Accountability, Representation and Control and the Euro crisis Essay

Accountability, Representation and Control and the Euro crisis - Essay Example Some of the common perspectives on the crisis suggest that the weaknesses in the accountability processes, compromised systems of control, and poor representation are at the core of the Euro crisis (Hopwood, 2009, p. 797). Those who hold onto this view contend that revamping the structural basis of the three features is fundamental to resolving the crisis. The banking sector, the government spending practices, and the corporate world remain some of the areas that have received significant focus by analysts of the Euro crisis. Poor controls feature in the manner in which governments have failed to put in place regulatory systems to stem bad spending practices, which lead to increased deficits that imperil economic growth. Weak accountability systems encouraged unethical accounting practices that threatened the collapse of the banking sector in the region attracting large amounts of bailouts that burdened the taxpayers. The genesis of the Euro crisis stems from failure of some member s tates to regulate their sovereign debt. The sovereign debt, which had been capped at the 60 percent of the gross domestic product GDP, determines the state of stability of the economic stability of the member states (Arnold, 2012). Proposals for austerity measures, which have been suggested by countries like Germany have incurred the displeasure of some of the most affected countries such as Greece and Poland. The central thinking of the affected countries is that austerity measures will stunt economic growth and leading to states of economic instability, which would expose the affected countries to more damage from the systems. It is important to consider some of the reasons of the economic crisis in terms of the structural germ of their causes. At the bottom of the debt crisis is the need for stronger and reliable regulatory frameworks that would enable accountability, control, and representation in order to shield the Eurozone from the adverse consequences of the crisis. Pursuit of economic self-interest among the Eurozone member states remains one of the challenges facing efforts of addressing the Euro crisis (Lynn, 2011, p. 31). Entry into the Eurozone necessarily required member countries to cede some control of their economic structures to a centralized operational framework without mortgaging their sense of autonomy. Further, the challenge also involves the question of competition, which drove some countries to practice subjective accounting practices with the intention of protecting certain self-interests. According to some economic policies, the Euro crisis would have been averted had the member countries adjusted their accounting policies and operations in ways that embrace the aspect of representation as understood within the framework of fair trading practices (Arestis, 2012). Such structures would have provided the necessary points of economic convergence, which would have shielded the countries from the threats posed by the crisis. Much of the f ocus of the Euro crisis has involved unqualified accounting practices in the corporate world (Knight, 2012, p. 13). A number of banks, for instance, presented unqualified audit reports, which gave hints of growth based on misrepresentation of certain disclosures on assets and mortgages. Such banks later encountered numerous operational challenges that led to their being declared bankrupt. On this account, many banking institutions led to massive government expenditure in terms of bailouts, which were necessitated by the fact that failure to put in place appropriate regulatory mechanisms would expose the banking sector to the threat of collapse, which would then touch of a series of economic challenges that

Establish your Building Business Assignment Example | Topics and Well Written Essays - 2250 words

Establish your Building Business - Assignment Example Without doubt, the company will have process flows representing how all of these errands and employees interact with each to produce the ultimate service or product (Gainforte, 2010) As partners, we are going to set out expectations, entrust, progress the training time, and duplicate for growth. We will also be required to have procedures documented. In some cases, we will be required to have operations manual in place. This operations manual will ensure that customers have the same experience every time they encounter with my company. Conversely the relation between complexity and planning for buildings is something we are not going to overlook. We are going to build a large a large building enterprise, where the mission is critical and the system highly distributed, the need for data architect, infrastructure architect, business architect enterprise architect and solutions architect is going to arise. To maintain the building licenses it is important that to consider having a super intendent in place (Yetton, 2010). The superintendent should be included in the hierarchy of the buildings management. It is important to should ensure that the superintendent is respected and respected by the board and management. Ideally, the job of the board is to lay down policies, while the job of the management will be implanting those policies. The superintend job is to supervise the building staff, and report back to the management. Furthermore, for board to be successful, it should keep its directives and policy decisions to a minimum to allow their subordinates, to carry out polices and procedures that not only benefit the company, but also meet the building policies. Quality and control and safety should also be major concerns for project managers. Defects in constructed facilities could lead to heavy costs. Even so, with slight defects, this could lead to re-construction and or the closer of the facility operation. Additionally, accidents either fatal or not fatal may oc cur during construction processes. It will be, therefore, paramount that I hire project managers who are highly qualified. The project managers will ensure that proper job in done, and that no accidents occur in the construction process (Yetton, 2010). In order to keep and maintain the business and building licenses, I will be required to hire inspectors and quality assurance personnel. There job will be inspecting samples of materials in specialized laboratories to ensure adherence to regulatory requirements (Gainforte, 2010). It will be my great concern that I ensure the contractors I will hire in my company, will b conscious of these standards. I will also ensure that I encourage quality control among employees, too. As a contractor, my company will be responsible for all safety site operations, in accordance with the terms of the contract. Adequate training of employees is something I will ensure is observed so that the employees can implement their particular duties property. A fter being advised by my financial advisers, I favored a business that will be owned and operated more than individual. In short, I decided to structure the business as a partnership. Even so, I settled for general partnership, whereupon the partners will manage the company and bear debt responsibilities of the company. I settled for partnership business structure because of the tax treatment associated with it. Ideally,