Professional Accountant Essay Example | Topics and Well Written Essays - 2500 words

Professional Accountant - Essay Example This is based on the Financial Services Markets Act of 2000. The Corporate Governance Code of 2010 is overseen by the Financial Reporting Council. Thus, public listed companies must comply with the UK Corporate Governance Code 2010. Those who fail to comply with the corporate governance Code have to explain why they departed from it. Private companies are encouraged to use the UK Corporate Governance Code of 2010. The fact that public listed companies are required to comply or explain makes the UK Code a principles based code. This is in contrast with the rules based code which is connected to the Sarbeans-Oxley Act of the United States. There are three elements of reporting that are meant to prevent fraud and wrongful reporting by people charged with corporate governance: opportunity, incentive and rationalization (Strohm, 2006). In a rules-based system of corporate governance like the United States, preventing inaccurate reporting is done by limiting opportunities (Jeffrey, 2011). This is done by precision and setting strict standards for reporting. Failure to comply with the precise and strict standard leads to legal sanctions. The principle-based corporate governance system of corporate governance is a comply-or-explain system where the rationalisation of actions are documented. This is a communication based system meant to strengthen moral incentives by clarifying morally responsible methods of reporting. The UK Corporate Governance Code of 2010 is a rules-based system and it focuses on five main systems and structures: 1. The Board of Directors: Every company is to have a board of directors which would be tasked with the long-term leadership of the company. The board is tasked with the running of the company. No one on the board is required to have unfettered powers. There are checks and balances on all members including the chairman who has responsibility for maintaining the effectiveness of the board. On unitary boards, there must be a balance between e xecutive and non-executive directors to promote checks and balances on the single board. 2. Effectiveness: The board must be ran through various committees like the remuneration, audit and risk committees. The committees need to use skill, experience and independence to discharge their obligations. The committees must have formal opportunities. To ensure effectiveness, the members of the board must be open for periodic nomination by the shareholders and this must be done at least once every three years. 3. Accountability: The board must use balanced and understandable methods for assessing the company's position from time to time. The assessment must include important areas like risk management, strategic management and internal controls. These assessments must be disclosed through formal arrangements on corporate reporting, risk management and internal control to disclose information. 4. Remuneration: There must be formal and transparent methods of fixing remuneration. This system must be enough to encourage appropriately skilled persons to join the board and they should not be too much. 5. Shareholders: The board needs to have constant contact with members of the bo

Covenants of God with His Children. Pentateuch discussion Research Paper

Covenants of God with His Children. Pentateuch discussion - Research Paper Example Throughout the Old Testament are historical covenants which advance and refine the Covenants of Redemption and Grace. In another perspective of Covenant Theology, the Covenant of Redemption is without evidence, the Covenant of Grace is implicit as the main covenant, and the historical covenants reflect different administrations of the Covenant of Grace. A third perspective of Covenant Theology is that, since the Bible does not specifically refer to any covenants of redemption, works or grace, it is more scripturally accurate to see all covenants as historical, and to see god’s plan of redemption/grace as an overarching purpose, but not specifically as covenants. This paper will discuss these major areas, as well as the historical covenants, as they are found throughout the sections of the Old Testament (Pentateuch, Historical Books, Poetical Books, and Prophesy), shaping Christian understanding and appreciation of the fulfillment of God’s purpose through Old Testament t imes, transitioning our understanding readiness, and application of covenant truths in the New Testament. A covenant is a promise, a contract of protocol, which outlines specific expectations and outcomes of keeping and breaking the expectations, binding on all parties and descendents. In the case of God’s covenants with people, God dictates the terms. The Covenant of Works was established with Adam and Eve, in Eden. God’s instruction was explicit. Adam was told to name the animals and to be a steward over God’s creation. God commanded them to be fruitful and multiply and replenish the earth. They were invited to partake of the abundance of paradise, but were forbidden to eat of the Tree of the Knowledge of Good and Evil. The latter stipulation had a consequence of death, for violation of terms. Freewill obedience demonstrates faith. In exchange for abiding by this covenant, God gave them eternal life in a perfect paradise, control over plants and animals in the garden, protection, and God’s own companionship and love. This covenant was binding on Adam and Eve and all descendants, even to us. When Eve was persuaded by Satan to eat forbidden fruit, and Adam also accepted from Eve, because of Satan’s false rationalization about God’s motivation and agenda, sinful choice separated them from God and paradise, but also separated us from God and paradise. The consequence of death and suffering that became theirs also became ours. There are two kinds of covenants which God makes with man: conditional and unconditional (Warren, 2000). Conditional covenants are where God says what he will provide â€Å"if† people will do what he instructs them to do, and to not do what he instructs them to not do. The Covenant of Works is a conditional covenant (Warren, 2000). The Covenant of Grace, however, was an unconditional covenant (Warren, 2000). There was no â€Å"if† clause. God made a gift, no strings attached. His gift was to send his son, Jesus, to be born without sin (as the child of God), to live a life without sin, and to die as a sacrifice for all the sin ever committed and all the sin ever to be committed by everyone everywhere. This was nothing we could earn, because we had already failed that test, through Adam and Eve, already shown that we would use our free choice in a wrong way. The consequence of death was part of the contract. Only Jesus could pay it, and he willingly did so, and God willingly sent Him. The Covenant of Redemption is the everlasting agreement, within the Godhead, before history began, for Jesus, the Son, to be born as a man, to live a life of obedience to the law and to God, and die a sacrificial death to atone for human sin. This agreement was powered by the Holy Spirit. This can be seen as a covenantal arrangement