Internal Auditing Stock Market and Fraud - 1244 Words

Definition of fraud: It is the conscious intention to steal or cause an individual to lose or give up something that is rightfully theirs. Stock Fraud: When brokers or people in the stock market influence or make investors buy stock based on false information which is a major violation of the laws put in place in order to protect us from these scandals and in usual cases, it results into a loss for investors. The main targets of stock market investment fraud are seniors. In the market it is estimated that there is a loss of about 40 billion dollars every year and 1 to 3 billion from that amount is from microcap fraud. What is a microcap stock fraud? It’s a form of security fraud involving stocks of microcap companies which are†¦show more content†¦Internet Fraud is a type of fraud done through the internet and which is done in the way of identity or information theft. It can be done using spams or fake emails in order for the price of certain stocks to increase and is more and more common through PayPal. Insider Trading is when members of a corporation trade the company’s stocks when the information of that stock is not yet public. Therefore it can result in giving you an advantage. Accountant Fraud is done in many ways but the most common way is falsifying statements to mislead people on the actual stability of a company. Ponzi scheme is an investment done fraudulently where the corporation or the individual who initiate the fraud pays old investors with new investor’s money and is similar to a pyramid scheme. It is a never ending Ferris wheel that is the result of a vicious cycle. Past Frauds Relating to Stock Fraud Popular cases - ENRON - WorldCom Unpopular cases - The ZZZZ Best Inc. (1986) Berry MinKow was a teenager and created a multimillion dollar corporation based on fraud. - Centennials Technologies Inc. (1996) over stated their revenue which caused for their stocks prices per shares to go up to about 18x the original price.(NYSE) - BRE-X Minerals (1997) a Canadian company involved in one of the largest stocks swindles in history. They said that they had a lot of gold when they truly didn’t and the ones who suffered and paid the price were the QuebecShow MoreRelatedEnron s Financial Fraud And Corporate Fraud1700 Words   |  7 Pages Years ago, a series of financial frauds and collapses was occurs in United States. Includes Enron, Global Crossing, Worldcom, Healthsouth, AIG and Lehman Brothers scandals. In the American capital market, the investors abandoned a number of large listed companies leads to the bankruptcy for those companies. The corporate frauds not only deceive investors, but also make oneself paid a heavy price. 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Literature Review Hiring Managers Are Hiring Caucasians...

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Chick-Fil-A Firm Free Essays

string(128) " for their employees but for the customers; they have a large and growing base of Chick-Fil-A fans around the world \(Vivian\)\." Intro:Chick-Fil-A runs a successful profitable firm that conducts business with honestly and integrity. The company make meaningful contributions to the communities it serves, and it help to create successful employees within the business. This company thinks about the potential impact it has on people around the world and continues to strive to be better. We will write a custom essay sample on Chick-Fil-A Firm or any similar topic only for you Order Now Leadership in the company and leadersHelp people see how what they do makes a difference for others, for the community and the world around us.When values succeed, the daily behaviors of the workers will embody the core value that is set forth.Having effective business communication is vital for the success of the company, it involves speaking skills and nonverbal communication. Team buildingEngaged employees are more productive, customer focused and creating a positive work environment.Driven by purpose can create positive value that will help a company to thrive, its needs to infuse its purpose. Creating a company that prioritizes employees and is thankful for customer loyalty. Productivity and quality improvement Human relations theories used at the businessDecision making that is good for the companySet standards and expectations for employees behaviors well market new customers and potential partnership with corporations. Chick-Fil-A Chick-Fil-A is a fast food restaurant that is based on deep Christian values and beliefs. Truett Cathy the creator of the company always put his religious beliefs at the forefront of all personal and business-related decisions. Chick-Fil-A’s are closed on Sundays so that the staff of the company can attend church (Chick-Fil-A). Truett Cathy opened his own Diner at the age of 25. Truett and his brother Ben opened up the Dwarf Grill in Hapeville, a suburb of Atlanta Georgia, in 1946, after Truett Cathy was discharged from the U.S. Army. The two brothers wanted to build the fast food restaurant near a striving company, which was a Ford Auto plant. Hoping that hungry employees would come and buy, and it worked.Truett and Ben noticed when they were serving, customers were taking rolls and chicken, turning them into sandwiches. Witnessing these actions gave them and ideal for the concept of Chick-Fil-A. Tragedy stuck when Truett’s brother Ben and another brother perished in a plane crash, but Truett continued to run the Dwarf House which before was the Dwarf Grill. The Dwarf Grill soon became a franchised throughout the Atlanta area (The balance small business). A Chick-Fil-A manager in Texas decided to post a list of banned words and phrases on Reddit. That list of words went viral. The franchise has not responded to that list of banned words yet. Eric the manager at the Texas Chick-Fil-A listed the unacceptable slang workplace phrase because he believes in the command: â€Å"You will speak properly when you walk through these doors† (Suhay). The list of words included: â€Å"cuz,† â€Å"Bae,† â€Å"Bruh,† and other urban terms. Also, on that list was the word â€Å"Ebola† because some of the employees have accused people in the establishment of having the deadly disease while working (Suhay). Gottsman suggest that, â€Å"Slang and business really do not go hand-in-hand† (Suhay). Gottsman, who coaches major corporations and university students made a rare appearance to help a group of teenagers learn proper businesses and interview protocols in preparation for college and scholarship interviews. (Suhay). Gottsman says,† It shouldn’t matter that this is a fast food establishment. Employees should be ambassadors of the company they work for† (Suhay). Organization behaviors impacts the success of the company. A company that have motivated, engaged employees with clear goals that aligned with the company’s strategy, creates a successful company. Organization behavior can help a company perform well (Managing People and Organizations 8). It is important when working in an establishment, speaking well and clearly to the customers possess as good communication skills. Communication allows us to form connection. Influence decisions and motivate change. Decisions that the leaders make tend to help mold the culture of the company. Making the wrong decisions can have a great impact on the business or organization. Leaders have a responsibility to make the right decisions for everyone involved. Truett created a successful business at Chick-Fil-A’s because of a highly effective business model. He created something bigger than himself based on his leadership style. â€Å"They’ve experienced a more than 10% sales increase almost every year since launching in 1946. Franchisees retention rate has been 96% for nearly 50 years, while the corporate staff retention rate has hovered at 95-97% over the same time period† (Forbes Magazine). Letting your employees know that you are there for them is team building practice. Chick-Fil-A believes that all business leaders can introduce growth and development for their own companies. The company encourages its staff to develop different programs; plans and support them by providing budget necessary class, books, training and conferences to help with team building within the company. Chick-Fil-A is one of the largest privately-owned restaurant chains with 1,450 restaurants in 38 states, with its charitable sponsor of religious and community groups world wide (Vivian). Building trust, mitigating conflicts, encouraging the communities and increasing collaboration is what Chick-Fil-A does. Every single Chick-Fil-A is closed on Sundays; Truett Cathy says, â€Å"Our decision to close on Sundays was a way of honoring God and directing attention [on] things [that are more] important than [the] business† (Vivian). Spending time with family and having time to recover from a hard week of work; helps the moral of the employees to have a common goal, allowing bonding to happen more organically and far more effectively for the company. The successful chain has used it success to commit to education. Earning $25 million dollars in Leadership Scholarships, the company has allocated $1.4 million of that to be awarded to its team members of the fast food chain (Vivian). Team building expands not only to the employee but the customers too. Cow Appreciation Day is a day costumer get to dress up like a cow and receive a free chicken sandwich. The appreciation day is to show their thanks to the loyalty of the customer’s. Because of the team building this company haves not only for their employees but for the customers; they have a large and growing base of Chick-Fil-A fans around the world (Vivian). You read "Chick-Fil-A Firm" in category "Papers" Process gain plays an important role in team building it is part of the performance improvement. That is when people work together and not independent (Management People and Organization 268). Chick-Fil-A is always trying new things with their staff that can generate good vibes among the employees, which benefits the business. Team togetherness builds results for the business long term. Socializing and making friends in the workplace is a great way to increase productivity in the company. Its increases morale in the workplace and a better way of solving everyday workplace issues. When a business provides team building activities together, employees have a better understanding of others weakness, strengths and interest. This helps with better understanding to work together on future progress, which is vital to the company. Chick-Fil-A has build Social Facilitation, this happens when the employees and staff are motivated to look and feel good to others and maintain a positive image (Management People and Organization 269). Chick-Fil-A has established team efficacy, it shares beliefs that can be organized and execute the behaviors in it company (Management People and Organization 269). Improving productivity and quality improvement can be a difficult thing to do in a business. You can not always tell which solutions are right for the company. Trying solutions one at a time can be time consuming and expensive. The best approach is to take steps that are necessary to get your staff and employees on board. One approach Chick-Fil-A will plan to try and that is broaden their appeal to the Millennial market. The Millennials will broaden Chick-Fil-A’s national and, ultimately, international growth plans (Horovitz). Chick-Fil-A also plans to replace all of it’s current salads and replacing them with an entirely new salad, focusing on fresh ingredients (Horovitz). The company will introduce new wraps and post calorie counts on new menu boards (Horovitz). By the end of 2019, every customer will be served chicken without antibiotics. This fast food restaurant knows that it needs to be able to look at what is working well and where there is room for improvement (Chick-Fil-A). The workers of a business are the ones who are immersed in the production processes on a daily basis, so empowering them on developing ideals for improvement for the company, is always a great thing to do. Workers who feel empowered are more likely to demonstrate increased productivity. Chick-Fil-A has exceptional service, quick service, and cleanliness because of more attentive workers. Many of the franchisees offer training classes for their employees to earn certificates in managing food, labor cost managing conflicts in restaurants and other areas of expertise with in the company (Chick-Fil-A). This gives the employees more of an overall understanding of the business, therefore fostering a knowledgeable intent toward the customer’s and the company’s needs. With a strong culture and high emphasis on values, Chick-Fil-A has managed to provide a positive atmosphere in one of the most difficult industries. Chick-Fil-A’s goal is to make sure everyone that walks through their restaurant doors, have a positive out come and great experience. For example, in Virginia, one of the franchise offers expired chicken nuggets to pet owners. The nuggets are still good, just past the hour freshness hold time. These little things exceed expectations and create repeat customers, these are the people who dress up like cows on Cow Appreciation Day. It is the job as a restaurant owner or manager to make sure that the staff will give the customers a good dinning experience. When you provide a better service than local competitors, the company stands out in the crowd. If you have ever notice the employees say, â€Å"my pleasure† instead of â€Å"you’re welcome†, this is an element of class to their service (Chick-Fil-A). Every day, Chick-Fil-A has fresh flowers set out on each table inside of every restaurant they have. It is such simple things like that, that set this company apart from their competitors. Chick-Fil-A team members are great at remembering your orders and if you take a seat at any of their tables while you’re waiting, they proactively bring your meal to you at your table. This gives the customer a sense of dedication of service, their needs are at the fore front of the company’s purpose. In order for an organization to contribute positively to society, the company should be aware of the decision making it does. Last year they spent $30.8 million in advertising and promotion cost for hide-saving mission, to get people to eat more chicken (Morrison). Chick-Fil-A formats and provides a personal experience for their customers and their employees. Whenever the franchise opens a new restaurant, it reaches out to there fan base to invite them to a free pre-opening meal. The company also distributes coupons during the pre-opening. The company thinks through its experience customers and they add extra touches that exceed expectation, drive loyalty and inspire advocacy. By adopting this approach to customers service, the company will be able to maintain strong and sustainable relationships with corporate sponsors and customers. The interacting in a workplace is a major part of what makes a business work. Companies with engaging workplace and a well-trained staff are most likely to retain and attract qualified employees. When the business is focused on the employee’s behaviors and motivation to get the job done, the business tends to work more efficiently. Without a firm workplace culture, challenges can arise leading to poor productivity. Woks CitedBruce, Horovitz, et al. â€Å"Chick-Fil-A Tosses Its Old Salad Menu.†Forbes, Forbes Magazine, www.forbes.com/.Griffin, Ricky W., et al. Organizational Behavior: Managing People and Organizations. Cengage Learning, 2017.†Home of the Original Chicken Sandwich.† Chick-Fil-A, www.chick-fil-a.com/.MORRISON, MAUREEN. â€Å"Chick-Fil-A Finds Politics Can Be Bad for Its Business.† Advertising Age, vol. 83, no. 28, 2012.Suhay, Lisa. â€Å"Chick-Fil-A List of Banned Words: A Smart Move by Restaurant Manager?† Christian Science Monitor, 11/11/2014, P1, 2014.Vivian, Jordan. â€Å"Chick-Fil-A.† Human Events, vol. 65, no. 39, 2009. How to cite Chick-Fil-A Firm, Papers