Market Orientation Essay Example | Topics and Well Written Essays - 500 words

Market Orientation - Essay Example Different departments within the organizations are completely oriented towards identifying and designing methods to meet these changing customer demands. According to Naver and Slater (1990), organizations that follow marketing orientation tend to follow five key strategies namely customer orientation, competitor orientation, interfunctional-coordination, organizational culture and focus on long-term profits. Most well-known market-oriented organizations are Sony, Dell, Toyota, General Electric, etc (Day, 1999). These organizations are customer-focused and use marketing information to develop strategies that enhance customer satisfaction. Several benefits have been identified with market orientation. A market-oriented firm can focus and retain its loyal customers that are of more value to the firm’s business. These firms usually have higher employee satisfaction because of greater customer satisfaction and vice versa. This further enhances employee commitment and their product ivity.

Foreign Exchange Risk Case Study Example | Topics and Well Written Essays - 750 words

Foreign Exchange Risk - Case Study Example Another option to mitigate foreign exchange risk is the adaptation of foreign exchange services from a foreign currency exchange specialist. These specialists include the Canadian Forex and local banks in Canada. These experts will help reduce the risks associated with frequent transfers from Canadian dollars to the US dollar. This is done by entering into Canadian dollars earlier, and banks will only convert it during the payment period, so there will be no risk. The final and recommended option for mitigating risks is the purchase of foreign exchange contracts. In this case, Alliance will pay more cash than required to cover the costs of mitigation. This will cover any risk that may occur between the time when the money was deposited and the time of payment for the equipment to the supplier. For example, the price of equipment is $ 500,000, when the exchange rate is C $ 1.00 = U S 1.00. If the Alliance does not use the forward exchange contract and the payment time occurs when the exchange rate has moved by C $ 1.00 = 0.95 US dollars, then the Alliance will have to pay 526315 as the final price. This is $ 26,315 more than the original amount. But when the Alliance decides to buy a forward foreign exchange contract and which they decide with the bank to be one percent of the amount of Equipment, then the Alliance will have to pay 505,000. Therefore, the design concepts of the alliance will not worry about fluctuations in the exchange rate. They will save more than 21,000 US dollars.

The dilemma of managing continuous change in performance management Research Paper

The dilemma of managing continuous change in performance management - Research Paper Example The paper tells that in recent times, change in business environment has been inevitable as business strive to remain relevant and competitive. Bradford and Warner note that the need for change in business environment has been brought about by technological advancements, increased customers and shareholder’s expectations, new initiatives, competition, and the need to increase demand among other factors. Therefore, in order to meet the new challenges and attain the organizational goals and objectives, organizations have introduced several changes. However, introduction of change, whether small or big, to organizational functions and processes have often proved intimidating to some managers and have sometime not yielded the intended outcomes. This has resulted to adopting of change management strategies by managers in order to manage change successfully. According to Bradford and Burke, change management can be defined as the application of a set of principles, skills, processes , and tools for managing people and processes within an organization in order to transition or shift the organization from its current state to the desired or intended future state. Several researches have shown that in the modern competitive environment, it takes more than the known management strategies to realize organization’s full potential Bradford and Warner. There is need for managers to welcome change and manage it effectively in order to achieve organizational success in the long- run. Continuous management of change is critical in performance management. Louis (2004, p. 46) explains that the essence of managing change in the organizations is to improve performance and ultimately achieve organizational goals and objectives. As such, continuous management of change is related to performance management. Performance management refers to activities and processes that ensure that goals are met consistently in a manner that is efficient and effective (Aubrey, 2004, p. 95) . The focus of performance management is in regard to processes, departments, organization, and employees and aims at facilitating overall performance of the organization through attainment of organizational goals and objectives Bradford and Warner (2010, p. 18). 1.1 Purpose of the Study The purpose of this research is to foster an understanding of the dilemma of managing continuous change in performance management. The research purports to get deep insights on the dilemmas of managing continuous change and how they impact on performance management. 1.2 Problem Statement In the face of challenging business environment brought about by increased customers and shareholder’s expectations, technological developments, and competition, management are supposed to make continuous changes in their organizations in order to stay remain relevant and be successful (Bradford and Burke, 2005, p. 22). In the process of managing continuous change in order to improve the performance of organi zation, managers are faced with dilemma. The dilemma is on whether the intended change can lead to improved performance or

Money , its for a History of economic thought class Essay

Money , its for a History of economic thought class - Essay Example Money is the difference between that person who is sleeping hungry and that one who affords to have his pets on a special diet. In this sense, it is the promoter of inequality. Once inequality checks in, the consequences are unlimited there is anger, dissatisfaction, deception and every other emotion and act that epitomizes dissent. It is at this point that â€Å"money costs too much†. This is because it gets to a point where it costs life, peace and relationships. The focus of this essay is on relationships the concern is how money comes between people, how money blurs our sight that we soon forget the emotional, patriotic and sometimes blood bond that hold us together. The essence of this inquiry has been informed throughout the semester, having the opportunity to journalize different experiences regarding money has really brought to the fore the value we place on money. This is because unless we place too much value on money higher than the value we place on our social rela tions then it would never be possible for money to downplay our relations. Unfortunately, the exposure I have had throughout this course and the materials I have read have brought to the fore the disheartening truth that money has a much greater force, it costs too much. Economically, money is considered a medium of exchange the means through which we are able to acquire different goods and services. Historically, it has not always been represented by coins and notes but at some point gold and other valuable metals were the preferred means of exchange. However, history teaches us that the problem has not been with the nature but on the value placed on these materials. Any material in which extreme value has been placed has thrown people into frenzy they are continually interested in amassing that which has value. The burst of the Mississippi bubble brings this act of desperation and thirst for value into perspective. It depicts the race to hold that which has value and disposing tha t which has less value. This has been a historical trend, one that has only aggravated over time, the fundamental question is at what cost? The answer may not be as a definite, but it is evident, it is at a much higher cost. Over the past few months I have been able to watch the documentary â€Å"inside job†. The film directed by Charles Ferguson traces the root of the financial crises that only became so apparent in 2007-8. However, following the film clearly illustrates that the financial crises had been ongoing for a while. The signs had been there of a slowdown but were largely ignored. The reason for this ignorance is the basis of this study. The crisis was driven by a need to compound on gains made, a need to amass assets that were being speculated to appreciate in value. Given the capital limitation enforced by the market dynamics, people had to borrow and banks, which are also the primary lenders had to lend for speculative purposes and had also to invest in these spe culations. In any case, the banks were the first to participate in these speculative ventures. The result was an imbalance between the asset base and money borrowed by investments banks. At the end, the speculative ventures never bore the anticipated results and the banks were left indebted. People who had entrusted their hard earned money had lost their confidence on the very people who represented a chance of higher value. This

The dilemma of managing continuous change in performance management Research Paper

The dilemma of managing continuous change in performance management - Research Paper Example The paper tells that in recent times, change in business environment has been inevitable as business strive to remain relevant and competitive. Bradford and Warner note that the need for change in business environment has been brought about by technological advancements, increased customers and shareholder’s expectations, new initiatives, competition, and the need to increase demand among other factors. Therefore, in order to meet the new challenges and attain the organizational goals and objectives, organizations have introduced several changes. However, introduction of change, whether small or big, to organizational functions and processes have often proved intimidating to some managers and have sometime not yielded the intended outcomes. This has resulted to adopting of change management strategies by managers in order to manage change successfully. According to Bradford and Burke, change management can be defined as the application of a set of principles, skills, processes , and tools for managing people and processes within an organization in order to transition or shift the organization from its current state to the desired or intended future state. Several researches have shown that in the modern competitive environment, it takes more than the known management strategies to realize organization’s full potential Bradford and Warner. There is need for managers to welcome change and manage it effectively in order to achieve organizational success in the long- run. Continuous management of change is critical in performance management. Louis (2004, p. 46) explains that the essence of managing change in the organizations is to improve performance and ultimately achieve organizational goals and objectives. As such, continuous management of change is related to performance management. Performance management refers to activities and processes that ensure that goals are met consistently in a manner that is efficient and effective (Aubrey, 2004, p. 95) . The focus of performance management is in regard to processes, departments, organization, and employees and aims at facilitating overall performance of the organization through attainment of organizational goals and objectives Bradford and Warner (2010, p. 18). 1.1 Purpose of the Study The purpose of this research is to foster an understanding of the dilemma of managing continuous change in performance management. The research purports to get deep insights on the dilemmas of managing continuous change and how they impact on performance management. 1.2 Problem Statement In the face of challenging business environment brought about by increased customers and shareholder’s expectations, technological developments, and competition, management are supposed to make continuous changes in their organizations in order to stay remain relevant and be successful (Bradford and Burke, 2005, p. 22). In the process of managing continuous change in order to improve the performance of organi zation, managers are faced with dilemma. The dilemma is on whether the intended change can lead to improved performance or

Case Study on a Day Care Essay Example for Free

Case Study on a Day Care Essay When couples are engaging in family planning, there are several things that they have to take into consideration. One such thing is the care of the child or children when it is time for them to return to work. A common option over the years has been that of the day care or child care center. Parents today are realizing the importance of daycare centers in their children’s development. They are looking for daycare centers that not only will take care of their child while they are away but also will provide quality, real-life learning opportunities and experiences. These learning opportunities will ensure that children are prepared not only for their academic life in school but also for real life situations outside the daycare center and their own homes. There are five basic categories of day cares: Child care centers, educational day care, family day care, non-profit day care and subsidized day care. A child care center is a large day-care provider and is often franchised under a brand name. They often have extensive facilities, including swimming pools and large playgrounds. They also provide day care for multiple ages divided into smaller groups by age. Educational day cares are intended to provide children with pre-school learning and skills to prepare her for kindergarten or elementary school. They strive to provide children with rounded spiritual, physical, mental and emotional support to prepare them for lifes challenges. A family day care is provided in the care-givers home, usually with the providers children present. They provide a familiar and comfortable setting for your child. A family day care often is smaller than other types of day care. Non-profit day cares are run by non-profit organizations, such as churches or synagogues. They sometimes include religious schooling and are often more affordable than other types of day care because of their non-profit status. Subsidized day care programs are those that provide financial assistance either through the federal or state government or an employer. The day care visited by group five, was an educational daycare. The daycare caters to children between three (3) months and three (3) years old. At the beginning of September, there were a total of forty (40) children. Currently, there are twenty-six (26) children there. Space and Equipment The day care is clean and sanitary. There is no garbage lying around, floors are clean as they are constantly mopped when messes are made. The kitchen is large enough to facilitate the free movement when 2-3 persons are in there making food preparations. It is also away from the areas where diapers are changed and away from the bathroom. It is clear that great consideration was taken in regards to inclement weather, as the space in the day care is large enough to separate sleeping children from playing children and those who are learning. The area is large enough for everyone to play when they are unable to go outside even though the tables where they have their meals are there. There are five smoke detectors throughout the building, a fire aid kit and a fire extinguisher that are strategically places. Standard childproofing techniques are utilized, (covered outlets, safety gates, door latches). The center is secure, having a buzzer that is working and therefore, strangers are not able to just walk in from the streets. The building is properly lit and ventilated and doors are placed strategically as well to facilitate emergency exit if necessary. There is short term parking space at the front for parents and guardians who come to drop off and pick up their children. Caregivers’ Credentials/Qualifications Because the caregivers are expected to create a safe and stimulating environment for the children to develop in, it is important that the staff get formal training that will equip them with the tools necessary to do so. All the members of staff are qualified. The qualifications held are varied. There are members of staff who have Level 1 and 2 Certificates in Early Childhood Care and Development from HEART Trust NTA. Other qualification held by staff is a Certificate in Practical Nursing and Heart care and a Diploma in Early Childhood Teacher Education. Programme Activities At this stage of the child’s development, it is important to have activities that engage the children’s minds and develop skills that will be needed in further learning. At the day care, there is a structured schedule that includes plenty of time for physical activity, quiet time (including daily reading sessions for groups and individuals), group activities, individual activities, meals, snacks, and free time. The activities cover the duration of time that the children are at the day care from the moment of arrival to the time of departure. The physical activities come in varied forms including music movement (dance) and play time- outdoor play and free play. Free play is for the children to do whatever they feel like doing, whether it is engaging in imaginative play with their little friends or by themselves, playing with toys, or looking through their picture books. Outdoors, there is a slide, a swing, a monkey bar and some tires for the children to crawl through. Group activities include some aspects of the physical activities and story time, as well as their varied creative, manipulative activities. Such creative/manipulative activities include finger painting, drawing, and making things out of clay dough. This is done with the assistance of the staff. A lot of the stories are made up based on a series of pictures that are taped to the walls of the daycare. Caregivers also engage the children in picture games. The children form a ring and are shown pictures that they are to identify. Those who correctly identify the pictures get an extra treat at meal time. They are also taught nursery rhymes such as â€Å"hey diddle diddle†, and â€Å"itsy bitsy spider† and the alphabet song. There are designated times for snacks, and other meals. They do not allow the children to eat right throughout the day but encourage the habit of eating at intervals. There is also designated naptime and quiet time for the children. The activities are very appropriate as they are in keeping with Piaget’s theory of cognitive development. In the sensorimotor stage of cognitive development, which is the first stage, Piaget stresses the importance of discovery through a child’s active interaction with the environment. Between birth and age two (2), children discover the world using their senses and motor activity because they are limited by their inability to use language or symbols at this stage. Therefore, the hands on activities that they are engaged in, helps to enhance cognitive development at this stage. Teacher-child Relationships According to Erikson’s psychosocial theory of development, trust is identified as the first major developmental task of early childhood, and is established in childrens first relationship with their caregivers, parents and teachers. Trust is the first pre-requisite for effective learning. It encourages a sense of well-being and emotional security in young children, creating a solid foundation for future learning from the dynamic experiences of childhood. Without the support of early trust relationships with caring adults, children are ill-equipped to take the kinds of risk essential to the learning process. Trust develops when children come to anticipate positive experiences in the child care settings. If trust is to develop, children need sensitive and perceptive caregivers that understand childrens needs and consistently offer tender, responsive care. Having received formal training for the purpose of taking care of the children, they have an understanding of the importance of their interactions with the children and therefore treat the children accordingly. It is evident that the children trust their caregivers as they affectionately refer to them as â€Å"Auntie† and warm smile light up their tiny faces whenever they see the members of staff walk through the door. The staff plays with the children during their playtime. There is prompt responsiveness to the cries or outbursts of the children and reassurance is given when the infant is crying, except in cases when the child is throwing a tantrum. In such instances, the infant is spoken to firmly but gently. The ratio of teacher to child is 1: 6. However, the caretakers try to share their attentions evenly among the children. They tend to group the children together when they are interacting with them so that none is left out. There were demonstrations of positive reinforcement from the caregivers. When a child did not like what was prepared for them to eat, he or she was coaxed into eating by the use of various methods, one of which was to pretend that the spoonful of food was an airplane loaded with niceties. The child was praised when he or she would chew the food and swallow it. The caregiver would also reward the child with the option of having their juice before the water if the food was eaten. A sense of autonomy is identified as the second major developmental task of early childhood and is developed when a child is allowed to practice newly acquired physical skills. At the daycare, the children are encouraged to do things for themselves. There are toddlers who prefer to feed themselves, even though they make a bit of a mess when they do. Nonetheless, they are allowed to do so. They are encouraged to pick up after themselves and therefore run around picking up toys when they are done playing. During outdoor play, the older and stronger children are allowed to climb the monkey bars by themselves with the ‘Auntie’ hovering close by to give assistance if it is needed. Recommendations A good day care is one that has a good reputation. No one will want to send their child/children to a daycare that has a bad track record. Established ground rules and policies are important and this is something a good day care has. These rules and policies should include what to do when a child gets sick, or has an accident while at the daycare, schedule pick up times (even though there should be some amount of flexibility with this), safety policies, etcetera. A good day care has a stimulating curriculum that is age appropriate. As these are the formative of a child’s life, activities should be geared at setting a foundation of later learning. The day care should have a license that is current. This is an indication that the day care is in legal operation. Qualified staff is also important. Parents want to know that when they drop their children off at the day care, they are in good hands. The facilities should be clean and safe as well. The day care of study can be considered to be a good one. However, there are a few things that could be done to improve the facility. The acquisition of more qualified staff is something that should be looked into. Even though the caregivers try to pay attention to all the children in their care, it can be taxing for one staff member to have to oversee six children at once, especially during play time. There is a need for more toys for the children, especially building blocks. There is presently a toy drive going on to help with the endeavor of procuring more toys. In doing so, they can look into getting another slide as the tiny one that is there cannot suffice for all the children that want to use it during outdoor play. They need to also look into getting straps or bars put on the swing as there are children who have a habit of getting in and out of the swing while it is in flight. This can be very harmful to them. The monkey bar is also a cause of concern as it is very dangerous, especially for the smaller children. The spaces between each bar are too wide and therefore adjustments may have to be made by putting plastic or wooden bars in between each space to reduce the width that the children will have to climb on. There is a gate at the end of one of the driveways that is too far from the ground and so the ball continues to go under the gate when the children play in the driveway. They need to lower the gate or put something to block the opening so that the ball does not run onto the road. Closing Remarks Members of group five (5) can conclude that the visit to the day care was a productive one. The time spent with the children was thoroughly enjoyed as there was more than mere observation. The day care is a great one and should become better if the things in the afore mentioned recommendations are taken into consideration. Group five would recommend this day care to parents and guardians seeking one as they take into consideration the holistic development of the children.

The Purpose of Internal Controls

The Purpose of Internal Controls Internal controls are a relevant part of any business. In order for an organization to meet its obligations and be a success it is imperative that it implements controls in an attempt to safeguard its assets, its employee and its continual existence. This paper explains the reasons why internal controls needs to be implemented, present a framework which describes its components and identify entities which foresees that procedures are followed and maintained. Controlling What Happens Robins defend territories as pairs during the breeding season and as individuals during the winter. When dogs find bones, they bury it in a safe place and constantly make sure they are safe at all times. What these animal have in common is their desire to protect their assets and possessions. One of the most important acts a manager can do is to safeguard assets. The main purpose of internal controls is to help the organization to achieve its objectives and to make sure that the business operates as efficiently and as professionally as possible. In order to understand internal controls, it is imperative that one knows what they are, the definition of internal controls, the categories, the components of internal controls as well as the entities that foresee that internal control procedures are followed and maintained. According to â€Å"SEC Proposes Rules on Internal Controls, Ethics Codes and Financial Experts on Audit Committees,† the American Institute of Certified Public Accountants defines internal controls as â€Å"controls that pertain to the preparation of financial statements for external purposes that are fairly presented in conformity with generally accepted accounting principles as addressed by the Codification of Auditing Standards Section 319 or any superseding definition or other literature that is issued or adopted by the Public Company Accounting Oversight Board† ( Haynes and Boone, LLP, 2002). They play a vital role and cannot be omitted from a business. This is because they ensure that employees as well as employers are providing reasonable assertions. In other words, they check the employees and employers actions and thoughts in a way which are meant to promote and better the business by preventing them from doing things their own way, or from robbing the business . They are established by management and they must make sure it is effective. According to R. L. Hurt, the significance of controls cannot be stressed enough, â€Å"In the importance of internal controls managers, stockholders, employees, and other organizational stakeholders want a company to operate as effectively and efficiently as possible, to have financial statements that are reliable, and to make sure their assets are safe† (Hurt, 2008, p.53). They are basically a plan of organization within a business which co-ordinates with all the methods used in the business to safeguard its assets. It further promotes productivity and aids management to hold on to rules and policies of the organization. Internal controls can be classified into two; preventive and detective. The main purpose of preventive controls is to detect errors within or dampen the chances of fraud. According to â€Å"Internal Control Concept and Framework,† preventive control activities â€Å"aim to deter the instance of errors or fraud† (University Of Washington, 2009). This is the most effective control because it checks against fraud, scams and errors before they occur. It is important to note that before it can become effective, it will be necessary to have a strong risk detection system within the organization. Detective controls identify errors or fraudulent activities after they take place. In other words, â€Å"Detective control activities identify undesirable occurrences after the fact† (University Of Washington, 2009). This method can cause problems if the after effect was significant, such as Enron and WorldCom. In such occasions, the most common detective control is reconciliat ion. In an attempt to help businesses and organization improve their internal control systems, the Committee of Sponsoring Organizations of the Treadway Commissions, otherwise known as COSO was formed. COSO is a voluntary private-sector organization and was established in 1985 and consists of a select committee which includes the American Accounting Association, American Institute of Certified Public Accountants, Financial Executives International, Institute of Management Accountants and The Institute of Internal Auditors (The Committee of Sponsoring Organizations of the Treadway Commissions). The main purpose of COSO is to identify actions or activities which influence fraudulent practices in businesses and to identify way of minimizing their occurrences. According to the American Accounting Association, â€Å"COSOs Mission is to provide thought leadership on enterprise risk management, internal control and fraud deterrence designed to improve organizational performance and governance and to reduce the extent of fraud in organizations†(American Accounting Association, 2008, p. 3). In 1992, COSO established an internal control framework which consists of five components and are meant to be integrated within the management process to ensure success. These components consist of control environment, risk assessment, control activities, information and communication and finally monitoring. Control Environment deals with the controllers and leaders of the business or company. In other words, this component talks mainly with management. The whole purpose is to make managers aware that internal controls begin in top management and thus cannot be effective without them playing an integral role in it. According to Lightle, Castellano and Cutting in their article, â€Å"Assessing the Control Environment,† they state that, â€Å"Of the five, the control environment may be the most critical, as well as the most difficult to manage and evaluate effectively† (Lightle, Castellano, Cutting, 2007, p. 52). They further state that â€Å"An effective control environment supports and strengthens the other control elements whereas a weak control environment undermines the other elements, rendering them useless† (p. 51). This environment emphasizes that if controls are not taken seriously by management, employees will also not take it serious. This is the reason why control environment is the backbone of the rest of the controls and without it, implementing ethical values and integrity in employees will be difficult. Risk assessment deals with the processes used to identifying organizational risks and threats within an organization and finding cost effective controls to deal with them. According to AICPA, risk assessment is â€Å"the identification and analysis of relevant risks to achieve the objectives that form the basis to determine how risks should be managed† (American Institute of Certified Public Accountants, 2005). An effective way to make this work is to consider both internal and external aspect of the business before it can be successful to its highest capacity. According to Sarbanes-Oxley, an â€Å"effective risk assessment requires; definition of the objectives, determination of the compatibility of the objectives, identification of risks to achieving the objectives, determination of risks associated with change, judgment as to which risks are critical and determination of actions to mitigate risks starting with the critical ones† (Walz, 2008). The third internal control framework of COSO is control activities. This component deals with the actions or actual controls executed in response to the information acquired from an effective risk assessment. They are the actual policies and procedures such as authorizations and approvals which aid management in making sure that organizational objectives are achievable. Information and communication is another important part of business which cannot be overlooked. This is because the process and what information is passed on can cause a lot of problems within the organization. It is imperative that the information flows is as accurate in the organization as possible in a way that ensures the right message is sent to the right person with the right encoding and the receiver has no problem in deciphering it. Effective information and communication helps in minimizing control risks and is directed mainly to employees to be responsible and careful in how they deal with sending and receiving information. In summary, the information and communication component aims in improving or maintaining quality and efficiency in communication within the organization. Unfortunately, some businesses are too big to accommodate any significant control process. According to â€Å"Effective Internal Control Systems Are Key to Ensuring Compliance†, â€Å"Informatio n and communication are the identification, capture, and exchange of information in a form and time frame that enable people to carry out their responsibilities† (Gundling, 2003). Monitoring is the final component of the COSO framework. It deals mainly with the evaluation and assessment of the organizations system of controls. It basically looks as the operations of an organization over a period of time to evaluate whether their objectives are being accomplished. So in effect, it is imperative that management assesses their internal control system to make sure that they are acquiescent to the organizations standard of controlling risks. According to â€Å"COSO Document Covers Internal Control Monitoring†, â€Å"COSO Document Covers Internal Control Monitoring,† he states that effective monitoring occurs by â€Å"establishing a foundation for monitoring, designing and executing monitoring procedures that are prioritized based on risk and reporting the results of monitoring to the appropriate level† (McCollum, 2008). A good way to ensure monitoring is used in its most effective way is to ensure that there are people who are qualified or have gone through training in that field and can ensure that the process it taken the tight way. This is because if management does not fully comprehend its importance the whole process could fall apart. One important aspect of monitoring is that the process should be taken serious and that risks discovered during that period should be directed to the relevant staff for corrective measures. Because of the extreme impact of the scandals that Enron and WoldCom brought into the business field, there have been entities which have been placed into the business field to prevent these fraudulent activities from occurring, one of these is the Sarbanes Oxley Act of 2002. According to† Making compliance effective,† the act â€Å"was passed by Congress and signed into law by President Bush in large part because of the spectacular failures of Enron, WorldCom and other public companies† (Engle, 2009). Understanding the importance of internal controls can be difficult to comprehend. However the consequences of not adhering them are tougher to deal with. This can be seen by the utter chaos Enron and WorldCom have caused. Without controls goals and assets will be lost and operations will be terminated prematurely. Without internal controls, soon there will be no business. References Haynes and Boone, LLP, (2002). SEC Proposes Rules on Internal Controls, Ethics Codes and Financial Experts on Audit Committees. World Services Group, Retrieved from http://www.hg.org/articles/article_201.html Hurt, R. L. (2008). Accounting Information Systems: Basic Concepts Current Issues. New York: McGraw-Hill. University Of Washington, (2009, July 16). Internal Control Concept and Framework. Retrieved from http://www.washington.edu/admin/finacct/office/internalcontrol/frame.html The Committee of Sponsoring Organizations of the Treadway Commissions, Initials. (n.d.). About Us. Retrieved from http://www.coso.org/aboutus.htm American Accounting Association, (2008, April, 1). Mission and operating policies. Committee of Sponsoring Organizations, Retrieved 09/07/2009, from http://aaahq.org/newsarc/COSOChairPosition.pdf Lightle, S., Castellano, J., Cutting, B. (2007, December). Assessing the control environment. Internal Auditor, 64(6), 51-56. Retrieved 09/07/2009, from Business Source Complete database. http://search.ebscohost.com.ezproxy.liberty.edu:2048/login.aspx?direct=truedb=bthAN=28323854site=ehost-livescope=site American Institute of Certified Public Accountants (2005). Internal control: a tool for the audit committee. Retrieved 09/07/2009, from American Institute of Certified Public Accountants Web site: http://www.aicpa.org/audcommctr/toolkitsnpo/Internal_Control.htm Walz, John (2008, April 11). Retrieved 09/07/2009, from Table Comparing COSO and ISO 9001 Web site: http://www4.asq.org/blogs/sarbanes-oxley/2008/04/table_comparing_coso_and_iso_9.html Gundling, Richard L. (2003, October). Effective internal control systems are key to ensuring compliance. Journal of Health Care Compliance, 2, Retrieved 09/07/2009, from http://search.ebscohost.com/login.aspx?direct=truedb=bthAN=11291132site=bsi-live McCollum, T (2008, August). COSO Document Covers Internal Control Monitoring. Internal Auditor, [65(4)], [13-14, 2]. Engle, Paul. (2009). Making compliance effective. Industrial Engineer: IE, 41(8), Retrieved from http://search.ebscohost.com.ezproxy.liberty.edu:2048/login.aspx?direct=truedb=a9hAN=43346883site=ehost-livescope=site