23 Aug Response # 1(Yming) Part 1 Financial Acumen
Response # 1(Yming)
Part 1 Financial Acumen
1. Review at least three (3) articles on financial acuity. Summary the articles in 400 – 600 words. Use APA formatting throughout including in-text citations and references.
Have financial plan is a good way for retirement. This article is mainly about drawing in part on proprietary research, this column looks at shifting attitudes towards retirement and the impact of retirement on an individual’s personal identity and relationships, as well as addresses some of the challenges than can lie ahead, including diminishing mental acuity (Barsch, Rebekan, 2016). The authors mention the important aspects of retirement plan and give clients advices about how to shape their retirement plans and provide the best opportunities to clients with security as well as happiness.
The second article is High Medical Nursing Homes: Organizational and Market Factors Associated with Financial Performance. On average nursing homes have worse financial performance as well as lower quality. This article uses independent variables such as size, chain affiliation, market competition and control variables such as for-profit status, acuity index, staffing variables, etc. to find that organizational and market factors will affect financial performance of nursing homes. Higher financial performing facilities are characterize as having nurse practitioners/physician assistants, more beds, higher occupancy rate, higher Medicare and Medicaid census, and being for-profit and located in less competitive markets (Weech-Maldonado R, Lord J. 2019)
The third article is Development of Open and Transparent Information on the Public Finance Management. This article uses US as an example to provide accessible and transparent information of the public finance management. The practical application of the public financial management principles, given the process is open and transparent, brings together the interests of the authorities and civil society in terms of budget appropriations so that limited budget resources are allocated for the needs of social and economic development of the country (N. A. Guz. 2018). This article not only solve practical problems of decisions to ensure the transparency of the public finance management but also develop theoretical scenarios of the process.
2. Discuss the benefits of establishing solid financial acumen in a company? Discuss your personal experiences in a situation where financial acumen was either not supported as an organizational hallmark or, conversely, was built into the company’s culture.
By establishing solid financial acumen in a company, it makes everyone, no matter the employee is in HR department or marketing department, understands how the company makes money, and why, why-not, when, or what-if behind a financial decision-making process.
In my company, our employer is very care about not only financial performance of everyday, we also ranking our employees’ financial sales numbers each month, every year. This build our company culture that we always want to be the best. Not only our company is the best in this industry, but also our employees. Because everyone are so energy in this company’s culture which pay attention to financial performance and financial acumen.
Part 2: Sarbanes- Oxley (SOX)
Rationale for SOX
The Sarbanes-Oxley Act is named after its sponsors, Senator Paul Sarbanes, D-Md., and Congressman Michael Oxley, R-Ohio. SOX cracks down on corporate fraud. It created the Public Company Accounting Oversight Board to oversee the accounting industry, it banned company loans to executives and gave job protection to whistleblowers (Kimberly Amadeo, 2018).
Provisions of SOX
Provisions of the Sarbanes-Oxley Act detail criminal and civil penalties for noncompliance, certifications of internal auditing, and increased financial disclosure. It affects public (and private) U.S. companies and non-U.S. companies with a U.S. presence.
Enforcement of SOX
The PCAOB has authority to investigate and discipline registered public accounting firms and persons associated with those firms for noncompliance with the Sarbance-Oxley Act of 2002, the rules of the PCAOB and the Securities and Exchange Commission, and other laws, rules, and professional standards governing the audits of public companies, brokers, and dealers. The PCAOB uses its disciplinary authority to demonstrate that auditors who run afoul of their professional obligations will face real consequences.
References:
Barsch, Rebekan, 2016. Looking beyond the Financial Plan to Help Clients Maximize Their Retirement Years. Retrieved from http://eds.b.ebscohost.com/eds/detail/detail?vid=3&sid=bf0e448c-7dab-41cd-9483-509e1e614e05%40sessionmgr101&bdata=JkF1dGhUeXBlPXNzbw%3d%3d#AN=113275524&db=buh
Weech-Maldonado R, Lord J. 2019. High Medicaid Nursing Homes: Organizational and Market Factors Associated With Financial Performance. Retrieved from http://eds.b.ebscohost.com/eds/detail/detail?vid=6&sid=fb1f8421-8453-48c2-aed1-664061a373dc%40pdc-v-sessmgr02&bdata=JkF1dGhUeXBlPXNzbw%3d%3d#AN=30739512&db=cmedm
N. A. Guz. 2018. Development of Open and Transparent Information on the Public Finance Management: the US Experience. Retrieved fromhttp://eds.b.ebscohost.com/eds/detail/detail?vid=15&sid=fb1f8421-8453-48c2-aed1-664061a373dc%40pdc-v-sessmgr02&bdata=JkF1dGhUeXBlPXNzbw%3d%3d#AN=edsdoj.0c1b698445094a5ba0fc78336ddcee08&db=edsdoj
Kimberly Amadeo, 2018. Sarbanes-Oxley Summary: Four Ways Sarbanes-Oxley Stops Corporate Fraud. Retrieved from https://www.thebalance.com/sarbanes-oxley-act-of-2002-3306254
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