Strategic audit, Auditing

Assignment Help:

A. Board of Directors

Best Buy's Board is elected by the shareholders to oversee the business and affairs of the company.  The board counsels, advises and oversees management with a long-term view regarding a broad range of subjects (Best Buy Co.). The Board values effective corporate governance and adherence to high ethical standards (Best Buy Co.).

In 2013 two key board members resigned. G. Mike Mikan accepted the role as interim CEO after the former CEO, Brain Dunn, resigned in April 2012 because of a scandal (Epstein, 2013). The corporate policy requires directors to relinquish their board seats within five years of retiring from their primary careers (Epstein, 2013). In April 2008, Director Matthew Paull retired from his former role of chief financial officer of McDonald's(Epstein, 2013). These two additional resignations resulted in Best Buy having four vacant seats on its board (Epstein, 2013).

B. Top Management

Richard Schulze, the founder of Best Buy and former chairman for thirty-six years, returned to the company as its Chairman Emeritus (Furman, 2013).  Mr. Schulze has nominated Brad Anderson and Al Lenzmeier to serve on the Board of Directors (Furman, 2013). Schulze plans to make a bid for Best Buy with his control of twenty percent of the stock (Furman, 2013).  Without the financing from private equity firms and financial institutions, the likelihood of taking the company private is not favorable (Best Buy Co).

The company has implemented several effective corporate reforms recently.  Kathleen Edmond, a C-level executive and attorney has accepted the position as Chief Ethics Officer(Moran, 2011).  She has interjected a strong dose of candor and transparency at Best Buy (Moran, 2011).  Kathleen has incorporated an online chat room to encourage employees to post interactive questions and ethical violations to encourage a strong culture of corporate ethics in the workplace culture(Moran, 2011).  The Best Buy Code of Business Ethics is well designed and provides team members a mechanism to tackle situational ethics, addressing head-on what is a difficult challenge to implementing a code of ethics(Moran, 2011).

Best Buy considers Corporate Responsibility as an essential business process.  Goals are provided in the corporate responsibility report (Moran, 2011).

  •  
    • Consumer Advocacy: Putting the customer at the center of business decisions.
    • Employee Engagement:Creating an environment in which employees can do their best.
    • Community Relations:Making a difference in the communities where we operate.
    • Environmental Sustainability:"Going green" along with our employees, customers and suppliers.
    • Ethical Supply Chain:Driving efficiencies by protecting the environment and worker rights.

IV. INTERNAL ENVIRONMENT:  STRENGTHS AND WEAKNESSES (SWOT)

A.     Corporate Structure

B.     Corporate Culture

C.     Corporate Resources

  • 1. Marketing
  • 2. Finance
  • 3. Research and Development (R&D)
  • 4. Operations and Logistics
  • 5. Human Resources Management (HRM)
  • 6. Information Technology (IT)
  • Summary of the Internal Factors (include in an IFAS Table)

Related Discussions:- Strategic audit

Verification of liabilities - audit process, Verification of Liabilities - ...

Verification of Liabilities - Audit Process Usually speaking, the auditor's duty along with regard to liabilities can be summarised follows as: 1. To confirm the existence of

Audit points - audit process, Audit points - Audit Process Key audit p...

Audit points - Audit Process Key audit points are as 1. Internal control particularly along with regard to computerisation and internal audit.  2. Provision for doubtful

Building societies - specialized audit situation, Building Societies - Spec...

Building Societies - Specialized Audit Situation Building Societies are organisations that exist to offer a savings and investment intermediate to the public and to lend to pe

Acl to perform audit procedures in audit program, Sales are shipped FOB shi...

Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.

Identify and use audit procedures, (a) In order to draw reasonable conclusi...

(a) In order to draw reasonable conclusions, an auditor is required to identify and use audit procedures to gather audit evidence. You are required to identify and explain, five

Prepare a memo to the audit work of a firm, Case Study: Hide-It (HI), a...

Case Study: Hide-It (HI), a family-owned business based in Tombstone, Arizona builds custom homes with special features, such as hidden rooms and hidden wall safes. Hide-It has

What is an integrated audit, The modern integrated audit approach combines ...

The modern integrated audit approach combines elements of various traditional audit areas having financial, operational, and information technology.

Final review of the financial statements, Final Review of the Financial Sta...

Final Review of the Financial Statements The work we have considered so far has shown which the auditor first gathers facts that the enterprise and the environment it operates

Permanent audit file, Permanent Audit File The permanent audit file mig...

Permanent Audit File The permanent audit file might include, inter alia: a) A copy of the enterprise's statutes and other legal or statutory documents governing the enterpri

Recording the audit - isa 230, Recording the Audit - ISA 230 Purpose...

Recording the Audit - ISA 230 Purpose of working papers It is necessary which all audit work is documented - the working papers are the tangible evidence of the work co

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd