectivity is important to assess that the organization is meeting their respective objectives. Efficiency is vital in terms of assessing that the organization is meeting its objectives within the expected time or production. Thirdly, the concept of economy is also important in the organization because it indicates that the company is being accurate in gaining more and spending less toward their costs. Moreover, ecology would be the next one since environment needs also to be considered in every organization. Thus, having a deep and honest relationship with the environment will reflect a good reputation to the business. Furthermore, equity would be the fifth one since it refers to the idea about fairness, reciprocity, and impartiality of the business (Murdock, 2017). Hence, having the concept of equity within the business will drive equality over the organization and would promote healthy environment for everyone. Ultimately, the last concept would be excellence which refers to the quality of the work that an organization has. This concept is vital in an organization to make sure that the products or services that the business is providing to its stakeholders are in its best quality which will promote loyalty and repeat-purchase. To sum up, every single Es in these lists are as significant as the other. They all have a significant role in the success or failure of a business.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
• The concept of excellence as stated by Murdock (2017) is the quality that an organization consider with regards on how they perform their work. Hence, it refers to input that every single person in an organization provide in order to result to a high-quality work. If the concept of excellence will be incorporated to the work of internal auditors of the company it will definitely be very helpful in the accuracy and objectivity of the output that it will result. Having people who work with quality will definitely result with high quality work as well. With that being said, company will be effective and efficient in addressing the operation and management concerns to promote achievement of the objectives of the company.
DE VERA JOHN CARLO B | 2012-104382 (1/2)
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
ReplyDelete• Ethics as I have mentioned above would be one of the most significant concepts in a business due to the fact that it refers to the overall morale of the people within the organization. This serves as the guidance or foundation of everyone consensus on what is accepted and what is not accepted in the execution of decisions. Thus, if somebody failed to comply with these ethics set up in the organization major predicament will really occur on the company. Failure to comply with these company rules and regulation will also promote failure in the succession of the business and its reputation. For example, according to (Bondarenko, 2021), the Enron scandal which resulted to the bankruptcy of Enron Corporation which leads to their dissolution. The scandal was due to the dubious accounting practices that the company executed wherein they fabricated and modified their statement in order to make themselves profitable. They also execute the market-to-market accounting to hide their underlying failures and predicament to their investors and customers. Thus, upon knowing by the public of their scheme their company started to deteriorate and dissolve due to the issue. To sum up, having aa good ethical foundation will really promote good reputation and success to the business.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
• Ecology based on Murdock (2017) refers to the environmental factors that the company should consider. Ecology concept can help the company to become more profitable by reducing or limiting their waste on the consumption of their supplies such as water and electricity. Also, one way to also promote loyalty to customer is to make sure to produce products or services that are environmentally friendly in order to build a good image to everyone especially to their customer. Thud, by having well grounded rules and policies regarding environmental stewardship would greatly affect the loyalty of the current customers, promote good reputation and image to the company, and encourage new consumers to avail a product that promote safety to the environment.
References
Bondarenko, P. (2021, July 19). Britannica. Retrieved from Britannica: https://www.britannica.com/event/Enron-scandal
Murdock, H. (2017). Operational Auditing. Florida: CRC Press.
Schroeder, K. (2019, May 9). Redlands. Retrieved from Redlands: https://www.redlands.edu/study/schools-and-centers/business/sbblog/2019/may-2019/3-reasons-why-business-ethics-important/
DE VERA JOHN CARLO B | 2012-104382 (2/2)
1. List the 7 E’s according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThe 7Es are effectiveness, efficiency, economy, excellence, ethics, equity, and ecology, and they are arranged in that order. The 7Es are intended to assist auditors in adding value to their organizations while also demonstrating to clients that they are truly interested in contributing to the organization's success. These seven aspects are inextricably linked to one another. Efficacy refers to the achievement of stated goals and objectives while minimizing the use of resources, whereas the production of excellent products or services is a measure of an organization's efficiency. Economy encourages the execution of what a company must accomplish in order to provide quality, which refers to excellence. We must also conduct ourselves with honesty and integrity at all times, and we should promote equity at all times. In addition, when providing products and services, we must consider the environment (Murdock 2016 pp. 86-95). If these objectives are met or followed by an organization, the likelihood of success is extremely high. The assistance of these 7Es ensures the success of an organization if they are adopted and followed correctly since it assists in monitoring operational procedures to see whether they are aligned with an organization's willingness to reach its goals and objectives.
2. Link the concept of excellence to the work of internal auditors and how it can be incorporated in audit programs.
While meeting or exceeding customer expectations is important, excellence should also emphasize delivering on promises and providing high-quality products or services to customers. As stated by Murdock (2016), "differentiation is based on the perceived value that customers obtain from a product or service, and when developed and utilized properly, can result in better profitability" (p. 88).
Customers recognize the importance of quality since it adds significant value to their purchases, which can also be a huge competitive advantage for a business. Excellence in the job done or to be done by internal auditors is very vital when it comes to the implementation of an audit program. Internal auditing is typically used to assist organizations in detecting and mitigating risk exposure. Occasionally, organizations request the assistance of internal auditors in order to improve the organization's ability to provide high-quality products or services to its consumers. Internal audit also has consumers, just like their clients do, so internal auditors must ensure that their customers are satisfied and that their work is of high standard. By demonstrating excellence in their work, internal auditors can add more value to their organizations and help them make better decisions for the benefit of their clients.
(1/3) CASAL, CHRISTIAN 2019-103830
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThe 7Es are intended to assist auditors in adding value to the organization and demonstrating to clients that they truly want to contribute to the business ’ success. The seven Es are effectiveness, efficiency, economy, excellence, ethics, equity, and ecology. Excellence refers to the accomplishment of work with high quality. In order to increase revenues, organizations should pursue a strategy of distinction based on quality. The economy encourages organizations to do what they need to do in order to deliver quality, which is synonymous with excellence. Efficiency refers to the ability of an organization's process to employ the smallest possible inputs while producing the highest potential outputs. Effectiveness reflects how an organization is progressing in its attempts to fulfill their established mission, vision, goals, and objectives while reducing resource consumption, yet delivering exceptional goods or services relates to a company's efficiency. Ethics is an important matter for internal auditors since an individual's perspective on what is right and wrong will affect most areas of decision-making and corporate conduct, including control activity performance and treatment of others. Ecology is the study of environmental conservation. Today's organizations must follow environmental norms, laws, and regulations such as clean air and water, among many others. Equity refers to treating others with decency and respect. Organizations should assess their processes to ensure that they adhere to the principles of equality when promoting workers, dealing with customers, choosing and working with suppliers, and interacting with the communities in which they operate (Murdock, 2017). The guidance of these 7Es ensures an organization's success if introduced and followed correctly since it assists in evaluating operational processes to see if they are aligned with an organization's desire to reach its goals and objectives.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Murdock (2017) defines excellence as "the performance of all work with high quality." Quality is crucial because it adds value to customers, which may be a considerable benefit for an organization. Internal auditing often aids organizations in detecting and mitigating risk. In certain circumstances, organizations want internal auditors to assist them in improving their capacity to offer high-quality products or services to their customers. Moreover, internal auditors must please their clients and deliver outstanding service. Internal auditors who exercise excellence may add more value to the business and make better decisions for the benefit of its clients.
-FRANCIA, ANGELIKA D. (2019-101440)
1/2
3. How can failure in ethics affect organizational success? Choose one company that failed as to ethics.
ReplyDeleteThe implementation of a solid code of ethics by every organization, as well as the necessity of integrity, should be emphasized. Integrity is an essential quality for everyone to possess because it is one of the reasons for success. Because ethics deals with individuals' perspectives on what is good or evil, every organization will be unable to accurately regulate this because it is subjective and will vary greatly from one individual to the next. Everyone's job, including internal auditors, is impacted by ethics, and this is true for every profession.
It is possible that internal auditors' ethical behaviour will be affected by the fact that they are required to share the results of their evaluation and to make suggestions and opinions for the development of a business. These things happen to everyone, not just internal auditing staff. When seeking to resolve a particular situation, some people apply their own personal morals, which may be at odds with the company's principles or with what is legally and ethically good and wrong, and this can lead to complications.
The failure of a corporation to follow ethical standards becomes public knowledge, and the company's credibility suffers as a result, which is critical to the success of any company. This can result in customers leaving a business, and even if the business is able to restore its credibility, it will be difficult to regain the trust of those clients, who may seek out other businesses that will meet and satisfy their requirements once again. A thorough evaluation and identification of what and where goes wrong, as well as the application of corrective actions, can be performed.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Every day, whether purposefully or unwittingly, we engage in behaviours that injure and destroy the environment. The huge contribution of ecological systems to human well-being is something we must acknowledge as people who appreciate things that come from nature. We must also work to protect and sustain the environment. Bringing attention to the enormous economic contribution that nature services make to society is one method of monetizing the concept of ecology. It is true that we are unaware of the huge worth and variety of services that nature delivers to humanity. It has been suggested that assessing economic services can serve to raise awareness among all people, which would in turn help to avoid future devastation of the environment and promote reconstruction of the environment. The most effective way to communicate the worth of nature, according to some, is to portray it in words that policymakers are most familiar with, such as numerical statistics or simply, money (Unmüßig, 2014). In this approach, we not only use and safeguard the human environment through conservation and sustainable practices, but we also consider the economic value (prices) of the resources we consume or waste.
(2/3) CASAL,CHRISTIAN 2019-103830
References:
ReplyDeleteTwin, Alexandra. (July 7, 2020). Competitive Advantage. Retrieved, November 26, 2021 from https://www.investopedia.com/terms/c/competitive_advantage.asp
Unmüßig, Barbara. (August 2014). Monetizing Nature: Taking Precaution on a Slippery Slope. Retrieved, November 26, 2021 from https://greattransition.org/publication/monetizing-nature-taking-precaution-on-a-slippery-slope
Mahbod, R., & Fredickson, M. (May 8, 2020). Overcoming site visit limitations in the pandemic. Retrieved,November26,2021fromhttp://journalofaccountancy.com/news/2020/may/overcoming-auditing-site-visit-limitations-during-coronavirus-pandemic.html
Murdock, Hernan. (2016). Operational auditing: Principles and techniques for a changing world. BocaRaton, FL: CRC Press.
(3/3) CASAL,CHRISTIAN 2019-103830
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
ReplyDeleteThe company's failure to follow ethical standards will harm their credibility, which is essential for all companies to succeed. As a result, a company may lose customers, and even if the company's reputation is regained, it will be harder to gain the customers' trust, and they may seek out alternative businesses that will fulfill and satisfy their demands. It may be audited by evaluating and determining unethical activities, as well as implementing corrective steps.
The Volkswagen ethical dilemma is one example of a business that failed to follow the ethical norm. Volkswagen's ethical issue was prompted by allegations that the automaker cheated on air pollution tests administered by the United States. The business planned to offer diesel vehicles in the United States. Interestingly, Volkswagen created a marketing effort in which they promoted their automobiles as having low pollution levels since they were aware of the emission laws utilized in America. However, before the automobiles could be sold in the United States, the American authorities required them to be tested. The automobiles sold in the American market by the company between 2008 and 2015 did not fulfill the emissions criteria imposed by the American government. Volkswagen had placed special software in the vehicles used for the emissions test, which manipulated their emissions. Volkswagen responded to the charges by admitting that the test cars were fitted with a defeat device that was not utilized on the road-going vehicles. This spurred other nations with a large market for Volkswagen vehicles to begin looking into regulatory issues. Volkswagen is a well-known worldwide company that should serve as a market leader in encouraging ethical behavior. The diesel emissions issue was a terrible choice that put it in a significant ethical bind and severely harmed its reputation (StudiCorgi, 2021).
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
The company must accomplish three things in order to monetize the concept of ecology. First, it must identify a keystone contribution, a piece or activity that it can own and control in a unique way that is required for the ecosystem to provide value for customers. Second, an ecosystem leader must set up an effective "tollgate" to collect revenue from partners that utilize its keystone contribution. Third, leaders must discover a method to utilize the ecosystem in order to innovate and maintain keystone contributions. This involves developing trustworthy and ethical routes for collecting data on the actions of partners and customers, as well as methods for innovating based on the insights gathered. Companies may develop sustainable profit streams by concentrating on these three areas, ensuring that their ecosystems function for them (Williamson & De Meyer, 2019).
Environmental stewardship is the responsible use and protection of the natural environment by conservation and sustainable methods. As our population rose, so did our environmental effect. The most visible impacts include climate change, the depletion of fish populations, and decreasing range of natural habitats. Becoming a Steward of the Environment is the perfect idea for combating this impact and taking climate action. (Guyana Chronicle, 2020). Also, as George W. Bush stated, “Good Stewardship of the environment is not just a personal responsibility; it is a public value. Our duty is to use the land well, and sometimes not to use it at all. This is our responsibility as citizens, but more than that, it is our calling as stewards of earth.” As a result, it is our responsibility to safeguard our environment as humans living on Earth and for the betterment of living.
-FRANCIA, ANGELIKA D. (2019-101440)
2/2
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business
ReplyDeleteEffectiveness, Efficiency, Economy, Excellence, Ethics, Equity, and Ecology are the 7 Es. These 7Es have a big role in determining whether an organization succeeds or fails. These seven components are interconnected. The process of determining how well an organization, program, or procedure is meeting its goals and objectives are known as effectiveness (Murdock, 2017). Any organization must first have a clear and correct direction in order to fulfill its goals and objectives. An organization's effectiveness is essential. Then, for them to continue the success, they should give a high quality performance with excellence. With this, efficiency will also take place, by doing high quality work, an organization should strive to produce goods at below cost level. Organizations will evaluate the pricing of goods and services they consume in view of the economy. They must also follow good behavior, understand what is right and wrong, and treat others with respect. Every organization must protect and preserve the environment (Murdock, 2017). An organization's chances of success are quite high if these seven elements are met or followed.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs
Internal auditors are vital to the accounting profession. Internal auditing is a profession that includes risk management, risk assessment, financial reporting, audit planning, operational audits, and ensuring processes meet national and international standards (Surgent CPE, 2020). In excellence, all works are performed with high quality. In the concept of excellence, quality is essential for continued success and an important value element for the organization (Murdock, 2017).
With that, the factor that links excellence to the work of internal auditors is quality. Internal auditors, as previously stated, play an essential function , they examine any potential dangers as well as the company's internal controls, ascertain that a corporation and its personnel are abiding by all applicable rules and regulations and they make recommendations for what should be done to fix a failed audit or issues that were discovered during the audit (Liberto, 2020). For them to do it they should work with high quality to satisfy their organization and their clients. Internal auditors who perform successfully can provide value to the company and assist it in making better decisions for its customers.
- BATJER, JENNALYN P. (2019-101439)
(1)
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteEthically responsible businesses follow the law, manage risks, improve their reputation, and contribute to the community. Any business's top management plays a critical role in achieving long-term success. It is achieved by consistent performance and an ethical vision for the organization. Top leadership is responsible for acting ethically, treating people well, maintaining strong public relations, and sharing accurate information with stakeholders, all of which have a direct impact on the company's overall growth (Intuitive Risk Management, n.d.). Then, if the organization fails to be ethical, they will face consequences that may affect their success. Being unethical has a direct influence on the efficiency of an organization. Businesses that engage in unethical activities have a challenging situation. It has an impact on their growth, efficiency, and employees (Intuitive Risk Management, n.d.).
According to Segal (2021), Enron's demise, along with the arrest of several of its senior executives, was one of the most shocking and widely reported ethics scandals of all time. It not only bankrupted the company, but it also destroyed Arthur Andersen, one of the world's most prestigious audit firms.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
One strategy aims to quantify nature's value merely to demonstrate its enormous economic contribution to society. Its proponents argue that nature's considerable significance and numerous benefits to humanity are sometimes overlooked. They say that determining its true extent will help to develop political will to prevent additional environmental harm and facilitate its recovery. The best way to reveal nature’s value, they conclude, is to present it in the terms policymakers understand best: money (Unmüßig, 2014).
One person making a change can start a large movement. While your good environmental impact may appear insignificant, it would be the first step toward establishing better habits and, as a result, creating the environment we all deserve (Texas Disposal, 2019). I'll motivate them by emphasizing the necessity of protecting our environment.
REFERENCES
Intuitive Risk Management. (n.d.). Ethics Failures Impact On A Business Bottom Line. Retrieved from https://www.intuitiveriskmanagement.com/single-post/2017/09/05/ethics-failures-impact-on-a-business-bottom-line
Liberto, D. (2020, November 23). Internal Auditor (IA). Retrieved from https://www.investopedia.com/terms/i/internalauditor.asp
Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World. CRC Press Taylor & Francis Group
Segal, T. (2021, January 27). 5 Most Publicized Ethics Violations by CEOs. Retrieved from https://www.investopedia.com/financial-edge/0113/5-most-publicized-ethics-violations-by-ceos.aspx
Surgent CPE. (2020, January 09). Excellence in Internal Auditing. Retrieved from https://www.surgent.com/the-surge/podcast-episode-5-excellence-in-internal-auditing/
Texas Disposal. (2019, July 19). How to be an Environmental Steward in Your Neighborhood. Retrieved from https://www.texasdisposal.com/blog/how-to-be-an-environmental-steward-in-your-neighborhood/
Unmüßig, B. (2014, August). Monetizing Nature: Taking Precaution on a Slippery Slope. Retrieved from https://greattransition.org/publication/monetizing-nature-taking-precaution-on-a-slippery-slope
-BATJER, JENNALYN P. (2019-101439)
(2)
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDelete• Effectiveness.
• Efficiency.
• Economy.
• Excellence.
• Ethics.
• Equity.
• Ecology.
Effectiveness and efficiency are exclusive performance measures, which entities can use to assess their performance. Efficiency is oriented towards successful input transformation into outputs, where effectiveness measures how outputs interact with the economic and social environment. The improvement of the economy is an indicator of corporate success. Customers, workers, suppliers, competitors, and investors are the primary factors that might influence a business organization among the many elements of the microeconomic environment. With the purpose of developing the ideal organizational culture, core values drive behaviors. The metrics used by the organization aid in making effective and confident decisions, which leads to improved performance. In public organizations, there is a lot of emphasis on ethics. Ethics management is expected to improve organizational performance by modifying work-related attitudes such as commitment and unethical behavior in this regard. When a company practices equality, it recognizes that each employee has diverse levels of access to resources and privileges. Those with limited access may require additional assistance in order to take full advantage of opportunities within a corporation.
Organization isn't like being on a deserted island. It does not exist in a vacuum, but rather in a constant state of interaction with the numerous components in its surroundings. These elements might be both internal and external to the organization. The organizational environment is defined as a set of factors that describe the organization and differentiate it from other organizations over time, influencing employee behavior. Employees' functional behavior, trends, and motives are all influenced by these traits. These features essentially connect the organization's internal work environment and distinguish it as a distinct feature.
DIZON, MARK RAVEN R. (2019-107007)
(1)
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
DeleteInternal auditors play an important role in the accounting profession. A Certified Internal Auditor follows a strict code of ethics that guarantees they operate at a high degree of professionalism. Internal auditing is a profession that includes risk management, risk assessment, financial reporting, audit planning, operational audits, and ensuring processes meet national and international standards. Internal auditing is a highly beneficial activity that organizations may use to ensure that their goals are being met. In this podcast, Jim Hallinan – who has worked in the internal auditing sector for over 30 years in various capacities – discusses his definition of internal auditing and the various ways in which an effective internal audit group may add value to an organization's operations and control systems. Jim also discusses how internal audit departments may be proactive in helping other departments, business processes, and the company's operations, as well as numerous approaches to structure internal audit activity. While no entity is too small to obtain the benefits from a well-tailored approach to internal audit provided assurance, Jim’s insights on how to achieve these benefits in organizations of all sizes will be very beneficial to all financial professionals.
DIZON, MARK RAVEN R. (2019-107007)
(2)
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteNowadays, a breach of ethics has a direct detrimental impact on a company's bottom line. Being unethical has a direct impact on a company's efficiency. Managing employees, customers, investors, the community, and all other stakeholders with disrespect and injustice is typical of an unethical corporation. The distinction between right and wrong in today's corporate world is tough to define. Businesses that engage in unethical activities have a difficult situation. It has an impact on their growth, efficiency, and employees. People who work for a corporation that conducts itself in an unethical, fraudulent, or dishonest manner will be immediately affected, and in a negative way. Best leaders have realized that, in addition to rigorous efficiency enhancers, there are a variety of preventive measures that may and should be implemented to reduce the likelihood of business failure. Top-down leadership is essential for successfully moving from harmful values to more productive and principled ones. People are now more aware of the difference between bad and positive emotions, as well as their consequences. Companies must correct their perspective in order to avoid business failure owing to ethical failure. Organizational integrity should be clean and flawless in terms of awareness, accountability, trust, fairness, and, above all, organizational integrity. Businesses used to be just concerned with efficiency; today, they must also consider ethics.
A company failed as to its ethics is Amazon, because they are tax evaders, and Ethical Consumer has called for a global boycott. In the United Kingdom, the world's largest internet retailer generates enormous profits while paying very little corporation tax. It accomplishes this by channeling funds through a holding company based in Luxembourg, a notorious tax haven.
DIZON, MARK RAVEN R. (2019-107007)
(3)
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
DeleteEcosystem monetization is the process of assigning a cash value to ecosystem services based on the cost of providing the same service using human-built infrastructure. The goal of monetizing ecosystem services is to encourage environmentally conscious behavior in municipalities and businesses. Ecosystems of all kinds provide services that are beneficial to both the natural and manmade environments. A forest, for example, can provide wind-breaking services to defend against strong gusts. Flood control is achieved by intercepting rain and absorbing it into the soil, and carbon sequestration is achieved by absorbing carbon dioxide from the atmosphere and releasing oxygen. Ecosystem monetization is the process of assigning a cash value to ecosystem services based on the cost of providing the same service using human-built infrastructure.
With more natural disasters, decreasing sea ice, and endangered wildlife, protecting the natural environment may seem impossible. I can encourage other people to observe environmental stewardship by reducing meat consumption once a week or even once a day can make a world difference. Next is buying from local farmers is a fantastic method to keep your food close to home and reduce transportation costs (or "food miles") associated with delivering food across the country, which can account for up to 11% of agricultural emissions. Consider beginning your own community farm project if locally sourced food is rare in your area. This is a fantastic method to bring your community together for a common purpose, as well as to address societal challenges such as poverty, starvation, mental illness, and other issues. Next is reduce using plastics and microplastics, because they are become waste in our landfills and natural environment, especially the ocean. Lastly is volunteering because it is a great way to educate yourself on environmental issues.
As a result, there has been a rising discussion about monetizing ecosystems so that their services can be valued in dollars. Many towns are exploring monetizing their natural assets (i.e. ecosystem services) to account for critical services delivered by nature rather than manmade infrastructure. This monetization (or commodification) will allow comparisons to be made with new infrastructure development projects or other business matters. The goal of monetizing ecosystem services is to encourage environmentally conscious behavior in municipalities and businesses.
DIZON, MARK RAVEN R. (2019-107007)
(4)
References:
Delete‘‘Social Transformations in Contemporary Society’’(2013)http://stics.mruni.eu/wp-content/uploads/2013/06/45-53.pdf
The Impact Of Economic Condition Of A Business Organization | Bartleby https://www.bartleby.com/essay/The-Impact-Of-Economic-Condition-Of-A-PKCQUV36ZKQ
In Search of Organizational Excellence? | Alliance for Innovation https://www.transformgov.org/articles/search-organizational-excellence
7 exceptional examples of equity in the workplace (2021) https://www.instride.com/insights/examples-equity-in-the-workplace/ Organizational Environment and its Impact on the Performance – IspatGuru https://www.ispatguru.com/organizational-environment-and-its-impact-on-the-performance/
Excellence in Internal Auditing (2020) https://www.surgent.com/the-surge/podcast-episode-5-excellence-in-internal-auditing/
(2017) (https://www.intuitiveriskmanagement.com/single-post/2017/09/05/ethics-failures-impact-on-a-business-bottom- %20company.&text=Usually%20an%20unethical%20business%20involves,stakeholders%20with%20disrespect%20and%20inequality.
How ethical is Amazon.com Inc? (2020, December 10). https://www.ethicalconsumer.org/company-profile/amazoncom-inc
C. Kelly (2020, November 3) 10 Ways to Be a Better Environmental Steward in 2018 https://www.ecowatch.com/environmental-stewardship-examples-2520328397.html
DIZON, MARK RAVEN R. (2019-107007)
(5)
This comment has been removed by the author.
ReplyDelete1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteFirstly, effectiveness includes the vision, mission, guidelines, and other policies imposed in an entity or organization. Effectiveness means achieving business objectives. It is primarily because if our processes are not effective, customers are probably unhappy and our costs are rising, and I believe that this is the most important and has the greatest impact on the organization.
Second is efficiency. This pertains to the resources, skills, and output. It affects the organization because if the workers of the business are working efficiently, then the amount of time consumed will be significantly lessened.
Thirdly, I believe Ethics should follow because it affects the organization in a sense that everything that the company does should be ethical, and do only what is good and beneficial to the welfare of the consumers and the people in general. A company that is effective and efficient, as well as ethical, will help it to be more recognizable and appealing to the public because what it does is good for anyone and the planet.
Fourth is excellence which I think the quality performance will mirror the capabilities of a company to show how good they are and excellent in doing their jobs, that is exceptionally good compared to others which will make them more appealing to the public.
Fifth would be the economy which pertains to the price paid for organizational resources. The lower-priced certain goods with many similar or identical products will be more appealing to the buyers to patronize than those of expensive ones. Thus, if the company didn't carefully
plan, evaluate, and calculate the materials and other factors, this might affect the purchasing decision of the buyers and the company will suffer in the end since only a few will buy it.
Sixth is equity which relates to the treatment of others with dignity and respect. This should be done consistently, by everyone, always. Equity is often thought of in terms of fairness, reciprocity, and impartiality. With that being said, a company that promulgates fair treatment between their workers and staff and to other people as well will receive positive feedback and the company will continue to grow professionally and healthily.
Seventh and last is ecology which has something to do with the environment or the ecosystem from a macro perspective. A company that considers the environment's welfare is a good sign of good governance. Everything should always work greener or eco-friendly.
2. Link the concept of excellence to the work of internal auditors and how it can be incorporated in audit programs.
Pursuing excellence means constantly finding ways to reach the next level of attainment and performance. Excellence interconnects with effectiveness and efficiency. Every internal auditor must possess excellence in doing their objectives so the audit programs or audit plan they're doing will be good enough for the business. Furthermore, the work of an internal auditor is a no-joke job. They have to be very discerning with every single detail because one flaw will affect the totality of their work and as well as the welfare of the company or organization they're providing the audit programs or audit plans for.
JADRAQUE, AIRON NICOLE T.
2019-101826
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteEthics is an important key to the success of a business. It pertains to complying with the social norms, standards, and the difference between what is right and what is wrong. So with that being said, a company that neglects the essence of ethics will have a big impact on its image. What would happen is that the public or the people wouldn't tolerate and patronize such organizations that are harmful and detrimental to everyone, because literally, no one would want to put their welfare at stake and no one aims to feel unsafe.
Enron's downfall, and the imprisonment of several members of its leadership group, was one of the most shocking and widely reported ethics violations of all time. The charges related to knowingly manipulating accounting rules and masking the enormous losses and liabilities of the company. Lay and Skilling were tried together on 46 counts, including money laundering, bank fraud, insider trading, and conspiracy. Skilling was convicted on 19 counts and sentenced to 24 years in prison. The resulting investigation of the Enron scandal resulted in Congress passing the Sarbanes-Oxley Act to improve corporate accountability (Segal, 2021).
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
There are so many existing programs already that support a greener economy. Businesses and other private or public organizations should thoroughly promote the essence of having a venture that helps the betterment of the environment. Educate first the public about the long-term effects and benefits of transitioning from old to modern and greener practices. Then provide entry ventures and other programs which will also help stimulate inclusivity between people from different classes and help them collaborate with this project that will benefit everyone in the next future stages.
References:
Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World. Taylor & Francis Group, LLC. pp 86-95
Segal, T. (2021). 5 Most Publicized Ethics Violations by CEOs. Investopedia. https://www.investopedia.com/financial-edge/0113/5-most-publicized-ethics-violations-by-ceos.aspx
JADRAQUE, AIRON NICOLE T.
2019-101826
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeletea. Efficiency. I have chosen this as my first as it is important that an individual to carry out their respective duties and responsibilities with the least quantity of resources used; hence, it implies that an employee would have two of the seven Es – such person is effective and economic.
b. Effectiveness. This is to ensure that a person is doing their right job. It means that an employee would most likely be doing their job as the way management intends.
c. Excellence. This is to showcase that such employee must act professionally alongside with his/her technical skills learned through academics and/or work experience.
d. Equity. This is to ensure that the workplace of the organization is a haven for all and is therefore treated fairly and just.
e. Ethics. Just like equity, this is to ensure that the practices, jobs, and attributes of the employees that the organization has would be universally good.
f. Economy. I have put it in the lower side of the list due to it is overshadowed by other traits that an employee has, particularly, efficiency.
g. Ecology. This is put in the lowest place of the list as the business operation and its product shall be the one contributor of such trait; therefore, the employees would not necessarily be mandatory for all.
BENTULAN, JOHN PATRICK ABRAHAM A.
2019-106909
1/2
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
DeleteThe concept of excellence implies that an individual is skilled in practicing a certain profession whereas he/she is able to carry out his/her duty with confidence. This is particularly shown to the technical skills that the employee learns during his academic years and/or even in his/her work experience. In relation to this, internal auditors must be seen as highly competent individuals as they would be doing a somewhat difficult and engaging job. Due to this, excellence is linked and incorporated in the audit programs or process of an organization through the theoretical and practical application of the learnings of the auditor in relation to the industry he/she is in.
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
Failure in ethics somewhat means that an organization is inhumane and apathetic to its stakeholders and shareholders; thus, failing in this aspect may lead to boycotting of the public of the product that the organization has, falling of stock prices of the organization, and would eventually lead to loss on its operations. It must be noted that an organization must be ethical through its practices and operations as some customers would primarily enjoy supporting a company that has great care for all of the persons affected by the organization. As far as I remember, there was an issue with Jollibee Food Corporation (JFC) where they practice ENDO contractualization with their employees. In this case, I see this as unethical as such business practice may be legal but is very exploitative and sees its employees as tools that may be easily replaced.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
An organization may monetize the concept of ecology through the use of more sustainable raw materials for the creation of the product or through technological advancement. In substitution, the organization must conduct research and studies to know which natural raw material shall be less damaging and sustainable throughout the existence of the business’ operations. On the other hand, technological advancements would involve the improvement of machineries that would either help recycle old materials or improve in such way that it would not damage the environment through its use. I may encourage others to practice environmental stewardship by informing or educating them the various effects that such harmful operation may do. In this way, they will be well-informed enough to know important facts and may be encouraged to do the same with other individuals.
BENTULAN, JOHN PATRICK ABRAHAM A.
2019-106909
2/2
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteBusinesses do not only walk on a smooth path as it often gets rough because of different problems that their organization may face. In order to attain success in their operations, Henry Murdock came up with seven E’s to become a guide in organizing focus themes and planning the operational audits at the same time. The seven E’s are as follows: Effectiveness, Efficiency, Economy, Excellence, Ethics, Equity, and Ecology. These E’s are also used to assess the most important aspects in an organization and to examine the short-term and long-term dynamics. It also highlights the responsibilities an organization has to every stakeholder, may it be internal or external.
Among the seven E’s mentioned, I think the most important is excellence because it is aligned with quality which is the ultimate key to success. As Murdock (2017) mentioned, quality in all everyone does is essential for continued success. Next in line is effectiveness, every organization should have established vision, mission, and goals in order to monitor their progress and drive the employees toward success. Plans created are determined to be effective if it helps the organization achieve their desired outcomes. Once these plans are not helpful in attaining success, the management could easily cross it off the list and replace it with something which will be more beneficial to the organization. In line with this, efficiency, economy, and ecology comes next. All of the policies made are only said to be efficient and economical if organizations thrive to produce goods and services at or below cost levels. The organization is expected to make most efficient use out of the scarce resources and only purchase what is needed in consideration with the environment. Efficiency also includes putting the right people in roles where they could give their best and render a hundred percent of their skills.
In line with this, internal control must also be maintained and a set of rules of behavior based on what is morally good or bad must be established. An organization that implements ethics is a key to maintaining a healthy work environment. If employees learned how to value and respect each other, maximum productivity is attained and lesser issues arise. It also encompasses equity which relates to the treatment of others with dignity and respect. The two E’s recently mentioned relate to the attitude and behavior of the people in the workplace. It is said that an organization can only operate to its maximum potential if the people working behind these goods and services are in peace and harmony.
Internal auditors are not always guaranteed to be perfect in everything that they do - they sometimes tend to be overwhelmed by the numerous activities that an organization engages in. It can result in an overly complex and unmanageable audit scope which will affect the business decisions and their professional recommendations and judgments. Through the seven E’s, it can help the internal auditors to define themes for the scope and programs of their audit and consulting engagements.
2. Link the concept of excellence to the work of internal auditors and how it can be incorporated in audit programs.
DeleteExcellence is performing tasks with quality and in accordance to a high standard. The work of internal auditors include providing essential information about the financial standing, risks, and compliance requirements of an organization. It is also within their duty to make sure that the financial statements are faithfully represented through the exercise of the four principles that they should always have - integrity, objectivity, confidentiality, and competency. Like every other job, the management expects only the best quality in every job that employees render. As an internal auditor, the company awaits honest, faithfully represented, and accurate financial statements. The concept of excellence could be linked to an internal auditors job if these principles are achieved continuously.
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
Company leaders should devise plans to ensure that their organization is one with high morals, principles, conduct, and ethics. An organization without established ethics is unsystematic and messy as it drives a lot of inappropriate behavior and misconduct. Monsanto Company, an American agrochemical and agricultural biotechnology corporation based in Missouri, was one of the most prominent companies who has engaged in unethical practices. Monsanto is a supplier of crops and food products to consumers worldwide. In line with this, they have been linked to using Genetically Modified Organisms (GMO) which are proven to have health hazards. The side effects of consuming these products can lead to life-threatening and chronic diseases which make it very unethical because the customers’ health are compromised and put at risk. They have faced troubles for years and are currently facing various lawsuits. However, instead of taking accountability and facing their responsibility for the damages that they have caused, they focused more on planning how to escape from the said responsibilities.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
DeleteEnvironmental stewardship is the responsible consumption and protection of the natural environment. As humans, we normally engage in activities which constantly hurt the environment. In order to protect the environment, we need to raise awareness in order to sustain its natural resources and prevent it from its possible devastation. It is also important that companies who procure materials needed for their goods and services give back to the environment by helping or participating in various Corporate Social Responsibilities (CSR). In addition to this, customers love to promote companies or businesses who are environmentally responsible and friendly. Having this advantage over other companies could be of help in increasing sales, building reputation, and establishing relationships with customers.
After sending through email, kindly post in rich text format your case analysis by commenting on this post link.
REFERENCES:
Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World.
CRC Press Taylor and Francis Group.
Raghav64 (2015). Monsanto - Unethical Practices. Businessblogbib.
https://businessblogib.wordpress.com/2015/11/17/monsanto-unethical-practices/
Barabicho, Thea Sofia A.
Delete2019-106912
1. List the 7 E's according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteA business success takes time and there are many things that needs to consider. According to Murdock (2017), to determine if the business is operating in the best way, there are 7E’s that needs to examine which are the: Economy, Efficiency, Effectiveness, Ethics, Equity, Ecology, and Excellence. The following are how these E’s will impact the organization:
• Economy. The organization economy is important to indicate whether the organization is satisfying the needs of the entity to achieve its goals. It is about acquiring a resource or using the resources that is not expensive but not cheap. These resources will make the business grow.
• Efficiency and Effectiveness. These two E’s always come as pair. Efficiency is important to be profitable, while the effectiveness is important for the entity to grow. Efficiency is connected to earn profit because it is a state of accomplishing a task with least amount of cost or waste of the entity. Effectiveness is considered as the factor to grow the entity because it determines how useful the resources in achieving the goal.
• Ethics. It is impactful because it drives the employee on their behavior and it motivates them because they follow an appropriate rule or policies that govern them.
• Equity. It is important for an entity to have an equity. It is important to an entity to respect each other and be fair. Respecting each other, not only in terms of their gender or role in the business, but also their opinions. Practice fair treatment for everyone so they can think that they belong and they matter. (1/4)
-OMPAD, ME-AN JOY A. 2019-104916
• Ecology. Ecology is important for a business especially today, that we experience different natural disaster. Businesses should learn how to protect and promote protection for our natural resource because at the end of the day, we are all benefiting on it.
Delete• Excellence. Excellence is a state of performing with a high quality. As an Accountant and Auditor, we are expecting to perform excellently. We have the power to influence someone on their decision.
2. Concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
According to Murdock (2017), Excellence is the state of performing a high-quality performance and, as possible, a near-zero error rate. It is not the same as “perfection”, but it is more about the best way to complete a task in the most effective and efficient way. As an auditor, it is important to considered this concept and incorporate it in the audit programs of the entity. The quality of the work of an auditor is an edge for an entity, because right now the quality does matters than the quantity. The Auditors are expected to perform excellently because their judgment will be the basis of the decision maker. Their works need to be a high-quality and a near-zero error to have a decision that will make the business successful. (2/4)
-OMPAD, ME-AN JOY A.
2019-104916
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteEthics is about the behavior of a person or their moral principle that helps them on how they act in a situation. But a failure in ethics affect the success of the business. One of the controversial companies that failed as to its ethics is the Adidas. They are known for exploiting worker, like child labor, and ignoring the basic human rights because of the issue about the discrimination in the entity. Also, Adidas is known for using chemical treatment in their products that cause polluted water which is very harmful for the ecosystems. These problems uproar and boycott the product by the public, multiples of movement and pledge about this issue. As indicated in the example, this failure can stain their reputation, no matter how famous or big the business, or worst it can lead for a business downfall or shutdown. Thar’s why it is important for a business to have a proper and appropriate assessment on the possible risks impact to the business.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
The concept of monetizing the ecology is a known debate right now. I believe that the environment has an intrinsic value but as per the system in our country, it is a bad idea. In our country, workers are not paid fairly for their hard work, their sweats, and their sacrifices. And imagine how can these greedy businessmen paid fairly the nature when in fact they are the one abusing it. (3/4)
-OMPAD, ME-AN JOY A.
2019-104916
In this concept it is not applicable all around the world because some people depend their whole life in the nature and they don’t have enough money to pay for it. Nature is the only thing that is free and accessible to everyone. We can courage others to observe environmental stewardship by educating everyone the right knowledge about what is the current state of our environment and let them know how to prevent it. Then, encourage every leader to start making policy and programs about protection of our nature, because some people follow the leader. Lastly is take one step at a time. We should learn what environmental issue to be focus on and eliminate or at least mitigate its impact to the society. If there are many hands that helping each other, we can achieve the future that we dream of.
DeleteREFERENCES:
Kamprad, D. (2021). 25 Most Unethical Clothing Companies in 2021. Retrieved from Impactful
Ninja: https://impactful.ninja/most-unethical-clothing-companies/
Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing
World. CRC Press Taylor & Francis Group. pp 205 – 208
(4/4)
-OMPAD, ME-AN JOY A.
2019-104916
This comment has been removed by the author.
ReplyDelete1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThe 7Es are designed to help auditors add value to the company and to show clients that they are willing to help them for the company to succeed. I have listed the 7Es according to their importance and greatest impact on the company: effectiveness, ecology, ethics, efficiency, economy, and excellence. First on my list is effectiveness. I must say that every goal and objective of the company is its soul. A company will never be established if the owners just want to build a business for nothing. He/she has reasons why he/she established the business, along with his/her ambition and goals towards success, and achieving those will be possible through effectiveness. Secondly on my list was ecology. I want to emphasize this because we are now in the midst of globalization and everything is constantly changing. Environment is the number one source of our needs and necessities in life, so in order for the environment to become sustainable, we must help it in every way that we can. Companies must always have policies that help the environment. This is not just for the environment, but also for everyone. This could add value to the company, as many investors and consumers prefer companies that are environmentally concerned. Next is ethics. Ethics is about good morals and conduct. Companies must always have integrity. This could help them achieve their goals and objectives as they are being honest in every detail about the company. This could also be seen in the employees as well as the owners of the company. It also helps the company avoid conflicts of interest. Furthermore, efficiency and the economy are interconnected; economy concerns itself with the acquisition of materials, which are valuable in creating great products and services that are efficient. Lastly, excellence. A company's work should always be of high quality.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
The completion of every high-quality work is concerned with excellence (Murdock, 2016). Quality is important because it adds value to the audit program. The importance of excellence in producing a high-quality audit report by an auditor cannot be overstated. In business, auditors are the seller, their client is the buyer, and the product is their service, which is the audit report. Auditors should constantly aim for excellence since it enables their audits to be of high quality and helps their clients bring more value to the firm, therefore pleasing them.
(1) Cebuano, Mary Ann J. (2019-106907)
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
ReplyDeleteEthics is extremely essential in a business since they assist the firm gain and attract consumers as well as creditors, which aids in the company's growth. Failure to adhere to ethical standards may threaten organizational performance as the firm loses customers and workers, as well as the business itself. Loss of customers has the biggest influence on success. Because of the bad ethical procedures, the firm's credibility suffers, and customers likely to depart the organization. The firm also loses personnel due to a lack of trust inside the organization, which produces conflict among them, causing work to be unsatisfactory and maybe leading to the company's demise.
One example of a company that failed in ethics is Volkswagen. Volkswagen's ethical quandary was precipitated by allegations that the automaker cheated on air pollution tests administered by the United States. The business planned to offer diesel vehicles in the United States. Interestingly, Volkswagen created a marketing effort in which they promoted their automobiles as having low pollution levels since they were aware of the emission laws utilized in America. However, before the automobiles could be sold in the United States, the American authorities required them to be tested. The automobiles sold in the American market by the corporation between 2008 and 2015 did not fulfill the emissions criteria imposed by the American government. Volkswagen had placed special software in the vehicles used for the emissions test, which manipulated their emissions. The software was critical in convincing regulators that the automobiles were not spewing dangerous chemicals into the environment at uncontrollable amounts. However, once the cars were released to the market, several environmental experts became concerned about their emissions, prompting the government to initiate an investigation into the subject. Their studies revealed that the autos were emitting up to forty times the permitted levels. This finally led to the American authorities requesting explanations from Volkswagen about the abnormalities, to which they confessed installing special gadgets in the test vehicles that were not put in the ones on the road (studycorgi, 2021).
(2) Cebuano, Mary Ann J. (2019-106907)
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
ReplyDeleteEcosystem monetization is the process of assigning a monetary value to ecosystem services based on the cost of delivering the same service through human-built infrastructure. The goal of monetizing ecosystem services is to encourage environmentally responsible behavior in governments and enterprises (Wolf, 2020). Nature has significant capital that can't be expressed through money. I think the way to monetize the concept of ecology is by using it to produce services that are beneficial to both the environment and human beings. Numerous scientific studies show the need for restoring ecosystem services in urban areas so that nature may supply facilities that we would otherwise have to create ourselves (Wolf, 2020).
To encourage others to observe environmental stewardship, first we must educate them as well as ourselves on how we will help the environment as the world is experiencing severe outcomes from the worsening of global warming. Educating oneself is important because it allows us to gain knowledge about a particular topic, which also allows us to take good care of it and help it grow.
REFERENCES:
Murdock, Hernan. (2016). Operational auditing: Principles and techniques for a changing world. BocaRaton, FL: CRC Press
Volkswagen Company’s Emissions Scandal: Ethical Dilemma | Free Essay Example. (2021, January 6). StudyCorgi.Com. Retrieved November 26, 2021, from https://studycorgi.com/volkswagen-companys-emissions-scandal-ethical-dilemma/
Wolf, A. (2020, April 18). Should Nature Be Monetized? - Anu Wolf. Medium. Retrieved November 26, 2021, from https://medium.com/@anu.garcha12/should-nature-be-monetized-646ff80f1e7b
(3) Cebuano, Mary Ann J. (2019-106907)
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThe 7Es are effectiveness, efficiency, economy, excellence, ethics, equity, and ecology, and they are listed in the following order: effectiveness, efficiency, economy, excellence, ethics, equity and ecology. When used together, the 7Es are meant to help auditors in bringing value to their businesses while also demonstrating to their clients that they are sincere about making a positive difference. These seven elements are inextricably intertwined with one another.
In the context of success, effectiveness is defined as the degree to which something is successful in generating the desired result. While efficient performance is described as the capacity to complete a task with the least amount of time, money, and effort spent, as well as expertise in the task's execution. The economy promotes companies to complete the tasks that must be completed in order to provide high-quality services. Excellence is defined as the on-going efforts to establish an internal framework of standards and processes intended to engage and motivate employees to deliver products and services that meet customer requirements while staying within the boundaries of the organization's financial and operational objectives. Organizational excellence is defined as the attainment of an organization of consistently superior performance—for example, outputs that exceed expectations in terms of achieving objectives, demands, or requirements. These are necessary for an organization. Also, an organization won’t be successful without the ethics. They must perform with integrity and honesty at all times. Also, organization should practice and promote equity because it has a big impact. Furthermore, not only those six are necessary, you must consider your environment as well. It improves the success and growth of your business if you promote the environmental sustainability.
2. Link the concept of excellence to the work of internal auditors and how it can be incorporated in audit programs.
Distinguished methods in managing the organization and generating results, all of which are founded on a set of fundamental beliefs or ideals, are commonly referred to as business excellence. Some of these practices have developed into templates for how a world-class organization should conduct its operations. It could be incorporated to the work of internal auditors because they always seek for above average output of their works. They always seek for improvement and it creates additional values for them, as well as the stakeholders. Audit programs always achieve excellence including leadership, strategy, people, processes and client satisfaction.
ERIKA Y. MAGTIBAY
2019-105480
1/2
3. How can failure in ethics affect organizational success? Choose one Company that failed as to its ethics?
DeleteWhen it comes to achieving long-term success in any firm, the top management is critical. It is accomplished by constant performance as well as through the organization's vision, which is based on ethical principles. Top management is responsible for acting ethically, treating employees well, maintaining positive connections with the public, and disseminating accurate information to stakeholders. These obligations have a direct impact on the overall growth of the organization. Aside from adhering to applicable laws and regulations, an ethical business conducts honestly, competes fairly, offers an acceptable working environment for its employees, and forms partnerships with customers, vendors, and investors. In other words, it ensures that the best interests of all parties involved are kept at the center of all decision-making.
Nowadays, failing to adhere to ethical standards has a significant negative influence on a company's financial line. Unprofessional behaviour has a direct impact on the efficiency of an organization. The bottom line is all about determining the efficiency of a corporation and converting that efficiency into net worth. An example of a company that failed to its ethics is the United Airlines . It’s hard to forget the scandal United Airlines faced after security officers forcefully dragged a passenger off an overbooked flight. While it’s perfectly legal for airlines to overbook flights and equally legal for them to request certain passengers get off the flight, many consumers say they were disappointed with how the company handled the situation. This ethical dilemma of how to handle a consumer who wasn't cooperating showed a. lot about corporate practice for United Airlines.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
As individual who value the beauty and usefulness of things that originate from nature, we must recognize the enormous contribution that ecological systems make to human well-being. In addition, we must fight to conserve and preserve the environment. An important step toward monetizing the concept of ecology involves drawing public attention to the huge economic contribution that nature services offer to humanity. There is no denying that we are completely uninformed of the enormous value and range of services that nature provides to humans. A suggestion has been made that evaluating economic services can be used to improve awareness among the general public, which would in turn help to prevent future environmental destruction and support environmental rebuilding. They suggests that the most successful way to explain the value of nature is to portray it in terms that policymakers are most comfortable with, such as numerical figures or simply the word "money."
REFERENCES:
Western Governors University. (2021, August 9). Ethical Dilemmas: How Scandals Damage Companies. https://www.wgu.edu/blog/ethical-dilemmas-how-scandals-damage-companies1909.html#close
Roddy, S. R. (2017, September 5). Ethics Failures Impact On A Business Bottom Line. Intuitive-Risk-Mgmt. https://www.intuitiveriskmanagement.com/single-post/2017/09/05/ethics-failures-impact-on-a-business-bottom-line
ERIKA Y. MAGTIBAY
2019-105480
2/2
1/3
ReplyDelete1. List the 7 Es according to importance or with the greatest impact on the organization. explain how they impact the business.
Today's world may be different from yesterday's or any other in the past. It's simple; those are examples of changes that occur from time to time; as they say, change is the only constant in the world. Accordingly, it is the same as business and how it changes overtime. The 7 E’s today that are crucial in business and auditing operations are originally three, efficiency, effectiveness and economy, that through the changes happen, come up with the number of seven. After analyzing the seven key factors of an organization, it is clear that each of them plays a unique role in how an organization can achieve its goals in the short and long run. Among those key roles, the most important E is effectiveness, which will assess and test how the plan was effectively implemented in the operation, assessing how the goals established at the start have been met by comparing the outputs at the end of the period. The entity's efficiency is defined as producing the most output from the least amount of input. It is related to the organization's effectiveness because if they are efficient in using the entity's resources and have produced goods and services with the least amount of cost incurred without wasting resources, the organization is effective and efficient in utilizing their resources. The next set of rules is based on ideas about what is morally good and bad in terms of ethics. The company and its employees must adhere to the governing principles of ethics, also known as the code of conduct, which will serve as a guide in the proper behavior of employees, the right policies and standards used, and dealing with internal issues. This will be followed by treating others with dignity and respect. Following that is the excellence of workers and staff in carrying out their duties with morality and honesty, with high-quality products and services, and many other things. Aside from these key roles, which involve internal policies and control within the entity, the economy is also important in determining which assets to acquire are critical to the operation. It was stated that it is more important to understand the value of the product to be purchased rather than the face value of it. Finally, businesses must be aware of their social and environmental impact. If a company understands how to generate profit in order to stay in business, they must also understand the importance of giving back to the community where it belongs. It not only increases people's trust, but it also strengthens the environment, which will undoubtedly benefit them in the future.
- BANDOLA, ERICA C. (2019-105307)
2/3
Delete2. Link the concept of excellence to the work of Internal auditors and how it can be incorporated in audit programs.
The word excellence is defined by Merriam Webster as the quality of being excellent or very good of its kind. Therefore, excellence in the operation is one of the key roles that determines the performance of the organization whether it goes smoothly as planned and the resources of the business such as its employees, assets, product inputs, operational risks involved, and other significant parts of the business are operating well in accordance to its plans and objectives. As mentioned in past discussion, auditors, external or internal, play a major role in keeping the business operations on track. Internal auditors are responsible for the assessment of the operations as well as the policies and standards used by the entity. They analyze and monitor the day to day activities, specifically the operation involving the manufacturing of products and services, assessing risks and how impact will it cause to business if not controlled, the rules and regulations observation, and the analysis of the financial statements of the business. At the beginning of the semester, we already tackled the importance of hiring good and right auditors for the business, they play a role that will affect the business significantly. Jim Hallinan, an experienced internal auditor provides his definition of internal auditing that relates to different ways on how an auditor can be an effective internal auditor with his/her expertise and knowledge to the tasks given by an organization and that with good characteristics and reputation. Excellence not only comes about being efficient and strategic in managing the resources and dealing with prices in the market, it also comes with traits that the auditor can offer to the organization.
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
From the very beginning, we are already introduced to the concepts of businesses and to the purpose of putting it up. Today, we will also tackle the connection of these concepts and as to how it affects the activities and operation of the business. The primary purpose of putting up a business is to ensure that the money invested in the organization will grow and gain benefits after a period of time. The money that the investors or the stakeholders contributed to the capital will be used by the management to acquire resources for further use, and with that, the company will obtain benefits. In line with that, every business decision is associated with the principle of making sound decisions in accordance with its business ethics. Business ethics is defined by the Investopedia as the study of appropriate business policies and practices regarding potential controversial subjects. In business, day to day activities sometimes do not go according to the plan. Some problems may undertake the business, for example, an inappropriate behavior of employees resulting to discrimination to others, bribery or fraud inside the organizations involving high profile people, issues tackling corporate social responsibilities, issues against laws and regulations, and many more.
- BANDOLA, ERICA C. (2019-105307)
3/3
DeleteIn the Philippines, it is not new to the people that many politicians that are currently in their positions in government have involvement in corruption. Recently, the Philippine Health Insurance Corporation or PhilHealth was subjected to investigation prior to the alleged corruption scandal, fund mismanagement, and overpricing. The country’s legislative body approved the filing of charges against the officials of the corporation that was involved in the said corruption. The corruption is backed with sufficient evidence found in its activities including irregularities of reimbursement of Covid-19 mechanisms which are found not connected to it. These kinds of irregularities are due to unethical behaviors of the officials that only want to gain personal interests from the money of the people. Because of the said issue, the corporation’s reputation was severely damaged by the allegations, resulting in loss of trust by the people.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
The concept of ecology according to Murdocks is the environmental concerns that a business can provide to its society aside from the benefits that it gains like profits and returns from the business operations. Mainly, this concept of ecology is somehow related to the Corporate Social Responsibility of the businesses. It pertains to the self regulating business model that helps the company be socially responsible to itself, to the stakeholders, to the public, society, economy, and ofcourse to the environment. Large companies within the country including those that are based domestically and internationally have different platforms and ways in implementing their CSR. One of those companies that has programs for their social responsibility is the Nestle Corporation. The corporation has different CSR and of those is their target of striving for zero environmental impact on the year 2030. It targets reducing water withdrawals, achieving zero waste and innovating landfills to become the primary source of raw materials or product inputs. The Philippines is one of the largest consumers of retail products, this results in a higher waste consumption from small packages of daily necessities such as shampoos, bath soaps, coffee, junk foods, food and beverages packaging and many more. Imagine consuming millions of retail products in a year and accumulating millions of tons of non-biodegradable waste is very alarming for our environment. This problem can be addressed by the corporations in order to lessen the negative impact and produce more eco-friendly products and services to their consumers. This step can be risky in some businesses because it will be costly and might affect their profit generation in the future. However, taking some risk can be good to a business. Once the company establishes its integrity and gains the full trust of the people, they can attract more customers.
-BANDOLA, ERICA C. (2019-105307)
REFERENCES:
DeleteA, Twin. (2021, August 29). Business ethics. Investopedia. https://www.investopedia.com/terms/b/business-ethics.asp
H, Murdock. Operational Auditing Principles and Techniques for a Changing World. CRC Press Taylor and Francis Group. The 7 E’s. P. (85-99)
J. L, Ravelo. (2020, September 14). Corruption Allegations Rock Philippine Health Insurance Corporation amid Covid-19. Devex. https://www.devex.com/news/corruption-allegations-rock-philippine-health-insurance-corporation-amid-covid-19-98048
Nestle. Striving for Zero Environmental Impact. https://www.nestle.com/csv/global-initiatives/zero-environmental-impact
Surgent CPE. (2020, January 9). Excellence in Internal Auditing. Surgent Accounting & Financial Education. https://www.surgent.com/the-surge/podcast-episode-5-excellence-in-internal-auditing/
-BANDOLA, ERICA C. (2019-105307)
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteEffectiveness, efficiency, economy, excellence, ethics, equity, and ecology are the 7Es that are designed to aid auditors in adding value to the organization and demonstrating to clients what they can contribute to the organization's success. These seven elements are interrelated. Effectiveness refers to achieving established goals and objectives while using as few resources as possible, whereas generating quality products and services refers to an organization's efficiency. The economy encourages organizations to do what they need to do in order to provide quality, which is synonymous with excellence. In addition, we must always act with honesty and integrity, and we must promote equity at all times.
- MENDOZA, RHEA LYN B. (2019-101819)
2. Link the concept of excellence to the work of internal auditors and how it can be incorporated in audit programs.
DeleteExcellence relates to outstanding practices used by organizations to achieve exceptional outcomes in terms of performance and productivity. Pursuing excellence entails constantly looking for new ways to improve one’s objective and performance. Anyone in the organization can benefit from when excellence is incorporated in audit programs. It assists them especially the internal auditors in developing distinct competent priorities that focus on the concept of excellence where participants believe improvement of actions will have the greatest impact for the success of the business. Organizations can grow rapidly if their strategies and techniques can result in consistent profitability. It is more than just meeting customer’s satisfaction and expectations, it should also focus on providing assurances and offering high quality products and services. In audit programs, excellence becomes an essential element particularly for businesses seeking to succeed in today’s competitive market. Its primary goal is to develop and continue improving the internal control
system and schemes of the organization while ensuring higher productivity and shareholder value. Consequently, they achieve higher levels of sustainability and will give the organization’s operation exceptional results.
- MENDOZA, RHEA LYN B. (2019-101819)
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteThe boundary between right and wrong in today's competitive environment is difficult to define. Organizations that engage in unethical behavior face a lot of moral dilemmas. It has a huge impact on their growth, efficiency, and employees. People who work for a company that is unethical, fraudulent, or dishonest in their conduct will be directly and negatively impacted. The credibility of the organization suffers if their lack of ethics becomes publicly known. If the company is aiming for its success, they must believe that the most effective thing they can do for their staff and customers is to act ethically. Business ethics can be a dangerous slope, it is best to become aware of personal ethics so that when a conflict arises in the management, you know exactly what you will do to manage and resolve it. Ethics is considered as a critical component for business success because the more prepared you are, the better your reputation and career will be.
Businesses must correct their perspective in order to avoid business collapse due to failure in ethics. It only takes awareness, accountability, trust, fairness, and most importantly integrity to achieve organizational success.
According to new research of Western Governors University (2021), when hackers stole data from more than 148 million customers, Equifax faced a major ethical crisis. After the fact, the investigation discovered that Equifax's systems were old, and their security systems were out-of- date and could have been updated to prevent the breach. This is an example of business ethics in action, as both small and large businesses have a responsibility to ensure that guidelines for a safe
work environment and safe opportunities for consumers are followed. In addition to the breach itself, Equifax failed to report the stolen data for two months. consumers whose data had been stolen were walking around with no idea there was a problem. The ethics in this scenario are centered on honesty and integrity, and the ideal moral decision would have been for Equifax to immediately admit that something was wrong.
- MENDOZA, RHEA LYN B. (2019-101819)
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
DeleteShowing the public the enormous economic contribution of nature services to us, humans. In today’s world, we are unaware of how our environment provides significant value and a wide range of services to humanity. Some argue that measuring economic services can help raise awareness among all people, thereby preventing further destruction and instituting environmental redevelopment. Some people believe that the best way to demonstrate the value of nature is to present it in terms that policymakers understand best, such as quantitative figures or simply money (Unmüßig, 2014). In this manner, we not only use and protect the human environment through conservation and sustainable practices, but we also consider the economic value of what we use or waste.
References:
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World (Internal Audit and IT Audit) (1st ed.). Auerbach Publications.
Western Governors University. (2021, August 9). Ethical Dilemmas: How Scandals Damage Companies.https://www.wgu.edu/blog/ethical-dilemmas-how-scandals-damage- companies1909.htm
Unmüßig, Barbara. (2014, August). Monetizing Nature: Taking Precaution on a Slippery Slope. Retrieved from https://greattransition.org/publication/monetizing-nature-taking-precaution-on-a- slippery-slope
- MENDOZA, RHEA LYN B. (2019-101819)
A firm must abide by concepts and guidelines to achieve its goals and objectives. An organization must also consider factors that can help them to have the prosperity of success. The seven e’s are here to solve and help the business, it goes as follows:
ReplyDelete1. Effectiveness is defined as the ability to achieve the desired outcome. In this approach, as long as a business manager does good planning that produces the desired results, the company will remain profitable. It is critical for a business manager to be able to make the appropriate decisions at the right moment. Improved employee engagement and performance are some of the advantages of effectiveness in the workplace. Individual business unit outcomes and success are inextricably linked to employee productivity. This, in turn, has an impact on the company's performance.
2. Efficiency refers to a company's capacity to carry out its plans with the least amount of resources possible. It is a crucial aspect in a company's organizational effectiveness since it determines how easily and successfully the company can achieve its objectives.
3. Economy- The overall impact of an organization includes its spending, labor income expenditures, and the value-added to the economy as a result of its spending; this is referred to as total industry output.
4. Excellence- With the purpose of developing the ideal organizational culture, core values drive behaviors. The metrics used by the organization aid in making effective and confident decisions, which leads to improved performance.
5. Ethics- A company's ethical attitude can have a substantial impact on its reputation, productivity, and bottom line. Employee morale is boosted by a positive ethical company culture, which can contribute to higher productivity, employee retention, and loyalty.
6. Equity- The benefits of achieving equity and having a fair workplace are obvious. Stability, trust, and a sense of belonging are all created through equity. People are happier, more creative, and more supportive of corporate goals in this setting. Three strategies for advancing equity in your organization are listed below.
7. Ecology- in here, compliance to the environment is really encouraged because different sections of the organization interact with their relevant external environment, environmental forces may affect them in different ways.
Colarina, Adrian Mark T.
2091-105709
(1)
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
DeleteInternal auditors play an important role in the accounting profession. A Certified Internal Auditor follows a strict code of ethics that guarantees they operate at a high degree of professionalism. Internal auditing is a profession that includes risk management, risk assessment, financial reporting, audit planning, operational audits, and ensuring processes meet national and international standards.
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
Ethics. Values. These considerations are critical for working professionals in any field. In fact, 73 percent of professionals said they consider a company's principles before applying, and that they would not apply unless the company's values matched their own. Furthermore, 82 percent of workers say they would rather be paid less and work for a company that follows ethical business practices than being paid more and work for a company that does not. United Airlines is an airline based in the United States which had an ethical scandal. It's difficult to forget the United Airlines scandal in which a customer has hauled off an overbooked flight by security officials. While it is absolutely legitimate for airlines to overbook flights and to request that specific passengers disembark, several customers have expressed dissatisfaction with how the firm handled the situation. This ethical quandary of how to deal with a disobedient customer revealed a. a lot of information on United Airlines' corporate practices.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Ecosystem monetization is the process of assigning a cash value to ecosystem services based on the cost of providing the same service using human-built infrastructure. The goal of monetizing ecosystem services is to encourage environmentally conscious behavior in municipalities and businesses. Environmental stewardship is the practice of using and protecting the natural environment responsibly through conservation and sustainable methods. Simply put, it means taking into account the environmental impact of our actions. In the cleaning sector, this could imply responsible buying, effective recycling systems to minimize disposal, or managing plastics to divert them to responsible recycling systems, resulting in fewer plastic entering the oceans. Chemicals and fuel used by staff cars, as well as the transportation of cleaning supplies, would have an impact.
Colarina, Adrian Mark T.
2019-105709
(2)
References:
DeleteEthical dilemmas: How scandals damage companies. (2019, September 23). Western Governors University. https://www.wgu.edu/blog/ethical-dilemmas-how-scandals-damage-companies1909.html#close
Excellence in internal auditing. (2020, August 10). Surgent. https://www.surgent.com/the-surge/podcast-episode-5-excellence-in-internal-auditing/
Impact of environment on organization. (2017, December 25). Marketing91. https://www.marketing91.com/impact-of-environment/
The importance of environmental stewardship. (n.d.). CM. https://www.cleaning-matters.co.uk/page_1058902.asp
Keme chap 4 - Pdfcoffee.com. (2020, November 11). pdfcoffee.com. https://pdfcoffee.com/keme-chap-4-pdf-free.html?fbclid=IwAR3esxCUaCmFOqlCzV7iUglk4dTOHuBfWDuQ6Al6iD5VYDlw_49YXj8YhU4
Raworth, K. (n.d.). A healthy economy should be designed to thrive, not grow. TED: Ideas worth spreading. https://www.ted.com/talks/kate_raworth_a_healthy_economy_should_be_designed_to_thrive_not_grow
What is the importance of organizational effectiveness? (2019, December 11). Change! Change Management News & Tips. https://change.walkme.com/importance-of-organizational-effectiveness/
Wolf, A. (2020, April 18). Should nature be monetized? Medium. https://medium.com/@anu.garcha12/should-nature-be-monetized-646ff80f1e7b
Colarina, Adrian Mark T.
2019-105709
(3)
(1/3)
ReplyDeleteEffectiveness, efficiency, economy, excellence, ethics, equity, and environment are the seven E's. The 7Es are intended to assist auditors in adding value to the company and demonstrating to clients that they genuinely want to contribute to its success. These seven factors are linked to one another. The following are explained based on their importance and impact on the organization. These 7 Es are categorized intro three groups, first is the operational objective wherein it includes the effectiveness and efficiency. Effectiveness talks about all sorts of practices that enable companies and other organizations to get the most out of their inputs by developing products faster and reducing errors faster than their competitors. The comparison between planned and actual outputs is used to determine effectiveness (Murdock, 2016p. 86). In other words, effectivity is determined by comparing a company's net profitability to its target profitability. To determine whether a firm's strategic and operational plans are effective, the company should look at whether these plans and strategies are aligned with the company's objectives and aims. We can claim that a strategy is effective if the resources utilized in planning provide the desired outcome. In order to establish if a strategy and operational plans are effective, the organization should track performance and see if they will help the company reach its goals. Efficiency indicates how well a process converts input to output. A more efficient process is less wasteful than an inefficient process. Efficiency refers to an organization's ability to achieve the expected results with minimal material, money, time, energy, and so on. Simply put, it is the power of the organizational process that leads to the highest possible output while using as little input as possible. Second is the category of financial reporting wherein the excellence, economy, ethics and equity are included. Excellence is an essential strategy to stay one step ahead of the competition and maintain growth. Excellence must focus not only on meeting or exceeding customer expectations, but also on fulfilling promises and delivering quality products or services. According to Murdock (2016), "Differentiation is based on the perceived value that a customer has gained from a product or service and, if properly developed and used, can lead to higher profits." Technology, construction, etc. because it's about improving processes and systems.
- TAPIA, GIAN TRICIA B. (2019-103668)
(2/3)
DeleteEconomy is about the businesses drive the execution of what an organization must do to provide quality related to excellence. We also need to act honestly and honestly and always promote justice. In addition, it is necessary to protect the environment when providing products and services (Murdock 2016 p.8695). Economy is concerned with minimizing the cost of the resources used in the and considering the required quality. Ethics affects everyone, which includes the work of all professionals, including internal auditors. This can affect the ethical behavior of the internal auditor, as the internal auditor needs to communicate the results of the assessment and provide suggestions and opinions for the success of the organization. Equity is often examined in the context of compliance with government employment and termination laws. Lastly, the category of compliance objective where the ecology belongs. The concept of ecology aims to expose the enormous economic contributions of natural services to the public. It is true that we are not aware of how the essence of humanity realizes important values and diverse services.
The internal audit department has developed formats and processes over time. The purpose is to add value to the organization through support and advice in the management and operational decisions of the organization. Internal auditors have traditionally been regarded as compliance workers who help keep the business world honest. They make sure everyone follows the rules by checking for errors, omissions, and internal control issues. Auditing does more than just enforce policies to protect assets and maintain their value. The internal auditor has added the value of the organization to his tool belt. The results of internal audit process excellence include the quality of internal audit, the reliability of internal audit, the acceptance of internal audit, the benefits of operational information, and the success of decision making. The Certified Internal Auditor ensures that you comply with a specific code of ethics and a specific level of professional standards. Internal audit is a profession that can include risk management, risk assessment, financial reporting, audit planning, conducting corporate audits, and ensuring processes at national and international levels. Fierce competition threatens the soft edge of everyday ethics. Ethically responsible companies comply with the law, manage risk, improve their reputation and add value to their communities.
- TAPIA, GIAN TRICIA B. (2019-103668)
(3/3)
DeleteMore specifically, we need to translate business outcomes into triple outcomes. Substantial positive changes in the direction of compliance, management, and joint responsibility always bring ethics to the fore. Ethical mistakes affect modern enterprises more than ever in the history of business. Lack of ethics negatively impacts employee performance. In some cases, employees are busy moving forward and making money, ignoring procedures and protocols. This can lead to additional paperwork and minor mistakes, and as a result, you have to start over. In addition, employees who feel ethical and follow the rules of getting stuck in the business may experience a lack of motivation, which often leads to poor performance. It is difficult to succeed in a business without a respected leader. Lack of ethical behavior can also create tensions among employees. Some employees are outraged by those who violate the rules and move on anyway. An example to a failed ethics in their company is the WorldCom of Bernard Ebbers. CEO Bernard Ebbers owns hundreds of millions of dollars in WorldCom and has a generous investment in other business ventures. Ebbers lent him money to the board and persuaded him not to have to sell a lot of stock. He also launched an aggressive campaign to support stock prices by falsifying accounting records. The plan was finally discovered by WorldCom's Internal Audit Department and notified to the Audit Committee. Ecosystem monetization adds value to ecosystem services based on the cost of providing the same services through man-made infrastructure. The purpose of monetizing ecosystem services is to create incentives for the environmental behavior of communities and businesses. Responsibility to the environment protects natural resources, fights pollution and protects biodiversity, but above all means that we protect and protect the environment for future generations. We can encourage people to take responsibility for the environment by discussing the implications of ignoring the environment. I can coordinate with the authorities and lead a small focus group to plan how we protect the environment.
-TAPIA, GIAN TRICIA B. (2019-103668)
(1/2)
ReplyDelete(1) List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
The 7 Es plays an integral part in the organizational improvements and systems of processes of a business. Listing these 7 Es in accordance to their importance or with the greatest impact on the business, there would be no ranking as every E is a vital aspect to be considered for the success of an organization.
First, Effectiveness and Efficiency create the framework of the business when it comes to organizational goals and management of their resources. Second, the Economy upholds the value of the business in the market by making sure that it serves its purpose to the public. Third, Excellence creates a mechanism for the business to be effective, efficient, and have economic value and, thus, resulting in successful operations and profits. Fourth, Ethics makes every operation, process, and part of the organization follow what are morally accepted principles and upholds humanity within. Then, Equity provides that every person of the organization is treated well resulting in more productivity and profitability. Lastly, Ecology provides a long-term and impact and existence for the organizations and humans, as this is the contribution of the business in the preservation of our homes, the Earth. Every E of the seven Es is equally vital to be considered of the business for their long-term success.
(2) Link the concept of excellence to the work of internal auditors and how it can be incorporated in audit programs.
Excellence upholds the effectiveness, efficiency, and economic value of an entity. When the works of internal auditors are excellent they are effective which means they are by the organizational objectives and goals, they are efficient means they are properly using the time they have in their works and their works have economic value for the entity and are useful for the decision-making of the management. Excellence brings out the best in the works of internal auditors, it sets the usefulness of their works to the overall success of the business.
With internal auditors upholding excellence in their works, it could be incorporated in different auditing programs so that it is not only the internal auditors that will have the excellent result but also the auditing programs they have. Checking the effectiveness and efficiency of an auditing program is one way to ensure excellence and guaranteeing the economic value of an auditing program to every business will also incorporate excellence in the auditing program.
Talabong, Ela Rain
2019-102788
(2/2)
Delete(3) How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
Ethics is one of the most important aspects of the operations of a business as it upholds the morality of the processes and systems the organization has. The failure in ethics of an organization can result in its downfall. Ethical practices support the effectiveness, efficiency, economic value, equity, and ecological aspects of an organization. It provides the moral aspects of every decision and, thus, failure to have it can make the organization reflect immoral or wrong practices within and outside of its operations as well as in the eyes of the public that can cause it to deteriorate.
One of the most well-known businesses that had an ethical failure is the Enron scandal where the company hid billions of dollars with the use of liabilities to special-purpose entities for which it controls and, thus, making the company look profitable even though, its cash is already damaged just to appear attractive to investors. The company failed ethically in aspects that it aims to fraud its shareholders and its possible investors through providing wrong information in regards to its profits. Also, the failure to reflect transparent records and the clear intention of malice in hiding its financial information shows how unethical the decision that the management made the moment they made up the false financial information with an attempt to cover it up through other entities. Sure, enough unethical practices cause the business to fall as it can make the price of the stocks drop significantly not allowing the business to get up.
(4) Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Ecology is an integral part of everything that exists in this world. It is what allows us to live and have a healthy environment as well as provide the natural resources that we use in our everyday lives. The consideration for ecology isn’t only to preserve our natural resources and exercise sustainability as it can also provide monetary benefits to an organization. Nowadays, people are more often concerned to our environmental problems as it is all evident now if an entity can provide products and services that are not harmful to the environment and can benefit nature, it is most likely to have patrons especially the people who are now aware of environmental problems all around the world. Moreover, promotions through environmental conservation can boost a brand image to the public, and specializing products that are generally not a burden to mother earth can bring money to the organization.
People can be encouraged to have environmental stewardship and compassion through spreading awareness in regards to our deteriorating environment and by implementing rules and regulations that uphold sustainability within an organization. Furthermore, providing different programs and seminars where the importance of preservation of our mother earth and ecosystem will be showcased will create a big impact on one’s perspective towards ecology that can reflect through their actions.
References:
Grabillo, M. A. (2021, November 20). The Seven Es in Operational Audit (in Filipino). www.youtube.com. https://www.youtube.com/watch?v=BytHdZ2_5hk&t=7s
Hall-Smith, W. (2018, November). Top 10 biggest corporate scandals and how they affected share prices. IG; IG. https://www.ig.com/en/news-and-trade-ideas/top-10-biggest-corporate-scandals-and-how-they-affected-share-pr-181101
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World (1st ed.). Auerbach Publications. https://doi.org/10.1201/9781315368733
Talabong, Ela Rain
2019-102788
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThe seven E's are interconnected, they all contributed considerably to good management in operational auditing, and if I had to rank them in order of priority and biggest influence, I'd do it this way. For me, the most significant is Ethics, which is concerned with human behavior, specifically individual behavior in society. Ethics has a huge impact on a company because it benefits not just the individual but also the goals and objectives of the organization. Then there's efficiency and effectiveness, both of which are goal-oriented. Efficiency increases and improves the company's competitiveness by making the most efficient use of all available resources, whereas effectiveness is critical for the company's growth since it measures and serves as a guideline on vision, goal, and objective. The next level is Excellence, which focuses on the tactics that allow for a successful outcome.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Excellence is defined as the ability to perform at a high level of quality. Quality is essential, especially when advertising something to someone, and internal auditors have recognized this as having a substantial positive impact on financial reporting dependability and operational effectiveness. This contributes to the development and maintenance of a service-oriented culture. Because perfection is so difficult to come by, it is well-received. The auditor is expected to succeed because it goes beyond the quality of excelling, of being truly the greatest at something that will be utilized as a foundation for the organization to make business-impacting decisions.
-Bertiz, Coline B. (2019-100749)
1/2
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteEthics well-founded moral norms that dictate what humans should do, usually in terms of rights, obligations, societal benefits, justice, or special characteristics. Ethical standards are those that impose reasonable requirements to refrain from rape, theft, murder, assault, slander, and fraud. Violations of ethics have a significant negative impact on the organization. Unethical behavior has a negative impact on efficiency, and unethical individuals will never be successful in business. Unethical workplace behavior can also lead to a lack of trust among employees, which is detrimental to a company that thrives on teamwork and a sense of belonging.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Leaders should find a means to utilize the ecosystem to innovate and discover ways to commercialize the notion of ecology in order to monetise it. We can encourage others to practice environmental stewardship by developing a program and holding a seminar to raise awareness about the importance of doing so. We must also reduce single-use plastics and microplastics, as it is estimated that humans have produced 8.3 billion tons of plastic in the last 67 years, with 6.3 billion tons of that debris ending up in landfills and the natural environment, particularly the ocean. The simple decision to not buy single-use plastics, despite these figures, may seem impossible. We may also compose our natural waste with this easy process, which would make a significant reduction in the 60 billion pounds of food waste that ends up in landfills in the United States each year. Furthermore, we may develop a mobile app that will allow farmers to upload data.
References:
Cassie Kelly (2017). 10 Ways to Be a Better Environmental Steward in 2018. Retrieved on Nov. 26, 2021 from https://www.ecowatch.com/environmental-stewardship-examples-2520328397.html
Manuel Velasquez, et al. (2010). What is Ethics. Retrieved on Nov. 26, 2021 from https://www.scu.edu/ethics/ethics-resources/ethical-decision-making/what-is-ethics/
-Bertiz, Coline B. (2019-100749)
2/2
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThe 7Es are intended to assist auditors in adding value to the organization and demonstrating to the customers that they genuinely want to make a significant contribution to the organization's success. These seven elements are inextricably linked. Effectiveness helps in attaining targeted objectives while using as few resources as possible, whereas generating excellent goods or services pertains to an organization's efficiency. The economy encourages organizations in doing what they need to do in order supply reliability, which is synonymous with excellence. In addition, walk the talk no matter what, and we must promote equity at all times. In furthermore, when providing goods and services, we must protect the environment (Murdock 2016 pp. 8695). If these are met or followed by an organization, the chances of success are extremely high. The assistance of these 7Es ensures an organization's triumph if established and carried out correctly since it helps in surveilling operating processes to see that they're affiliated with an organization's eagerness to achieve its goals and objectives.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Excellence is more than just surpassing customers' expectations; it should also concentrate on providing on promises and providing high-quality products or services. "Differentiation is based on the perceived value that customers derive from the product or service and, when developed and applied correctly, can result in higher profits," Murdock (2016) stated (p. 88). Quality is important because it adds value to customers, which can be a significant advantage for a company. In addition to the incorporation of an audit program, excellence in the jobs completed or to be done by internal auditors is essential. Internal audit is typically used to assist organizations in identifying and mitigating risk. In some cases, organizations want internal auditors to assist them in improving one‘s potential to provide significant products or services to their customers.
Drice, Arielle Jean G. (2019-105710) 1/2
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteThe delicate corners of principles are being eroded by intense competition on a daily basis. Ethically responsible businesses follow the law, manage risks, improve their reputation, and contribute benefit to the community. The main pivots around which businesses now revolve are ethics. A significant positive shift toward compliance, control, and communal responsibility always brings ethics to the forefront. Failures in ethics have a significantly larger impact on contemporary businesses than at any other time in business record. The upper executives of any business is critical to its long-term success. It is accomplished through sustained performance as well as an organization's aspiration based on ethics. An ethical business not only follows the law and relevant rules, but it also performs honestly, competes fairly, provides a reasonable working environment for its employees, and forms relationships with the customers, vendors, and shareholders. Lately, failures in ethics have a negative impact on a company's bottom line. Being unethical has a direct impact on a company's efficiency. Bottom line is all about calculating efficiency and converting it into a company's net wealth.
Nestle is the topic of discussion of the longest - reigning boycott for imprudent advertising of infant formula to developing-world mothers. The company has also been chastised for a number of other business practices, such as using environmentally damaging palm oil and genetically modified recipes in its foods. Nestlé received an overall score in the middle for Environmental Reporting. It had recently published an independently verified environmental report and had environmental goals, such as reducing GHG emissions (scope 1 and 2) throughout production industry by 35% from a baseline of 2010.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Every day we engage in activities where we harm and degrade the environment intentionally or unintentionally. As people who enjoys things came from nature, we must acknowledge the vast contribution of ecological systems to human well-being to preserve and sustain the nature. One way to monetize the concept of ecology is to reveal the huge economic contribution of nature services to public. It is true that we are not aware of how nature provides significant value and diverse services to humanity. Some people say that measuring economic services can help promote awareness to all people which will also help to prevent further destruction and institute redevelopment of the nature.
References:
How ethical is Nestlé SA? (2021, May 12). Ethical Consumer. Retrieved November 26, 2021, from https://www.ethicalconsumer.org/company-profile/nestle-sa
Keme chap 4 - Pdfcoffee.com. (2020, November 11). pdfcoffee.com. Retrieved November 26, 2021, from https://pdfcoffee.com/keme-chap-4-pdf-free.html?fbclid=IwAR2ikJCcO3JELiJzcylZU2Dbrd8SiockUsl-3OxHhi-DbscR7tHLD1CAqGY
Roddy, S. R. (2017, September 5). Ethics failures impact on a business bottom line. intuitive-risk-mgmt. Retrieved November 26, 2021, from https://www.intuitiveriskmanagement.com/single-post/2017/09/05/ethics-failures-impact-on-a-business-bottom-line
Drice, Arielle Jean G. (2019-105710) 2/2
1. If I would list the 7 Es according to their importance or having the greatest impact on the organization, it will be, from greatest to great, like this environment, ethics, equity, economy, excellence, effectiveness and efficiency. They have importance or impact to the organization because they add value to it. They provides necessary accounts that organizations will take to improve itself and thus help it attain its goals and objectives. Moreover, these 7Es not only gives value to the organization itself but also to the other stakeholders of the organization. The people, nature and government also benefits from 7Es that the organization undertakes. It is also to be noted that although these 7Es gives a lot of benefits to the organization, if not properly considered, it will also cause a lot of problems.
ReplyDelete2. Internal auditors are there to provide independent and objective evaluation of organizations operational business activities and financial activities. Excellence refers to the quality of work or product one has made. In linking to each other, excellence of an internal auditor plays a vital role in providing a quality independent and objective evaluation that will help the organization excel in its goals and objectives. Excellence can be incorporate to an audit programs by providing a quality work in every part of it from assessment to the very last part of audit program. Excellence is everyone's objective and plays a vital role in development.
3. Is a set of rules of behavior which is usually used by different organizations and based from the idea that what is morally good or bad. As people nowadays are treated as a civilized animals, one must know what should he do that will affect others in the bad or good way. Ethics as a set of behaviors must be followed by every to avoid conflict with others and avoid having a bad impression. Failure in ethics in organizations will results to a bad impression that will implicates its very own objectives and goals. As ethics plays a vital role in organization's success, it should not be taken lightly. Japanese employees are often give ethics a very high notation that if someone have been caught in the act of doing bad things in the organization, he will likely to resign without orders from the higher ups. Example of one company that failed as to ethics is NAS DAILY. It is a blogging and content creations company that focuses on promoting every thing. However, one thing that they failed is to practice their ethical behavior. It happens when the content creator of the company failed to exercise good ethical behavior in dealing one of its subject content. By failing to do so, they lost a massive number of viewers which eventually decrease their company's value.
John Paul Savilla, 2019-101412
4. We can monetize environment by paying for what it's providing to us based on the cost if people provides the same service to us. If ever we can monetize the environment, it will have a advantages and disadvantages. Others might take advantage of it since no one really owns it and others may protect it. I can encourage others to observe environmental stewards by me being an example to it. I'll do what the steward of environment are doing. By protecting the environment and helping to sustain the ecology, it will be a big help to encourage others to became a environmental stewards.
DeleteReferences
Barreiro Jr., V. (2021, August 26). The other controversies of Nas Daily's Nuseir Yassin. Rappler
https://www.rappler.com/technology/features/other-controversies-nas-daily-nuseir-yassin
Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World. CRC Press Taylor & Francis Group. pp 86 - 99
Murdock, H. (2021). The 8 Es of Operational Audit Excellence - ACI learning's webinar series 2021. ACI Learning Audit
Retrieved November 26, 2021.
https://youtu.be/QLBmTq8DO4A
toppr. (n.d.). Audit Programme
https://www.toppr.com/guides/accounting-and-auditing/tools-of-auditing/audit-programme/
Wolf, Anu. (2020). Should Nature Be Monetized? Medium
https://medium.com/@anu.garcha12/should-nature-be-monetized-646ff80f1e7b
John Paul Savilla, 2019-101412
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThe 7 E's play a vital role in an organization's success or failure. It is designed to help auditors in adding value to their work and show to clients that they truly want to contribute to the success of the organization. The following are the 7 E's for which I arranged in a chronological order according to its importance or impact on the organizations. The first element on my list is effectiveness. This is important because it enables the organization to successfully produce or achieve their desired results while maintaining high productivity and engagement levels. Second is efficiency, this allows the organization to accomplish its tasks with the least amount of wasted time, money, and effort while maintaining work quality. Third is ethics, which guides the organization in terms of decision making and activities to have effective productivity and maintain its reputation. Fourth is equity and excellence, it ensures that everyone inside the organization has access to the same treatment, opportunities, and advancement. Thus, improving the quality of work. And lastly, is economy and environment, I put these two on the last part since they are synonymous to each other.
2. Link the concept of excellence to the work of internal auditors and how it can be incorporated in audit programs.
The concept of excellence isn't only about meeting or exceeding consumers' expectations; it's also about delivering on promises and providing high-quality products and services. Quality is significant as it adds value to customers and may be a substantial competitive advantage for a company. Excellence in the job done or to be done by internal auditors is very vital when it comes to incorporating an audit program. Internal auditing typically aids organizations in detecting and reducing risk. Internal auditors are sometimes asked to assist organizations in improving their ability to provide high-quality products or services to their consumers. Internal audit, like its clients, has customers, thus internal auditors must satisfy them and give outstanding service. If Internal auditors exercise excellence, they can add more value to the organization and make better decisions for the benefit of their clients.
CHENCEL-ANNMAE F. ALMODIEL (2019-105222)
(1/2)
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
ReplyDeleteEthics are the main pivots over which the businesses now revolve. Thus, failures in ethics might affect business growth, efficiency and workers. So to avoid ethics failure, businesses need to put their perspective right. Awareness, accountability, trust, justice and most importantly organizational integrity should all be perfect. Back then, businesses used to focus solely on efficiency only but now they need to incorporate ethics as well. The Enron scandal is a good example of how unethical business practices may lead to a huge corporation's demise. In this case, the company's management were involved in various unethical actions, which resulted in the company's bankruptcy. A series of disputes involving the owners and management ensued, with key officials being sentenced to prison. This demonstrates the importance of ethics. The case at hand is so serious that its ramifications can still be felt more than ten years after Enron's demise. As a result of the incident, some of the company's top executives are still serving prison sentences.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
We engage in activities that intentionally or unintentionally harm and degrade the environment everyday. To preserve and sustain nature, we must acknowledge the vast contribution of ecological systems to human well-being as people who enjoy things that come from nature. One way to monetize the concept of ecology is to demonstrate to the public the enormous economic contribution of nature services. Yes, we are unaware of how nature provides significant value and diverse services to humanity. Some argue that measuring economic services can help raise awareness among all people, thereby preventing further destruction and instituting natural redevelopment. Some people believe, according to Unmüßig, that the greatest approach to communicate the value of nature is to put it in terms that policymakers can grasp, such as quantitative data or simply money. In this way, we consider not just how we utilize and maintain the human environment through conservation and sustainable practices, but also the economic value (prices) of what we use or waste.
REFERENCES:
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World (Internal Audit and IT Audit) (1st ed.). Auerbach Publications.
Rabha Mrinmoy (2020). 6 Ways you can Build an Efficient Organization. Retrieved November 26, 2021, from https://blog-vantagecircle-com.cdn.ampproject.org/v/s/blog.vantagecircle.com/efficient-organization/amp/?amp_js_v=a6&_gsa=1&usqp=mq331AQKKAFQArABIIACAw%3D%3D#aoh=16379136392964&referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&share=https%3A%2F%2Fblog.vantagecircle.com%2f Efficient-organization%2F
Presson Clennon (2020). How and why workplace ethics are important. Retrieved November 26, 2021, from https://softwaretech.com/how-and-why-workplace-ethics-are-important/
Pulsipher Scott (March 2, 2021). Ethical Dilemmas: How Scandals Damage Companies. Retrieved November 26, 2021, from https://www.wgu.edu/blog/ethical-dilemmas-how-scandals-damage-companies1909.html#close
https://www.intuitiveriskmanagement.com/single-post/2017/09/05/ethics-failures-impact-on-a-business-bottom-line#:~:text=Failure%20in%20ethics%20nowadays%20 essentially,the%20 efficiency%20of%20a%20company.&text=Usually%20an%20 unethical%20business%20 involves,stakeholders%20with%20 disrespect%20and%20 inequality.
Unmüßig, B. (2021, October 27). Monetizing Nature: Taking Precaution on a Slippery Slope. Great Transition Initiative. Retrieved November 26, 2021, from https://greattransition.org/publication/monetizing-nature-taking-precaution-on-a-slippery-slope
CHENCEL-ANNMAE F. ALMODIEL (2019-105222)
(2/2)
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThey are arrange base on their importance
• Effectiveness-
• Efficiency
• Economy
• Excellence
• Ethics
• Equity
• Ecology
This 7Es are designed to help auditors add value to their organizations while also demonstrating to clients that they are genuinely interested in helping them succeed. These seven characteristics are inextricably linked. The achievement of stated goals and objectives with the least number of resources is referred to as efficacy, whereas the production of excellent products or services is a measure of an organization's efficiency. The economy encourages companies to do what they need to do in order to provide quality, which is synonymous with excellence. We must also act with honesty and integrity at all times, and we must strive for equity at all times. Furthermore, we must consider the environment when offering products and services. These 7Es aid in monitoring operational procedures to see if they are aligned with an organization's willingness to achieve its goals and objectives, which ensures the success of an organization if they are adopted and followed correctly.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
While meeting or exceeding client expectations is critical, excellence should also focus keeping commitments and providing customers with high-quality products or services. Customers love quality because it provides considerable value to their purchases, which may also be a big competitive advantage for a company. When it comes to the implementation of an audit program, the quality of the work done or to be done by internal auditors is critical. Internal auditing is frequently used to help firms detect and mitigate risk exposure. Internal auditors are occasionally requested to assist firms in improving their ability to provide high-quality products or services to their customers. Internal audit, like their clients, has customers, hence internal auditors must ensure that their customers are happy and that their work is of good quality. Internal auditors may bring greater value to their organizations and assist them to make better decisions for the benefit of their clients by exhibiting excellence in their job.
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteEvery organization should implement a good code of ethics, and the importance of honesty should be highlighted. Integrity is a valuable attribute that everyone should have because it is one of the keys to success. Because ethics deals with people's perceptions of what is good and bad, no organization will be able to govern it effectively because it is subjective and varies considerably from one person to the next. Ethics affects everyone's employment, even internal auditors', and this is true for all professions. When a firm fails to meet ethical norms, the public learns about it, and the company's credibility suffers as a result, which is crucial to its success. Customers may leave a business as a result of this, and even if the business can regain its credibility, it will be tough to win the trust of those clients, who may seek out other businesses that will fulfill and satisfy their needs once more. It is possible to do a full review and identification of what and where goes wrong, as well as the implementation of corrective actions.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
the natural world as people who value natural resources, we must recognize the enormous contribution that ecological systems make to human well-being. In addition, we must fight to conserve and preserve the environment. One way to monetize the concept of ecology is to draw attention to the huge economic contribution that environmental services offer to society. It has been argued that evaluating economic services can help to develop awareness among all people, which will help to prevent future environmental damage and support environmental rebuilding. According to some, the most successful approach to explain the value of nature is to use terminology that policymakers are familiar with, such as numerical figures or simply money (Unmüßig, 2014). In this method, we examine the economic value (prices) of the resources we consume or waste in addition to how we use and protect the human environment through conservation and sustainable practices.
Reference
Murdock, Hernan. (2016). Operational auditing: Principles and techniques for a changing world. BocaRaton, FL: CRC Press.v
Villegas,Mharlouie B.
2019-105793 CBET-01-503A
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThe 7 E’s of operational audit plays a vital role in the success and failure of a business. They are bound to each other. This helps the auditor in the organization and the what the clients can offer for the success of the entity. The first one of 7 E’s is Effectiveness, it is reaching the goals and objectives in the organization, it is measured by how employees act, it is also producing quality products without maximizing the resources intended for production and this connects to the second one, the Efficiency. If a company cost are reduced, the efficiency improve the company’s competitiveness. Additionally, in order to achieve efficiency, businesses should hire people who possess skills that are critical to achieving the company's objectives and goals. While Economy offers growth and stability in a business. While in Excellence and Ethics not only good quality products will be produce, but also good quality employees. Someone who have good morals, who have integrity in their work and good working ethics. Excellence, techniques that makes the business outstanding. Equity shows how much money would be divided to the company’s shareholders when liquidation comes. Lastly Ecology, it is the company’s environmental responsibility that even running a business will not cause danger to the environment.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Excellence isn't only about meeting or exceeding clients' expectations; but also about fulfilling on pledges and provides the highest products and services. According to Murdock (2016), “differentiation is based on the perceived value that customers derive from the product or service and when developed and applied correctly, can result in higher profits” (p. 88). High quality products or services are the company’s glory, it gives a massive advantage to the entity compared to other organizations. This can also be a huge benefit to a company. In relation to the implementation of an audit program, the quality of the work done or to be done by internal auditors is also critical. Internal audit usually aids a company in detecting and reducing risk. Internal auditors are sometimes asked to assist organizations in improving their ability to provide high-quality products or services to their consumers. Internal audit, like its clients, has customers, thus internal auditors must satisfy them and give outstanding service.
Amarga, Rochelle Anne V. (2019-106144)
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteScott Thompson quickly departed Tyco after false info was discovered on his resume. He has served as CEO of other companies since. In early 2012, Thompson was appointed as Yahoo's new CEO in an attempt to turn around the company's woes. Thompson had allegedly falsified his resume by claiming to have a degree in computer science as well as an accounting degree by May, according to a shareholder activism organization. He merely possessed a bachelor's degree in accounting. The deception had two significant repercussions, which Thompson described as "inadvertent." The first was that it indicated the board did not thoroughly vet him before appointing him. More importantly, the corporation and Thompson could face disciplinary or legal action as a result of the incorrect information appearing in SEC filings.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Environment provides human with their basic needs, also with business, environment gives us resources. But abusing it can cause major problems in the future, for example when we cut trees in producing paper, we should plant equal or even more amount of sapling in order to replenish the loss. Not only on land we can also receive resources from the water. That’s why we discovered that if a company wants a long-term profit stream from the ecosystems it has developed, it must do three things. To begin, it must select a keystone contribution, a component or activity that it can own and govern in a way that is necessary for the ecosystem to provide value for customers. Second, when partners exploit an ecosystem leader's keystone contribution, an efficient "tollgate" must be established to collect revenue. Third, leaders must devise a strategy for leveraging the ecosystem to innovate and refresh keystone contributions.
References:
5 Most Publicized Ethics Violations by CEOs. (2021, January 27). Investopedia. Retrieved November 26, 2021, from https://www.investopedia.com/financial-edge/0113/5-most-publicized-ethics-violations-by-ceos.aspx
How to Monetize a Business Ecosystem. (2019, September 30). Harvard Business Review. Retrieved November 26, 2021, from https://hbr.org/2019/09/how-to-monetize-a-business-ecosystem
Amarga, Rochelle Anne V. (2019, 106144)
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThe primary reason behind every organization's success is to have a well-executed plan that is feasible. Hence, the 7 Es plays an enormous role in executing it as it serves as a guideline. It significantly affects the success and failure of the organization.
If I were to rank it according to importance and impact, it would be as follows:
The first one is effectiveness - It centers on the achievement of the organization's objectives. It also serves as the direction of the conduct of the people within the organization. Next is efficiency - Efficiency refers to the right and appropriate usage of resources. With this, organizations can minimize the use of resources that will allow them to produce more output. The third is ethics - by definition, it is doing what is good and what is right. The organization needs to do what is beneficial for everyone. The fourth is excellence - it is essential to observe high-quality performance. Next to that is ecology - it refers to taking responsibility for the environment. It is a must for organizations to give back to the environment since they are extracting resources from it. The sixth is the economy - It refers to the price of the input or resources equipped by the organization. Lastly is equity - It indicates the treatment of the organization among its stakeholders with respect and dignity. It shows how the organization values its people.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Excellence is the ability to perform things with high quality and value. The word excellence is inseparable from the internal auditor as their job requires this standard. It is the role of the internal auditor to provide high-quality data and information to help the organization address the risks and facilitate the attainment of the objective. The presence of excellence in the audit plan will result in a more accurate and more beneficial outcome. Furthermore, the execution of an excellent audit plan is a vital tool for assuring and guaranteeing success.
1/2
DIZON, JAKE C. (2019-106975)
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteEthics involves the action of doing the good and the right thing. Every organization needs to establish and implement ethical conduct that is beneficial to its stakeholders. As competition is fierce in this generation, most companies failed to implement ethical conduct, hence, resulting in a wrongful demeanor. The unjust act of the organization will cause significant damage to the attainment of its objective, therefore, failing operation.
One of the companies that failed in ethics is Adidas. The brand is known for using cheap production through sweatshops and child labor. It includes the exploitation of workers and ignoring human rights. Also, their garments underwent several chemical treatments to make them more colorful, flexible, durable, or water-repellent, which polluted the waters and are terrible for local ecosystems. Furthermore, the company uses synthetic microfibers, which are harmful to the environment.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
It is the nature of every business to extract resources from the environment, which results in damages. It is a must for the organization to give back and restore the situation of the environment to its best state, as failure to do so will result in scarcity. The monetization of ecology is essential as it will reveal the economic contribution of nature and its services, which will heighten public consciousness and sustain conservation efforts.
These are some ways to monetize ecology (Williamson & Meyer)
1. Identify a keystone contribution that is essential for the ecosystem to create value for customers.
2. Establish an efficient “tollgate” to collect revenues when partners use its keystone contribution.
3. Find a way to leverage the ecosystem to innovate and find ways to renew the keystone contributions.
Through these three steps, organizations can practice sustainable profit streams, ensuring their ecosystems work for them
References:
Kamprad, D. (2021) 25 Most Unethical Clothing Companies in 2021. Retrieved November 26, 2021 from https://impactful.ninja/most-unethical-clothing-companies/
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World (Internal Audit and IT Audit) (1st ed.). Auerbach Publications.
Williamson, P. & De Meyer, A. (2019). How to Monetize a Business Ecosystem. Retrieved November 26, 2021 from https://hbr.org/2019/09/how-to-monetize-a-business-ecosystem
2/2
DIZON, JAKE C. (2019-106975)
1. List the 7 E’s according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThe 7Es are often used by operational auditors as it plays a vital role in achieving the success and evaluating risk in the organization. All of these elements are interconnected to each other and their importance are stated respectively : Effectiveness and Efficiency, effectiveness refers to attaining set goals and objectives while using the minimum amount of resources possible, whereas efficiency refers to an organization’s ability to produce exceptional products or services. Economy, allows the organization to know how to manage its resources while also expressing price and value. It encourages organizations to do what they need to do in order to provide quality, which refers to excellence. Ethics, employees that are morally positive, honest, diligent, and motivated by ideals of fairness and decency in the workplace boost general morale and improve an organization’s success. Equity, everyone must act with honesty and integrity and should encourage equity in all times. Lastly, ecology, a business may continue its operation but preserving and the care for environment must be seen.
Overall, an organization’s chances of success are quite high if these goals are met, followed, and executed correctly as they help auditors define themes for the scope and programs of their audit and consulting engagements. 2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Striving for excellence improve one’s attainment and performance. Individuals, teams, and leaders can benefit from having excellency to internal auditors as it allows them them to create plans where successful results are guaranteed. When change or challenges emerge in most organizations, people become distracted and lose focus on the organization’s vision and goals. As internal auditors usually assists firms in minimizing and identifying risks, therefore, management expected them to improve their ability to provide high quality services to clients and other stakeholders. An internal auditors who exercise excellence are most likely to make valuable contribution to the overall success of the firm’s operation.
[1/2]
SANGOL, LEAREIN J.
2019-106977
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteEvery organization is expected to develop a strong code of ethics and should emphasize the value of integrity as it is one of the factors that contribute to success. Professionals, like internal auditors are also affected by this. Lack of ethics may result on inability to show integrity, lose the trust from key stakeholders and may lead to the permanent breakdown of the organization.
One of the company failed as to its ethics is the Google. Google may be one of the largest companies in the world, but it’s not immune from ethical dilemmas and business ethics scandals. As of 2019, Google is facing a fine from the EU, with the EU saying that Google abused their dominant position and forced AdSense customers to sign contracts saying they wouldn’t accept advertising from rival search engines. The EU has penalized Google a total of $9.3 billion for antitrust issues ranging from mobile market dominance to search result manipulation. This is an example of business ethics where consumers expect organizations to be fair in their treatment of consumers and of rivals. Especially when a company dominates the market, the ethics involved have to be more strict.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
One of the best way to monetized the concept of ecology is to demonstrate its enormous economic contribution to society, in presentation of money. Determining its true extent will help to develop political will to prevent additional environmental harm and facilitate its recovery. In this approach, we not only use or protect the human environment through conservation and sustainable practices, but we also consider the economic value of what we are using.
I would encourage others to observe environmental stewardship through conservation of energy , water and other resources, resource consumption may be reduced by eliminating inefficient practices and promoting effective use, as well as evaluating and implementing feasible and realistic conservation measures in existing structures, restorations, and new construction.
Reference:
Western Governors University. (2021, August 9). Ethical dilemmas: How scandals damage companies. Western Governors University. Retrieved November 26, 2021, from https://www.wgu.edu/blog/ethical-dilemmas-how-scandals-damage-companies1909.html#close.
[2/2]
SANGOL, LEAREIN J.
2019-106977
(1/2)
ReplyDelete1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
The 7Es of success are effectiveness, efficiency, excellence, economy, ethics, equity, and ecology. It helps auditors to add value to the organization and shows the clients that they really want to contribute to the organization’s success. These 7Es are interconnected to each other yet I will ranked it according to importance or with the greatest impact on the organization.
The first one which has the greatest impact is the effectiveness. It is important to assess the organization by checking the mission, vision, goals and objectives as it sets clear destination of the business. By evaluating those things and other pertinent matters, it enables the manager and auditor to make effective planning which brings the results in a way that is wanted. The second one goes to efficiency and excellence. By assessing the efficiency and excellence of the operations, an organization can determine if the resources are allocated in a least possible way but generate great and high quality of products and/or services. Next is the economy. While price is an important element, an organization should assess the entire value of the resources that will be used in the operations to conserve money without sacrificing the quality of the outputs. Then, the equity. It refers to the treatment of the organization to all people showing no discrimination. It is important as it retains investors, employees, and customers longer, and employs a more diverse workforce. Lastly, ethics and ecology that mainly refers to the rules of behavior and being responsible to the environment respectively. To have an ethical and ecological values, an organization needs to consider the 3Ps– Profit, People, and Planet.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Excellence refers to the performance that has high quality. It is effective, efficient, and has economical value. According to Murdock (2017), differentiation is based on the perceived value that customers derive from the product or service and when developed and applied correctly, can result in higher profits. With that, quality is clearly an important value element when selling to customers.
When it comes to the incorporation of audit programs, excellence to the work done by the internal auditors are also important. They should provide financial reports with honesty and integrity and provide excellent work. By doing so, an auditor can earn trust to all stakeholders of the business such as investors, lenders, suppliers, employees, and customers. Moreover, if internal auditors exercise excellence in their work, they can provide greater value to the organization and make good decision for the betterment of its clients.
-HEDREYDA, HILARY N. (2019-10876)
(2/2)
Delete3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
The Merriam-Webster dictionary defines ethics as the rules of behavior based on ideas about what is morally good and bad, it deals with what is good and bad behavior, what is morally right or wrong, and moral duty and obligation.
In business, ethics is a critical element for internal auditors as they are the one who help the business regarding what is right and wrong that will drive to a sound-decision making. Failure in ethics put a negative impact on the business. When the business is unethical, it affects its reputation in a sense that it will result damage to the credibility of the company. Consequently, it has the potential to lead to a lack of trust among the stakeholders. The business will lose them and since trust is something that is not easy to earn, it will be hard to gain the trust of the stakeholders again. This scenario can be audited by reviewing and identifying the nature of conflict and applying measures for the betterment of it.
One example of the company that failed as to its ethics is Shein clothing line. Shein is yet another retailer that steals popular designs and makes cheap copies to sell. However, many customers have complained that the item they receive looks completely different from the picture online. Besides being an unsustainable fast-fashion retailer, Shein is not transparent about animal welfare or environmental impact. It uses wool and does not use leather, exotic animal hair, fur, or exotic animal. Also, it uses few eco-friendly materials and there is no evidence it reduces its carbon and other greenhouse gas emissions in its supply chain. Shein is rated ‘We avoid’ in China.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
In the wake of declining political will for environmental protection, many in the environmental community are advocating for the monetization of nature. One way to monetize the concept of ecology is to reveal the huge economic contribution of the nature to public. Let them know how nature provides significant value and diverse services to humanity. As a result, it will heighten public awareness and encourage conservation efforts.
Environmentalists, business leaders, and policymakers have all sought to make environmental protection an economic rather than just a political issue. And we, as a part of the growing community, should participate in observing environmental stewardship by means of following the environmental policies. Let’s take a diverse actions such as creating protected areas, replanting trees, limiting harvests, reducing harmful activities or pollution, purchasing more sustainable products, and creating community gardens.
REFERENCES:
Greengeeks. (2021). 25 Most Unethical Clothing Companies in 2021. https://impactful.ninja/most-unethical-clothing-companies/
Monetizing Nature: Taking Precaution on a Slippery Slope. https://greattransition.org/publication/monetizing-nature-taking-precaution-on-a-slippery slope.
Murdock, H. (2017). Operational Auditing Principles and Techniques for a Changing World. Taylor & Francis group.
-HEDREYDA, HILARY N. (2019-103876)
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteAll the 7Es has great impact in the business because the combination of these results to success of the business. However, according to importance, in my perspective, they are listed as:
• Excellence – excellence has an impact on the business in terms of maintaining the highest level of quality. A cultural attribute of high-performance companies is that they have an orientation toward excellence in what they do (Murdock, 2017). Excellence also helps to the entity's operational efficiency and effectiveness.
• Efficiency – the company's operational activities utilize resources with the least amount of wasted labor, money, or time. When a company's activities are productive without wasting resources, it is said to be efficient.
• Effectiveness – it refers to how successfully a business achieves or exceeds its objectives. Internal audits have become one of the most important tools for companies to ensure that their operations follow standard guidelines and requirements.
• Economy – obtaining the best inputs for the least amount of money. Frugality and thrift are important in the acquisition and use of resources, but this should not be confused with being cheap and focusing disproportionately on price (Murdock, 2017).
• Ecology – the protection of the environment while conducting the business. It promotes ecological stewardship which consists of three (3) formulas: reduce, reuse, recycle.
• Ethics - the operation follows the appropriate moral values that guide the organization's actions. The norms of conduct must be set out in policy papers and backed up by evidence by the company's culture and reward systems, such as performance evaluations as well as compensation plans.
• Equity - it recognizes the need of providing opportunities for everyone to engage and demonstrate their full potential; a fair working environment.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Excellence means executing everything with high quality as possible and does not only depend on meeting or exceeding the expectations of clients but also delivering what is promise and rendering work with high quality (Murdock, 2016). This is influenced by setting performance expectations and having monitoring mechanisms in place. But excellence is more than that; it is a state of mind that compels workers to do things right the first time. (Murdock, 2017). The quality of the work done or to be done by internal auditors is equally crucial when it comes to the execution of an audit program. Internal auditing usually assists a corporation in discovering and mitigating risk. Internal auditors are occasionally requested to help companies improve their ability to provide high-quality products or services to their customers. Internal audit, like its clients, has customers, and it is up to internal auditors to meet their needs and provide exceptional service. Internal auditors who perform effectively can provide more value to the company and help it make better decisions for its customers. Operational goals are set from a larger, more balanced perspective: retroactively, as it pertains to previous actions in order to report on past practices, as well as prospectively, with relation to the future consequences of these customs. It becomes clear when these operational goals are seen from that perspective that the auditor is assessing the program's or process's future ability to run smoothly. The main purpose of quality improvement initiatives is to ensure that everything runs smoothly.
1/1
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteCommonly an organization provides Code of Ethics on its employees to govern and set standards of moral principles allowed within the organization. Individuals and organizations must follow the values and expectations set out in the Code of Ethics when conducting internal audits. Rather than describing particular activities, it defines the minimal criteria for conduct and behavioral expectations. Failure to practice ethics within organization affects the entity in terms of its credibility. Once the credibility of the company is affected, it could result to potential loss in the future which could lead to the termination of the operation of the business.
Amazon is being sued for tax evasion and unethical employee behavior. According to the audits conducted, they received a poor mark for policy noncompliance, environmental neglect, conflict mineral usage, and supply chain management.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Ecosystem monetization is the process of assigning a monetary value to ecosystem services based on the cost of delivering the same service via human-made infrastructure. The goal of monetizing ecosystem services is to encourage municipalities and businesses to be more environmentally conscious.
The goal of monetizing ecosystem services is to encourage companies to be more environmentally conscious. The relationship between humans and their environment is the subject of ecological anthropology. It examines how these relationships shape the social, economic, and political lives of the people. It investigates a variety of human responses to environmental issues. This aid both managers and employees in comprehending specific organizational behavior. People's reactions are appraised in a variety of situations that occur inside companies. First, it must select a "keystone contribution," a component or activity that it can own and manage exclusively and that is required for the ecosystem to provide value for customers. Second, when partners exploit an ecosystem leader's keystone contribution, an efficient "tollgate" must be established to collect fees. Tolls might be in the form of license fees, royalties, or commissions on ecosystem transactions; a portion of the income from products and services provided by partners; or profits from value-added products or services generated utilizing ecosystem data and expertise. Third, leaders must devise a strategy for using the ecosystem to innovate and refresh cornerstone contributions. This entails developing trustworthy and ethical routes for collecting data about partners' and consumers' behaviors, as well as mechanisms for innovating based on the information gathered.
I will encourage others to observe environmental stewardship by simply categorizing waste as biodegradable and nonbiodegradable. Also, a simple act of not throwing waste inappropriately could be a big help in our environment.
References:
Canadian Audit & Accountability Foundation. (n.d.). Practice Guide to Auditing Efficiency. Retrieved: November 26, 2021. https://www.caaf-fcar.ca/en/efficiency-concepts-and-context/efficiency-economy-and-effectiveness
Institute of Internal Auditors (n.d.). Code of Ethics. Retrieved: November 26, 2021. https://na.theiia.org/standards-guidance/mandatory-guidance/pages/code-of-ethics.aspx
Ethical consumer. (2018 May 28). Five unethical companies. Retrieved: November 26, 2021. https://na.theiia.org/standards-guidance/mandatory-guidance/pages/code-of-ethics.aspx
Business Mirror. (2019). Monetizing a business ecosystem. Retrieved: November 26, 2021. https://businessmirror.com.ph/2019/10/07/monetizing-a-business-ecosystem/
Murdock, Hernan. (2016). Operational auditing: Principles and techniques for a changing world. BocaRaton, FL: CRC Press.v
2/2
ALOROY, Genelyn T. (2019-202971)
CBET 01-501A
This comment has been removed by the author.
ReplyDeleteThis comment has been removed by the author.
ReplyDelete1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteAccording to Murdock (2017), The 7 Es are critical in operational audits because they play a major role in an organization's success or failure. (1) Effectiveness pertains to the accomplishment of the organization's mission and vision, as well as its goals and objectives. This is crucial in every organization because it directs the actions of all employees and management toward the organization's objectives. The effectiveness of the organization will be measured by how well the objectives are met. (2) Efficiency refers to how efficiently a company utilizes its inputs or resources. As a result, they are able to provide goods and services at a lower cost. In other words, it maximizes outputs while minimizing costs. (3) Economy refers to the cost of organizational resources. This will aid the organization in determining an item's worth.. (4) Excellence pertains to finding ways to act with high quality. This will reflect the performance of the entire organization, not just the individuals. (5) Ethics refers to our behavior in terms of what we consider to be right and wrong. Every internal auditor's decision that may have an impact on the organization's performance will be based on this. (6) Equity pertains to fairness in treating others. This will reflect the concept of being balance in the organization. (7) Ecology pertains to the study of how people interact with their surroundings. Environmental awareness will have a favorable impact on an organization's revenue.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Finding methods to act with high quality is what excellence is all about. Internal auditors must carry out their responsibilities, which include quality auditing. The quality audit should include the concept of excellence because it will be conducted independently and objectively. They should also provide reasonable assurance and continuous improvement in their operations. They should also exercise the concept of excellence in relation to incorporated audit programs in order to add more value to the organization.
1/2
RILLERA, MYRA DIANNE G. (2019-107121)
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteFailure in ethics has numerous effects in the organization. If a lack of ethics in a business becomes public knowledge, that business loses credibility. It has also a negative effect on employee performance. A lack of ethical behavior can also cause tension among employees, with some employees resenting those who do not play by the rules and still manage to get ahead. These effects can be a hindrance in achieving organizational success. Coca Cola has had a long history of workers' rights violations at its bottling plants. It is currently under two boycott calls linked to this issue at its plants in Colombia. It has also had a poor record on the environment being accused of taking water supplies from rural communities and falsifying environmental data. (Hunt, 2018)
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
One approach seeks to monetize the value of nature simply in order to reveal its immense economic contribution to society. Its champions point out that the significant value created by nature and its diverse services to humanity often goes unnoticed. Quantifying its full extent, they claim, would help to generate the political will to prevent the further destruction of nature and to facilitate its rehabilitation. The best way to reveal nature’s value, they conclude, is to present it in the terms policymakers understand best: money. (Unmüßig, 2014)
Others will be encouraged to practice environmental stewardship by following the 3Rs (reduce, reuse, recycle), encouraging planting, and saving electricity. We should act responsibly, which means taking advantage of the benefits provided by nature while also being accountable to it in whatever we do.
REFERENCES:
10 ways to encourage an environmentally conscious workplace. Rise. (2021, July 12). Retrieved November 26, 2021, from https://risepeople.com/blog/environmentally-conscious-workplace/.
Hunt, T. (2018, May 18). Five unethical companies. Ethical Consumer. Retrieved November 26, 2021, from https://www.ethicalconsumer.org/retailers/five-unethical-companies.
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World (Internal Audit and IT Audit) (1st ed.). Auerbach Publications
Unmüßig, B. (2021, October 27). Monetizing nature: Taking precaution on a slippery slope. Great Transition Initiative. Retrieved November 26, 2021, from https://greattransition.org/publication/monetizing-nature-taking-precaution-on-a-slippery-slope.
Zeiger, S. (2019, March 11). Effects of a lack of ethics on a business environment. Small Business - Chron.com. Retrieved November 26, 2021, from https://smallbusiness.chron.com/effects-lack-ethics-business-environment-23332.html.
2/2
RILLERA, MYRA DIANNE G. (2019-107121)
1) The seven E's are all equally important. They are necessary to consider when performing an audit, and these E's will assist the auditor in adding substantial value to the engagement and demonstrating to audit clients that auditors are sincerely interested in supporting the organization to achieve its objectives, vision, and goals. So, if I'm asked to rank them in terms of importance or impact on the company, this is my ranking:
ReplyDelete1.Ethics is concerned with what is morally right and wrong behavior, what is good and bad behavior, and moral duty and obligation. It is an essential factor for internal auditors as well as businesses or organizations because it influences decision-making, policy-making, and an organization's behavior or conduct.
2.Equity refers to equal or fair treatment with respect and dignity. Everyone must do this consistently and always. When it comes to equity, people frequently think of fairness, reciprocity, and impartiality. This component enhances a positive and healthy environment, as well as employee engagement and job satisfaction, by facilitating equal access to opportunities. These key features may boost a firm's productivity and performance.
3.Excellence is about the performance of all work with high quality. This is another key aspect of organizational priorities because when employees perform well, it drives the achievement of the organization's vision, goals, and success. To achieve excellence, one must constantly strive for improvement and perfection.
4.Ecology is a branch of science that studies the relationships of people and organisms with one another and with their surroundings. (Your Dictionary, n.d.) This E must be considered because it will affect the business's actions and processes. Simultaneously, being environmentally conscious and practicing environmental stewardship will help to protect the environment, preserve natural resources, and assist the business in increasing efficiency, reputation, and sustainability.
5.Effectiveness is concerned with achieving objectives, goals, and vision. When the planned outputs are compared to the actual outputs, the organization can determine whether or not it is making progress toward its objectives and goals. It is also critical for the profitability and growth of businesses. Smith (2016)
6.Efficiency refers to the use of inputs and other resources to achieve goals and objectives in some form of productive work. It is all about making the most of your resources. It entails being able to produce more with less money and waste. Being efficient is essential and beneficial to business. If the business is efficient, productivity will rise, generating more profits and assisting in meeting demand, resulting in business growth. (Jacob, 2018)
7.Economy refers to the cost paid for organizational resources or inputs. This concept is concerned with "getting the right inputs at the lowest cost or getting a good deal." This is important for an organization because it enables it to produce goods and services for profit and for the benefit of the community. (Canadian Audit and Accountability Foundation, n.d.)
In addition to the 7 E’s, it is "emotion". According to Murdock (2017), emotion is related to engagement. If the employees are engaged in the workplace, they are more involved and put effort into their work, which leads to high quality of work, increased productivity, and top-talent retention. (Firstup, 2021) Furthermore, I believe that human make a decisions or take an actions based on their emotions. For example, in an organization, if all employees are happy, content, or feel warm and welcomed, they will do their work with enthusiasm, which will result in numerous benefits for both the employee and the organization. Positive emotions motivate employees to do their best, which propels the organization to success.
-GARCIA, HELEN GRACE M.
(2019-106976)
CBET 01 503A
1 of 3
2) Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
DeleteExcellence entails carrying out tasks with high quality and in line with the highest standards. And some notes that excellence is all about exceeding the expectations, but it is not really just like that, it is also regarding delivering on promises and ensuring excellent products and services. It is also important to note that quality is important because it adds value to customers and can provide a significant competitive advantage to a company or organization. When it comes to incorporating an audit program, excellence in the work done or to be done by internal auditors is critical. Internal auditing is generally used to assist organizations in detecting and mitigating risk. Furthermore, internal auditors are occasionally asked to assist business or organizations improve their ability to provide high-quality products or services to their customers. Internal audit has customers, just like its clients, so internal auditors must satisfy them and provide exceptional service. Internal auditors who perform well can add more value to the organization and make informed decisions for their clients. (Murdock, 2017)
3)How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
We all understand how important ethics are in business. It governs people's and businesses' behaviors and conduct. It also has an impact on an organization's success and achievement of established goals. However, if an organization lacks ethics, it will face negative consequences, some of which can be remedied, but the majority of which will lead to the organization's demise. If there is no good ethical practice in an organization, there will most likely be no fair treatment of internal stakeholders, low employee productivity or performance, poor quality work, suffocating environment, there will be a lot of waste during operations, poor credibility in documents, and so on. In addition, unethical practices such as fraud, bribery, embezzlement, and errors or misstatements in financial statements or other documents are likely to prevail. If the public learns about these unethical practices, the business will lose clients or customers, have little to no sales, and will have to pay massive fines and other penalties, which could lead to bankruptcy and business termination. (Spooner, n.d.)
There are a lot of businesses that failed to stay ethical, and one of them is Wells Fargo. Wells Fargo has a fiduciary duty to its customers to treat them fairly. The bank provided numerous services to its customers. The bank was involved in one of the largest embezzlements in history in 1981. The company then became a major player in the 2008 financial crisis as a result of its shady mortgage practices. The bank was involved in one of the largest embezzlements in history in 1981. The company then became a major player in the 2008 financial crisis as a result of its shady mortgage practices.("The Ugly Truth About Unethical Business Practices [updated]," 2020). Afterwards, in order to aid the company's recovery, the bank management of Wells Fargo set absurdly high sales targets for its employees. When a customer purchased one service, employees were encouraged to "cross-sell" a few more. The only way Wells Fargo employees could meet their unrealistic sales quotas. And because of fear to loss their jobs and pressured to meet goals they fabricated millions of fraudulent. This is an example of a classic conflict of interest. ("Wells Fargo fraud," 2018). This unethical conduct persisted until the scheme was discovered in 2016.
-GARCIA, HELEN GRACE M.
(2019-106976)
CBET 01 503A
2 of 3
This comment has been removed by the author.
ReplyDeleteThis comment has been removed by the author.
ReplyDelete1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThe 7 Es of success in a company plays a vital role in its operational activities, more specifically in conducting auditing. Considering this will greatly help to immediately discover the compliance and non-compliance in an organization. 7 Es (effectiveness, efficiency, equity, ecology, ethics, excellence, and economy) is framework that assist internal auditors look for ways to add value to the organization (Murdock, 2016 p. 95). Internal audit department can set goals and metrics by incorporating the 7Es when it comes annual performance report and see to it if there are some instances that may contribute to the improvement of the organization. The following are the list of the 7 Es according to importance or with the greatest impact on the organization. First on the list is the Effectiveness, this should be in line with the mission, vision and goals of an organization. I consider this as the most important among the seven because organization shall operate through the guidance of it to be able to achieve their goals. Next on the list is the efficiency, it is the use of resources in a right way. This is also important because it always comes with effectiveness. Thirdly, the excellence it also deals with performance but in a high quality. Next is the economy which refers to the management of the scarce resources, through managing of the resources, the price and the value that may be acquired by the company will be lessen and be used in an efficient manner. Then, the ethics which refers to the norms and practices of an organization. It is also important because it deals with the profitability of the company, on how it is well-oriented. Sixth one is the equity which refers to the treatment of an organization to its people such as members of organization and customers, this may help to build strong relationship with others and could lead to team wok and attainment of organizational objectives and goals. Lastly, the ecology, it deals with the compliance of protecting the environment which can cause damage in the nature. All of 7 Es mentioned above are all necessary to achieve the organizational goals and objectives.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
As discussed above, excellence is one of the parts of 7 es of success. It covers three of the 7 Es which are the effectiveness, efficiency and economy, an organization is excellent if those where all possessed by it. Excellence not just refers to the performance but it must also consider the quality. Meaning to say, it comes in a performance in a high quality. Internal auditors are integral members of the accounting field. In line with this, a Certified Internal Auditor operates with a specific code of ethics that ensures they work up to a certain level of professional standards. Internal auditing is a career that can incorporate risk management, risk assessment, financial reporting, creating audit plans, performing operational audits, and ensuring processes are up to national and international standards. An internal auditor, must perform their duties and tasks in a high quality. Basically, excellence in every business shall be exercised since it deals with high quality performance. If an internal auditor would be excellent on their works, this could lead to the attainment of the organizational goals and objectives.
1/2
RAMOS, CRISHIA ELLAINE P. (2019-105763)
This comment has been removed by the author.
Delete3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteFailure in ethics nowadays essentially put a negative impact over a business bottom line. Being unethical directly affects the efficiency of a company. Bottom line is all about gauging the efficiency and translating it into net worth of a company (Roddy, 2017). Ethics deals with the profitability of the company on how it is well-profitable and with the people, if a failure occur in the organization, it can affect and can be a hurdle in obtaining the success of the company. Furthermore, one of the companies that failed as to its ethics is the Amazon. According to the Ethical Consumer Research Association Ltd, 2021, they score badly in our rating system for all the policies we rate them on, including environmental reporting, conflict mineral use and supply chain management. It scores 0/20 in its ethical score criteria. This is for the reason of that their research highlights many ethical issues for Amazon, including climate change, environmental reporting, habitats & resources, pollutions and toxics, arms & military supply, human rights, worker's rights, supply chain management, irresponsible marketing, animal rights, animal testing, factory farming, use of controversial technologies, political activities, and anti-social finance.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Every business should consider not just obtaining profit but also dealing with the compliance of protecting the environment which can cause damage in the nature. According to Williamson and Meyer, analyzing company ecosystems, they have found that a firm needs to do three things if it wants a sustainable profit stream from the ecosystems it has created. First, it must identify a keystone contribution, some element or activity it can uniquely own and control that is essential for the ecosystem to create value for customers. Second, leaders need to find a way to leverage the ecosystem to innovate and find ways to renew the keystone contributions. This means establishing reliable and ethical channels to accumulate data on the activities of partners and customers, and processes for innovating on insights gleaned. Moreover, as a human being should have to comply with our responsibility to take good care of our environment, as we all know that each and everyone of us will benefitted from our nature. Through protecting our environment, we are not just saving our own lives but also the lives of the other living organisms. We should also bear in mind that we are not just protecting ourselves and the nature but we are also considering the economic value of our resources that a company may use for its operation.
References:
Cpe, S. (2020). Excellence in Internal Auditing. Surgent. Retrieved November 26, 2021, from https://www.surgent.com/the-surge/podcast-episode-5-excellence-in-internal-auditing/
Five unethical companies. (2020). Ethical Consumer. Retrieved November 26, 2021, from https://www.ethicalconsumer.org/retailers/five-unethical-companies
Grabillo, M. A. (2021). The Seven Es in Operational Audit (in Filipino) [Video]. YouTube. https://www.youtube.com/watch?v=BytHdZ2_5hk&feature=youtu.be
How ethical is Amazon.com Inc? (2020). Ethical Consumer. Retrieved November 26, 2021, from https://www.ethicalconsumer.org/company-profile/amazoncom-inc
How to Monetize a Business Ecosystem. (2019). Harvard Business Review. Retrieved November 26, 2021, from https://hbr.org/2019/09/how-to-monetize-a-business-ecosystem
Roddy, S. R. (2017). Ethics Failures Impact On A Business Bottom Line. Intuitive-Risk-Mgmt. Retrieved November 26, 2021, from https://www.intuitiveriskmanagement.com/single-post/2017/09/05/ethics-failures-impact-on-a-business-bottom-line?fbclid=IwAR3XUd9ClSbwpiCNtJ_hWkryf5NZmgLpKXay4YE85bvJoMLoJDtvUDEVSrg
2/2
RAMOS, CRISHIA ELLAINE P. (2019-105763)
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteEffectiveness, efficiency, economy, excellence, ethics, equity, and ecology are the seven E's. The 7Es are intended to assist auditors in adding value to the company and demonstrating to clients that they genuinely want to contribute to its success. These seven factors are linked to one another. Effectiveness refers to attaining set goals and objectives while using the least amount of resources possible, whereas efficiency refers to an organization's ability to produce exceptional products or services. The economy encourages organizations to do what they need to do in order to deliver quality, which refers to excellence. In addition, we must always operate with honesty and integrity, and we must constantly promote equity. Also, we must protect the environment when delivering products and services. If these goals are met or followed by business owners, the chances of success are very high. These 7Es ensure the organization's success if they are adopted and executed correctly, because they aid in assessing operational procedures to see if they are associated with an organization's willingness to reach its strategic goals and desired outcomes
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Excellence isn't only about meeting or exceeding consumers' expectations; it's also about keeping promises and providing high-quality products and services. According to Murdock "Differentiation is based on the perceived value that customers gain from the product or service, and when designed and executed appropriately, can result in increased profitability.”
Quality is crucial because it adds value to customers and may be a substantial competitive advantage for a company. In relation to the implementation of an audit program, the quality of the work done or to be done by internal auditors is also critical. Internal audit commonly aids a company in detecting and mitigating risk. Internal auditors are sometimes asked to assist organizations in improving their ability to produce quality products or services to their consumers. Internal audit, like its clients, has customers, thus internal auditors must satisfy them and give outstanding service. Internal auditors that perform well can add more value to the organization and make better decisions for the benefit of its clients.
1/3
Rosete, Jun Roi S. (2019-106001)
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteEvery organization is expected to develop a strong code of ethics and should emphasize the value of integrity, which is an essential attribute for everyone to possess because it is one of the factors that contribute to success. However, because ethics deals with people, no institution can accurately regulate this.
Individuals' perspectives on what is good or terrible fluctuate; hence it varies from person to person. Every professional's job, including that of internal auditors, is impacted by ethics.
The Volkswagen emissions scandal began in 2015, when the corporation admitted to manipulating emissions testing on 11 million vehicles throughout the world. The corporation admitted to installing software that tampered with emissions readings in order to make their vehicles appear ecologically friendly. The Volkswagen incident, named "Dieselgate," was a body blow to the company's reputation. The financial impact is substantial. In the last four years, the business has paid out a stunning $9.5 billion to American car owners.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Every day, we engage in behaviors that purposefully or accidentally injure and destroy the environment. We must appreciate and acknowledge the huge importance of ecological systems to human well-being in order to conserve and maintain nature as people who love things that come from nature as well as beings who greatly benefit from them.
2/3
Rosete, Jun Roi S. (2019-106001)
One method to monetize the concept of ecology is to show how important it is economically. Majority of us are unaware of how nature delivers substantial value and benefits. Some argue that evaluating economic services can aid in their promotion. A huge percentage of people will be more aware, which will aid in the prevention of additional destruction of nature and over-consumption of natural resources. It is believed that the most effective method of communicating and promoting the conservation of nature is through the use of words that are mundane and understandable by the commonfolk. It is more effective to use concise wording as well as avoiding the use of unfamiliar jargon and flowery words. According to Unmüßig, the best way to make policymakers realize and understand the value of nature is to speak the same language that they do, which is money or quantitative figures. Unless they see that the conservation of nature will also cater to their best interests, they would not provide solutions. In doing so, we can also look at this through an economic perspective thus we can see its economic value in the long run.
DeleteREFERENCES
Toebe, M. (2021, June 30). Critical Lessons from the Volkswagen Scandal. Corporate Compliance Insights. https://www.corporatecomplianceinsights.com/lessons-volkswagen-scandal-ethical-failings/
Monetizing Nature: Taking Precaution on a Slippery Slope. (2021, October 27). Great Transition Initiative. https://greattransition.org/publication/monetizing-nature-taking-precaution-on-a-slippery-slope
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World (Internal Audit and IT Audit) (1st ed.). Auerbach Publications.
The 8 Es of Operational Audit Excellence - ACI Learning’s Webinar Series 2021. (2021, August 4). YouTube. https://www.youtube.com/watch?v=QLBmTq8DO4A&t=9s
3/3
Rosete, Jun Roi S.
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteOperational auditing covers the whole operation that also affects the organization as a whole, thus, greater amount of responsibilities are involved in performing operational as for the fact that all areas are to be assessed. In order to effectively execute operational audit that will deal almost all of the aspects of the responsibilities, the 7 E’s tool is used. The following 7 E’s are arrange according to its impact:
• Economy. This is how an organization will manage its resources up to its lower costs and higher returns in invested assets and other investments.
• Effectiveness. This is accomplished when the objectives and goals of the organization are achieved through the implemented process or programs.
• Efficiency. This is how the organization will produce greater outputs with lesser inputs, thus, saving more resources and earning more profits.
• Excellence. This is the performance of the organization with high quality that will result to effective performance of every responsibility and better operation.
• Equity. This is the treatment of colleagues with dignity and respect resulting to a better, safe, and harmonious environment.
• Ethics. This governs the conduct of every employee wherein it guides them to perform morally in personal as well as their professional lives.
• Ecology. This can be achieved through other E’s that’s why I put this onto the last part which concerns the environment that the organization is conducting their business.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Excellence is the performance of all work with high quality. Internal auditors' responsibilities include giving critical information regarding a company's financial position, risks, and reporting requirements. It is also their responsibility to ensure that the financial statements are accurately portrayed by following vital principles upon its creation and also with proper documents that will serve as the evidences onto that report. Management demands the highest quality in every work that employees perform, just as they do in every other job. The corporation expects honest, faithfully reflected, and accurate financial accounts as an internal auditor. Excellence is defined not only by being efficient and strategic in managing resources and dealing with market prices, but also by the qualities that the auditor may bring to the firm.
Chavez, Catherine H.
2019-101209
1/2
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteThough ethics is not a primary priority in every organization but for a company that wants to make all the staffs and employees be more engaged and perform effectively, we can say that this must also take into consideration, in fact, this must also be given an emphasis because failure practicing this principle might really affect the organization. One of the companies that failed with respect to ethics is the incident in the Sellafield Nuclear Power Plant, wherein the process workers falsify the records just to comply with management’s quality assurance even though in reality, the measurement based on the report is not what they really put on a particular procedure, therefore, making the products with less quality that resulted to lesser income. Ethics might be a tiny principle but if not given importance, this may affect the other principles whether it is done by the higher or lower level of management or employees, hence, in order the highest possible quality performance, ethics must be considered as it is as important as the other principles.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Ecology gives importance with respect to the environment where an organization conducts its business, making it a vital part of the operation as every company must be socially responsible. Giving attention to this concept might bring a slight or even more increase in the firm’s profit and one way to attain this is to give attention to a huge economic contribution that nature services make to society. In addition to this, an organization may also set up an effective "tollgate" to collect revenue from partners that utilize the environment contribution that the firm may have built and funded. Also, the funded contribution to environment, if any, must be developed in order to earn more profit and giving more importance to the community’s environment, thus, it is a win-win situation. In line with this, organization preserving the environment alone is not enough, therefore, the community involved must also practice this concept by just simple gestures such as practicing proper segregation, finding alternatives to replace the use of plastics, and try to plant at least one seed at any day. Adding these simple all gestures up, it will make a huge difference in protecting our environment.
References:
BBC News
(2000). Sellafield nuclear records faked. http://news.bbc.co.uk/2/hi/uk_news/646230.stm
Murdock, H.
(2017). Operational auditing: principles and techniques for a changing world. https://e-rtu.edu.ph/pluginfile.php/286094/mod_resource/content/1/Operational%20Auditing%20The%20Principles%20%20Techniques%20for%20a%20Changing%20World.pdf
Chavez, Catherine H.
2019-101209
2/2
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThe 7Es are designed to help auditors give value to the business while also proving to clients that they sincerely want to contribute to the firm's success. The seven Es are effectiveness, efficiency, economy, excellence, ethics, equity, and the environment. These seven elements are inseparably intertwined. The term "effectiveness" refers to achieving specific goals and objectives while utilizing as few resources as possible, whereas "efficiency" refers to an organization's ability to produce superior goods or services. The economy drives businesses to do all it takes to deliver quality, which is associated with excellence. Furthermore, we must always act with honesty and integrity, and we must always support equity. We must safeguard the environment when offering goods and services (Murdock 2016 pp. 8695).
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Internal auditors are essential members of the accounting profession. A Certified Internal Auditor follows a strict code of ethics that requires them to adhere to particular professional standards. Internal auditing is a vocation that includes risk management, risk assessment, financial reporting, developing audit plans, conducting operational audits, and ensuring procedures meet national and international standards. Internal auditing is a highly beneficial activity that entities may use to gain confidence about their goals and excellence.
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
An ethical firm not only follows the law and appropriate standards, but it also acts honestly, competes pretty, offers a good working environment for its employees, and forms relationships with customers, vendors, and investors. In other words, it prioritizes the best interests of all stakeholders in all choices. Nowadays, failures in ethics have a detrimental influence on a company's financial line. Being unethical has a direct impact on a company's efficiency. The bottom line is all about calculating efficiency and converting it into a company's net value. ASDA (owned by US corporation Wal-Mart) is a retail titan that has failed ethics. It has utterly failed to integrate corporate responsibility into its global operations and supply networks. This has resulted in violations of workers' rights at supplier factories, complaints of discrimination by employees, and a slew of other allegations.
Guamos, Patricia Lynn D. 2019-103828
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
DeleteAccording to one school of thought, one method aims to quantify the worth of nature merely to demonstrate its enormous economic benefit to civilization. Its supporters argue that nature's immense significance and numerous benefits to humans sometimes go unappreciated. They suggest that quantifying its full magnitude would assist in developing the political will to avoid further devastation of nature and aid its recovery. They conclude that the best method to communicate nature's worth is to put it in the words policymakers understand best: money. As a student who aspires to be a future entrepreneur, I can help encourage other industries to become environmental stewards by promoting it on social media. Because we are all on social media, it is simple to alert everyone to what we know is genuine.
References:
(2021), Ethics Failures Impact On A Business Bottom Line, Intuitive Risk Management International Time Retrieved 1:57PM
https://www.intuitiveriskmanagement.com/single-post/2017/09/05/ethics-failures-impact-on-a-business-bottom-line
Barbara Unmüßig (2014), Monetizing Nature: Taking Precaution on a Slippery Slope, Tellus Institute, Time Retrieved 2:00PM
https://greattransition.org/publication/monetizing-nature-taking-precaution-on-a-slippery-slope
Melissa Kayla Maniulit, CHAPTER 4 1. List the 7 Es and explain how they impact organizational success, PDFCOFFEE, Time Retrieved 2:34PM
https://pdfcoffee.com/keme-chap-4-pdf-free.html
Tim Hunt (2018), Five unethical companies, ethical consumer since 1989, Time Retrieved 2:24PM
https://www.ethicalconsumer.org/retailers/five-unethical-companies
Guamos, Patricia Lynn D. 2019-103828
7Es ACCORDING TO THEIR IMPACTS
ReplyDeleteOne of the many frameworks which guides auditors in doing their audits is the 7Es. This includes effectiveness, efficiency, economy, excellence, ethics, equity, and ecology. This serves as the basis in measuring how well a business is operating. Presumably, a successful business has the presence of all these Es. Therefore, if one or more of them cannot be traced in the conduct of business, it could be a sign for auditors that there may be underlying issues occuring which have a potential effect on the business's entire or specific functionings.
Defining:
Ethics refers to what we or the business perceives to be right or wrong. This helps firms determine the right and ethical business practice and behaviors. When an entity not just charters but at the same time constantly gives emphasis and value to their established code of ethics, their firm becomes a haven for harmonious relationships, ethical conducts, and morally responsible working environment.
Effectiveness tells whether a company undertakes its dealings according to their established vision, mission, goals, and objectives. An entity attains effectiveness when they get what they have expected, or when their achievements really satisfy their business objectives.
Efficiency pertains to making the most out of your resources. It's more on getting the least waste while producing the maximum number of output. However, it's not just the quantity of output that is being measured here, but also the quality of those, because a company still cannot be considered as efficient if, for example, it manufactures products at a higher rate than its normal production capacity, yet, the quality of those products got compromised.
Economy is by way getting the desired value of production inputs at its lowest cost. It somehow has something to do with the business's practicality, as it
measures how wise a company negotiates with their existing and potential suppliers to obtain good deals.
Excellence is often described as outstanding practices in managing the organisation and achieving results (Business Excellence Tools, 2021). Additionally, according to Murdock, this is the presence of quality in the employees' performances, or in all of the products being produced by the business. This state of being at best is believed to be a contributory factor to attaining efficiency and effectiveness.
DeleteEquity actually relates to ethics, but it particularly focuses on the existence of fairness and respect among all the employees of an organization, as well as in all of its commercial dealings. Companies that uphold equity fully accepts the diversity of culture, religion, gender, and other aspects without prejudices, discriminations, and biases.
While ecology, the other pillar of ethics, is more on being socially responsible on the external side, especially making business decisions with environmental considerations. Of course, a business should not only concentrate on generating profits. They should as well think about how would their operations affect the community and nature as a whole. If they take this into account while making business decisions, they will obtain greater public trust and confidence, which will be beneficial to their reputation as a business.
INCORPORATING EXCELLENCE TO AUDIT PROGRAMS
The quality of an audit lies on the effort exerted by the internal auditor in the entire audit process. If the auditor performs at her best, does not overlook vital details, and ensures that everything is thoroughly reviewed, the ultimate result becomes more accurate and reliable. Otherwise, a mediocre effort springs an audit with a compromised quality.
It's impossible to provide clients a reasonable assurance coming from audit findings when excellence cannot be incorporated to their job. They must ascertain that there's no part of the audit process which was handled with less care and interest, so that the results to be given to the clients are free of uncertainty and ambiguity. With this, clients' management decisions in accordance to the results of the audit can be significantly effective and competent.
ETHICS
DeleteWhen we talk about ethics, it has something to do with determining what's right and wrong, what's good or bad, and what's evil from not. And when we relate this to business, this could be an effective guide in weighing or determining what business practices and behaviors are considered to be proper, ethical, and morally accepted.
When an entity not just charters but at the same time constantly gives emphasis and value to their established code of ethics, their firm becomes a haven for harmonious relationships, ethical conducts, and morally responsible working environment.
Otherwise, companies with least effective ethical standards and guidelines are prone to wrongful and corruptive acts, which are obviously a serious threat to the existence of every company. No matter how successful an entity becomes, one skilled fraudster who lacks ethics, or who do not incorporate its concepts to his work, could cause a business breakdown, and even worst, a long-lasting tarnished reputation.
It has been proven in the case of Credit Suisse Group, a global investment bank principally located in Switzerland. They have faced a numerous number of penalties levied against them, each of it being at a massive amount. As unauthorized and unethical practices were pervasive within all their foreign units, it became normal for all their employees to agree and participate unanimously on fraudulent acts. It was indeed a hard dare for them to follow and incorporate ethical standards into the execution of their works, as the never-ending conflicts of interest were still a great force that drive many individuals to engage in corruptive and demoralizing pursuits. Until the present, they still gets involved in business scandals.
MONETIZING THE CONCEPT OF ECOLOGY AND ENCOURAGING ENVIRONMENTAL STEWARDSHIP
DeleteEnvironment as an additional consideration before undertaking business dealings might sound like another burden for many companies, but it actually isn't. With ecological boundaries, creativity becomes infinite, and so the opportunities for new business concepts.
There are many ways on how businesses could monetize the concept of ecology. I've already seen many sustainable business ideas and innovations which have been widely accepted and patronized by the public. One of the examples is when a certain company developed clothes out of shredded plastic materials. The quality of the product is indeed awesome and cannot be underestimated.
The ecology concept may also be applied in reducing production costs. The use of solar energy minimizes company's electricity bills, although the installation cost is in grande, but the benefits can overweigh this in the long run. Additionally, as what have been stated by Murdock, using less plastic packagings in delivering goods to customers decreases delivery expenses.
These just prove that giving importance to the environment does not equate to having less profits, nor does it hinder businesses from achieving their success. Many still do not realize how it benefits humans and artificial beings. So the need to advocate environmental stewardship shall be given more emphasis. Social media platforms may be used to spread these environmental advocacies. It is way better if individuals do not just say a word, but actually do and apply them in real life. In that way, people who may happen to view them online will get more motivated in doing the same thing. Thus, pioneering is the baseline to create a chain reaction.
References:
ACI Learning. (2021). The 8Es of Operational Auditing. https://youtu.be/QLBmTq8DO4A
Business Excellence Tools. (2021). Business Excellence. https://www.businessexcellencetools.com/business-excellence/#:~:text=Business%20Excellence%20is%20often%20described,world%20class%20organisation%20should%20operate.
- Ellen Grace Tanhueco (2019-100741)
1. List the 7 E’s according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDelete1. Effectiveness- Getting the expected results from the outputs or doing the right things, effective organizations deliver results. This connection has been well-documented in the for-profit sector, with highly effective organizations demonstrating superior market performance to their less effective peers.
2. Efficiency- Getting the most from the inputs or getting a lot for the efforts. The importance of being efficiency in the organization has a greatest impact on the organization when organizations that successfully embed efficiency in their culture enjoy a competitive advantage. Instead of focusing on making budget cuts to “gain efficiencies,” leaders must focus on how to remove obstacles, thereby enabling the organization to improve output using existing resources.
3. Excellence- The importance and the impact of excellence on the organization with excellence you can draw huge attention to the potential investors and customer, and through that, the organization can gain respect, integrity, and compliment which lead to the huge amount of crowd who acknowledge the excellence of the that specific organization.
4. Economy- Getting the right inputs at the lowest cost or getting a good deal, getting raw materials at low cost that can be manufactured into another product, and transacting to the satisfied customers.
5. Ethics- Ethics has a huge role in maintaining the day-to-day behavior and conduct of the employees in the organization. Ethics serve as guide and benchmark to the employees for the reason that it guides employees’ decision making and activities to have effective productivity and maintain its reputation. Ethical behavior ensures that staff completes work with honesty and integrity and meets the aim of an organization by adhering to rules and policies.
6. Equity- Equity ensures everyone has access to the same treatment, opportunities, and advancement. Equity aims to identify and eliminate barriers that prevent the full participation of some groups. And by the use of equity the organization can diversify their portfolio in any kinds of investments that has a potential returns.
7. Ecology- There are six different levels of organization important to the study of ecology - they are: species, population, community, ecosystem, biome and biosphere by understanding these relationships we can make informed decisions about policy regarding how to manage our wildlife resources.
1/2
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
DeleteOne of the most critical factors in achieving internal audit quality is the auditor’s competency and proficiency in evaluating the organization’s risk-management, control and governance processes. Each internal audit department should have a program that not only encourages top quality of internal audit reports, investigations, consulting and other services, but that also institutionalized continuous improvement in its service to stakeholders. The ability to analyze trends in full populations of data has transformed how auditors to approach audit’s, objectivity, professional skepticism. The commitment to excellence will remain at the core of everything specially in the field of auditing.
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
Wells Fargo, According to a Wells Fargo internal memo, “more than 100 employees were fired for creating fake profiles and filing fraudulent applications to get money from the Small Business Administration relief program—a program intended to help struggling small businesses amid the coronavirus pandemic.”. Failure in ethics affects organizational success, in the case of Wells Fargo, an American multinational financial services company the business involved in unethical behavior faced counterproductive dilemma. It effects their growth of the Wells Fargo for a long time because of the trust that was vanished through this unethical behavior of these employees, efficiency and workers alike. People working for a company that is unethical, deceptive and dishonest in their conduct will be directly affected and affected harmfully.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Monetization can also be appropriate in the application of the “polluter pays principle,” a key part of international environmental law. According to this principle, in the event of unavoidable environmental damage (such as an environmental disaster), the responsible entity must provide appropriate compensation for the value of the damage. I can encourage others to observe environmental stewardship by approaching the issue of monetizing nature with grave caution and not allow it to weaken the precautionary principle, nor the principle of democracy itself, both of which we need for scientifically sound and socially just environmental policy in order to foresee the outcome of our proposed and supposed agenda in the nature.
Reference:
mrpauller.weebly.com
Internal Audit: How to Guarantee an Increase in Performance
https://www.complianceweek.com/opinion/top-ethics-and-compliance-failures-of-2020/29797.article
2/2
Dayola, Charls Daniel L. 2019-107001
For the past decades, the 7Es concept has been long acknowledged as a valuable tool in undertaking an operational audit and thus, auditors should never miss this opportunity in capitalizing this model for their audited enterprise’s advantage internally and externally. With its ability to provide simplicity and practicality in line with covering some of the most crucial parts of every business, it is without a doubt designed to cater the needs of both operational auditors and the firm itself. For operational auditors, this would help them set a focus theme in every aspect of the business so as to make the audit process seamless because emphasis is leaned towards the 7E’s in accordance to their importance. On the other hand, for firms, presenting the model to them will make them understand what degree of priority they should put on within the business to achieve operational goals and objectives. To discuss further, the 7Es are explained and ranked as follow:
ReplyDeleteEffectiveness and Efficiency. Both are ranked as the first priority when dealing with this model as these two are intertwined to the extent when only one is present, it is as if there is a missing piece in delivering the full potential of a certain process or procedure. In a book by Peter Drucker (2002), he stated that “efficiency is doing things right; effectiveness is doing the right things.” To put it simply, efficiency emphasizes time while effectiveness prioritizes objective.
Excellence. Quality is a very important matter to consider because most value of the company in the perspective of its consumers (or even its potential consumers) can be derived from how they execute work performances with high quality.
Ethics and Equity. To define them in a simple manner, ethics is a system of moral principles while equity is fairness in the way something is treated. Commitment to both will lead the company to take effect a just and fair approach on what will they perform for the sake of business.
Economy and Ecology. As defined by Murdock (2016), economy refers to the “price paid for organizational resources” but it also has been highlighted that apart from the price, the value of the resources must be taken into account. This concept, is best coupled with ecology, which refers to the compliance with the environmental concerns. As a matter of fact, companies reduce cost but add more value to the business by being environmentally friendly, of which can be evidenced by higher profit rate because most consumers appreciate heavily sustainable firms.
DeleteWhen these concepts are combined together, they sure will be of great contribution not only in the audit process but to the output that it will provide to company, leading them to gain knowledge as to how they will capitalize the resources that they have in a productive manner.
In line with the work of internal auditors in their audit programs, excellence is not only suggestive but it is the optimum standard that should be followed. No auditors should accept what is only mediocre when it comes to their work. Do take note that maximum assistance to their clients is one of the multiple reasons as to why operational auditors are hired in the first place and it is their duty to provide satisfactory results through quality excellence within their work performance with the audit programs that they will devise.
Ethics, although some people still question the importance of ethics in the context of business, remember that business is still a competition and because of this idea, the reputation of the firms become highly important to portray the value of the business as a whole, which means when it becomes tainted, the business will be surely put in a dangerous spot. One best example to taint the reputation of the business is ethical violations. Take WorldCom for instance, with the fall of their stock price and how their revenue slowed back in 1999, they fraudulently portrayed itself as a profitable company by classifying operating expenses as long-term capital investments and accounted for $500 million in computer expenses without any supporting documents. As an effect, it turned its losses into a profit of $1.38 billion, leading the Securities and Exchange Commission to grow suspicious of the numbers they presented. WorldCom admits to exaggerating its earnings and filed for bankruptcy shortly after an internal audit began in 2002. Bernard Ebbers, who was the co-founder and CEO of the WorldCom on that time, was found guilty and sentenced in prison for twenty-five years (Olya, 2021). This only implies that ethics in business is a very important matter to take note because ignorance to such would not only impede the operations of the business but it can actually lead to the worst-case scenario, which is the termination of business.
DeleteAs we all know, the business sector (considering the abruptly increasing numbers of firms) is arguably one of the largest users of natural resources. This emphasizes that the way businesses consume resources implies that they are also contributing to environmental degradation, even if they are unaware of their actions. To offset these consequences, it is one of their moral obligations to monetize the concept of ecology in order to encourage environmental stewardship by innovating their products that benefit not only themselves but also the ecosystem from which they obtain their resources. Needless to say, these innovations are dependent upon the business that they run. Although for some businesses, this may seem too much, keep in mind that consumers of today’s generation are highly vigilant about who they patronize, and the fact that a company’s reputation is practically equal to its value only heightens the idea as to why firms should be fully aware of how critical it is to be environmentally conscious.
References:
Drucker, P. F. (2002). The Effective Executive. New York: HarperBusiness Essentials.
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World. BocaRaton, FL: CRC Press. Accessed November 22, 2021
Olya, G. (2021). Enron and the 24 Other Most Epic Corporate Downfalls of All Time. Accessed November 22, 2021 from https://www.gobankingrates.com/money/business/most-epic-corporate-downfalls/
Written by:
DEMABILDO, JOHN MICHAEL F., 2019-101694
1. List the 7 E's according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThe 7 E's, which are critical to an organization's success or failure, are usually included in the scope of work of operational audits. These 7 E's can then be implemented into the audit planning process, ensuring that interview questions, document reviews, goals and objectives, flowcharts, walkthroughs, and other tasks are completed. When ranking the importance of these 7 E's in the organization, I will choose efficiency as the most crucial. Effectiveness comes next, followed by economics, ethics, ecology, excellence, and finally equity.
Since we all know that inputs and other resources are limited, efficiency is the most important concept for the company. As a result, it is necessary to conserve and use them wisely while maintaining the appropriate level of output. The more output a company generates for a given quantity of inputs, the more efficient the company is. However, being efficient does not imply sacrificing the quality of the output. As a result, efficiency is a critical component of a company's organizational effectiveness. Effectiveness, on the other hand, refers to achieving the expected outcomes; in other words, you can identify if an organization's process is effective if it achieves its goal. Every business operation is a part of the economy. This involves deciding what things to produce, how to price them, how many people to hire, how much to pay these employees, how much to expand the business, and so on. The study of ethics, which refers to the study of moral values and the standards of conduct that govern people, is also crucial for organizations to encourage integrity among their employees and earn trust from key stakeholders.
- Aplacador, Bianca Marie Q. (2019-106307)
Next is ecology, which has an impact on businesses since there is a continuous connection between them and the environment. Business receives inputs from the environment and returns them as outputs. Then there's excellence, which is defined as an outstanding way of managing an organization and achieving results. It has an impact on business since the success of a company is determined by the quality of its people. Finally, there's equity. Although I ranked equity as the least significant factor, this does not undermine its significance. The term "equity" refers to how others are treated with dignity and respect. This should be taken into account in the workplace to avoid discrimination and to help the company achieve its goals while maintaining a healthy and professional relationship.
Delete2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Excellence is defined as the creation of high-quality work in all areas, and quality is essential for continued success (Murdock, 2017). Internal auditors act as the eyes and ears of the company's top management and board of directors, gathering important and objective information about the firm independently (IIA, 2019). Hence, this concept of excellence gives me an idea that to be able to provide the necessary quality audits, an internal auditor must perform with excellence.
Companies can benefit from internal audits in a variety of ways, including identifying areas or procedures that need to be modified, detecting new risks, and preparing for external audits. As a result, businesses must choose internal auditors who have the necessary qualifications and experience, as well as ones who can deliver excellent service. Auditing programs can embrace excellence by providing a
- Aplacador, Bianca Marie Q. (2019-106307)
high-quality audit that achieves its basic goal of being a systematic and objective evaluation of your company's accounts. It should be carried out by a qualified, independent body that follows current auditing guidelines.
Delete3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
The Merriam-Webster dictionary defines ethics as the rules of behavior based on ideas about what is morally good and bad. It deals with good and bad behavior, what is morally right or wrong, and moral duty and obligation. In connection with the definition, ethics contributes to the success of an organization in a way that it serves as a guide and rules for all the members of the organization to operate and fulfill their responsibilities with integrity and objectivity.
One of the most shocking and widely reported ethics violations of all time is Enron's downfall and the imprisonment of several members of its leadership group. It not only bankrupted the company but also destroyed Arthur Andersen, one of the largest audit firms in the world, since the firm did not let the Enron Audit Committee know that there weren’t proper internal controls in place to protect shareholder interests. Enron was a publicly traded company, headquartered in Houston, Texas, that was active in a range of energy-related enterprises and was one of the largest pulp and paper, electricity, gas, and communications companies in the world.
Enron’s officers and employees engaged in many fraudulent accounting activities and other crimes. Some of these include misrepresenting the company’s earnings in financial reports to shareholders, embezzling corporate funds, and illegally manipulating energy markets by creating fake power shortages to drive up the price of electricity, for example.
- Aplacador, Bianca Marie Q. (2019-106307
The company hid financial losses and claimed profits on assets that in fact lost money. There is a lot of ethical behavior that is lacking from the members of the organizations involved in the incident, such as objectivity, confidentiality, integrity, and due professional care, which are also some of the fundamental principles of the Code of Professional Conduct.
Delete4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Ecosystems of all kinds provide services that are beneficial to both natural and man-made environments. Humans and our urban infrastructure benefit from the services of nature. That is why many environmentalists are pushing for the monetization of nature in the face of declining political will for environmental protection. Some claim that monetization can raise public awareness and support conservation programs by demonstrating the economic contribution of nature and its benefits. The goal of monetizing ecosystem services is to encourage environmentally conscious behavior in communities and businesses.
To protect the environment, we, as human beings, must encourage everyone to be stewards of their own nature. In terms of businesses, they must follow a sustainable practice that prioritizes conservation and limits the harvesting of our natural resources. Protecting and preserving our natural environment will benefit not only the future of all creatures on the planet but also the future of the businesses that practice sustainability, as it will give them a competitive advantage due to their effective and efficient operations and eventually build a good reputation that will attract customers, resulting in high profitability.
- Aplacador, Bianca Marie Q. (2019-106307)
References:
DeleteCFI (n.d). Top Accounting Scandals: A recap of the top scandals in the past. https://corporatefinanceinstitute.com/resources/knowledge/other/top-accounting-scandals/
Clarke, I. (2019, May 1). What Is an Internal Auditor & Why Should You Hire One? https://linfordco.com/blog/what-is-an-internal-auditor/
Meriam Webster. (n.d). Definition of Ethics. https://www.merriam-webster.com/dictionary/ethic
Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World. CRC Press Taylor and Francis Group.
Unmüßig, B. (2014, August). Monetizing Nature: Taking Precaution on a Slippery Slope. https://greattransition.org/publication/monetizing-nature-taking-precaution-on-a-slippery-slope
Wolf, Anu (2020 April 19). Should Nature Be Monetized? https://medium.com/@anu.garcha12/should-nature-be-monetized-646ff80f1e7b
- Aplacador, Bianca Marie Q. (2019-106307)
1. List the 7 E's according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteEffectiveness, efficiency, economy, excellence, ethics, equity and ecology are the seven E's. They are all interrelated to one another. If implemented and executed correctly, the 7Es ensure an organization's success. Excellence is the most crucial and has the largest influence on the business. It is a concept that necessitates high levels of emotional intelligence, attention, enthusiasm and energy. Outstanding techniques in managing the company and generating outcomes all based on a set of core beliefs or ideals are typically defined as excellence in business. It demonstrates how an organization is progressing toward achieving its purpose, vision goals and objectives. The second is ethics. Ethics govern one's decisions and behaviors in order to have a beneficial influence. It is vital not only in personal lives but also in business. This may assist to improve connections with consumers and other businesses. Since "high integrity and honesty" is the second-most essential talent for company leaders, therefore, demonstrating ethics in the workplace may lead to profitability, success and customer loyalty.
The third one is efficiency. It is critical to the company's profitability by saving both time and money. Fourth, effectiveness. It is defined as the degree to which something succeeds in meeting objectives. It is frequently associated with efficiency, as efficiency in business may lead to effectiveness or success. The fifth one is equity. We must always operate with honesty and integrity and must always promote equity. The sixth one is ecology. Environmental factors impacting business are linked to activities and procedures that are required to conserve the natural environment while also maintaining or increasing the corporation's profitability. Finally, business economics aids in the establishment of links among various economic variables such as income, profits, losses and market structure. This assists managers in making successful decisions and running the company.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Organizational leadership and management drive business excellence, which include enhancing customer outcomes and boosting productivity through the organization's main processes. It is the foundation of each successful company's strategy and development. In relation to the implementation of an audit program, the quality of the work done or to be done by internal auditors is also critical. Internal audit typically aids a company in detecting and reducing risk. Internal auditors are sometimes asked to assist organizations in improving their capacity to offer high-quality products or services to their consumers. Internal audit, like its clients, has customers, thus internal auditors must please them and give outstanding service. Internal auditors that perform well can add more value to the business and make better decisions for the benefit of its clients.
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteEthics is concerned with people's judgments of what is good and bad, it differs from person to person. A company's lack of ethics can cause several issues. It might be difficult to appreciate the value of ethical behavior in business in an environment where going ahead and generating money appears to take importance above ethical decision-making. Employee performance is negatively impacted by a lack of ethics. Employees are sometimes so focused on getting ahead and gaining money that they disregard procedures and policy. This might result in more paperwork and thoughtless mistakes, requiring the task to be redone. Employees who believe that operating ethically and following the rules would not help them advance in the company may experience a lack of motivation, which can lead to decline in performance.
Tesco is an example of a company that has failed in terms of ethics. Tesco has a long history of problematic ethics, from its run-in with the Serious Fraud Office to the pressure it puts on suppliers. With some favorable rules on supply chain management and timber sourcing, the firm has begun to take environmental problems seriously. Climate change, palm oil, environmental reporting, habitats and resources, pollutions and toxics, human rights, worker's rights, irresponsible marketing, animal rights, animal testing, factory farming, use of controversial technologies, political activities, and anti-social finance are all ethical concerns for Tesco. The supermarket chains and businesses engaged stated they were unaware that their employees were being exploited and some said they only learned of the abuse after being contacted by media. Despite its extensive line of own-brand gadgets, the corporation has no policy on conflict minerals in 2019. These are minerals extracted in areas where there are armed conflict and human rights violations, such as the Democratic Republic of Congo's eastern regions.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
DeleteIn the wake of declining political will for environmental protection, many in the environmental community are advocating for the monetization of ecology. Some argue that monetization, by revealing the economic contribution of nature and its services, can heighten public awareness and enhance conservation efforts. Nature has significant capital. The oceans freely help conserve carbon, provide food, provide recreation, and provide a cooling effect in the summer. Glaciers supply free drinking water and help to lower the Earth's surface. Ecosystems produce an estimated US$16–54 trillion in services each year, which is a lot we take for granted, especially since anthropogenic activities like industrial agriculture and resource exploitation damage numerous ecosystems each year and contribute to global climate change (Costanza et al., 1997).
As a result, there has been an increasing discussion about monetizing ecosystems so that their services may be valued in dollars. Many localities are already exploring monetizing their natural assets in order to account for essential services that are delivered by nature rather than manmade infrastructure. Comparisons with new infrastructure development projects or other commercial matters will be partly owing to the said monetization. The goal of monetizing ecosystem services is to encourage environmentally conscious behavior in municipalities and businesses. We not only utilize or preserve the human environment through conservation and sustainable practices but we also consider the economic worth of what we use or discard.
References:
Carucci, R. (2016). Why Ethical People Make Unethical Choices. Retrieved from https://hbr.org/2016/12/why-ethical-people-make-unethical-choices
Quain, S. (2019). Organizational Effectiveness Vs. Organizational Efficiency. https://smallbusiness.chron.com/organizational-effectiveness-vs-organizational-efficiency-22413.html
Wozniak, K. (2020). Ecological factors affecting business. Retrieved from https://ceopedia.org/index.php/Ecological_factors_affecting_business
CPE, S. (2020). Excellence in Internal Auditing. https://www.surgent.com/the-surge/podcast-episode-5-excellence-in-internal-auditing/
EthicalConsumer. (2021). Tesco plc. https://www.ethicalconsumer.org/company-profile/tesco-plc
Unmüßig, B. (2014). Monetizing Nature: Taking Precaution on a Slippery Slope. https://greattransition.org/publication/monetizing-nature-taking-precaution-on-a-slippery-slope
Sunthorn, Honey Lizette B.
CBET 01-501A
2019-103582
Part 01/03
ReplyDelete(1)
It is indisputable that the assessment of 7Es (Economy, Efficiency, Effectiveness, Ethics, Equity, Ecology, and Excellence) can help an organization determine if its plans or processes are functioning competently. The primary purpose 7Es is to support the management and the internal control team in ascertaining if they achieve the organization's objectives (Murdock, 2017). As they are interrelated, it is difficult to conclude which one has the most importance or impact on the business. After thorough consideration, I can say that effectiveness paired with efficiency has the most remarkable value in an organization, followed by excellence, economy, ethics, equity, and ecology.
Effectiveness is the most important and impactful in 7Es because it is an integral part of producing the desired result of an organization. It is clearly impossible to achieve any objectives if the programs and methods of an entity are not effective. Next, we have efficiency. By evaluating this aspect, an organization can make the best possible use of its resources and save time simultaneously, making the business profitable. Following is excellence. It is associated with the practices and mechanisms within an organization that can assist them in meeting their performance expectations. Also, the internal control must assess the economy. A change in economic activities such as production, distribution, and consumption of commodities and services is a deciding factor in the performance of an organization. In 7Es, ethics can help ensure that the organization is in good reputation that will attract more investors and customers. In addition, equity is also valuable. It will avoid conflict of interest and encourage a fair selection of associates, suppliers, partners, and other stakeholders. Lastly, the one that is concerned with the environmental impact of business activities, ecology. The performance of the business can be affected by the environmental condition, meaning to say, good environmental conditions can lead to a better output of an organization.
FRANDIAN A. BLANCO, 2019-103951
Part 02/03
Delete(2)
As mentioned by Tan (2014), excellence is a state when an individual exceeds certain expectations. It must be the core value of all individuals and organizations, supported by training and development. Every management and practitioner is seeking excellence for employees to perform at their best in the workplace. In a more extensive understanding, excellence is also a state of mind that forces internal auditors to do their job satisfactorily the first time (Murdock, 2017). For an auditor to become excellent, they must deliver and produce a result in accordance with the client's vision. They need to perform to the highest level of quality they can every step of the way, starting from the planning phase to risks assessment, reporting, implementation, and monitoring. If an auditor performs with excellence joined with objectivity, the probability of success of an organization will become higher.
(3)
According to Intuitive Risk Management (n.d.), business ethics is not just about compliance with the laws and regulations of the government but also how organizations conform with acceptable principles. In addition, it also relates to providing the right environment for employees and building partnerships with customers, suppliers, and investors. In other words, the best interests of all parties are at the forefront of all decisions. Today, failure to adapt to ethical behavior can put a business in an uncomfortable position. Enron is one of the companies that failed in adapting the proper business ethics (Bondarenko, 2021). Enron faced intensifying competition in its energy trading business, and its profits shrank rapidly. Under pressure from shareholders, company executives began to rely on inappropriate accounting practices, including a technology known as "mark-to-market accounting," to hide the problem. As the circumstances of the accounting frauds and ethical issues surfaced, Enron went into crisis and led to its downfall.
FRANDIAN A. BLANCO, 2019-103951
Part 03/03
Delete(4) As stated by Murdock (2017), ecology is involved in operational activities that protect and promote the welfare of the natural environment. Also, the main factor why businesses consider these activities is because of the law and regulations by the government. However, as time passes, companies start focusing on this factor as part of their corporate responsibility. Organizations and different institutions discovered that these factors had a positive impact on their profitability. By being environmentally conscious, they can attract new markets and encourage business to possible investors. There are many ways to encourage others to be ecologically responsible. One of the most effective ways is proper information dissemination. If we spread and emphasize the positive effects of ecological stewardship, it can drive people to choose green.
References:
Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World. CRC Press Taylor & Francis Group
Tan, V. S. (2014, December 27). The 10 As of Personal Excellence. Mystarjob.
http://mystarjob.com/articles/story/2014/12/27
Bondarenko, P. (2021, July 19). Enron scandal.
Britannica. https://www.britannica.com/event/Enron-scandal
FRANDIAN A. BLANCO, 2019-103951
This comment has been removed by the author.
ReplyDelete1/3
ReplyDelete1. List the 7 Es and explain how they impact organizational success.
Effectiveness, efficiency, economy, excellence, ethics, equity, and environment are the seven E's. The 7Es are intended to assist auditors in adding value to the company and demonstrating to clients that they genuinely want to contribute to its success. These seven factors are linked to one another. Effectiveness refers to attaining set goals and objectives while using the least amount of resources possible, whereas efficiency refers to an organization's ability to produce exceptional products or services. The economy encourages organizations to do what they need to do in order to deliver quality, which refers to excellence. In addition, we must always operate with honesty and integrity, and we must constantly promote equity. We must also protect the environment when delivering products and services (Murdock 2016 pp. 8695). Following these accordingly would definitely leverage the success of any businesses for having a clear idea of their priorities.
2. Link the concept of excellence to the work of internal auditors and how it can be incorporated in audit programs.
Excellence should focus on delivering what is promised and providing high-quality products or services, rather than just meeting or exceeding consumer expectations. "Difference is predicated on the perceived value that customers gain from the product or service," according to Murdock (2016), and "when designed and utilized appropriately, can result in better profitability" (p. 88).
Quality is significant for it adds value to customers and may be a competitive advantage for an organization. In relation to the implementation of an audit program, the quality of the work done or to be done by internal auditors is also critical. Internal audit usually helps a company in detecting and reducing risk. Internal auditors are sometimes asked to assist organizations in improving their
-Paglinawan, Eliazar A. 2019-101459
2/3
Deleteability to provide high-quality products or services to their consumers. Internal audit, like its clients, has clients, thus internal auditors must satisfy them and give outstanding service. Internal auditors that perform well can add more value to the organization and make better decisions for the benefit of its clients.
3. How can failure in ethics affect organizational success? Is it something that can be audited?
It goes without saying that organizations should make authenticity their core value and ethical decisions their foundation. However, no organization can accurately regulate this because ethics deals with people's perceptions of what is good and evil, hence it varies from person to person. Every professional's job, including that of internal auditors, is impacted by ethics.
Internal auditors' ethical behavior might be influenced by the fact that they must report the results of their audit and offer suggestions and opinions for the organization's performance. This happens to everyone, not just internal auditors. When seeking to resolve a matter, some people apply their own personal values, which may differ from the company's morals or from what is legally and ethically good and wrong, causing problems.
An organization’s lack of ethics, involvement in huge scandals, and indifference to the welfare of communities reaching public awareness will harm the company's credibility, which is critical to its success. As a result, a company may lose consumers, and even if the company's reputation is restored, it will be difficult to regain the customers' trust, and they may seek out other businesses to meet and satisfy their demands. It can be audited by looking over it and figuring out what's wrong with it, then taking steps to improve it.
-Paglinawan, Eliazar A. 2019-101459
3/3
Delete4. Describe ways to monetize the concept of ecology, so we don’t only rely on altruistic and emotional motivators, but also economic ones to encourage environmental stewardship.
A method to monetize the concept of ecology is to show how important environmental services are to the general public's economic well-being. True, we are unaware of the huge value and numerous benefits that nature delivers to humanity. Some argue that evaluating economic services can assist raise awareness among all people, so preventing future environmental harm and facilitating natural regeneration. Some argue that the greatest method to demonstrate the worth of nature is to put it in terms that policymakers can grasp, such as quantitative data or simply money (Unmüßig, 2014). Thus, we can both conserve and sustain our environment and look at the value of what we consume, use, or waste.
REFERENCES:
Unmüßig, B. (2014, August). Monetizing Nature: Taking Precaution on a Slippery Slope. Retrieved November 28, 2021 from https://greattransition.org/publication/monetizing-nature-taking-precaution-on-a-slippery-slope
Murdock, Hernan. (2016). Operational auditing: Principles and techniques for a changing world. Boca Raton, FL: CRC Press.
-Paglinawan, Eliazar A. 2019-101459
This comment has been removed by the author.
ReplyDelete1/2
ReplyDelete1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
7E’s could correlate to the Internal control framework which has three objectives. These 3 are the (1) Operational objective, (2) Financial reporting objective, and (3) Compliance objective. The 7 E’s are important in doing an audit for a business because it serves as the guideline in accomplishing the goals and objectives of the business. Under operational objectives, it involves (1)Effectiveness and (2) Efficiency which helps in resolving conflict in operation. Under the financial reporting objective, it involves (3) Economy, (4) Excellence, (5) Ethics, and (6) Equity which pertains to the performance of the business in high quality whether it is effective, efficient, and has economical value considering the 3 key factors such as people, profit, and the planet. Under Compliance objective, it involves (7) Ecology which is considering the ecological and environmental aspects such as ecosystems in the organization while doing profitable operation.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Excellence pertains to the performance of an organization whether it performs effectively, efficiently, and economically while doing a profitable operation. To relate it in audit programs done by internal auditors, it refers to how internal auditors successfully guide the business in achieving its goals and objectives. Doing an audit program involves identifying, measuring, and analyzing risks and conducting a control system to manage the risks. The said audit program is sadi to excellent when it gives benefit and opportunities to the business. Furthermore, an excellent audit program reflects the competency and skepticism of the internal auditor so when a business is operating smoothly, then the internal auditor who conducts the audit program is doing his job excellently.
2/2
Delete3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
Ethics is the acceptable norms, practices, ethical values in the organization. Since most organizations focus on excellence, they usually neglect ethics that affect their organizational success. One of these companies who failed as to ethics is the Nestle company. According to the published news article in India, In 2019, in complete violation of the law, Nestle conducted clinical trials on 75 premature babies in five Indian hospitals on substitutes for breast milk. The objective of the study was to assess the growth and feeding intolerance in preterm infants. Aside from that, this company appeared on Global Exchange's list of Top Ten Corporate Criminals Alumni for unnecessarily marketing infant formula to nursing mothers, pushing bottled water sales, and failing to stop child labor in cocoa fields. It was also said that this company contributes to the unnecessary death and suffering of infants around the world by aggressively marketing baby foods in breach of international marketing standards. Basically, these practice done by Nestle is considered unethical because it somehow violates human rights. As aforementioned, Nestle only kept the focus on the excellence of their product without noticing that they neglect ethics which will greatly affect the image of the company to the people.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Ecology is considering the ecological and environmental aspects such as ecosystems while doing profitable operations in an organization. Obviously, there are a lot of ways to monetize the concept of ecology to encourage others to also observe environmental stewardship such as giving incentives when customers returned reusable products sold by the business. Also, by giving gift certificates to those customers who successfully innovate the product to make it reusable again.
References:
What makes a good auditor? - Wikiaccounting https://www.wikiaccounting.com › what-makes-good-audi…Retrieved: November 28, 2021
National Herald, Nestle violates law in India, conducts clinical trials on premature infants for baby food (nationalheraldindia.com) Published: 03 Aug 2019, Retrieved: November 28, 2021
Top Ten Corporate Criminals Alumni – Global Exchange, https://globalexchange.org/corporate-criminals-alumni/, Retrieved: November 28, 2021
Nestle | Shop Ethical! company profile, https://guide.ethical.org.au/company/?company=466 Retrieved: November 28, 2021
By: Escritor, Rheabelle | 2019-106337
This comment has been removed by the author.
ReplyDelete7 Es according to importance or the most significant impact on the organization and how they impact the business.
ReplyDeleteThere are Seven Es in operational auditing that will help the internal auditor conduct an operational audit to add significance to their work. The first Es that have the most significant impact on an organization is Effectiveness. Because it will measure how effective the vision, mission, and goals that direct the company to its success, it will be the driving factor of an organization that everyone should abide to achieve the organization's desired results.
Next to it is ethics. I think it would adhere a significant impact on what will be the behavior of someone must possess. An operation should operate in accordance with moral ideals that are acceptable and control the organization's behavior (Murdock, 2016). Then, efficiency will maximize the use of resources to avoid scarcity of resources and minimize the cost that an organization may gain. Wherein, the efficiency will lead to the company's excellence because if an organization is efficient in using their resource, it will lead to the highest quality and zero error rates activities.
Furthermore, if an organization applied efficiency in a better way, it would help the organization use its resources in better ways. In that way, an organization could help the environment. Wherein it will promote better protection to the environment. Too much scarcity of resources is not good for the environment. So, an organization should promote the concept of ecology. The next E is Economy. The program or procedure secures resources at the best possible price for the organization. This is accomplished by exercising caution in acquiring financial, human, or material inputs—managing scarce resources, which considers the price and worth of the resources.
Lastly is the Ecology. The activities of the organization must protect, promote, and enhance environmental protection. Compliance with laws and regulations that limit the environmental impact of company activities, such as the Clean Air and Clean Water Acts, waste management and pollutant remediation, chemical safety, and resource utilization rules, is the primary driver for ecological stewardship.
The concept of excellence to the work of internal auditors and how it can be incorporated in audit programs.
Internal auditors are skilled professionals assigned to conduct independent and objective assessments of an organization's financial and operational business activities. They are hired to guarantee that businesses adhere to proper procedures and operate smoothly (Internal Auditor (IA) Definition, 2020). An internal must possess the concept of excellence when doing their work. The internal auditor will conform to the highest feasible standard of quality and strive for near-zero error rates whenever possible when they are doing their job. Moreover, it should be a fundamental principle shared by all individuals and organizations, reinforced through excellent training and development (Murdock, 2016). Excellence will help the internal auditor to do its works with quality that would be beneficial to the improvement of an organization.
2019-104415
Mangilog, Anthony C
How ethical failure affects corporate performance.
ReplyDeleteEthics are applied in operation to adhere to the organization's acceptable moral norms. The standards of behavior must be stated in policy documents and reinforced through the organization's culture and mechanisms of reinforcement, such as performance reviews and compensation programs. A lack of ethics harms employee performance. Some of the employees who are after the money or sometimes in promotion ignore procedures and protocols to move on the fastest way. Some of the employees are ethical and follow the rules and regulations, but they are sometimes ignored. Suppose not compensated for their excellent job will result in losing their motivation (Zeiger, 2019). Also, failure in ethics will lead to damage in credibility. The best example here is the case of Sellafield. The case in Sellafield is rooted in the unethical behavior of their employees did. Laziness and falsifying documents to avoid paper works and finding the jobs meaningless. Doing those things could lead to a potential risk that Sellafield might gain when not been corrected immediately.
Ways to commercialize ecology and inspire others to practice environmental care
I think the best way to monetize the concept of ecology is to promote or advertise your product in environmentally friendly ways. Nowadays, many people patronize those products or service that is eco-friendly. In today's era, the environment is one of the top priorities of the people because of the different problems that we encounter due to the destruction of the environment.
I can encourage others to observe environmental stewardship by showing or telling them the status of our environment. Also, informing them by observing environmental stewardship will be beneficial to us and all living things here on our planet. After all, it would be our loss if we did not protect our environment. We are mere habitats of this planet and choosing not to protect it and preserve it will affect us in the future and or our way of living.
References:
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World (Internal Audit and IT Audit) (1st ed.). Auerbach Publications.
Zeiger, S. (2019, March 11). Effects of a Lack of Ethics on a Business Environment. Small Business - Chron.Com. https://smallbusiness.chron.com/effects-lack-ethics-business-environment-23332.html
Internal Auditor (IA) Definition. (2020, November 23). Investopedia. https://www.investopedia.com/terms/i/internalauditor.asp
2019-104415
Mangilog, Anthony C
1/2
ReplyDelete1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
The 7Es of success are designed to aid and advise businesses in selecting which areas to emphasize in order to achieve their goals. Every organization's success is dependent on these 7Es. If I had to rank them in terms of importance or influence, I would rank them as follows: ethics, equity, effectiveness, efficiency, ecology, excellence, and economy. Ethics has a significant impact on productivity. Ethics refers to a set of standards that employees must follow as well as a set of guiding principles that employees must observe in order to establish a comfortable work environment that values decency, respect, and compassion. It is strongly intertwined with equity because both emphasize the need of respect and value. In the broadest sense, equity is fairness, because when employees understand that their choices are handled fairly and appropriately, everyone benefits. Effectiveness is defined as having predefined goals and objectives, ensuring that the company is always competitive and profitable, and implementing an effective plan to achieve those goals and objectives. Efficiency is the evaluation and assessment of a process to ensure that the proper amount of resources is used to provide a valued product; this also addresses material errors to minimize further damage to the process. Ecology makes a business more competitive since it allows them to have many values if they care about the environment in which they operate. Management must understand how to maximize performance through product reliability and customer satisfaction, which includes being more customer-focused and providing great service. The economy influences how firms acquire equipment and other materials required for their operations in order for them to be used and yield crucial points. Each of the seven elements of success is essential, as successful operations are impossible without the presence of the others.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Internal auditors analyze the operations of the business in an independent and objective manner. They collect relevant and unbiased information on the organization (Linford, n.d.). They serve as an objective source of independent guidance to assure the authenticity and legality of the process. They supply services to the client, and these services must be of high quality. Excellence in auditing entails controlling and performing the entire audit cycle, including risk management and control management over the effectiveness, financial reliability, and compliance with all applicable directives and regulations. Accounting documents, past reports, statistics, flowcharts, and so on are carefully analyzed and assessed. Preparing a report that accurately reflects the audit's findings and measures any deficiencies. Internal auditors are expected to maintain their integrity when writing a report and offering a high-quality service.
ALCANTARA, SHIELA MAE D.
2019-103506
2/2
Delete3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
Business leaders must work to ensure that their company has strong morals, principles, conduct, and ethics so that employees feel at ease and confident working. Employees that share values and believe in the company principles and behavior are a major benefit to the organization. Employees and management may collaborate to build organizations with high standards (WGU, n.d.). Ethical scandals in business can severely damage a company's reputation, leaving employees and customers with a negative impression of the company's morals. The workplace should prioritize ethics and values in order to attract the best employees and customers. The Chinese Milk Contamination Scandal is an example of a company that fails to prioritize ethics. Sixteen infants in China's Gansu Province were diagnosed with kidney stones six years ago today. They had all been fed milk powder that was later discovered to be contaminated with melamine, a hazardous industrial chemical. Four months later, an estimated 300,000 newborns in China became ill as a result of the contaminated milk, and kidney damage resulted in six deaths (Yanzhong, 2014). Following the incident, the Chinese dairy companies were in financial problems. This event has harmed the reputation of Chinese foods in the international market, particularly the export of dairy products. The public's trust in milk-containing foods has been eroded as a result of the melamine crisis, and public awareness about food safety has increased.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Ecology offers a wealth of data that can be monetized. Businesses collaborated closely with varied industry partners in the creation of new applications for markets to develop new products. Businesses, on the other hand, must understand the importance of preserving the environment in which they operate because all of the benefits we are currently experiencing and businesses are using, such as flood control, water filtration, energy production, and species habitat, are all derived from our environment. However, environmental stewardship has received insufficient conceptual attention. I can encourage others to practice environmental stewardship by replanting trees, regulating harvests, eliminating harmful activities or pollution, establishing community gardens, purchasing items from local farmers, or purchasing more sustainable products. This conserves our natural resources, mitigate pollution, and safeguards biodiversity.
References:
Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World. CRC Press Taylor and Francis Group.
Linford & Company LLP (n.d). What Is an Internal Auditor & Why Should You Hire One? https://linfordco.com/blog/what-is-an-internal-auditor/
Western Governors University (n.d). Ethical Dilemmas: How Scandals Damage Companies. https://www.wgu.edu/blog/ethical-dilemmas-how-scandals-damage-companies1909.html#close
Yanzhong. H (2014). The 2008 Milk Scandal Revisited. https://www.forbes.com/sites/yanzhonghuang/2014/07/16/the-2008-milk-scandal-revisited/?sh=6c542f7d4105
ALCANTARA, SHIELA MAE D.
2019-103506
Businesses are always confronted with unprecedented challenges, especially in this ever changing world. There’s always a need for an auditor to check if the organization is still on track toward success. And to properly audit the organization, there is a 7Es model that the auditors can use to make a better assessment. The 7Es are effectiveness, efficiency, economy, excellence, ethics, equity, and ecology, and they play an important role in the success of a business. To rank them based on importance in impact on the organization, it would be excellence, followed by efficiency, effectiveness, ethics, equity, and ecology, and the last would be economy.
ReplyDeleteBUCAL, RINA P. (2019-102462)
Excellence relates to performing all work with quality. It is important in business because it attracts success, it goes beyond what is average, it enhances innovation, customer satisfaction, and organizational growth. Next is efficiency, which relates to how the organization uses its input and other resources to achieve its desired level of productivity. Then effectiveness is important as this assesses the process of how the organization is attaining its set goals and objectives. There is also ethics and equity. Ethics is concerned with a set of moral values and principles that govern the conduct of the individual within the organization, and equity relates to the treatment of others by their peers. These two focus on the conduct of the employees and also of the business itself, which is important in the workplace and in the society in which it takes part, and they impact the business in a way that facilitates a good workflow and a harmonious relationship between individuals and other stakeholders. The other E, ecology, is concerned with the environment and pertains to how the organization does business without having so much impact on the environment. The last one is economy, which relates to the price of the product the organization uses in its operation.
DeleteMoreover, excellence is not limited to the organization; it can also be incorporated into anything that could be done with quality, and it could be in the job of the auditor. An audit or a program that is well planned and executed surely adds value to the organization, and that requires excellence. The audit report that is of quality and one that is accurate is extremely valuable to the organization. It ensures that the desired success will be achieved.
DeleteAnother component of the 7Es model that determines the success or failure of the organization is ethics. Ethics promotes integrity and directs how an organization should govern and conduct business within the parameters set forth. It enhances the law by setting behaviors or principles that are beyond government control and that involve how they deal with their customers, profit, legal issues, and corporate conduct. More trust could be gained with a good reputation. And if a business fails in ethics, it may have a negative impact on its success and cause it to lose customers and other stakeholders. One of the companies that failed in ethics was Enron in 2001, when it faced an ethical accounting scandal. Enron trades energy derivatives and serves as an intermediary between the natural gas producer and its customer. It dominated the market, but when the competition increased, its profit shrank rapidly. They "cooked the book" and made their income look much higher than it actually was. And when it went bankrupt, its stock plummeted, and later on, it filled its bankruptcy.
DeleteAnother element that really impacts the organization is ecology, or the environment. Public awareness and conservation efforts can be heightened when businesses monetize the environment. The concept of monetizing the ecology could be done by giving value to the ecosystem service based on the cost of providing the same service from human-built infrastructure (Wolf, 2020). This is done to better protect the environment, but some argue that instead of valuing the ecosystem, we should genuinely value it. And to encourage everyone to observe environmental stewardship, we must spread awareness about how our actions could have a great impact on the environment. We must say no to anything that is destructive and be environmentally conscious because we only have one planet to protect and that is the earth.
DeleteSources:
Wolf, A. (2020). Should Nature be Monitized? Retrieved from https://medium.com/@anu.garcha12/should-nature-be-monetized- 646ff80f1e7b#:~:
text=Ecosystem%20monetization%20is%20giving%20a%20value%20t o%20the
%20ecosystem%20services,in%20municipalities%20and%20for%20corporations.
N.A. (2021, Mar. 2). Ethical Dilemmas: How Scandal Damage Companies. The University of You. Retrieved from https://www.wgu.edu/blog/ethical-dilemmas-how-scandals- damage-companies1909.html#openSubscriberModal
Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World. Taylor & Francis Group.
1/3
ReplyDeleteThese 7 Es are what help business achieve success. Business success is a long process it requires plenty of planning, observation, application and evaluation. 7 Es is one of those many aspects in business operation that can contribute in the attainment of their goals. Ethics is the guiding principle that shapes the people involved in the business operation as well as the people around them. It is important for a business to practice ethical standard in every aspect of their day-to-day function. These are not just a simple principle that has to be followed, rather it entails a deeper connection with the ethical behavior of a person’s performance. A person with a great sense of ethical conduct is more likely to perform with a highest integrity and honesty. A business that acknowledges ethics in their company creates a positive image in their investor, employee and also to their customers. A business with a well- executed code of ethics generates a positive workplace environment. Effectiveness and efficiency are two important factors for business because all organization are doing things in align with their business objective and it is important that a form knows how to utilize its resources at full potential and implements effective measures and make sure that all employees are contributing to the company’s success by producing high quality outputs and maximizing the available resources. Talking about producing high quality outputs, excellence is the performance of a person by means of meeting the expected output or carry out an output that is beyond the minimum standard or work however, this should always be guided to work in accordance of values and ethics. Equity is how we act toward others, treating people equally, with respect and dignity is what makes a business a more inviting because we see one another as equal and not tolerate any kinds of inappropriate acts such as discrimination. Last is ecology, as business progress it is important that firms are socially responsible when it comes to environmental issues. Nowadays, customers and investors tend to support those business who have an active participation in maintaining a ecological production and operation.
2/3
DeleteAuditor is an integral part of every business with that being said it is important that auditors perform with the highest standard possible. According to (vocabulary, n.d) excellence means the quality of excelling, or truly being the best at something. Producing exceptional outcomes is what owners are looking for. An excellent internal auditor must be functioning with all independence, integrity and with professional skepticism. Since there are the one who is responsible in assuring all stakeholders about the state of the business. Internal auditors affect the decision making, they are not only responsible in financial matter but rather that are also accountable in assessing risk and creating control measures. As stated by (Charted Governance Institute, n.d.) “A good audit committee report clearly and concisely explains what the committee has done throughout the year and demonstrates an understanding of the significance of the audit function to shareholders. The best audit committee reports include an examination of the specific accounting issues considered”
I really do believe that ethics affects many aspects in the organization. According to (Zeiger, 2019) affects the business legality, employee’s performance and credibility. When a business does not follow the required legal documents or forged and fabricated any of it, the business faces a huge fine and penalties and this is where the credibility of the business becomes affects, since that is unethical, it will reflect negatively on customers, “Customers that abandon a company because they are dismayed by poor ethical practices will find other products and services to meet their needs.” Last is employee’s performance she mentioned that some employees are more concern about the money or simply by completing the task required that sometimes they omit errors and create unethical behavior. One example of a company that failed in ethical conduct is Kozlowski, the CEO of Tyco. He is was caught stealing the bonuses and loans with an amount of 600 million dollars. (Segal, 2021).
3/3
DeleteMany businesses are responsible in the state of our environment today. Some abuses these resources for their own good. Yet, some are fighting to compensate the damages they incurred. Plenty of businesses today are focusing on producing ecological products like famous shoes store who convert plastic into shoes. Companies who support the use of recyclable packaging instead of plastic. According to (Bennett, et al., 2018) there has been an increase when it comes to environmental policies, management and conservation however there is a huge lack of attention in environmental stewardship. They define local environmental stewardship as the actions taken by individuals, groups or networks of actors, with various motivations and levels of capacity, to protect, care for or responsibly use the environment in pursuit of environmental and/or social outcomes in diverse social–ecological contexts. I believe that business today is more aware on what is happening in our environment. In that case they must put into their priority on how they can help eliminate the damage with their plan strategy and putting out high standard products and services.
LONGNO, MICAH LEI C (2019-106978)
References
Bennett, N. J., Whitty, T. S., Finkbeiner, E., Pittman, J., Bassett, H., Gelcich, S., & Allison, E. H. (2018, January 31). Springer Link. Retrieved from Google: https://link.springer.com/article/10.1007/s00267-017-0993-2
Charted Governance Institute. (n.d.). Retrieved from Google : cgi.org.uk/knowledge/governance-and-compliance/careers/jan-2015-achieving-excellence-audit-and-risk
Segal, T. (2021, January 27). investopedia . Retrieved from Google: https://www.investopedia.com/financial-edge/0113/5-most-publicized-ethics-violations-by-ceos.aspx
Vocabulary.com. (n.d.). Retrieved from Google : https://www.vocabulary.com/dictionary/excellence
Zeiger, S. (2019, March 11). CHRON. Retrieved from Google: https://smallbusiness.chron.com/effects-lack-ethics-business-environment-23332.html
This comment has been removed by the author.
ReplyDelete1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteAmong the 7 Es of success, each has its own contribution and impact to help the organization achieve success. The following Es represent the ranks depending which has the greatest impact on the organization:
Effectiveness and Efficiency - Effectiveness has the greatest impact on the organization and immediately followed by efficiency. These two E's must go with each other. According to Peter Drucker, "efficiency is doing things right and effectiveness is doing the right things." Any attempt to improve efficiency of a business, without an equal emphasis and focus on its effectiveness, is likely to be counterproductive. Effectivesness is the process where auditors evaluate the way an organization achieve its goals, objectives, mission and vision. It is about comparing the desired output to the actual outputs. Effectiveness is very important for the growth and development of the institution. On the other hand, efficiency is the proper use of inputs and other resources toward the achievement of the organization's goals which also refers to the productivity of its operations that can lead to the effectiveness of the business.
Ethics and Excellence - By knowing the moral rules and regulations of the company, and applying ethical behaviors can lead to the excellence of the business. Ethics covered the 3 Ps including people, planet and profit. While excellence is all about the performance of the business to achieve high quality of products which can increase its profit.
Economy - It is the price paid for organizational resources and the approach of the business to buy according to its value. For business, it is more important to buy valuable equipment, which its usage is for long term rather than buy shoddy merchandise where there is possibility to replace it frequently.
Equity - Its about fairness, transparency, reciprocity and impartiality. It is very important to observe and apply equity to have and maintain productive relationships among employees, customers, shareholder, investors and others who has connection with the organization.
Ecology - It is very important for the organization to always consider ecology because conserving our planet and being environmental friendly decrease the cost of materials due to the reducing techniques of the company's inputs that can also increase revenues for giving importance to sustainability.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
DeleteExcellence is the performance of an organization to achieve high quality of products in their operations. Producing high quality of products provides great value to the customers whic can be significant advantage in contributing revenues to the organization. Linking to the incorporation of audit programs, internal auditors exercising excellence are also important. They help the organization in evaluating and reviewing financial reports which can help minimize the potential risks that the business are having. If auditors do their job excellently, thy can also add greater value to the management and operations of the business.
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteOrganization should always practice ethical behaviors and exercise integrity to to make faithful representation, relevant and accurate information, statements, and reports which can be useful in achieving its objectives and goals towards success. Businesses who always considering ethics abide laws and relevant rules, operates honestly, competes fairly with their competitors, providing comfort and reasonable environment for ther employees and building good relationship to customers and investors. However, failure to observe ethics can essentially put negative impact to the organization which affects its reputation and credibility as a business venture. It directly affects the company's efficiency, growth and development which can lower the chance for the organization achieved its success.
Enron, one of the most controversial scandal in a corporate world. In year 2001, this company faced an accounting scandal regarding ethics for using mark-to-market accounting to falsify their profits and misused special purpose entities, or SPEs. Enron worked to decreased their losses which is less than it actually were, and turn the tables to make their income look much higher than it was. Enron stocks plummeted after the scandal news got out, and the SEC began to conduct an investigation which lead to courts and jail for many Enron executives, and their accounting firm Arthur Anderson lost all of their clients and eventually was dissolved. Enron filed for bankruptcy, and new laws were introduced based on this scandal to prevent similar situations to happen again in the future.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
DeleteMembers of environmental community said that nature's services to all people need a monetary value. It must be monetized to reveal its significant contribution, economically to society. Nowadays, people seem not to notice the value created and provided by nature and its services to all living things comprising humanity, animals and the like. Quantifying its full extent would help to generate the political will of the government leaders to help in preventing continuous destruction of environmemt and facilitate its rehabilitation to restore what it used to be prior the doom. The best way to reveal and show nature’s value is to present it in the terms policymakers and all people can understand best which is money. To encourage people to participate any environmental programs and observe stewardship to nature, conducting seminars and programs can be kind of help for them to understand the true meaning of nature and its contribution and for them to be knowledgable enough about the current situation of the environment.
References:
Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World. CRC Press. pg. 85-95
Rosenfeld, M. (2021). Audit Efficiency and Effectiveness: A Matter of Focus. The Institute of Internal Auditors. Accessed Nov. 27, 2021. http://dallasiia.org/PDF/040512_pre.pdf
Intuitive Risk Management Intl, (2021). Ethics Failures Impact On A Business Bottom Line. https://www.intuitiveriskmanagement.com/single-post/2017/09/05/ethics-failures-impact-on-a-business-bottom-line#:~:text=Failure%20in%20ethics%20nowadays%20essentially,the%20efficiency%20of%20a%20company.&text=Usually%20an%20unethical%20business%20involves,stakeholders%20with%20disrespect%20and%20inequality.
Bondarenko, P (2021). "Enron scandal". Encyclopedia Britannica. Accessed 28 November 2021. https://www.britannica.com/event/Enron-scandal
Unmüßig, B. (2014). Monetizing Nature: Taking Precaution on a Slippery Slope. Tellus Institute. Accessed 28 November 2021. https://greattransition.org/publication/monetizing-nature-taking-precaution-on-a-slippery-slope
Dela Cruz, Joyce Ann N.
2019-105673
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThe purpose, objectives, anticipations, and values that guide a company's employees are referred to as its organizational culture. Organisations with a corporate culture are more likely to succeed compared to lower constructed businesses even though they have structures in place to encourage work engagement, production efficiency, and interaction. There are the 7 Es, each with their own impact level. First two is the effectiveness and efficiency which is connected to each other. Why? it is because effectiveness refers to how a certain process achieves its goal, whereas efficiency refers to how often a procedure converts inputs into outcomes efficient processes produce minimal waste than wasted resources. These two has a biggest impact among all because they improve the productivity in an organization. Following that is the economic concept. Along with those two, economics is one of the three E's that serve as the foundation of any accounting policies and procedures. The obligations under where an organisation acquires the resources needed are referred to as one of the economic system. Auditors must also take into account the economic effect with their own decisions. Costs associated with new internal control over financial reporting and quality control systems may indeed be carried on to more individuals and firms. We question if any of these will mitigate a potential danger to overall quality or even if the gains exceed the cost. Economics can provide us with a structure for critical analysis. It encourages everyone to look at alternatives in order to increase the effectiveness of our decisions. Excellence comes next. Individuals, organizations, and professionals can all benefit from excellence auditing. It assists them in developing separate Excellence Objectives which concentrates on such attributes that have a massive effect in an establishment. Next, ethics refers to the moral requirements which employees must follow; it is the ethical guidelines such as integrity, objectivity, data security, and professional conduct that can jeopardize the organisation's dignity. Equity is normally one of several simplest aspects of an audit. For example, it has an impact on an institution's wealth variations. It computes the profits and owner distributions in changes in equity. Finally, there is the ecological. It evaluates the environmental processes and systems of organisations, authorities, and utilities. Those who are in charge of ensuring that the firm's environmental requirements are maintained, as well as locating established compliances or environmental stewardship insufficiencies.
2. Link the concept of excellence to the work of internal auditors and how it can be incorporated in audit programs.
The concept of excellence is hugely essential to me throughout the daily tasks of internal auditors. Internal audit should indeed stay relevant and go beyond the amenities this then actually provides in order supply guarantees to the key stakeholders. Auditing excellence provides reasonable assurance to stockholders, predominantly the board of chief executives management. It assists auditors in understanding that the audit report must recognize the awareness and engagement required to accommodate a viewpoint and also that excellence in threat assessment could perhaps acquire an effective road to success in the foreseeable future.
-DUGAY BERNADETH B. (2019-103892)
1/2
3. How can failures in ethics affect organizational success? Choose one company that failed as its ethics.
DeleteLack of ethics has a significant impact on employee performance and then when the relationship between higher ranks and regular employees is ethically questionable wherein there could be an abuse of power and otherwise he encounter having lost the respect of his staff members. Without well-respected leaders, it is difficult to run a successful business. If a company's lack of ethics has become widely known, that company's credibility suffers. It will take a long time and a lot of money to re-establish its image and business confidence. Clients who renounce a business due to unethical practices will seek out other goods and services to satisfy their necessities. Yahoo is the company that fails due to a lack of ethics. Yahoo's former CEO astounded shareholders and the public with his dishonesty and the lack of leadership that enabled it to occur. Thompson was appointed as Yahoo's new CEO, in an effort to manipulate around the firm's enormous wealth. A stockholders’ protest group claimed Thompson has just exaggerated his profile by implying he had a degree in computer science in addition to an accounting major. Thompson just had an accounting degree. Tampering with documentation is one of the unethical practices that affect the entire company.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
There are several ways to monetize the concept of ecology, such as selling ad placements such as display, native, affiliate, and text ads. Offering premium membership subscription fees, for something like a monthly or annually fee, and deploying native advertising written or generated on representative of a brand partner. I can encourage others by ensuring environmental sustainability by: equipping people with the necessary knowledge, assisting people in processing information so that people capture thoughts and make appropriate choices, leveraging representatives as they decide how and when to act, and making actions simple and enjoyable. Individuals can indeed be carried away by massive transition; definitely, individuals favour to become confident by ones behaviour prior to actually attempting another. A small explanation could be shifting outreach programs efforts from charitable work to participating with the same organizations, and finally, incentives must be used caution.
REFERENCES:
8 Reasons Why Organizational Culture is Important. (2021, April 1). Retrieved November 28, 2021, from https://www.indeed.com/career-advice/career-development/why-organizational-culture-is-important
What Is a Monetization Strategy? (2021, august 5). Retrieved from https://www.jeeng.com/academy/what-is-monetization-strategy/
Doty, J. R. (2014, December 3). The Role of Audit in Economic Growth. Retrieved from https://dart.deloitte.com/USDART/ov-resource/a2510a49-3f37-11e6-95db-9d1de161569d.html
Fischhoff, M. (2020, june 22). How to Motivate People Toward Sustainability. Retrieved from Network for Business Sustainability: https://www.nbs.net/articles/how-to-motivate-people-toward-sustainability
Marks, N. (2013, april 8). The Path to Excellence for Internal Audit. Retrieved from https://www.cmswire.com/cms/information-management/the-path-to-excellence-for-internal-audit-020349.php
SEGAL, T. (2021, January 27). 5 Most Publicized Ethics Violations by CEOs. Retrieved from https://www.investopedia.com/financial-edge/0113/5-most-publicized-ethics-violations-by-ceos.aspx
Zeiger, S. (2019, march 11). Effects of a Lack of Ethics on a Business Environment. Retrieved from https://smallbusiness.chron.com/effects-lack-ethics-business-environment-23332.html
-DUGAY BERNADETH B. (2019-103892)
2/2
(1/3)
ReplyDeleteAll 7 E’s are important and can greatly impact the business. An operational audit incorporates these 7 E’s in determining the success or failure of the organizations. To put it bluntly, all of them are equally important for the business, and impact in its own way. But among them, being efficient can greatly impact the business as a whole, because it covers all the different aspects of 7 E’s. Being efficient in maximizing the time and resources can help the organization achieve their goals and objectives, purchase valuable organizational resources rather than settling for cheaper prices, and incorporate eco-friendly products and services. Also, being efficient in hiring and employing people who have experience, good behaviour, skills, and in the right positions can help the organization in producing high quality output, and save up money from fines and penalties.
Effectiveness is the process of determining the extent to which an organization, program, or process is achieving its goals and objectives. Setting goals and objectives will help the organization to track their progress to ensure that they are meeting their operational objectives, financial report objectives, and compliance objectives. It is very important to remember that effectiveness is measured by comparing the planned output with the actual output. If the organization didn’t meet the planned output, there may be a problem within its operation, or something wrong with the financial report, or maybe they are not complying with the government rules and regulations. So tracking the progress in achieving its goals and objectives will impact the organization in the success or failure of the business.
(2/3)
DeleteIn my opinion, the third aspect that greatly impacts the organization is the economy, which is the cost paid for organizational resources. It is very important to remember that in obtaining the resources, the organization must look at the value of the materials, machinery, equipment, and tools that will be used in day-to-day operations rather than obtaining these organizational resources at a cheap price. Considering the value will lessen the cost of repairing and replacing the whole or a part of the resources. They must look into how much output it can produce, and how long it will last.
Ecology is the study of how living organisms interact with their physical surroundings as well as with one another. Many businesses throughout the world have become environmentally conscious. Today, there is a management concept known as 'eco-efficiency.' An 'eco-efficient' firm seeks to generate a profit while consuming less resources. In other words, eco-efficient firms strive to be both efficient and ecologically friendly. Businesses like SM Supermalls, Robinsons Malls, and other malls in the Philippines are using paper bags instead of using plastics to package their products. E-wallet like GCash are now helping the environment by planting trees every time a user makes a transaction using their platforms. If the organization doesn’t impart and include the environment in doing their business, there will be a high risk of paying fines, and their reputation will be distorted, which will lead to failure of business.
The execution of all jobs with high quality is referred to as excellence. Doing the job at the best thing one can do can result in excellent performance. Putting the right people at the right position will greatly improve the quality of performance in an organization. An internal auditor must also incorporate this aspect in their job to ensure that they can execute their high quality performance to help the organization in achieving its goals and objectives.
(3/3)
DeleteEthics, as behavioral standards, is founded on views about what is ethically good and bad. Human resources are people. Hiring an employee with good manners and proper behavior reduces the expense of training them. If employees engage in undesirable conduct and violate business rules and regulations, the corporation is inefficient in employing and optimizing their human resources, and fails to educate, train, and motivate them to maximize their expertise. Let’s not go far away, and take Enron as an example of ethical issues. Many Enron executives were sentenced to prison as a result of the ethical investigations, and its accounting company, Arthur Anderson, lost all of its customers and was finally liquidated. Enron declared bankruptcy, and new regulations were enacted in response to the incident to prevent such situations in the future. In this scenario, corporate ethics dictates that firms and consumers should demand honesty and complete openness.
The treatment of others with dignity and respect is referred to as equity. Employees will put their skills to best use if they are treated well and given the freedom, flexibility, and fair resources. Organizations should be cautious not to participate in behaviors that might put them in noncompliance and result in government fines and penalties, which could waste organizational resources instead of putting them to better use. I put this aspect as the last that can impact the organization because time is changing and the same for the business. We are already in 21st century, and discrimination among employees is not that severe unlike the past centuries. But lower case doesn’t mean that we should not look into it anymore. Organizations must incorporate this in their organizational policies because in the first place, it should be a natural law to treat everyone with dignity and respect.
References:
Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World. CRC Press Taylor and Francis Group.
Western Governors University. (2021, August 9). Ethical dilemmas: How scandals damage companies. Western Governors University. Retrieved November 28, 2021, from https://www.wgu.edu/blog/ethical-dilemmas-how-scandals-damage-companies1909.html#close.
DUSAYEN, BERNARD I.
2019-106143
(1/2)
ReplyDelete7 ES IN ACCORDANCE TO THE IMPORTANCE ON THE ORGANIZATION
Operational audits generally include the 7 Es as the most crucial concept, which is critical to an organization's successes or failures. The 7Es are effectiveness, efficiency, economy, excellence, ethics, equity, and ecology. It is intended to assist auditors in adding value to the company and demonstrating that they desire to succeed. These seven aspects are inextricably linked. Ranking it according to the most significant impact on the organization, the first one will be the effectiveness. It refers to attaining specified goals and objectives while using as few resources as possible. The second one will be efficiency; it relates to how effectively a process converts inputs into outputs; more efficient processes produce less waste than inefficient processes. The following one will be on excellence and ethics. Performance is a highly significant factor to examine because the majority of a company's worth in the eyes of its customers may be determined by how well it executes work quality. And, of course, doing what is good and right is required in an organization; it must do what is appropriate for everyone. The next one will be on the economy and the ecology. According to Murdock (2016), economy refers to the price paid for organizational resources. It enables an organization to manage its resources while simultaneously conveying price and value. With that, it is interconnected with ecology; it refers to adherence to environmental issues. Organizations must pay back to the environment since they draw resources from it. Then last, equity denotes the organization's treatment of its stakeholders with respect and dignity. It demonstrates how much the organization appreciates its employees.
If these are met or followed by an organization, the chances of success are pretty high. They will undoubtedly contribute to the organization, leading them to acquire how to maximize their resources cost-effectively.
CONCEPT OF EXCELLENCE TO THE WORK OF INTERNAL AUDITORS AND HOW CAN IT BE INCORPORATED IN AUDIT PROGRAMS.
According to Murdock (2017), excellence involves performing everything with the highest level of quality possible. It relies not just on meeting or exceeding client expectations but also on delivering on promises and providing high-quality work. It supports effective and efficient audits of an organization's performance. In the incorporation of audit programs, the quality of work performed by internal auditors is equally significant. They should give financial reports with honesty and integrity, as well as high-quality work. Internal auditors are sometimes requested to help organizations enhance their capacity to offer high-quality products or services to their consumers. Internal auditors that do a good job may provide more value to the business and make better judgments for their clients.
MARANAN, PATRISHA C., 2019-100624
(2/2)
DeleteFAILURE IN ETHICS AFFECT ORGANIZATIONAL SUCCESS
Ethics is the activity of doing the good and the right thing. All organizations must develop a comprehensive code of ethics and highlight the value of integrity, which is an essential component for everyone to possess because it is one of the reasons for success. Everyone is affected by ethics, and this affects every professional's job, including internal auditors. Internal auditors' ethical behavior might be affected since they must disclose the results of their assessments and make ideas and views for the development of a business. Consumers are also turning against unethical enterprises. Consumers have stopped purchasing from brands that they believe are unethical.
Nike is one of the corporations that has failed in terms of ethics. Nike is the world's leading maker and supplier of sportswear. Nike has previously been accused of employing underage labor and fostering environments of sexual harassment and discrimination. Furthermore, Nike has been identified as utilizing Uyhgar forced labor, sparking even greater outrage and boycotts against the company. The American multinational firm is also well-known for employing toxic chemicals that are highly hazardous to both the environment and manufacturing employees.
WAYS TO MONETIZE THE CONCEPT OF ECOLOGY AND ENCOURAGING OTHERS TO OBSERVE ENVIRONMENTAL STEWARDSHIP
Every day, we participate in behaviors that either purposefully or accidentally injure and destroy the environment. To protect and sustain nature, we must recognize the immense importance of ecological systems to human well-being. One strategy to monetize the notion of ecology is to show the public the substantial economic value of environmental services. In addition, many individuals now prefer eco-friendly products and services. Because of the various challenges that we face due to ecological devastation, the environment is one of the people's top priorities in today's period. Environmental consciousness and stewardship may also have a positive influence on the profitability of the organization. In this manner, we not only utilize or preserve the human environment through conservation and sustainable practices, but we also consider the economic worth of what we use or waste.
REFERENCES:
Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World. pp. 86-98. CRC Press Taylor and Francis Group.
Kamprad, D. (n.d.). 25 Most Unethical Clothing Companies in 2021. Accessed November 28, 2021, from https://impactful.ninja/most-unethical-clothing-companies/
MARANAN, PATRISHA C., 2019-100624
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDelete• Excellence - defined as the condition of surpassing some standards of expectation. Employees achieve people excellence in the workplace.
• Effectiveness - means producing desired results. In this way, so long as a someone in the organization makes effective planning which brings the results in a way that is wanted.
• Efficiency - Efficiency is about making the best possible use of resources. Efficient enterprises maximize the output from a given input and thus minimize the cost.
• Ethics - help ensure a good reputation for your company. If you act ethically and consistently in sourcing and manufacturing products and have a reputation for treating employees, customers, and communities, more people will want to do business with you. Social media ethics are also important to your reputation.
• Ecology - Ecological factors in business are connected to actions and processes necessary to protect natural environment and in the same time maintain or increase efficiency of the corporation.
• Equity - Equity is compensation that allows employees the opportunity to become part owners of the companies they work for.
• Economy - The economy tends to work in a cycle. When the economy recovers, companies can hire more people. This allows employees to spend their income in different companies.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
• Internal auditors use specific codes of ethics to ensure compliance with specific levels of professional standards. Internal auditing is a career that can incorporate risk management, risk assessment, financial reporting, creating audit plans, performing operational audits, and ensuring processes are up to national and international standards.
1/2
NUDO, MARINEL S. 2019-106335
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
Delete• Ethics are the main pivots over which the businesses now revolve. Substantial positive changes in the direction of compliance, management, and joint responsibility always bring ethics to the fore. Ethical mistakes affect modern enterprises more than ever in the history of business. One of the example of a company that failed as to its ethics is Bernard Ebbers, WorldCom.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
• Ecosystem monetization adds dollar value to ecosystem services based on the cost of providing the same services through man-made infrastructure. The purpose of monetizing ecosystem services is to incentivize environmental behavior in municipalities and for corporations. Environmental stewardship is defined as being responsible for environmental quality for everyone in that environment.
References:
Troy Segal (2021). 5 Most Publicized Ethics Violations by CEOs. Accessed November 28, 2021. https://www.investopedia.com/financial-edge/0113/5-most-publicized-ethics-violations-by-ceos.aspx
Jum Halinan. Excellence in Internal Auditing. Accessed November 28, 2021. https://www.surgent.com/the-surge/podcast-episode-5-excellence-in-internal-auditing/
2/2
NUDO, MARINEL S. 2019-106335
1/2
ReplyDeleteThe 7 E’s (effectiveness, efficiency, economy, excellence, ethics, equity, ecology) are a set of operational characteristics that define a successful organization. It involves organizational culture, structure, deployment, and execution both within and outside the organization, and across all stakeholders. Effectiveness and efficiency are inextricably linked, because the two are usually found together, and these two help the organization to resolve the conflicts under the operation. Effectiveness is doing right things and efficiency is doing things right. While on the other hand, economy, excellence, and ethics are working under the financing objectives. Economy is not just about price, it's about value. Excellence is the quality of the overall performance from the internal management to the external managements up to the product that the organization produces. Ethics in business will never be discarded because it is the moral principle that identifies between right and wrong in order to attain the finest policy-making and organizational conduct possible. Lastly, equity and ecology are under the compliance objective. Equity is above the term equality because it is not just about the fairness. It is about the treatment with dignity and respect for all the gender, sex, color, religion, etc. inside and outside of the organization. Ecology is going to sustainability to reach the environmentally and eco-friendly objective to help not just the future generations but also the Mother Nature, ecology also helps the business to be more profitable.
As stated earlier, excellence refers to the overall quality of an organization's performance, from internal management through external management to the product it generates. To relate it with the internal auditors, they must produce quality work and assurance to achieve the profitability and quality result including to attain the goal and objective of the organization. It may be incorporated into audit programs by generating excellent, well-thought-out and high-quality outputs with the risks that we are dealing with.
BATULAN, Anna Marie M. 2019-102079
2/2
DeleteWhen an organization fails in ethics, it has a negative impact in the operation of the whole organization because it will be chaotic and misleading. One of the company that failed as to its ethics is Adidas, the world's second-largest sportswear producer. To become the worldwide conglomerate it is today, the brand has been recognized for adopting low-cost production methods including as sweatshops and child labor. Indeed, it appears that every corporate-brand apparel is created by exploiting employees and disregarding basic human rights. Adidas clothing is chemically treated to make them more colorful, flexible, durable, or water-repellent, which is another prevalent feature of the sportswear business. These processes have polluted the rivers over time and are detrimental to local ecosystems. After these ethical mistakes they’ve learned their lesson and apply the business ethics that leads them towards success.
Monetizing the concept of ecology comes in many ways, one of the examples is hydraulic, geothermal, and solar energy that transfers as electricity and some organizations monetize from these. Personally, I encourage others by making myself environmentally steward, because for instance, the closest I can influence is my family and friends. They also imitate me when they see me. And in organizations, this is also applicable.
BATULAN, Anna Marie M. 2019-102079
REFERENCES:
American Institute of Certified Public Accountants. Committee on Auditing Procedure, “Machine manufacturing company; Case Studies in Internal control” (1950). AICPA Committees. 104. https://egrove.olemiss.edu/aicpa_comm/104
Kamprad, D. (n.d.). 25 Most Unethical Clothing Companies in 2021. Retrieved from https://impactful.ninja/most-unethical-clothing-companies/
1/3
ReplyDelete1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
First is the effectiveness, a strategic direction that entails the vision and mission, goals, and objectives. Because without the directive manuals or guidance tools, the management/organization would not work accordingly. Second is efficiency, which refers to the use of inputs and other resources to attain its goals in terms of productive activity. It is the use of resources to produce as much output as probable to maximize profit. The third is excellence; an essential aspect of organizational priorities is the high quality of all work. Highly quality performance adds to the reputation of the company. Next is the economy, which refers to the price paid for organizational resources. (Murdock, 2017) Economies are why the business is operating to gain profit—followed by ethics and equity; these two are almost the same in aspects. It's about the behaviors of an individual. Respecting one another is a way to maintain the business relationship within the organization. Also, treating employees make them more stay in the company and work more effectively and efficiently. Lastly is ecology, the way people conserve resources and produce products that couldn't harm the environment. The seven e's are vital as they add to the company's value and strive for a more successful operating business.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Excellence is one way to see an organization's high quality and performance, incorporating effectiveness, efficiency, and economic value.
Internal auditors are a crucial position of an organization, being in charge of the internal controls. With the excellence of an internal auditor has, high quality of work is achieved. They will help to keep the business world honest. They check for errors, inactions, and issues with internal controls to ensure that everyone is following the rules. Audits have progressed beyond the protection of assets and the enforcement of policies to preserve value.
2/3
Delete3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
Top executives should be the ones to incorporate high ethics to ensure the company's growth. If the top management is concerned with ethics or with ethics, the following department will follow.
Canadian Conrad Black created Hollinger Inc., the parent company of Hollinger International, in the mid-1980s with the purchase of the controlling interest in the Daily Telegraph. With several other assets throughout the following 15 years, Hollinger became one of the largest media groups in the world. As CEO of Hollinger International, Black had substantial control over the company's finances. The board of directors confronted Black in 2003 with overpayments the company made to him and four other directors in the $200 million range. The committee called in the SEC to investigate the validity of the payments and the accounting transactions created to account for them. Charges were laid against Black for fraud, tax evasion, and racketeering, among others. In 2007, Black was convicted of four of the 13 charges against him. And he was sentenced to 78 months in prison, of which he served 42. He was released from prison in 2012. (Investopedia, 2021)
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
More businesses realize that cultivating a vibrant ecosystem of partners from various industries is vital for accelerating innovation and mitigating disruption. They were associated with carrying new technologies and knowledge, creating new industry routes, and developing new business models. But simply establishing an ecosystem isn't enough; you also need a sustainable way to monetize it.
I will stimulate others to practice environmental responsibility by merely grouping waste as biodegradable or nonbiodegradable. And practice water, energy, and land conservation, as well as the famous three r's: reduce, recycle, and reuse. Furthermore, a simple act such as not inappropriately disposing of garbage can significantly impact our environment.
REFERENCES:
Delete• Investopedia. (2021, June 30). 5 Most Publicized Ethics Violations By CEOs. Forbes. Retrieved November 28, 2021, from https://www.forbes.com/sites/investopedia/2013/02/05/5-most-publicized-ethics-violations-by-ceos/?sh=1b2f0f624bbc
• Grabillo, M. A. (2021, November 20). The Seven Es in Operational Audit (in Filipino). www.youtube.com. https://www.youtube.com/watch?v=BytHdZ2_5hk&t=7s
• Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World. CRC Press Taylor & Francis Group. pp 86-94
ARONCE, MARY ANGELOU N. 2019-105627
1/2
ReplyDelete1. List the 7 E's according to importance or with the greatest impact on the organization. Explain how they impact the business.
Effectiveness, efficiency, economy, excellence, ethics, equity, and environment are the seven E's. The 7Es were created to assist auditors in adding value to the business and demonstrating to clients that they genuinely want to contribute to its success. These seven factors are intertwined. Effectiveness refers to attaining defined goals and objectives while reducing resource consumption, whereas producing exceptional goods or services relates to an organization's efficiency. The economy encourages organizations to do what they need to do in order to deliver quality, which refers to excellence. In addition, we must always operate with honesty and integrity, and we must constantly promote equity. We must also protect the environment when delivering products and services. An organization's chances of success are quite high if these goals are met or followed. These 7Es ensure an organization's success if they are adopted and executed correctly, because they aid in checking operational processes to see if they are aligned with an organization's willingness to reach its goals and objectives.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Excellence isn't only about meeting or exceeding consumers' expectations; it's also about delivering on commitments and providing high-quality products and services. According to Murdock (2016), “differentiation is based on the perceived value that customers derive from the product or service and when developed and applied correctly, can result in higher profits” (p. 88). Quality is crucial because it adds value to customers and may be a substantial competitive advantage for a company. Excellence in the job done or to be done by internal auditors is very important when it comes to incorporating an audit program. Internal auditing often aids organizations in detecting and reducing risk. Internal auditors are sometimes asked to assist organizations in improving their capacity to offer high-quality products or services to their consumers. Internal audit, like its clients, has customers, thus internal auditors must please them and give outstanding service.
2/2
Delete3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
Every business must establish a solid code of ethics and should highlight the value of integrity, which is an essential attribute for everyone to possess because it is one of the reasons for success. However, because ethics deals with individuals' perspectives on what is good or evil, it is difficult for any organization to correctly manage this because it differs from person to person. Every professional's job, including that of internal auditors, is impacted by ethics. If a company's lack of ethics becomes public awareness, it will harm the company's reputation, which is essential for all firms to succeed. As a result, a business may lose clients, and even if the firm regains its credibility, it will be difficult to regain the customers' confidence, and they may seek out alternative businesses that will fulfill and satisfy their demands. It may be audited by examining and identifying what and where goes wrong, as well as putting in place steps to improve it.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Every day, we engage in behaviors that purposefully or accidentally injure and destroy the environment. We must appreciate the huge importance of ecological systems to human well-being in order to conserve and sustain nature as people who love things that come from nature. One strategy to monetize the notion of ecology is to show how important environmental services are to the general public's economic well-being. True, we are unaware of the huge value and numerous benefits that nature delivers to humanity. Some argue that evaluating economic services can assist raise awareness among all people, so preventing additional devastation and promoting environmental regeneration. Some people feel that the greatest approach to communicate the worth of nature is to portray it in words that politicians can grasp, such as quantitative data or money. We not only utilize or preserve the human environment through conservation and sustainable practices, but we also consider the economic worth (prices) of what we use or waste in this way.
Reference:
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World (Internal Audit and IT Audit) (1st ed.). Auerbach Publications.
YUGA, RHEA MAE D.
Delete2019-103574
The 7 Es is associated or named as the key to success. 7 Es is indeed something auditors must have in order to succeed in every possible way. Weighing them down one by one according to their importance is just a hard thing to do because if one of the 7 Es is absent there will be a negative impact on the firm or company. From my standpoint, the very first thing to write down among the 7 Es should be “Ethics.” Ethics is defined as a system of moral principles and I do believe that in every success we must start with the behavior, attitude, and principles of an individual. Next would be, Equity so that you have something to work up with. Economy and Ecology should go down at the same down because they are somewhat the same from one another. They are two different things but these two are what “surrounds” the business. Effectiveness and Efficiency can also be listed down because these two need to work with each other, one must be effective yet efficient at the same time. And lastly, after fully utilizing the six (6) Es one can achieve excellence.
ReplyDeleteLinking the word excellence to Operational Auditing point of view is straightforward. Excellence has something to do with the quality of work or product that is being done. Since we are in the Operational Auditing field perspective, the quality of the work that is being done is vital. An Operational Auditor must not have a mindset of doing a piece of work that is “good enough.” Excellence must be the driving force as an Operational Auditor because by doing so it will manifest itself in small or big things. We need to have the sense of contentious pursuing of perfection.
Ethics, on the other hand, while it’s the easiest word to describe among the 7 Es, we can say that it plays the biggest role in the group of words. Failure on having the right behavior, attitude, won’t produce something good. Just like in the field of Operational Auditing, not having the right behavior or attitude towards what you are doing can make a huge negative impact on one’s decision making. One example that every accounting student is familiar of is the Enrol Scandal.
Looking at our surroundings, it is safe to say that our environment had a lot of experience. We commit to such actions that we may or may not know that our environment is being affected by it. As people who cares for the well-being of our environment, we must take advantage on utilizing the ecological system in order to preserve and sustain our nature. One good example for an idea on how to monetize ecology is recycling. Recycling has been a thing since way back in order to sustain our environment and to reduce waste. By doing so, we can sell recyclable material or turn them into something useful and then sell them. This practice has been around since long time and it is still one of the best ideas on how to utilize ecology. Though small benefits would come, it will eventually accumulate and be a bigger movement if everyone does their fair share.
References:
ACI Learning, Audit. (2021, August 4). The 8 Es of Operational Audit Excellence - ACI Learning’s Webinar Series 2021 [Video]. YouTube. https://www.youtube.com/watch?v=QLBmTq8DO4A&feature=youtu.be
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World (Internal Audit and IT Audit) (1st ed.). Auerbach Publications.
Dictionary.com. (n.d.). Ethics definition & meaning. Dictionary.com. Retrieved November 28, 2021, from https://www.dictionary.com/browse/ethics.
Almonte, Rodolfo IV S.
2019-101425
1. List the 7Es according to importance or with the greatest impact on the organization. Explain how they impact the business
ReplyDeleteAccording to Hernan Murdock, there is a concept wherein if you follow it will lead you to your organization’s success which is the 7Es. Chronologically, it includes equity, ecology, ethics, effectiveness, efficiency, excellence, ecology. Each has their own vital role in this concept. The first one is equity, this is the concept on how we should treat all of the people inside as well as outside equally and with dignity, respect and fairness. We should take care our employees by providing benefits that can boost their performance that could attract more skills and talents and retain it too. Second is ecology, this concerns the environmental problems that are occurring as of now. In doing business, we should not only focus on profit we need to make sure that we give attention to the possible effects that our business may do to our environment and find ways to mitigate the problem itself or find an overall solution for it. Third is ethics, as we all know these are our knowledge in terms of knowing what is right and wrong and these could also set of rules that we usually follow and reflects ourselves. As a business, we need to be responsible in the possible impact that we will give to the environment, shareholders, and customers. We need to make that we are still in line with our values while achieving our goals. Next are efficiency and effectiveness, for me this two goes in pair, this is the process where we evaluate our ways if we are achieving our goals and objectives continuously while we produce actual outputs with the use of lower costs. These two are important in terms of productivity aspect. Then, excellence provides high quality in terms of the performance of the employees inside an organization. Lastly, economy assess the resources of the business and lower the cost of each product but still provide a high quality.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs
The concept of excellence revolves in having high quality, involves skills and talents, in the people inside the business. As an internal auditor, we need to have a specific and the best qualities to become qualified in getting this job. As per the requirements of Division 2.2 of the NGER Audit Determination, the audit team leader must ensure that the members of the audit team have between them the knowledge, skills and availability required to satisfactorily prepare for and carry out the audit and prepare the audit report. It also provides operational and management systems that are continuously develop and strengthen to improve the performance of each person and it helps create value for all the products that are being made.
3. How can failure in ethics affect organizational structure? Choose one company that failed as to its ethics
Ethics is knowing what is right and wrong and reflects yourself and the business itself. we should not only focus on profit we need to make sure that we give attention to the possible effects that our business may do to our environment and find ways to mitigate the problem itself or find an overall solution for it. One of the famous financial scandals that failed to represent proper entity-level controls is Enron Corporation: The Fall of a Wall Street Darling. Based on my research, Enron was ranked as America’s fifth largest company by Fortune Magazine in 2002, despite its 2001 bankruptcy filing (Archive Fortune). The story of Enron Corporation depicts a company that reached dramatic heights only to face a dizzying fall. Enron's leadership fooled regulators with fake holdings and off-the-books accounting practices. This the problem in the Enron Corporation, instead of mitigating and assessing their risks and financial statements properly they chose to manipulate their records that lead to their bankruptcy.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
DeleteThe environment provides us natural resources that we can sell and buy as well as process it. We monetize ecology with the resources we got from the environment, this includes the water, power, food, and clothing, etc. I believe that as of now environmental stewardship is being practice by businesses around the world. Having no concern to the environment as business, could give you a bad reputation since all of the people care about nature. Businesses should not only focus on profit since we have a responsibility to in the environment too especially if we are producing products that could greatly affect the environment in a negative way.
REFERENCES:
Murdock, H. (2017). Operational Auditing: Principles and Techniques for a Changing World. Taylor & Francis Group, LLC.
American Institute of Certified Public Accountants. Committee on Auditing Procedure, “Machine Manufacturing Company: Case Studies in Internal Control” (1950). AICPA Committees. 104. https://egrove.olemiss.edu/aicpa_comm/104
Selection-of-audit-team-members //. (n.d.). Retrieved October 17, 2021, from
http://www.cleanenergyregulator.gov.au/Infohub/Audits/Pages/Forms and resources/Audit determination handbook/Selection-of-audit-team-members.aspx
Segal, T. (2021, November 03). Enron Scandal: The Fall of a Wall Street Darling. Retrieved November 6, 2021, from https://www.investopedia.com/updates/enron-scandal-summary/
Downfall and bankruptcy. (n.d.). Retrieved November 6, 2021, from https://www.britannica.com/event/Enron-scandal/Downfall-and-bankruptcy
CANCINO, JOVIN E.
CBET-01-502A
This comment has been removed by the author.
ReplyDelete( 1 OF 3 )
ReplyDelete1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
Increased competitiveness is a result of globalization. Technological innovations, marketing, and customer service might be related to this (Bookboon, 2019). They want to purchase products and services faster and more efficiently than before. All these expectations require a solution from the firm, otherwise, sales will decline, and profit and market share will be lost. This complexity of business has overwhelmed many businesses. Working in today's fast-paced world and in dire need of easy solutions to arrange these complicated aspects. This is when the 7 Es come in. It is designed to help originations and auditors succeed.
Effectiveness is one of the 7 Es. The first on the list with the greatest impact on the organization. How can an organization grow without a mission and vision, without clear goals and objectives. Effectiveness can lead the company to the right path to success.
Ethics, one of the hardest to maintain. It means adhering to well-established ethical principles. It is also concerned with the long- and short-term effects of decisions and actions on others term. Lack of ethics will cause inappropriate conduct and will negatively impact the policy-making and organizational behavior. It's tough to be ethical in business, but it is necessary.
Efficiency refers to how inputs and other resources are used to attain objectives. Producing goods and services at a lower cost is the goal of any business. As a result of competition, reduced budgets, increased raw material costs, and decreased availability of other commodities,
Equity refers to how people are treated with respect and dignity. Whether it is real or perceived, a lack of equality is an issue. If employees believe they are being treated unfairly, they will act as if there is a lack of equality and fairness, and their degree of engagement will be reduced with regards to the organization.
Excellence is to acquire a competitive advantage based on quality. To be unique in increased competition because of globalization.
Economy is a term used to describe the cost of an organization's resources. To evaluate the economy, the total worth of the item is considered.
Ecological knowledge and management may also benefit the profitability of the company. Limiting the amount of water used by businesses can help them save money. Utilization, minimizing their electrical consumption, and producing their own electricity can save money and environment as well. In the first-place, business operations cause environmental problems. They must be responsible for it.
OCLARIT, SOPHIA SHIELD G.
2019-105246
( 2 OF 3 )
Delete2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Internal auditing is a highly beneficial activity that organizations may use to ensure that their goals are being met. Internal auditors follow a set of code of ethics and standards that ensure they perform with a high degree of professionalism to produce a high-quality report. If those standards, including the process and format are not meet it will be considered invalid. Excellence is their goal. To contribute to the organization by providing the finest audit report. Failure to provide excellent internal audit and control will impact the company negatively.
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
It's tough to be ethical in business, but it is necessary. According to the Global Business Ethics Survey (2019), only around one-quarter of American workers believe their organization has a well-implemented ethical policy. Business ethics are established by corporations to encourage employee integrity and acquire confidence from important stakeholders such as investors and consumers. While the organization, without well-implemented ethical policies, loses the trust of their consumers and worse they have been boycotted. L’Oréal Paris is a great example of this. According to PETA (2017), for many years, L’Oréal has been on PETA's list of companies that test on animals because it refused to adopt a company-wide policy prohibiting animal testing for both ingredients and finished products. Fortunately, over the years, after being called out by a lot of animal organizations and consumers, L’Oréal has made progress and taken significant measures toward eliminating animal testing for its products. The corporation decided not to test its finished goods on animals, and then decided not to test the chemicals in its products on animals.
OCLARIT, SOPHIA SHIELD G.
2019-105246
( 3 OF 3 )
Delete4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Sustainability is the trend now that climate change threatens biodiversity and stability. Making companies more sustainable begins with awareness of the problem and a knowledge of how critical it is to make changes for the sake of both the business and the environment. An environmentally conscious company focuses more than profits, it also analyzes its social and environmental impact. In my own opinion, environmental matters must be commonsense. By hook or by crook. If the organization violates environmental law, they must be sued immediately to set an example for future violators.
Reference:
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World (Internal Audit and IT Audit) (1st ed.). Auerbach Publications. pp 86-94.
How globalization affects business. Bookboon. (2019, November 25). Accessed November 28, 2021. https://bookboon.com/blog/2011/10/how-globalization-affects-business/.
3 reasons why business ethics is important: University of Redlands. Redlands. (2019, May 9). Retrieved Accessed 28, 2021. https://www.redlands.edu/study/schools-and-centers/business/sbblog/2019/may-2019/3-reasons-why-business-ethics-important/.
L'Oréal is included on PETA's "do test" list. what does that mean? PETA. (2017, May 16). Accessed November 28, 2021. https://www.peta.org/about-peta/faq/is-loreal-cruelty-free/.
OCLARIT, SOPHIA SHIELD G.
2019-105246
ReplyDelete1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
There are 7 "E's" that help organizations achieve success and help auditors evaluate and organize their operational policies. These are effectiveness, efficiency, excellence, economy, ecology, equity, ethics, and ecology. If I were to list them according to their impact on the organization, the first one would be efficiency, because all organizations should strive to be efficient to be successful. Efficiency is a measure of a company's productivity. It assesses how effectively a business uses its resources to achieve its goals and objectives. Second, effectiveness, talks about the process of assessing the extent to which an organization, program, or policy is achieving its goals and objectives. The comparison between planned and actual outputs is used to determine effectiveness. Third, ethics, the operation follows the appropriate moral values that guide the organization's actions. Fourth, the economy, which is the cost of acquiring organizational resources. Fifth, excellence, everything that a company does must be of high quality. Sixth, equity, refers to how others are treated with respect and fairness. Lastly, ecology which the operation's decisions safeguard and promote environmental protection.
2. Link the concept of excellence to the work of internal auditors and how it can be incorporated in audit programs.
The pursuit of excellence in what they do is a cultural characteristic of high-performance firms. Setting performance expectations and having monitoring procedures in place have an impact on this. But excellence is more than that; it is a mindset that motivates employees to complete tasks correctly the first time. Every individual and organization should hold it as a core value, backed up by good training and development. It's also a result of employees' high motivation and sense of personal investment in the company's future. Internal auditing is commonly used to assist organizations in preventing and managing risk. Internal auditors make better decisions for the benefit of their clients if they practice excellence.
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteEthics in an organization can be a set of moral and ethical principles that guide a company's values, behaviors, and decisions, as well as the values, behaviors, and decisions of its employees. Some ethical standards for firms are codified in law; for example, environmental rules, the minimum wage, and prohibitions on insider trading and collusion are all examples of the government’s establishing minimum business ethics standards (Horton, M). Inappropriate behavior is attributed to lack of ethics, which has far-reaching implications for policymaking and organizational behavior. Coca- Cola is one of the companies that failed to uphold its ethics. Coca-Cola has a lengthy history of violating workers' rights at its bottling factories. At its Colombian plants, it is currently facing two boycott demands related to this issue. It also has a bad environmental record, having been accused of stealing water from rural populations and manipulating environmental data.
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Ecology can also give a multitude of additional monetizable insights. ARM, for example, gains unique insights into future technology and product trends by collaborating closely with a variety of partners across the industry. This knowledge has aided ARM in entering into new markets for its chip designs, including automobiles, health care, infrastructure, and wearable gadgets, all of which have opened up new revenue streams.
Environmental knowledge and stewardship, can have a favorable impact on a company's profitability. Companies can cut their running costs by restricting their water usage, lowering their electricity consumption, and even generating their own electricity. The 3Rs are a simple formula for enhancing environmental stewardship. Almost all of us know what the 3Rs are, and from this, I would encourage others to always keep them in their minds because it is important. Reduce: To begin with, use fewer resources. Reduce the number of inputs used by reducing what is already being used. Reuse: Consider reusing goods before recycling or disposing of them so that their useful life can be extended. Recycle: Purchase products with minimal packaging or packaging made of recyclable materials, and make sure you know what can and can't be recycled, as well as where things go.
References:
Five unethical companies. Ethical Consumer. (2020, August 31). Retrieved November 28, 2021, from https://www.ethicalconsumer.org/retailers/five-unethical-companies.
Horton, M. (2021, November 20). Why are business ethics important? Investopedia. Retrieved November 28, 2021, from https://www.investopedia.com/ask/answers/040815/why-are-business-ethics-importan
How to monetize a business ecosystem. Harvard Business Review. (2019, September 30). Retrieved November 28, 2021, from https://hbr.org/2019/09/how-to-monetize-a-business-ecosystem.
BULING, CATHERINE
2019-103626
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteEffectiveness in business, refers to the level of quality with which a task or process is carried out that ultimately leads to higher overall business performance. It is how well a business and the people in it perform value-creating tasks, and how well the business functions worth together.
Efficiency in a business refers to how much a company or organization can produce as it relates to the amount of time, money and resources needed. In other words, a business's efficiency measures how well it can transform things like materials, labor and capital into services and products that produce revenue.
Economy, small and large businesses drive economic stability and growth by providing valuable services, products and tax dollars that directly contribute to the health of the community. They also provide jobs, strengthening the economic health of each community where a business is based.
Excellence in light of the recent economic recession, Service Excellence topic is drawing more attention. Being more customer-focused and providing Service Excellence is becoming a significant advantage and performance differentiator for both, private and public organizations. It helps business to win clients in an extremely competitive environment nowadays and it facilitates cost–saving.
Ethics in business refers to the standards for morally right and wrong conduct in business. Law partially defines the conduct, but “legal” and “ethical” aren’t necessarily the same. Business ethics enhances the law by outlining acceptable behaviors beyond government control.
Equity is important because it represents the value of an investor's stake in a company, represented by their proportion of the company's shares. Owning stock in a company gives shareholders the potential for capital gains as well as dividends.
Ecological factors influencing business are connected to actions and processes necessary to protect natural environment and in the same time maintain or increase efficiency of the corporation. Ecology often take form of so-called corporate environmentalism, i.e. all actions promoting sustainability, gaining consumer appreciation of eco-friendly products and services, creating image of responsible corporation.
2. Link the concept of excel to the work of internal auditors and how can it be incorporated in audit programs.
Internal audit has developed the format and process for a long period of time. The goal is to create added value for the organization by collateral and consulting with the decisions of management and the operation of the organization. However, the opposite effect of that practice, during the last 40 years, has found that a failure of internal control and internal audit has continued, especially in large companies around the world.
Even though issues may not be identified in financial and operational controls, issues identified in information technology may negate the effectiveness of the financial and operational controls and visa-versa. Therefore, an integrated audit evaluates the interplay between financial, operational and technology processes on the achievement of control objectives.
ASPILLAGA HERMANA D.
2020-110283
List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThe 7 E's – Economy, Efficiency, Effectiveness, Ethics, Equity, Ecology, and Excellence – are the seven factors that determine whether a program or process is working correctly. Organizations may struggle to start operating these same multifaceted and components unless adapted to different conditions that are not paid to the entities' driving conditions. Economy: Prudence and thrift are essential in acquiring and using resources, but this should not be confused with cheap and focusing disproportionately on price. The total value should be the goal, and for many items, that means looking beyond price and including consideration of quality, warranty protection, and return policy, among others. Efficiency and Effectiveness: Internal auditors can help management optimize processes and systems. Sustainable efficiency gains are achieved through continuous assessment, monitoring, and controlling of resources. When these elements are applied simultaneously, the process will maximize its production while minimizing its need for inputs. Internal auditors must consider the activity's objectives and how the movement controls its performance. Ethics and Equity: Internal auditors must assess the governance process and make recommendations to improve it. If the organization's ethical standards are not clearly defined and enforced, it may negatively influence its performance. Auditors must consider whether an activity's effectiveness is determined by its movement and how the motion controls its performance (Murdock, 2016). Ecology: Ecological concerns have been driven by economic opportunities as well as environmental concerns. The primary motivator for ecological stewardship is compliance with laws and regulations that restrict the environmental effect of company activity. The operations of the operation maintain and enhance the protection of the environment. Excellence is much more than an attitude that motivates people to do things the right way. It is also the outcome of motivated individuals who believe in their future. The program and related activities adhere to the highest possible degree of quality and seek near-zero error rates as much as reasonably practicable.
Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
Internal auditing is a career that entails risk management, risk assessment, financial reporting, developing audit plans, conducting operational audits, and ensuring that processes adhere to national and international standards. A Certified Internal Auditor adheres to a strict code of ethics that requires them to perform at a certain level of professionalism. Furthermore, a cultural characteristic of high-performance organizations is their commitment to excellence in everything they do. It is influenced by the establishment of performance expectations and the implementation of monitoring mechanisms. However, excellence is more than that; it is a state of mind that motivates employees to complete tasks correctly the first time. It should be a fundamental value shared by all individuals and organizations, backed by appropriate training and development.
Additionally, it results from employees' high motivation and sense of personal investment in their future. Auditing programs ensure excellence by delivering a high-quality audit that accomplishes the audit's fundamental objective of conducting a systematic and objective examination of your company's financial statements. It should be performed by a qualified, independent body adhering to current auditing standards.
NOMBRADO, SEAN LESTER
2019-106902
How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
DeleteThe lack of clarity and enforcement of ethical standards within the organization can negatively impact the organization. Its effects include low-level skimming and theft, manipulation of payroll hours, expense report falsification, lying to customers and vendors, and financial reporting misstatements. Wells Fargo is an example of an ethical failure. A Wells Fargo internal memo terminated over 100 employees to produce fictitious profile information and compile fraudulent applications to obtain funds from the Small Business Administration's relief program, designed during the coronavirus epidemic, to help struggling small businesses. In response to the fake account scandal, the Federal Reserve Board temporarily lifted an asset cap on Wells Fargo in 2018, allowing the bank increased access to dispensing these loans. This is how its personnel reciprocated (Jaeger, 2020, December 8). Internal auditors must assess and make necessary recommendations for enhancing the governance process to promote the organization's proper ethics and values. Additionally, evaluate the organization's ethics-related objectives, programs, and activities regarding their design, implementation, and effectiveness.
Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Many environmentalists are pushing for the monetization of the environment. The goal of monetizing ecosystem services is to encourage environmentally conscious behavior in communities and businesses. Some claim that it can raise public awareness and support conservation programs by demonstrating the economic contribution of nature and its benefits. Companies must not just set up an ecosystem; they must also monetize it sustainably. A "tollgate" must be established to collect money from a keystone donation. They must also leverage the ecosystem to innovate and renew the keystone's assistance (Williamson, P., & de Meyer, A. 2019, September 30). Additionally, the business enterprise can attract new markets and encourage business to possible investors, such as a proper way of disseminating information. As a result, that many people will be informed how to help in business ecology.
REFERENCES:
Cpe, S. (2020, August 10). Excellence in Internal Auditing. Surgent. https://www.surgent.com/the-surge/podcast-episode-5-excellence-in-internal-auditing/
Jaeger, J. (2020, December 8). Top ethics and compliance failures of 2020. Compliance Week. https://www.complianceweek.com/opinion/top-ethics-and-compliance-failures-of-2020/29797.article
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World (Internal Audit and IT Audit) (1st ed.). Auerbach Publications.
Williamson, P., & de Meyer, A. (2019, September 30). How to Monetize a Business Ecosystem. Harvard Business Review. https://hbr.org/2019/09/how-to-monetize-a-business-ecosystem
NOMBRADO, SEAN LESTER
2019-106902
1. LIST THE 7 E’s ACCORDING TO IMPORTANCE OR WITH THE GREATEST IMPACT ON THE ORGANIZATION. EXPLAIN HOW THEY IMPACT THE BUSINESS
ReplyDeleteSuccess is not a time reward that a business can achieve. As businesses become more globally competitive, those who were left behind should devote their time analyzing factors affecting their operations. Establishing and implementing appropriate plans to achieve success is crucial to a business. In connection with this, the seven E’s can help address some of the problems arising in the key areas of business operations. Below are the seven E’s listed according to their importance and impacts on business.
(1) Effectiveness is described as the extent or degree to which businesses produce a desirable output (Merriam-Webster Dictionary,1898). The effectiveness of businesses can be observed through their established goals, missions, and visions that are the key drivers in achieving success. A business that strives towards being effective is certain to survive and flourish in the long run. (2) Efficiency and (3) Economy. Economy pertains to the capital either goods or money that a business has acquired or owned. It answers the question, “Are the value of goods worth its price?” or “Would these produce a substantial result?”. Efficiency refers to the level of performance that uses the least amount of input to maximize outputs (Banton,2021). A business that minimizes inputs to maximize outputs can reduce the cost of production and eliminate wastages. (4) Excellence is the result of exerting best efforts. It is an outward expression of integrity, passion, and a strong sense of making a true difference. A business that is working to achieve excellence builds inner strength and overcomes business challenges. (5) Ethics refers to well-founded standards of right and wrong (Velasquez, Shanks et. al,2010). Business establishing business ethics promotes integrity among their employees and gain trust from their key stakeholders such as customers and investors. (6) Equity represents the value that would be returned to company shareholders if all the assets are liquidated. Equity as a residual amount is given after company creditors are satisfied. (7) Ecology as defined by the Ecological Society of America is the study of the relationships among living organisms. Understanding the environmental opportunities and threats can help businesses for future planning and decision making.
PIOLIN, RICKA MAE B
2019-101805
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteThe 7 Es in operational auditing (effectiveness, efficiency, economy, excellence, ethics, equity, and ecology) according to importance or with the greatest impact on the organization are:
• Effectiveness and Efficiency. Effectiveness is the process of evaluating the degree to which the organization, program, or process is achieving its goals and objectives. It consists of comparing the planned outputs with the actual outputs while Efficiency relates to the use of inputs and other resources toward the achievement of goals and objectives in some form of productive activity. (Murdock, 2017 p. 86-87) I listed them both as having the greatest importance for effectiveness represents the degree to which procedures achieve its goals while efficiency refers to the effectiveness with which a process converts resources to outcomes; more efficient processes generate less waste than inefficient ones. These two determines the progress level of an organization and they need to be balanced.
• Economy, Excellence and Ecology. Economy refers to the price paid for organizational resources; Excellence is the performance of all work with high quality; and Ecology is acting in an environmentally responsible way. (Murdock, 2017 p. 88, 94) I listed them both as the elements with greater impact since the value of an item in economy has to be assessed strategically to go with the operations being done in strict measure to ensure highest possible outcomes while aiming to ensure that the firm adheres to environmental criteria and identifying current compliance issues or environmental stewardship inadequacies.
• Equity and Ethics. Equity relates to the treatment of others with dignity and respect. This should be done consistently, by everyone, always. It is often thought of in terms of fairness, reciprocity, and impartiality. Ethics is the study of moral values and the principles of conduct governing an individual or a group. (Murdock, 2017 p. 89, 92) I listed these two as having the great impact since these elements have to blend well because no matter how well an operation was performed but if the people behind it does not have good behavioral conducts it will then affect the success of their operations which later on can create bad environment.
1/3
LUIB, BEVERLY JANE B.
2019-105706
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
DeleteRemember that quality is significant for it is valuable to the consumers that are huge advantage to businesses. Thus, providing goods or services with high quality and standards means excellence. In relation to internal auditors, they help in identifying and minimizing risks through strategic planning and operations which must be done thoroughly. According to Murdock (2017), organizations are increasingly pursuing a strategy to gain differentiation based on quality. Differentiation is based on the perceived value that customers derive from the product or service and when developed and applied correctly, can result in higher profits. Incorporating this to audit programs, internal auditors must be able to exhibit time management to have ample time to make systematic decisions while imposing good leadership skills. Furthermore, professional skepticism can help the organization maintain its competence while they work based on objectivity with integrity. Thus, making audit programs effective and efficient due to absolute procedures.
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
Ethics is the study of moral values and the principles of conduct governing an individual or a group. (Murock, 2017 p. 89) When an organization fails to achieve ethical standards it will have a negative effect on their efficiency. Can lead to a lot of errors because they tend to ignore the protocols. An example of a company that failed to at least maintain their ethical standards is the Tesla. According to the Ladders, “It seems Tesla CEO Elon Musk values profits over employees according to his actions during the 2020 pandemic. With the infection rate soaring, California enacted health measures that restricted many businesses’ operations, including Tesla. During the lockdown order, which caused most non-essential businesses to stop operating, the company called its workers back to the Fremont factory in defiance of the order in April. However, this first attempt of defiance was thwarted when Alameda County officials stepped in. This intervention by the government was met with fierce verbal attacks from CEO Musk. A month later, Tesla called back its workers and started manufacturing vehicles, again in defiance of the orders. After the company was back in operation, county officials decided to allow Tesla to reopen as an “essential business.” The reopening was met with controversy, and many workers contracted the coronavirus soon after opening. Musk later attempted to be sympathetic about the situation and said employees could stay at home if they felt unsafe. However, some of those that did were subsequently terminated.” (Luke, These are the 10 biggest company scandals of 2020 2021)
2/3
LUIB, BEVERLY JANE B.
2019-105706
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
DeleteSome of the ways that I think we can monetize ecology are: having forest parks to let people get in touch with nature, barter system for materials that can cause environmental destruction by turning these into eco-friendly products, funding ecological research to be able to find more alternatives to more eco-friendly and many more. Obviously, this has been happening already but I think this has to be intensified. I would like to encourage others to observe environmental stewardship by adapting what EcoWatch, is a community of experts publishing quality, science-based content on environmental issues, causes, and solutions for a healthier planet and life have stated in their article stating that we have to Reduce the Carbon Footprint of Your Food, Reduce your Meat Consumption, Buy From Local Farms or Start Your Own, Compost your Natural Waste, Change Your Mode of Transportation, Cut Down On Single-Use Plastics and Microplastics and Stop Buying Fast Fashion. (10 Ways to Be a Better Environmental Steward in 2018 - EcoWatch 2021)
3/3
LUIB, BEVERLY JANE B.
2019-105706
2. LINK THE CONCEPT OF EXCELLENCE TO THE WORK OF INTERNAL AUDITORS AND HOW CAN IT BE INCORPORATED INTO AUDIT PROGRAMS
ReplyDeleteExcellence is an outward expression of integrity, passion, and a strong sense of making a true difference. Internal auditors ensure that they are working up to a certain level of professional standard. A good internal audit adds value and improves operations. Excellence can be measured based on the assessments conducted by an internal auditor, how he was able to identify discrepancies affecting business operations, and how he can provide control recommendations to improve the efficiency and effectiveness in the management.
3. HOW CAN FAILURE IN ETHICS AFFECT ORGANIZATIONAL SUCCESS? CHOOSE ONE COMPANY THAT FAILED AS TO ITS ETHICS
Ethics refers to well-founded standards of right and wrong (Velasquez, Shanks et.al). The failure to observe ethics puts a negative impact on a business’s bottom line. In a specific manner, the lack of ethics in an organization raises the foundation of unethical behaviors. It can cause tension among the well-respected managers and employees and has the potential to lead to a lack of trust in members of an organization. Lastly, businesses can also lose their credibility, and restoring their image and customers’ confidence can take a long process. An example of an organization that failed as to its ethics is the Enron company.
The Enron downfall led to the imprisonment of several members and top-level officials. Enron’s high-ranking officials were charged with manipulating accounting rules and masking enormous losses and liabilities and other serious offenses including money laundering, bank fraud, insider trading, and conspiracy.
PIOLIN, RICKA MAE B
2019-101805
4. DESCRIBE WAYS TO MONETIZE THE CONCEPT OF ECOLOGY. HOW CAN YOU ENCOURAGE OTHERS TO OBSERVE ENVIRONMENTAL STEWARDSHIP?
ReplyDeleteWealth maximization is the primary goal in conducting a business, however, a business concerned about the impacts of its operation in the environment and implementing programs to eliminate the likelihood of risks can develop a good image to its stakeholders. A good initiative to monetize ecology is by revealing the economic contributions of nature and its services which can heighten public awareness and bolster conservative efforts (Unmubig,2014). Individuals and businesses, in their unique ways, can help to encourage society to be an environmental steward. In such ways, individuals should practice the three R’s (3R’s), the Reuse, Reduce, and Recycle. Additionally, they should also consider composting. Composting is a method for treating solid waste in which organic material is broken down by microorganisms (Freudenrich, 2021). It is also advisable for everyone to bring plastic alternatives. For the businesses, they should start implementing energy and water efficiencies, reducing hazardous and other waste materials they generated, and cutting down the environmental impact on their staff.
We should keep in mind that we are living on one Earth. The actions we do today can be reverted to us if we do not take precautionary measures to preserve our planet. If we keep on doing the things that harm our planet, at the end of it, we human beings and other innocent living organisms will suffer greatly. We must be a steward of our very own planet.
REFERENCES:
Banton, Caroline (2020 November 14). Efficiency. Retrieved 27 November 2021 04:30 pm from https://www.investopedia.com/terms/e/efficiency.asp
Thaariini (2019 November 11). What does Excellence mean to you? Retrieved 27 November 2021 04:35 pm from https://medium.com/@thaariininair/what-does-excellence-mean-to-you
Velasquez, Manuel, Andre, Claire, Shanks, Thomas et.al (2010 January 1). What is Ethics? Retrieved 27 November 2021 04:46 pm from https://www.scu.edu/ethics/ethics-resources/ethical-decision-making/what-is-ethics/
Fernando, Jason (2021 February 27). Equity. Retrieved 27 November 2021 05:00 pm from https://www.investopedia.com/terms/e/equity.asp
The Ecological Society of America (n.d). What Is Ecology? Retrieved 27 November 2021 07:00 pm from https://www.esa.org/about/what-does-ecology-have-to-do-with-me/
Segal, Troy (2021 January 27). 5 Most Publicized Ethics Violations by CEOs. Retrieved 28 November 2021 08:26 pm from https://www.investopedia.com/financial-edge/0113/5-most-publicized-ethics-violations-by-ceos.aspx
Unmubig, Barbara (2014 August). Monetizing Nature: Taking Precaution on a Slippery Slope. Retrieved 28 November 2021 08:30 pm from https://greattransition.org/publication/monetizing-nature-taking-precaution-on-a-slippery-slope
Freudenrich, Craige Ph.D. (2021). How Composting Works. Retrieved 28 November 2021 10:10 pm from https://home.howstuffworks.com/composting.htm
PIOLIN, RICKA MAE B
2019-101805
1/2
ReplyDelete1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
According to Murdock (2016), the 7Es are a practical and simple tool to address some of the most critical aspects of an organization. It assists the auditor in helping assess the organization and helps in considering the structure and the operating practices of an organization. If these seven elements are ranked according to their impact on the organization, they will be efficiency, effectiveness, economy, excellence, ethics, equity, and ecology.
Efficiency and effectiveness are the first and second most impactful 7Es in an organization because they help the organization achieve its goals and objectives and manage and use its resources to achieve higher returns. Third, the economy helps the organization minimize cost by getting the right inputs at the lowest price, which yields higher returns. Fourth, excellence helps the organization produce quality products and services that are paramount to achieving success. Fifth, ethics is the foundation of the organization's operation and it helps them achieve success by creating good company image that attracts customers. Sixth, equity will help the organization attract more employees and other people that will contribute to the business's success because of their fair treatment. And lastly, taking into consideration the ecology and environmental compliance has a positive impact on the organization's profitability by attracting customers and lowering its costs.
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
According to Murdock (2016), excellence refers to the performance of all work with high quality. It relates to delivering a service or product with high quality and meeting the satisfaction and expectations of the customers. The concept of excellence does not only apply to a business but also a profession. Internal auditors must exercise excellence in their work because they have valuable contributions to the organization's overall performance. As auditors assist the organization in achieving its goals and objectives, auditors must conduct their work with excellence by providing quality audits, helping the organization assess and mitigate the risks, and improving its overall performance. Incorporating excellence into the audit programs is done by being efficient with the time and resources given to the audit team, assessing the effectiveness of the current organization's operation, and providing helpful recommendations for the organizations.
Gesta, Charlotte G.
2019-100594
2/2
Delete3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
Ethics is the foundation of business operations. According to Intuitive Risk Management (n.d.), an ethical business operates honestly, competes fairly, provides a suitable environment for its employees, and creates partnerships with customers, vendors, and investors. In other words, it keeps the best interest of all stakeholders at the forefront of all decisions. Failure to ethics affects the success of an organization. It damages the organization's reputation, it will lose its credibility, and it will lose customers. Furthermore, it will be difficult for an organization to build its name again to the public because of broken trust.
One example of a company that faced a large ethical scandal was Equifax when hackers stole data from more than 148 million consumers because Equifax's systems were old. Equifax's security systems were out-of-date and could have been updated to prevent the breach. Beyond the breach itself, Equifax didn't report the stolen data for two months. It led the Equifax CEO to step down, and nobody knows where the data is or who has it. The ethics in this situation focus on honesty and integrity, and the best ethical choice would have been for Equifax to admit that something had gone wrong immediately (Western Governor's University, n.d.).
4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Everything we see, hear, or touch that exists without human intervention is part of ecology. Ecology is where humans depend on their lives. Without ecology, we do not have shelter to live in, air to breathe, water to drink, and food to eat. As resources come from ecology, businesses monetize from it by using it efficiently and acknowledging these resources' economic value. It can also lower the operating costs by using substitutes and alternatives that are available in the ecology. Furthermore, a business that uses environmental-friendly products attracts more customers as they support their purpose to protect the environment.
There are a lot of ways to encourage others to observe environmental stewardship. It can start with little things like proper garbage disposal, cleanup drives, and planting trees. We can also encourage them to donate to NGOs that operate for the protection of our environment. Moreover, we can use websites such as Ecosia that use its ad revenues to plant trees.
REFERENCES:
Intuitive Risk Management. (n.d.). Ethics Failures Impact On A Business Bottom Line. Retrieved November 28, 2021
https://www.intuitiveriskmanagement.com/single-post/2017/09/05/ethics-failures-impact-on-a-business-bottom-line
Murdock, H. (2016). Operational Auditing: Principles and Techniques for a Changing World (1st ed.). Taylor and Francis Group, LCC. https://doi.org/10.1201/9781315368733
Western Governor’s University. (2021, March 2). Ethical Dilemmas: How Scandals Damage Companies. https://www.wgu.edu/blog/ethical-dilemmas-how-scandals-damage-companies1909.html#close
Gesta, Charlotte G.
2019-100594
1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
ReplyDeleteEffectiveness- refers to the degree to which something achieves the desired result; success. Managers must understand how each of these factors affects an organization. It serves as a guide for a business to determine whether or not they have met their objectives. Without a goal, a business will have no idea which path to take. An archer who has no objective to aim for is like this.
Efficiency- is the capacity to accomplish something with the least amount of time, money, and effort, or as performance competency. It assesses how resources and abilities are utilized in the most efficient manner possible. Businesses must strive to be efficient in order to maximize the amount of product they can create with the resources and skilled personnel that they already have.
Economy- The term "economy" refers to the terms and conditions under which an entity acquires necessary resources. A cost-effective operation acquires these resources in an appropriate quantity and quality at the optimal time and location. Obtaining the most appropriate inputs at the lowest possible cost is as important as efficiency. This helps businesses to generate a higher-quality result at a reduced cost, which ultimately benefits them.
Excellence and Ethics- This refers to the personal characteristics of honesty and integrity, as well as a commitment to duty as a manager of public funds. With excellence and ethics, the firm must assure compliance with all applicable laws, rules, and regulations, as well as management policies. True excellence is evident in a business that values not just the quality of its products and services, but also the quality of its compliance with the law.
Equity- This refers to the fairness and objectivity with which public funds are used, i.e. is the process for selecting recipients of funds fair and devoid of influence.
Ecology- Sustainable development entails meeting the needs of current generations without jeopardizing future generations' ability to meet their own. Additionally, a firm must be socially responsible while it improves the quality of its products, services, and management.
Madera, Dianne M.
2019-102064
2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs.
DeleteInternal auditors have always been viewed as compliance officers tasked with the responsibility of keeping the business sector honest. They ensure that everyone follows the rules by checking for errors, omissions, and flaws with internal controls. Audits have progressed beyond the simple function of safeguarding assets and enforcing policies in order to sustain value. The internal auditor's toolkit has expanded to include value creation for the organization. Today's auditors work collaboratively with management to limit risk and prioritize objectives and goals. They find areas of complexity and redundancy, as well as opportunities to streamline operations and cut expenses. (Johnson, 2019)
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
In today's commercial world, the boundary between right and wrong is blurred. Businesses that engage in immoral practices confront a challenge. It affects their productivity and growth. Personnel employed by unethical, deceptive, or dishonest companies will be directly harmed. (Intuitive Risk Management International, n.d.)
Madera, Dianne M.
2019-102064
Hackers stole data from over 148 million users, causing a huge ethical problem for Equifax. After the fact, the analysis revealed Equifax's systems were outdated, and its security mechanisms might have been updated to avoid the hack. This is an example of business ethics where both small and large organizations must ensure a safe work environment and safe opportunities for consumers. (Western Governors University, 2021)
Delete4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Many environmentalists are calling for the monetization of nature in the aftermath of a decline in political support for environmental protection. People may become more conscious of how much money nature and its services contribute to the economy if they are made clear. These are the ways to monetize the concept of ecology:
Before everything else, it must find a keystone contribution that it can own and control, something that is crucial to the ecosystem creating value for customers.
Second, an ecosystem leader must set up a reliable “tollgate” for partners to pay for its keystone contribution. A share of the revenue from partner products and services or profits from value-added products or services generated using ecosystem data and expertise may be the tolls.
Third, leaders must harness the ecosystem to innovate and refresh keystone contributions. This requires developing dependable and ethical data collection routes for partners and customers, as well as mechanisms for using insights. (Williamson & De Meyer, 2019)
Madera, Dianne M.
2019-102064
DeleteReferences
Grager, A. (n.d.). Efficiency and Effectiveness: Know the Difference. FacilitiesNet. https://www.facilitiesnet.com/maintenanceoperations/article/Efficiency-and-Effectiveness-Know-the-Difference--17835
Intuitive Risk Management International. (n.d.). Ethics Failures Impact On A Business Bottom Line. https://www.intuitiveriskmanagement.com/single-post/2017/09/05/ethics-failures-impact-on-a-business-bottom-line
Johnson, B. (2019, August 16). The Ever-Expanding Scope of Internal Audit: Moving from Compliance to Operational Excellence. McKonly & Asbury. https://www.macpas.com/the-ever-expanding-scope-of-internal-audit-moving-from-compliance-to-operational-excellence/
KPMG. (n.d.). Performance Auditing. https://assets.kpmg/content/dam/kpmg/pdf/2016/05/Performance-Auditing.pdf
Western Governors University. (2021, March 2). Ethical Dilemmas: How Scandals Damage Companies. https://www.wgu.edu/blog/ethical-dilemmas-how-scandals-damage-companies1909.html#close
Williamson, P., & De Meyer, A. (2019, September 20). How to Monetize a Business Ecosystem. Harvard Business Review. https://hbr.org/2019/09/how-to-monetize-a-business-ecosystem
Madera, Dianne M.
2019-102064
[1/3]
ReplyDelete1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business.
7 Es are all essential to have a well-founded, competent, and successful organization. Considering all these matters will reflect on how your organization works with your external and internal stakeholders.
Objectively, I will list down the 7 Es based on how I perceived their impact on the organization
Equity - I believe this is the most important and has the greatest impact on the organization because without promoting equity within the entity, it may face a lot of issues internally and miss one of the key metrics of a successful organization,equity. They impact the organization in a way that they build strong reputation for their stakeholders as well as it promotes inclusion and recognizes diversity.
Ethics - The behaviour of your employees have a huge impact on the whole organization. I firmly believe that we should prioritize our workforce because they are the reason why are the company is running and neglecting their behavior can cause bad image for the company which can absolutely affect the third party affiliations
Excellence - This should always be considered in every operation wherein we operate effectively and efficiently without neglecting the quality of our outputs. Higher quality will have a high probability of attracting customers and may result in sales growth.
Efficiency - It is also one of the most important matters in operation because it depicts the proper maximisation of available resources and achieving the goals and objectives earlier than the expected timeframe. The more efficient business, the more sales may generate.
Effectiveness - Setting up goals and objectives will put the organization into the right path. This is when we can assess the performance of the company whether they can achieve those objectives consistently. It is the goals that make the entity going.
Ecology - We are already in a generation where sustainability must always be considered. Our collective actions towards our nature will not only give benefits for our own company but for the whole world. Its impacts are long-term and we cannot afford to have one. So take action now!
Economy - It is a determinant of how people act in a certain public market. The higher the price, the lower the chance that average people would buy our product. However, I believe that every business should not just look after the price. Look after the difference you can make for the community while serving them the best product without making it hard for them to afford.
RUIZ, JOHN MICHAEL (2019-103444)
[2/3]
Delete2. Link the concept of excellence to the work of internal auditors and how it can be incorporated in audit programs.
Quality Audits are necessary tools to have a growing and prospering organization. It provides a mechanism that evaluates the excellency of businesses. Internal auditing is a career that can incorporate risk management, risk assessment, financial reporting, creating audit plans, performing operational audits, and ensuring processes are up to national and international standards. (Rich Daisly, 2020). These activities should not always be substandard and always be checked in line with high quality procedures.
Norman Marks (2013) states that internal audit is not just to perform certain activities. It must be in accordance with the satisfaction or assurance of completion for stakeholders. This assurance must be in report form to always be readily available for stakeholders. Its contents should be about how identified risks will be shown acceptable and can be managed easily. By such ways, stakeholders could make their decision to stay or still be engaged with your company. As long as we establish a clear vision for them, they could stay as long as they want to. We have all ways to improve our management daily for them to feel secure and safe with us.
3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics.
Organizational failure of following the ethical standards can break their reputation or image that they protect for a very long time. One single unethical issue you commit may result in unbelievable consequences. Failure in ethics these days basically puts an adverse consequence over a business primary concern. Being exploitative influences the efficiency of an organization. Primary concern is tied in with measuring productivity and making an interpretation of it into the net worth of an organization. Moreover, according to Stacy Zeiger (2019) consistently breaking laws can lead to costly legal battles that outweigh the initial gain. Executives at companies who break laws and engage in unethical behavior that leads to harmful practices for employees and customers could find themselves facing criminal charges.
A company that failed as to its ethics, Volkswagen Co.
This company sells diesel-engine VW car models in the US in which they installed a software that will allow the car to falsely pass the emission tests and can be sold in the US. They were caught by the Environmental Protection Agency (EPA). They were charged as much as $87 Million by committing unethical acts.
RUIZ, JOHN MICHAEL (2019-103444)
[3/3]
Delete4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship?
Ecological stewardship preserves natural resources, combats pollution, secures biodiversity, as implication that we ensure and support our current circumstance for people in the future.
Miss Earth 2015, Angelica Ong once said her slogan for the next 15 years would be "We will because we can". She believes that through our unity for environmental safety will make a difference for the sustainability of our world. This kind of pageantry has been so very inspiring to monetize ways of promoting environmental sustainability. The Taxes Disposal System said that a big movement begins with just one person making a difference.
There are a lot of ways for you to become eco-friendly or environmental stewardship. By simply introducing to your mutuals about eco-friendly products or services you know, and encourage them to patronize those. Even sharing environment-related status on your social media accounts that could give awareness to those people who will reach your posts or blogs. Next may be volunteerism. You can make bigger difference by willingly helping organizations that conserve our environment. Recycle. This is the thing you can do on your own and try to encourage everybody to do such also. In this time where sustainability is necessary, speak for your platform. Use your voice and capabilities to make change for the betterment of everybody. Being environment stewardship will be the easiest profession we can achieve but can be a bigger change maker. Live in accordance of your purpose. Live for the world.
References:
Hernan, M. (2017). Operational Auditing. CRC Press.
Rich D. (2021). Excellence in Internal Auditing. https://www.surgent.com/the-surge/podcast-episode-5-excellence-in-internal-auditing/
Norman M. (2013). The Path to Excellence for Internal Audit. https://www.cmswire.com/cms/information-management/the-path-to-excellence-for-internal-audit-020349.php/amp/
Marcelo B. (2017). The 4 key steps in quality audits. https://blog.softexpert.com/en/the-4-key-steps-in-quality-audits/
Stacy Z. (2019). Effects of a Lack of Ethics on a Business Environment https://smallbusiness.chron.com/effects-lack-ethics-business-environment-23332.html
Will Y. (2015). The 8 Most Outrageous Business Scandals of 2015. https://www.inc.com/will-yakowicz/biggest-big-business-fails-of-2015.html
Sandy C. (2019). HOW TO ENCOURAGE YOUR FAMILY AND FRIENDS TO GO GREEN. https://greensyourcolour.com/blogs/blog/how-to-encourage-your-family-and-friends-to-go-green
RUIZ, JOHN MICHAEL (2019-103444)