Compare London and Westminster Bridge Essay Example for Free

Compare London and Westminster Bridge Essay These two poems, though written within 10 years of each other, convey very different views on London. They were both written during a time of revolution and change. Both these poems were written at the turn of the 19th century, in Georgian times, to illustrate the authors views on the City of London. At the time, the industrial revolution was underway and there was a vast growth in the population, due to medical advances and a more promiscuous culture with prostitution in the formation of new cities. There was a revolution started in France and because it was a respected country within Europe at the time, with its pioneers in architecture, gardening and thought, the French had major influence in England. Being its neighbouring country it caused ripples of change and rebellion in European thought. This affected many people in England; the poet Blake was one of them. His revolutionist ideas were conveyed in this poem, London. This was contrary to Wordsworths poem, Upon Westminster Bridge, which picked out the imagery of London and its glory, without relating that the frivolous consummations of the monarchy and the church, created a vast gap between the rich and the poor, which Blake picked up on. Wordsworth was most probably ignorant of the fact that the mass of the English population in London was poor, because he was a tourist in the city. Or he could have realised the fact yet looked past it deciding that it would make a better poem to elaborate on Londons splendour. The poem also, seems vastly over the top and many people may just take the poem at its face value and dislike it, but Wordsworths poem describes London as glittering in the smokeless air and having a calming aura. These statements, I think might be sarcastic. At the time it was written, the Industrial revolution was happening and the chimneys of most factories would be blurting smoke for most hours of the day, and even if they had stopped over night the remnants of months of coal burning would not dissipate within 8 hours. Also to describe London as calming is a little far fetched. London is the heart of the United Kingdom, a port and an important centre of commerce. It is near impossible for us to imagine it as calm even in The beauty of the morning; Wordsworths most famous works are dedicated to the beauty of the awe-inspiring lake district, so it is not hard to imagine he could have been shocked and repulsed by London. Upon Westminster Bridge sets off on the word Earth this could mean that London was the centre of the commercial world, and that at the same time was the best place on Earth to be. This could be another example of sarcasm due to London being half-built during the revolution. Its face meaning though is to start the poem off as a harmony of nature and architecture. The first line shows Wordsworths typical naturalistic view upon the city, as he relates with many of his other poems. He was an early romantic poet; he admired nature and natural form, his extreme idyllic view on London could be seen as sarcastic or ignorant. The second line is monosyllabic yet that doesnt have any relevant dynamic effect on the style of the poem. Dull is the first word that goes against the happier grain of the poem. It relates a feeling of miserableness and boredom, and could be seen to insult the reader that doesnt agree with his poem, as he would have a dull, soul, and an unopened, insensitive mind. This could be a reason why many take the poem on face value, because no one would want a dull soul as the poem suggests. The end of the line uses enjambment to connect the second line to the third. This line creates imagery; the word sight implies our soul would be touched by London. Majesty is a powerful word, exaggerating the overall romantic theme of the poem and an overview of England as a powerful and unique nation with high status in the world. Line 4 uses a simile and personification to make the city seem as one single body, wearing the beauty of the morning, possibly as a disguise to cover the corrupt people it houses. Wordsworth is viewing the city in the morning, when the city would be very quiet and peaceful. Wordsworth was also standing on Westminster Bridge; from which he had a higher, isolated view over the scene of London. At dawn, London would be showered with the golden light of the sun, the river would appear to gleam and the un-crowded streets would be filled with crisp air. The ground would be covered with dew, all idealistically perfect compared to the reality that within one hour of his view, the streets would awake and the whole scene would change. Blake had a completely different viewpoint on London, his first line opens with a romantic wander through the chartered streets, this is a contrast, he himself whilst romantic and free thinking, is in a city governed by rules, entrapments and corruption. He then repeats this idea in the next line with the chartering of the themes, contrary to Wordsworths gliding river, this implies that London is overpowering nature. He then alliterates marks 3 times to give an exaggeration of the theme of suffering. Every from the 3rd line is then repeated in the second stanza to generalise everyone as saddened, depressed and constricted. Blakes poem is different to Wordsworths in its entirety. Blake is describing from a low viewpoint, in the streets between the dirty houses, at about 10:30 at night, with a serious, constricted and darkened theme. Wordsworths is from a higher viewpoint on the bridge, at about 5:30 in the morning with not many people about with a happy, elated theme. The techniques, each use to create these effects are also different, Wordsworth uses a typical romantic style sonnet, and both Poems use their structure to emphasise the words in them. William Blakes London is written in four, four line stanzas. Each line of each verse has the same number of syllables; this creates a regimented, almost mechanical effect. It uses alternate line rhyming to make the poem sound regular and accentuates the last word of each line. Each verse of the Blake poem attacks a different aspect of London. It is clear that Blake found London a very corrupt and immoral place. Whereas in contrast Wordsworths poem is written in the form of an Italian sonnet the octave of which describes the man made elements of the city, the last sextet refers to natural beauty. This poem also uses alternate line rhyming to create the effect of order. It is written in prose using iambic pentameter. This device brings attention to emphasise the meaning of the rhyming words. William Blakes poem conveys his feelings in a more abstract style, when he uses the people and buildings of London to represent the institutions which they are associated with. He uses the image of a church to criticise religious establishments and a palace to signify the state, and authorities that control it. He gives the image of the soldiers sigh running in blood down palace walls. Here he is attacking the monarchy and government for condemning young men to death by sending them off to fight in foreign wars. He uses hyperbole to criticise London and the sadness and malice of the people who live there. Blakes London brutally painted is a dark, dirty, disease ridden and deprived place Unlike the Wordsworth poem it leaves you in no doubt as to the authors feelings on the subject. In the last verse of Blakes, it gives us his time scale; midnight, and he shows us the corruption of innocence, with youthful harlots. The last stanza accentuates the uncleanness of the area, how London was plagued with diseases and how life in the slums of the city is very short. It may be an example of the typical life of people in London. With children being the product of prostitution and sexual promiscuity, the children are then raised in a poor, unhygienic even uneducated area then marry and die due to blights and diseases. Marriage is supposed to be a happy occasion, but here it shows to be an institution, which carries people to their deathbeds. This may be due to sexually transmitted diseases, which were ravaging through the population at the time. Blakes entire poem is blunt and to the point, describing what was going on and that he was unhappy about it and the fact that people were ignoring it. Wordsworths poem is far less melodramatic than Blakes, it is a snapshot in time of London in the morning, with no look at the types of people who live there, or of their pasts and futures. Blakes overall poem display a message of sadness and disgust towards London, its monarchy and the authorities housed there. I think that the style of Wordsworth is very ineffective at relating his like for London as it seems to almost be sucking up to Londons builders and rulers and so it does not provoke strong feelings or thoughts. Even if the reader acknowledges there is sarcasm in the style, it still does not show accurately the problems of London or that anything should be done about it. Blakes poem on the other hand is very effective at relating his own feelings towards the city, and of provoking our own so that we are appalled by the conditions and mistreatment people were forced to live with at the time he wrote this. I prefer Blakes poem because the atmosphere he builds, through his phrases and his technique, is far more powerful than the atmosphere Wordsworth attempted to make. It is far more descriptive and flows more poetically than Wordsworths and I believe he was overall a better writer.

Standards of Living Essay -- Economics Essays

Standards of Living In "Stone Age Economics" Marshall Sahlins contrasts the economic strategy of industrial societies to hunter-gatherer societies. In doing so he dispels former ideas that hunter-gatherer societies are poor, unhappy and hungry. He explains this by asserting a number of relevant points. First, in an industrial society, a person’s wants are extremely high, while his/her means are limited. Industrial products are created to close this gap between wants and means. In a hunter-gatherer society (the Zen road to affluence as Sahlins describes it), a person’s wants are low, while the technical means to satisfy these wants are adequate. In this case the standard of living is low compared to industrial societies but the people are satisfied when it comes to material objects. In their eyes they have plenty (Sahlins, 1972:2). Prior to the 1970's many believed that hunter-gatherer societies were poor and unhappy. Westerners believed that these groups lived inadequately with scarce resources. However, Sahlins states that it is modern capitalist societies that are dealing with scarcity as they have placed such an emphasis on material goods. Consumption in this case has lead to inadequacy and eventually deprivation in industrial societies (Sahlins, 1972:4). In Sahlins’ example " every purchase of something is a foregoing of something else" (Sahlins, 1972:4). However, in a hunter-gatherer society, there is no such thing as material wealth, and therefore no deprivation, or unhappiness. "Hunters are in business for their health. . . bow and arrow are adequate to that end" (Sahlins, 1972:5). In hunter-gatherer societies, material wealth has become a burden as it suppresses their highly mobile lifestyle. In this... ... and alcohol. All of these factors have altered their mobile, reciprocal way of life and has brought on many conflicts as well as a stationery life. The results of these changes emphasize how the Ju (and other hunter-gatherer groups) have maintained a successful lifestyle by mobility and foraging. Their standard of living has dropped with the onset of western ideas and technologies. Many of them remember the old way of life, but how will they return to that? I feel that it is important to learn from the Ju and other hunter-gatherer groups. Not everyone can live as we, in the technological, highly industrial, capitalistic society, can. My question is, as different parts of the world are influenced by capitalism can governments support hunter-gatherers in a capitalistic society and will there ever be a return to this way of life by people like the Ju/’hoansi?

A Report on Training & Development Department of Spl

Chapter -1 Introduction 1. 0 Introduction Square Pharmaceuticals Ltd. is the leading pharmaceutical company in Bangladesh. It has been running its business of about fifty two years and leading the pharmaceutical industry since 1985. Research points to the importance of good recruitment systems in the organizations. The 1980s brought downsizing, organizations were becoming too effective for their numbers of employees employed by them. Most problems concerning Human resources commence when training and development & recruitment and selection are not handled properly.Resignations, low motivation, poor performance may be due to incorrect procedures in the training and development process or in recruitment & selection. Training & Development enables for people to enhance their skills, keep them updated with recent changes. Square offer both on-the-job and off-the- job at both theoretical and practical training opportunities through a range of Local, Regional and International Training pro grams that include both functional and managerial levels on the basis of Training Need Assessment.Training Need Analysis (TNA) is conducted by Department Heads and Human Resource Department jointly on the basis of job analysis. The article also discusses the importance of good recruitment at technical & managerial levels & the implications that are encountered as a result of ad hoc recruitment process. Recruitment is responsibility of every manager in the organization. 1. 2 Origin of the Report Now a day, Education is not just limited to books and classr oom. From education the theoretical knowledge is obtained from course of study, which is only the half way of the subject matter Practical knowledge has no alternative.The perfect coordination between theory and practice is of paramount importance in the context of the modern business world now days. Therefore an opportunity is offered by Stamford University Bangladesh, for the potential business graduates to get three month practic al experience, which is known as â€Å"Internship Program†. To complete of the internship program, the author of the study was placed in a Company namely, â€Å"Square Pharmaceuticals Ltd (SPL), for the period of three months starting from Jun 19, 2011 to September 19, 2011.Internship program brings a student closer to the real life situation and thereby helps to launch a career with some prior experience. This project was assigned by the organizational Supervisor Ms. Tania Sultana, Executive in HR of Square Pharmaceuticals Ltd. and was approved by the Faculty supervisor Mr. Md. Mohiuddin, Professor, Department of Management Studies, University of Dhaka. 1. 3 Significance of the Report The main reason of this study is to become familiar with the realistic business world to attain practical knowledge about the Pharmaceutical related business in the corporate world.We all know that there is no alternative of practical knowledge which is more beneficial than theoretical aspects . 1. 4 Objectives of the Report The primary reason of writing this report is to fulfill the internship requirement of BBA program. The prime objective of the study will be to evaluate the recruitment and selection and procedure of Square Pharmaceutical Ltd. To facilitate achieve the prime objective; this study aims at attaining the following SPL operational objectives: * To get a clear and practical knowledge about the business of SPL. To understand the perspective of creating and presenting the new idea. * To fulfill the requirement of the BBA degree. * To get practical idea about organizational environment. * To introduce the new situation, new environment. * How management is analyzing work and planning for people? 1. 5 Selection of the Topic The topic selected for the study was chosen by me and approved by Dr. Shahid Uddin Ahmed. Chapter-2 Company Background 2. 0 Organization History SQUARE today symbolizes a name – a state of mind. But its journey to the growth and prosp erity has been no bed of roses.From the inception in 1958, it has today burgeoned into one of the top line conglomerates in Bangladesh. SQUARE Pharmaceuticals Ltd. , the flagship company, is holding the strong leadership position in the pharmaceutical industry of Bangladesh since 1985 and is now on its way to becoming a high performance global player. SQUARE Pharmaceuticals Limited is the largest pharmaceutical company in Bangladesh and it has been continuously in the 1st position among all national and multinational companies since 1985. It was established in 1958 and converted into a public limited company in 1991.The sales turnover of SPL was more than Taka 11. 46 Billion (US$ 163. 71 million) with about 16. 43% market share (April 2009- March 2010) having a growth rate of about 16. 72%. SQUARE Pharmaceuticals Limited has extended her range of services towards the highway of global market. She pioneered exports of medicines from Bangladesh in 1987 and has been exporting antibioti cs and other pharmaceutical products. This extension in business and services has manifested the credibility of SQUARE Pharmaceuticals Limited. 2. 1 Milestone of SPL * Year of Establishment 1958. * Incorporate as a Public Limited Company – 1964. Technical Collaboration Agreement with Jansen Pharmaceuticals of Belgium. A subsidiary of Johnson & Johnson International Limited – 1975. * Technical collaboration Agreement with F. Hoffman – La Roche & Company Limited – 1984. Converted into Public Limited Company – 1991. * Stock exchange listing (D & C) – 1995. * Agreement with M/S. Bevis tandem Limited of UK for implementation of Dhaka Plant – 1996. Awarded ISO- 9001 Certificate -1998. * Business Lines- Manufacturing & Marketing of Pharmaceuticals finished product, Basic Chemicals & Agro vet products. 2. 2 Vision of the SPLSquare view business as a means to the material & social wellbeing of the investors, employees and the society at large, leading to accretion of wealth through financial and moral gains as a part of the process of the human civilization. 2. 3 Mission of the SPL Square mission is to produce and provide Quality and innovative healthcare relief for people, maintain stringently ethical standard in business operation also ensuring benefit to the Shareholder’s, Stakeholder’s and the society at large. Business Slogan Square Pharmaceuticals Limited always upholds the dictum: â€Å"Dedicated to advanced technology. The Corporate Slogan Square Group of industries has a common corporate Slogan which is: â€Å"Jibon Bachatey, Jibon Sajatey. † Corporate Focus Square vision, mission and Square objectives are to emphasize on the quality of product, process and services leading to growth of the company imbibed with good governance practices. 2. 4 Goals of the SPL Develop a realistic deposit mobilization plan. Strengthen operation in domestic to increase market share and profitability to offer m ore value to the shareholders offer contract manufacturing facility.Manufacture and market time demanded and international standard pharmaceutical in domestic and export market. Association with global research based pharmaceutical company for marketing or manufacturing their products. 2. 5 Objective of the SPL Square’s objectives are to conduct transparent business operation based on market mechanism within the legal and social frame work with aims to attain the mission reflected by the company’s vision. * Total Commitment to the needs of customers. * To follow the highest ethical standards. * Continuous improvement of all work process. Permanent improvement of all the employees â€Å"Knowledge and Skills†. * Securing the Quality of Products to match the Quality of Service. * Preserving the company’s leading positioning the national market of Pharmaceuticals industry. 2. 6 Corporate Governance Top Management Board of Directors As per provisions of the Ar ticle of Association, Board of Directors holds periodic meetings to resolve issue of policies and strategies, recording minutes/decisions for implementation by the Executive Management. 2. 6. 1 Executive ManagementThe Executive Management is headed by the Managing Director, the Chief Executive Officer (CEO) who has been delegated necessary and adequate authority by the Board of Directors. The Executive Management operates through further delegations of authority at every echelon of the line management. The Executive Management is responsible for preparation of segment plans/sub- segment plans for every profit centers with budgetary targets for every item of goods & services and is held accountable for deficiencies with appreciation for exceptional performance.These operations are carried out by the Executive Management through series of committees, sub-committees, adhock committees, standing committees assisting the line management. 2. 7 SQUARE Quality Policy Ensure strict complianc e with WHO CGMP standards and local regulatory norms in every phase of sourcing & procuring quality materials, manufacturing, quality assurance and delivery of medicines. Ensure all activities through documented Quality Management System (QMS) complying International Standard requirements of ISO 9001 through continuously developing Human Resources by regular training and participation.SQUARE is committed to undertake appropriate review, evaluation and performance measurement of processes, business activities and Quality Management System for continual improvement to ensure highest standard, customer satisfaction, developing human resources and company's growth. Business should support and respect the protection of internationally proclaimed human rights with in their sphere of influence. Make sure that they are not complicit in human rights abuses. Business should uphold the freedom of association and the effective recognition of the right to collective bargaining.The elimination of all forms of forced and compulsory labor. The effective abolition of child labor. Elimination discrimination in respect of employment and occupation. Business should support a precautionary approach to environmental challenges. Undertake initiatives to promote greater environmental responsibility. Encourage the development and diffusion of environmentally friendly technologies. Business should work against corruption in all its forms, including exportation and bribery. 2. 8 Business Performance over the Last Few Decades 1958: Debut of Square Pharma as a Partnership Firm. * 1964: Converted into a Private Limited Company. * 1974: Technical Collaboration with Janssen Pharmaceutical, Belgium, a subsidiary of Johnson and Johnson International, USA. * 1982: Licensing Agreement signed with F. Hoffmann-La Roche Ltd. , Switzerland. * 1985: Achieved first position in the Pharmaceutical Market of Bangladesh among all national and multinational companies. * 1987: Pioneer in pharmaceutical expo rt from Bangladesh. * 1991: Converted in to a Public Limited Company. 1994: Initial Public Offering of Square Pharmaceutical Shares. * 1995: Chemical Division of Square Pharmaceuticals Ltd. starts production of pharmaceutical bulk products (API). * 1997: Won the National Export trophy for exporting pharmaceuticals. * 1998: Agro-chemicals ; Veterinary Products Division of Square Pharma starts its operation. * 2001: US FDA/UK MCA standard new Pharmaceutical factory goes into operation built under the supervision of Bovis Lend Lease, UK. * 2004: Signing of agreement with ROVIPHARM, Vietnam to manufacture and market Square products under license in Vietnam. 2004: Secured the top position for the best published accounts and report for 2003 in the manufacturing category for transparency and excellence in corporate reporting. * 2005: New State-of- the-Art Square Cephalosporin’s Ltd. goes into operation; built under the supervision of TELSTAR S. A. of Spain as per US FDA/ UK MHRA req uirements. * 2007: Square Pharmaceuticals Ltd. , Dhaka Unit gets the UK MHRA approval. 2. 9 Organ Gram of SPL HRD Chapter-3 Training ; Development Activities Undertaken in Human Resource Department of SPL 3. Human Resource: Practices ;Environment SQUARE, with its progressive business outlook, believes and practices corporate work culture with a classic blend of efficiency and equity. SQUARE believes in company growth by increasing efficiency level of employees and for that offering excellent environment and support for skill and knowledge up gradation. SQUARE values productivity as the spontaneous contribution of Human Resources. Strategic Human Resource Development Programs are the energy sources for SQUARE HR for running towards the zenith of success .Flow of clear and specific information and justification of queries play the vital role to ensure the market reputation of SQUARE as the most trusted and transparent company and it enriches the motivation level of HR who are the real contributors and owners of his/her own jobs. At SQUARE, HRD symbolizes the unique blending of professionalism as well as sharing the stress and success equally like a family where every member has deep concern, feelings and pride for their own company SQUARE.HR ensures the strong supporting role to develop ; implement HR policy guidelines for ensuring uninterrupted operation and spontaneous participation to achieve organizational objective as well as fulfillment of employee needs. HR is maintaining an effective way to deal with labor union and still no unrest has been recorded as dispute Personnel working here are taking care of SQUARE as it is their own family Training ; development: One major function of Human Resource Department is Training and Development .It is a learning process that involves the acquisition of knowledge, sharpening of skills, concepts, rules, or changing of attitudes and behaviors to enhance the performance of employees. * Optimum Utilization of Human Resour ces –D;T helps in optimizing the utilization of human resource that further helps the employees to achieve the organizational goals as well as their individual goals. * Productivity-The department organizes training that helps in increasing the productivity of the employees that helps the organization further to achieve its long-term goal. Development of skills of employees- Through training and development it helps in increasing the job knowledge and skills of employees at each level. It helps to expand the horizons of human intellect and an overall personality of the employees Team spirit: Training and Development helps in inculcating the sense of team work, team spirit, and inter-team collaborations. It helps in inculcating the zeal to learn within the employees. * Organization Climate: The HRD help building the positive perception and feeling about the organization since the joining of an employee through organizing orientation programs.We also ensure this climate persist s and employees get these feelings from leaders, subordinates, and peers. * Organization Culture: Training and Development helps to develop and improve the organizational health culture and effectiveness. It helps in creating the learning culture within the organization. * Quality: Through training and development we help in improv9ing upon the quality of work and work-life. * Health work environment: Training and Development helps in creating the healthy worki8ng environment . It helps to build good employee, relationship so that individual goals aligns with organizational goal. Health ; Safety: Training and Development helps in improving the health and safety of the organization thus preventing obsolescence. * Image: D;T try to create a better corporate image through arranging internship and in plant training for the students of different universities. * Employee Development: D;T helps in developing leadership skills, motivation, loyalty, better attitudes, and other aspects that s uccessful workers and managers usually display. 3. 2 Training and Employee Development in Square SQUARE Pharmaceuticals Ltd. Training ; Development enables the people to enhance their skills, keep them updated with recent changes. SQUARE offer both on-the-job and off-the- job at both theoretical and practical training opportunities through a range of Local, Regional and International Training programs that include both functional and managerial levels on the basis of Training Need Assessment. Training Need Analysis (TNA) is conducted by Department Heads and Human Resource Department jointly on the basis of job analysis. 3. 2. 1 Management Development TrainingRound the year, management development training is organized for managers ; executives at our Corporate Headquarters, Dhaka Unit ; Pabna Unit. Square had own and renowned resource persons from home ; abroad conduct the training sessions. We also send our employees to renowned local training institutes for specialized training. 3 . 2. 2 Overseas Training Square send their employee to abroad for training program depending on availability of appropriate topics. Technical persons of our factories attend the Factory Assessment Test (FAT) in various parts of the world for smooth operation of equipments. 3. . 3 Field Forces Training ; Development Each year, a significant number of Field Forces complete their induction training program and joined to their respective markets and appear at examination in every month for further development. 3. 2. 4 Field Forces Refresher Course For updating product knowledge and selling skills of field forces, Refresher Course is organized in four different regions in every month. 3. 2. 5 Territory Manager Training Twice in every year, mid-level managers of sales participate in the training program titled â€Å"Sales Territory Management† at a regular basis. 3. 3 Purpose of TrainingIn today market place, it’s given that everyone want increased efficiency, better perform ance a bigger piece of the pie. Yet virtually everyone’s finding this more and more difficult to achieve. May be sheer number of competitors has increased. Perhaps growing price pressure is impacting, or the technology ageing. So, unless the product or service is the only one of its kind, we are looking for an edge, an advantage something special from the major competition. And training is one of the strongest toll through which a specialty can be created. Good training lessens frustration and boredom between supervisor and workers.It contributes to improved human relations and raises morale. The improvement in skills increases productivity and lessens turnover. Employees that the organization needs their support are less likely to leave the firm for another position. Through training organization help make employees more loyal to the company. Training also helps ambitious employees forge ahead in their own careers. On the other hand, Better product increases customer satisfa ction lead to repeat business and large sales. When we develop employees potential these things are vastly related.Training is a leadership activity, which prepares individuals for their own future opportunities. 3. 4 SPL Employee Training Training can involve the changing of employees’ knowledge, skills, attitudes and behavior. It is therefore necessary to ascertain the appropriate requirements of each job in terms of these four factors. Training needs can generally be classified as either individual or group needs. Individual needs may relate to orientation (induction) training, initial (basic) training, remedial training (to correct perceived faults), refresher training (such as in company policy, safety, fire drill) or personal development.Group needs, on the other hand, refer to the need for a number of employees to change their behavior collectively. Examples include team building exercises designed to increase group cohesion or group co-ordination. In addition, types o f training needs can be grouped into the following two categories: Reactive Identify of existing weaknesses and reacting to remedy them. Proactive Preparation of employees to handle anticipated future changes both within and outside the organization. This is a longer-term approach, more oriented towards development. 3. 7 Training Needs AnalysisA Training Needs Analysis (TNA) is a review of learning and development requirements for staff, volunteers and trustees within in your organization. It considers the skills, knowledge and behaviors that you or your staff need, and how to develop them effectively. Techniques for Determining Specific Training Needs There are a number of practical methods which can use to gather data about employees’ performance. Each works well in given circumstances; therefore, we must determine which the best is for employee. None of these methods can stand alone. Always use at least two, if for no other reason to validate your findings.One of those we choose should always be observation. 3. 2 Training Methods Training is a key part of business growth and change. To help ensure that dollars are well spent, a company must choose their training programs wisely. When managing any training process, we recommend that company leaders work closely with functional department heads and Human Resources personnel in following a systematic approach to training. A good system will help attack training problems using a â€Å"rifle† approach, rather than a â€Å"shotgun† approach. The following are five generic steps or phases in the model that we as trainers simply call A.D. D. I. E. Follow these steps to build your training program, and you will increase your chances of assembling an effective program. 3. 3 Analyze Analyzing the need, or performing a  Ã¢â‚¬Å"needs assessment,†Ã‚  is crucial in identifying the information that must be addressed in the program. This is where SPL ask the question,  Ã¢â‚¬Å"What do we want o ur employees to get out of the program? †Ã‚  A great way to complete this phase is to perform a â€Å"gap analysis† by comparing current results to the desired performance. Another way to perform this phase is to treat team members as stakeholders in the process, much like it treats customers.Get their help by asking for specifications for the training. After all, they know where they need help†¦ particularly when it comes to delivering a better product or dealing with customers. This analysis is also useful in creating metrics that will help your organization gauge the effectiveness of the training. This phase is where training program objectives begin to take shape. 3. 4 Design Design phase is where we link the needs assessment to the actual creation of new curriculum or the arrangement of existing curricula. This is where we assemble information tied to each program objective.From the needs analysis, we draw the blueprints of the training, based on the customer specifications. Remember, in this context, the customers that we are speaking of are your team members. If we design the training based on their needs, we get a better product. This is also the phase where we begin to think about the operational considerations of the program. Ask the question: How is the delivery of the program going to influence my business operations? The answer to this question will force functional managers to make decisions about how they will change operations in the interim to support the program. . 5 Develop Materials This includes items like, references, info packs, case studies, movies, games, and other visual aids. Remember to keep the information organized and easy to use by both the facilitator and the attendees†¦confusing programs will sabotage your program. This is also a great time to ensure that feedback from previous sessions is included. Make sure that the programs are up to date†¦spice things up by revamping statistical data, and findin g new stories to tell. If the attendees are bored, they will not stay engaged with the facilitator.If attendees are disengaged, they will absorb less knowledge. Keep them engaged with activities such as trivia questions, interactive exercises, and group discussions. 3. 6 Implementation Time for Class! This is when the training actually takes place. Here are a few things to think about: * Practice * Feedback forms * Management/leadership observations and interactions * Facilities management, including room arrangement and equipment * Classroom rules and expectations, including safety and evacuation procedures 3. 7 Evaluate All system outputs are a direct reflection of inputs, processes, and adjustments.The training process is no different. If the outputs of the program are less than desired, then changes to the program may be necessary. Companies should establish a systematic evaluation process to enhance the effectiveness of the training. We feel that the evaluation of the program s hould occur in two phases: 1) immediately after the program, and 2) some period later†¦for instance 6 months. The evaluation performed immediately after the program serves to correct urgent training issues such as incorrect data. This is also the time to concentrate on instructor techniques.The later evaluation determines whether the training enhanced employee and/or company performance. Chapter-4 Conclusion 4. 1 Conclusion Square is now the leading Pharmaceutical Company of Bangladesh and becoming a high performance global player in the field. From its formation to the present day, it has been successful in its endeavors. It provides quality medication and strictly follows all regulations. In Bangladesh over three thousand of people are working here. The medicine of Square is famous in Bangladesh as well as in foreign countries. HR Department of Square is playing a vital role as a corporate strategy maker.Growth of the company depends on hiring, developing, retaining skilled a nd motivating employees. HR Department is continuously hiring skilled people from wide market and thus provides trainings to cope with global challenges. Through various HR activities and training programs they retain talents in the organization, ensure career path for performers to perform more efficiently and effectively to contribute more and more. The Training and Development section of Square Pharmaceutical is always trying to ensure the best training programs for employees at the right time, right place.With the latest facilitated training resources they ensure the most effective training sessions for all level of employees. â€Å"Square Pharmaceuticals Limited† practices a progressive recruitment and selection procedures. HR officers of Square Pharmaceuticals Limited are now expected to work beyond the boundaries of contracts and policies to contribute directly to the operation and success of the Human Resources Department. 4. 2 Appendix LIST OF ABBREVIATION 1. PMD- Pr oduct Management Department. 2. AM – Area Manager. 3. FS- Field Supervisor. 4. TR- Tour Program. 5. DCR- Daily Call Report 6.DSE- Dhaka Stock Exchange. 7. SPL- Square Pharmaceuticals Limited. 8. MRA- Market Research Assistant. 9. MPO- Medical Promotion Officer. 10. SMPO- Senior Medical Promotion Officer. 11. MG- Manager. 12. GM- General Manager. 13. PPO- Product Promotion Officer. 14. SDO- Sales Development Officer. 15. SSDO- Senior Sales Development Officer. 16. TNA- Training Need Analysis. 17. SPO- Sales Promotion Officer. 18. SSPO- Senior Sales Promotion Officer. 19. TM- Territory Manager. 20. MP- Market Promoter. 21. FM- Field Manager. 4. 3 BIBLIOGRAPHY: * Annual report (2010-2011), Square Pharmaceuticals Ltd.Written ; Edited by: Accounts ; Finance Department of SQUARE Pharmaceuticals Ltd. * Raymond A. Noe, John R. Hollenbeck, Last Published: 2011, Human Resource Management, 10th edition, Publisher: Irwin/ McGraw-Hill, Boston, Massachusetts. * Dessler Gary, last published : 2011, Human Resource Management, 9th edition, Publisher: Prentice hall, New Jersey. * French L. Wendell, last published: 2011, Human Resource Management, 9th edition, Publisher: Houghton Mifflin Company, Boston, Massachusetts. * SQUARE Library Reports, Maintained by: General Service Department. * www. squaregroup. com,2004, SQUARE Informatix Ltd.

An overview of audit committees Example For Free - Free Essay Example

Sample details Pages: 9 Words: 2680 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Good corporate governance is vital to the efficient operation of the financial markets. Investors need to feel confident that organisations are suitably managed and controlled and that the levels of risk within the organisation are carefully managed in a way that minimises many of the financial and operational risks to which the investors would otherwise be exposed. Corporate governance covers a wide range of issues. Don’t waste time! Our writers will create an original "An overview of audit committees Example For Free" essay for you Create order For example, majority shareholders can exercise undue influence over the minority shareholders; therefore, there are legislative requirements in place to ensure that this power is not abused. The entire issue of corporate governance can be largely attributed to the principal / agency problem that exists where the directors are responsible for the day to day running of the company, yet this is carried out on behalf of the shareholders and not for their own good. Governance is, therefore, required to ensure that the directors do not act for their own benefit in favour of the benefits of the owners. Corporate governance principles are based on the four key concepts of responsibility, accountability, transparency and fairness. In an attempt to fulfil these requirements the financial reporting council has brought in a combined code dealing with the key issues of reporting, remuneration of directors, accountability and audit within the company. It is the area of audit management upon wh ich this analysis is focussed and will discuss in more depth. What is an Audit Committee? As part of the combined code established by the financial reporting council, every publicly listed company must have an audit committee as a committee of the board of directors and it is specifically charged with the role of overseeing financial reporting and the way in which disclosures are made[1]. For all companies within the FTSE 350, it is necessary to have at least three non-executive directors on the committee; for other companies there must be at least two non-executive directors. Within the committee the combined code requires that at least one member of the committee must have à ¢Ã¢â€š ¬Ã‹Å"relevant financial experienceà ¢Ã¢â€š ¬Ã¢â€ž ¢, although it is not entirely clear what this relevant experience entails. For smaller companies, the company chairman can be on the committee but is prohibited from being the chair. As well as managing the internal reporting and disclosure, the auditing committee is charged with maintaining the relationship between the company and the auditors. Every audit committee will have terms of reference to work within but there are also generic requirements as laid down in the in combined code to which every audit committee must adhere. Firstly, it is required to monitor and manage the integrity of the financial statements. Any announcements that the company makes in relation to its financial status as well as any other significant judgments must be considered and approved by the audit committee to ensure that they are as accurate as possible. As well as monitoring the financial statements themselves, the audit committee is responsible for considering the internal controls that the company has in place. In many companies there is a board risk committee that considers the risk management. However, where the issues are more financially specific there will be involvement by the audit committee. These controls are regularly chec ked to ensure that they retain their effectiveness. The audit committee deals with the external auditors including making recommendations to the shareholders in terms of which auditor should be retained or removed as well as dealing with the terms of engagement of the auditors and the related remuneration for the auditors[2]. Once the external auditors have been appointed, the audit committee will act as the main point of contact and will work with the auditors to ensure that independence, objectivity and efficiency of the external auditors is maintained. The issue of external auditors also providing non audit services is a matter that is dealt with by the audit committee. This is potentially an area of considerable controversy and strict ethical rules are put in place to ensure that independence is maintained. As the external auditors provide a necessary check and balance to the accuracy of the financial accounts and ensure that they show a true and fair view of the underlying f inancial position of the company, the relationship between those responsible for the audit and the management team of the company is vital. However, a degree of independence is required if the auditors are to feel that they are able to suitably explore all of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s issues and for this reason the audit committee is considered a suitably independent point of contact that can fully support the efficiency of the auditors role. Scope of the Audit Committee Whilst the concepts and principles of the audit committee are detailed above, the relationship between the audit committee and the management board is often finely balanced and can be a source of conflict. The management board cannot delegate all aspects of financial control and must retain the power to approve the annual financial accounts, to ensure that a framework is in place to manage internal control and risks and to be the ultimate body to approve policies or transactions that have a substantial im pact on the financial position of the company. The role of the audit committee should be clearly defined in the terms of reference. It is a danger that a management board will attempt to delegate all corporate governance issues to the audit committee, which is not within the remit of the combined code. Critically, the audit committee is responsible for managing the controls within the company not for carrying out the control themselves and this distinction is vital. Further guidance has been established from the Financial Reporting Council as part of the Turnbull guidance[3] which suggested key areas for which the audit committee is responsible. A degree of flexibility is necessary but clear terms of references are also required. Typically, terms of reference will include phrases such as advice, review and assessment making up the foundations of their role. The report of the audit committee should be given considerable importance by the board and should form a central part of the boardà ¢Ã¢â€š ¬Ã¢â€ž ¢s discussion when the report is given to the board. It will highlight areas where there are internal controls that are lacking and monitoring issues that need to be dealt with and these should be targeted by the board. As well as entering into regular discussions with the management board, the chair of the audit committee will have private discussions with the internal and external auditors. These meetings are conducted in private away from any of the executive management board so that the auditors can feel free to express their true opinions without feeling the pressure of the executive member of management listening to all discussions. Ensuring that the lines of communication between the internal and external auditors are open and professional is critical to the quality of the audit report and, as such, the audit committee is critical as a forum for discussion. Facilitating this independence is crucial and should be the cornerstone of the role of the audit committee[4]. Auditing Risks Before considering how effective an auditing committee is in managing and controlling issues in relation to auditing (both internally and externally), the risks related to the process need to be considered. Audit risk, or the risk that the auditor fails to make the correct determination in relation to a set of company accounts, is made up of several different factors. Firstly, there is the inherent risk associated with the process of auditing financial accounts. This is based on the idea that certain companies operate in inherently risky industries, for example, banking or financial institutions. The level of inherent risk does not take into account any internal controls that may be used. The second element of risk is that of control risk and is much more closely linked to the role of the audit committee. The level of control risk is based on the way in which the company is dealing with its inherent risk. When ascertaining the level of con trol risk an auditor will place a great deal of emphasis on the information received from the company and the audit committee in terms of how risks are managed and controlled. Thirdly, there is the detection risk which refers to the risk that if an event does in fact happen, that it is detected by the company. When considering the level of this risk, the auditors will consider the strength of the checks and balances within the company including the power of the audit committee itself. Based on the perceived risk levels of the company as a whole (taking into account the inherent, control and detection risks), the auditor will make their judgment as to how rigorous their testing needs to be. Auditors will always tend to take a cautious approach due to the fact that they have traditionally had a substantial risk exposure if they give an incorrect opinion. The auditors are considered joint and severally liable and often find themselves facing large claims. The recent Companies Act 2006 allows the auditors to enter into an agreement with the company to limit their liability to the company for errors in auditing. The level of this limitation is also likely to be a matter for discussion between the audit committee and the auditors, with the risks that the auditors are facing playing a fundamental role in this discussion[5]. Efficiency of the Audit Committee Having established the role of the audit committee the question of how effective it is in achieving its aims is a natural next step for the analysis. One thing that seems reasonably standard is that very few companies regularly undertake any evaluation or monitoring of the performance of the audit committee itself. This makes ascertaining the efficiency of audit committees in general particularly difficult to undertake and in itself highlights a weakness in the audit committee process. Evaluation and regular review is essential for any committee and the audit committee should be no exception. The Au dit Quality Forum, as part of the Institute of Chartered Accountants of England and Wales, has undertaken considerable research into this area. Through panel discussions, the forum ascertained that the effectiveness and quality of the audit committee is almost entirely down to the way in which the audit committee is instructed[6]. Clear terms of reference and information in relation to its role are essential. Where there are very broad terms, the audit committee is likely to be considerably less effective. As well as the formal role definition, it has been recognised that the informal processes undertaken by the audit committee are equally important to the overall efficiency of the process. As previously suggested, the relationship on an interpersonal level between the audit committee and the internal and external auditors is critical to the success of the auditing process, as a whole. Therefore, the interpersonal and behavioural relations should not be ignored when considering t he efficiency of the audit committee overall. In accordance with recent research, the interpersonal relationships and the behavioural approach of the committee members is the most influential factor in determining the efficiency of the committee, as a whole[7]. Depending on the informal networks, the audit committee may take the approach of adviser, deterrent or controller and the chosen approach will have a much greater impact than the strict terms of reference. Further research into the way that a committee must operate in order to be effective has revealed that the make up of the committee is much more critical than originally thought. Research indicates that audit committees essentially must be independent and willing to challenge all internal activities. They must be inherently sceptical and lacking this independence or financial ability to probe deeply would have a substantially detrimental impact on the effectiveness of the audit committee, overall[8]. Research, therefo re, indicates that audit committees are not operating entirely efficiently and, in reality, the informal networks surrounding the committee produce the most effective controls and not the strict formal controls. Future Recommendations for the Audit Committee One of the key weaknesses with many audit committees is that they are simply not monitored for effectiveness. Therefore, it is suggested that a scheme of reviewing the audit committee itself should be undertaken. In order to improve the effectiveness of the audit committee, it is necessary to ascertain how it is currently performing. To do this, the following factors should be considered: How well the audit committee is performing in relation to its terms of reference. Is it meeting all laid out criteria such as timely reports to the board? Querying with the external auditors how useful they feel the audit committee is being in supporting their role; Asking the management board how much confidence they have in the audit committee and the quality of the guidance they produce; Asking the individual members of the committee how they feel the chair is performing; Analysing the quality of the recommendations produced by the committee; and Analysing the level of the changes that are implemented following the recommendations of the audit committee. These checks are absolutely essential and should become standard process within any company that has an audit committee. By evaluating the role of the audit committee, not only will any weaknesses by unveiled but it will also naturally encourage the committee to perform more effectively, knowing that it will be monitored and evaluated[9]. As well as monitoring the activities of the committee, more attention should be given to ensure that the correct people are appointed to the committee. Relevant financial knowledge should be more closely defined to ensure that there is suitable expertise as part of the committee to allow for sufficiently directed probing of the management board. A combination of these two factors will improve the effectiveness of the role of the audit committee, as a whole. Conclusions Audit committees are a vital part of all large companies. They act in a vital corporate governance role to ensure that the financial reporting and auditing functions are un dertaken, efficiently. Stakeholders place a great deal of reliance on the audited accounts; therefore, ensuring that the relevant controls are in place is absolutely essential. Despite the importance of the audit committee, there is currently no widespread check on the efficiency of these committees and informal channels are perceived to be more important than the official terms of reference. In order to achieve the greatest possible value out of these committees, further regulation and monitoring is required. Bibliography Braiotta, Louis, Braiotta, Louis, Jr., The Audit Committee Handbook, John Wiley and Sons, 2004 Corgel, Richard, Geron, John, Riley, John, CEO leadership in improving corporate governance: the significance of CEO support to the effectiveness of the audit committee, Handbook of Business Strategy, 5, 1, 2004 Financial Reporting Council, Turnbull Guidance on Internal Control, Financial Reporting Council, October 2005 Hemraj, Mohammed B., Corporate go vernance: directors, shareholders and the Audit Committee, Journal of Financial Crime, 11, 2, 2003 Hicks Midanek, Deborah, An inside look at audit committees, Journal of Investment Compliance, 2004 Lin, Jerry W., Li, June F., Yang, Joon S., The effect of audit committee performance on earnings quality, Managerial Auditing Journal, 21, 9, 2006 Soltani, Bahram, Auditing: An International Approach, Pearson Education, 2007 Spira, Laura F., The Audit Committee: Performing Corporate Governance, Springer, 2002 Turley, Stuart, Zaman, Mahbub, Audit committee effectiveness: informal processes and behavioural effects, Journal: Accounting, Auditing Accountability, 2007 Footnotes [1] Spira, Laura F., The Audit Committee: Performing Corporate Governance, Springer, 2002002 [2] Lin, Jerry W., Li, June F., Yang, Joon S., The effect of audit committee performance on earnings quality, Managerial Auditing Journal, 21, 9, 2006 [3] Financial Reporting Council, Turnbull Guidance on Internal Control, Financial Reporting Council, October 2005 [4] Soltani, Bahram, Auditing: An International Approach, Pearson Education, 2007 [5] Braiotta, Louis, Braiotta, Louis, Jr., The Audit Committee Handbook, John Wiley and Sons, 2004 [6] Corgel, Richard, Geron, John, Riley, John, CEO leadership in improving corporate governance: the significance of CEO support to the effectiveness of the audit committee, Handbook of Business Strategy, 5, 1, 2004 [7] Turley, Stuart, Zaman, Mahbub, Audit committee effectiveness: informal processes and behavioural effects, Journal: Accounting, Auditing Accountability, 2007 [8] Hicks Midanek, Deborah, An inside look at audit commit tees, Journal of Investment Compliance, 2004 [9] Hemraj, Mohammed B., Corporate governance: directors, shareholders and the Audit Committee, Journal of Financial Crime, 11, 2, 2003