Canadian Wood Toys INC. Essay Example for Free

Canadian Wood Toys INC. Essay I will begin by highlighting the importance of the audit in assessing the risk and identifying the steps in reducing and mitigating the risk that our company is facing. The impact of the risks on global business it is dramatic in our days, changing the entire look of the industries and financial services. Some risks could be anticipated and identified but some could not. Companies now are using more and more key steps and principles to better manage the risks by; *** identifying the risks relevant to the organization *** assess the significance and implications of those risks to the business *** identify and establish a process for collaboration on risk mitigation with other organizations and partners *** integrate Enterprise Risk Management into the organization *** focus resources on key risks in order to achieve the organization’s objectives (Source – PricewaterhouseCoopers – effective ERM) Under IAA Standard 2120 – Risk Management: â€Å"The internal audit activity must evaluate the effectiveness and contribute to the improvement of risk management processes. † Practice advisory 2120.C1 states: –â€Å"During consulting engagements, internal auditors must address risk consistent with the engagement’s objectives and be alert to the existence of other significant risks. In manufacturing companies, production is usually the most important aspect of the entire process mostly due to the high cost incurred, the staffing and the complexity of the departments involved – Production is of vital concern to management because of the important risks associated with the process. I have identified some of the most important risks and how to manage the risks to minimize the impact. Along with the  production process, other areas can be identified as posing risks; distribution, finance, human resources †¦ I have identified below some of the risks with the highest impact in our company: KEY RISKSMITIGATON (examples) The risk of manufacturing defective or substandard products Determine the cause of the quality defect (human error or machine) Trend analysis reports to address the recurrence of the defects The risk of missing deadlines for toys deliveries at Christmas time Review the production scheduling to agree with the specific job orders to avoid overproduction of toys that are not scheduled for delivery The risk of labor insecurity; potential strikes Review labor contracts and minimum wage government regulations; negotiations with union and labor boards The risk of unknown competition on international markets Use various econometric and statistical analysis to monitor the movement of market interest The risk of foreign exchange Use a foreign exchange contract Accept payment in one currency only (US) Hedging of foreign exchange Risk of unanticipated or sudden changes in regulations, codes or standards in regards to the exploitation of the wood and equipment and machineries used The company has to be actively involved in the development of regulations, codes and standards to further improve the safety of the equipment The risk of damage to ecology, scenery – due to over exploitation of forestry Use environmental mitigation programs able to protect and restore the forest Government fire protection programs The risk of accidents in the process of transportation of the logs Regular monitoring of the vehicles Checking drivers hours of work – implementing special schedule of hours Risk of loss of licensing for cutting and harvesting the trees Renewal in advance of the licenses, request from government of auditing the harvesting areas The risk of logging and lumbering fire damage and vehicle damage Forestry and timber Insurance that focuses on logging and lumbering, sawmills, automobiles and equipment The risk related to the liquidity and payment schedules which could lead to credit losses Establish rules for tendering, levels of approval authority and rules for credit control The risk of reporting erroneous financial information for internal and external decision Use external appraisers to evaluate fair value of assets and properties Senior managers should assess their financial reports to determine when they require estimates based on significant judgment; And ensure that independent expertise is applied in deriving the reports The risk mitigation step involves development of mitigation plans designed to manage, eliminate, or reduce risk to an acceptable level. Once a plan is implemented, it is continually monitored to assess its efficacy with the intent of revising the course-of-action if needed. I would like to reiterate as stated in the IAA Standards that the organization should fully understand that management remains responsible for risk management. As Internal auditors, we should provide advice, and challenge or support managements decisions on risk, as opposed to making risk management decisions. Below are some of the responsibilities that will not fall under the audit team: †¢ Setting the risk appetite. †¢ Imposing risk management processes. †¢ Management assurance on risks. †¢ Taking decisions on risk responses. †¢ Implementing risk responses on managements behalf. †¢ Accountability for risk management. Question 4 MEMO To: Director of Internal audit Department From: †¦. Assistant Director Internal audit Date: October 06, 2014 CC: As requested, I have prepared a plan for auditing the division of Student Services as part of the Central College Institution. I will detail 6 steps in the audit process but firstly I want to highlight the Standard 2200, Practice Advisory 2200-1 that states the requirements for the engagements planning and outlines the steps. â€Å"Internal auditors must develop and plan for each engagement, including the engagement’s objectives, scope, timing and resource allocations†. â€Å"The Internal auditor plans and conducts the engagement, with supervisory review and approval† 1. The first step is: To obtain specific knowledge of the unit to be audited. In this stage of the process we will gather and review the specific documentation that will help us getting more familiar with the division of food service – residential and campus. Some of the documents we will be reviewing: The annual budget; we have information about how much the overall budget is (8.9mil.); need to know how much is allocated to the food service program and how is spent. Policies and procedures Previous internal audit papers and reports List of the staff; org charts Contracts with food suppliers Documented projects and how the implementation process took place Upon reviewing of the documents we will be able to assess the problems that incurred; it will help us identify any managerial mistakes, any miscommunication between suppliers and management; if there is enough staffing 2. The second step in the audit plan is to: Establish the audit objectives and the scope of the audit. At this stage we need to review all the activities involving food service program step by step. This is to identify areas of weakness, why there are negative reviews; why there is such a small budget allocated to such important segment in the student’s activity in the campus. Also we will be  able to identify whether the appropriate policies and procedures were followed. Is the part time staff working in the 6 food service facilities skilled for the specific job they do? Why there is only part time staffing and no full time jobs; if there are enough employees considering the large division of food service included 6 cafeterias and restaurants plus residential food service. 3. The following step is: The audit methodology. In this stage of the audit process we will be able to gather additional information by interviewing individuals involved in all aspects of the student services division. We will be asking questions in order to determine if there are possible weaknesses that can have a major impact of the effectiveness of the operating and managing the 6 restaurants and cafeterias as well as the residential food service. We will be interviewing the part time staff about the schedule they have, if there are any complaints, if there is enough coverage at specific time of the day i.e. morning and lunch for the cafeterias and the restaurants. We will be interviewing the students and teachers about the hours of operation of the locations of the food service – they should be open late and they are actually closing early. We will be asking questions about the meal plans and find out if there is anything to improve on 4. The next step is: Determine the audit criteria. This very important step in the audit program will help us identify some of the criteria we can use in order to better assess the practices in the food service division. Budgeting The food service division must have a well established budget and a cost control in place and overseen by qualified staff. Price Management There should be a price verification policy in place to manage better the price of meals provided by the restaurants and the cafeteria – in comparison to other food providers around the campus (beat the price) Staffing there must be a criteria that analyze and conform with the labor standards –  achieve and surpass the minimum wage for the part time employees Food Quality and diversity there should be put in place a more divers meal plan based on the requirements and suggestions from the customers (students –divers ethnicity) new standards for nutritional meals are put in place and need to be followed Food locations management the standards for cleanliness and sanitation that are put in place need to be followed surveys will be handed out or on line surveys to measure the customer satisfaction 5. The following step is: Preparing staffing plans and time budgets At this stage in the audit plan we are dealing with establishing the budget necessary to accomplish the audit scope and the staff required to accomplish the plan in a timely manner. Since we are dealing with specifics in food industry – we have identified areas where there is not enough expertise from our team; therefore we require an additional external consultant (possible a nutritionist that possess the necessary knowledge). For the satisfaction survey we will be using the expertise of the actual marketing staff from the service department to create and implement the survey. 6. The next step is: Communication with management Subsequently, the audit plan needs to be discussing with the management. We will set up time for a meeting with the management to discuss the details over the purpose of the audit. We need to discuss further about the time allocated to the audit plan and go over each proposal for the relevant criteria that was chosen. In the meeting we will highlight the importance of the management active contribution and support to the audit process.

Religion in Colonial America Essay -- Religion

Religion was the foundation of the early Colonial American Puritan writings. Many of the early settlements were comprised of men and women who fled Europe in the face of persecution to come to a new land and worship according to their own will. Their beliefs were stalwartly rooted in the fact that God should be involved with all facets of their lives and constantly worshiped. These Puritans writings focused on their religious foundations related to their exodus from Europe and religions role in their life on the new continent. Their literature helped to proselytize the message of God and focused on hard work and strict adherence to religious principles, thus avoiding eternal damnation. These main themes are evident in the writings of Jonathan Edwards, Cotton Mathers, and John Winthrop. This paper will explore the writings of these three men and how their religious views shaped their literary works, styles, and their historical and political views. John Winthrop 1588-1649 John Winthrop was a pioneer for religious freedom in America. As one of the early settlers sailing west on the Arbella, he composed a sermon called A Model for Christian Charity. Winthrop’s sermon is the framework for creating the spiritual colony that he envisioned and a way to unite the people coming to a new land. The people traveling west were not from one group but rather came from many groups and backgrounds. Winthrop knew that in order to succeed in the wilderness these individuals would have to give up some of their individuality for the greater good of the colony. Winthrop felt that religion was the ultimate way to accomplish this and that Christ was the perfect model to follow. In one passage he says: For patterns we have that first o... ...p. cccxi). London: William Ball Paternoster-Row. Walker, R. (2001). Cotton Mather. Retrieved fromhttp://www2.iath.virginia.edu/salem/people/c_mather.html Baym, N. (2008). Cotton mather. In N. Baym (Ed.), The Norton Anthology of American Literature Volume 1 (p. 143). New York: W.W. Norton & Company. Wise, P. M. (2005). Cotton mathers's wonders of the invisible world: An authoritative edition. (dissertation, Georgia State University)Retrieved fromhttp://digitalarchive.gsu.edu/cgi/viewcontent.cgi?article=1004&context=english_diss Mather, C. (2008). From the Wonders of the Invisible World. In N. Baym (Ed.), The Norton Anthology of American Literature Volume 1 (pp. 147). New York: W.W. Norton & Company. Winthrop, J. (2008). A Model for Christian Charity. In N. Baym (Ed.), The Norton Anthology of American Literature Volume 1 (pp. 82). New York: W.W. Norton & Company.

Fascism like a system of action and a system of thought Essay

According to Mussolini, Fascism is a system of action and a system of thought. It is of action in that; the doctrine is inherent. It sees the world’s generations and individuals brought together by moral law and common traditions and life not limited by space and time. It wants individuals to be aware of the difficulties surrounding them and should engage in actions in readiness to face these difficulties with all their energies (Goldberg, j. (2009). The program of the national Socialist German workers party(1920) stated that only people with the German blood could become citizens. This was a way of refuting the Jews from becoming nationals. It also stated that any person who committed a crime against the citizens was punishable by death regardless of race or religion. The party restrained from affiliating with any religious denomination but gave freedom to all denominations with a disclaimer that it did not injure the existence of the nation. It claimed to stand for positive Christianity but was against the Jews’ materialistic spirit. According to Lenin, â€Å"religion is the opium of the poor†.in this regard, all religious institutions in relation to all faiths were instruments that were used by the middle class and the peasants as an exploitation mechanism and to also perplex the working class. Issues of religion should be held as private contradictions of individuals i.e. private matters that concerns you alone and should not be used to bring revolution. On the other hand, Maxim Gorky viewed religion as harmonious unifying feeling existing between human beings and the universe. According to him, communists should use it to understand and solve life’s mysteries and in their quest for truth and justice. In the â€Å"Hymn to Stalin†, Evidence praises Stalin for being a great leader. He acts as if Stalin is a God by evidently worshiping him. Since communists do not believe in the existence of God, they use the philosophy â€Å"the end justifies the means†. For them, if a lie or even murder promotes their course to advance communism then that is not sinful. If there were no religion in communism, the state would have to protect its citizen or establish laws so as to bring order and curb injustices. In Divini Redemptoris, the Catholic church views communism as a way offsetting social order that aims at attacking Christian foundations of truth, justice and all eternal values. This is because, communists did not see any big deal in murdering people who had contrary opinions to what they stood for. A good example is Maxim Gorky, who was assassinated. Mit Brennen der surge accused the Nazi leadership of being discriminatory and exalting particular forms of state and races. His encyclical addresses blasphemy and idolatry by the Nazi state (1937). This is because the Nazi state worshipped people such as Stalin. In my opinion, through simple observation, some races are better than others in terms of intellectual ability and, for this reason, there’s no offence in exalting races that are better off. The issue of worship, one praises a person who helps him, in that case; Stalin praised because he visibly supported the communists. The Barmen declaration claimed that the Nazi regime made teachings contradictory to the Christian faith. This is because the Nazi regime claimed that Hitler was the head of the German church and that Christ and Christianity were Aryan. The declaration expressly stated that Christ alone is the word of God, the source of all authority and truth. It specifically refuted claims by the Nazi regime that other powers apart from Christ could be sources of God’s revelation. Closure of churches, murder of bishops and other church leaders and imposition of stringent laws and regulations that hinder the church’s activities, are some of the challenges faced by the church’s leadership in trying to remain faithful to religious precepts. References Hockings,  M.  D. (2004). A church divided: German Protestants confront the Nazi past. Bloomington: Indiana University Press. In Szczesniak,  B.  B. (1959). The Russian revolution and religion: A collection of documents concerning the suppression of religion by the Communists, 1917-1925. Notre Dame, Ind.: University of Notre Dame Press. Meyer,  A.  G. (1984). Communism. New York: Random House Source document

Technology And Its Impact On Society - 921 Words

Started from 40 years ago when Martin Cooper developed the first handheld cellphones to the supercomputers today, technology has been improving in a pace that people could not imagine. Just think about it, our ancestor wouldn’t even understand what the term Internet meant. Over the years, critics have been discussing the pros and cons of technology. â€Å"Automation†, as how Kelly terms technology, brought its customers lots of convenience as well as hindrance (Kelly 299). Some people believe automation will eventually bring the human society into abyss, while others believe that human should work with these high-tech machineries and bring convenient to the public. However, indubitably from both sides of the fence, the fast growing of automation has totally shape the society today. People today are more likely to enjoy movies such as the Terminator more than other kinds of movies, because they feel it is cool to see high tech things go bad. But these people havenâ€℠¢t been considering if it has been happening around them. Technology was meant to be a tool to help humans forge a better future, but people often over rely on them. In the article Is Google Making us Stupid, Nicholas Carr argues that the worldwide web distracts us from concentrating and makes us stop using our brains. He contends that he was reading more efficient before reading on the web. He feels like he couldn’t concentrate and engross on the readings (Carr 315). Another argument made by Carr in his article is thatShow MoreRelatedTechnology And Society : Impact Of Technology On Society1511 Words   |  7 PagesIntroduction Technology has impacted people, businesses and society as a whole. The roles that technology has played on communication, business and education have been more than impactful. 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