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Essay Sample Paper on Business and Society

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Essay Sample Paper on Business and Society

Business and Society

Question 1

During the Enron and WorldCom period, there was a lot of fraud that had been identified among the largest organizations in the world. Majority were found with the problem of not reporting their financial results a conduct which was considered unethical. At the same time, accounting lawyers, board of directors, firms, and corporate officers were also not behaving ethically because they had developed a deception culture. All these factors resulted in the loss of thousands of employees and investors savings in companies. In order to solve this problem, The Sarbanes-Oxley Act (SOX) was mainly passed in order to restore the confidence among the stockholders while at the same time offer new ethical behavioral standards for individuals who are doing business in United States during the early 2000s (Thorne & Ferrell, 2010).

The Sarbanes-Oxley Act has helped in protecting investors from losing their money like they did in the year 2000s. The investors today fee safe because SOX act has helped in improving the reliability and accuracy of the corporate disclosures (Thorne & Ferrell, 2010). It means that the problem regarding most organizations not revealing their financial results is no more.  At the same time the act ensures that the top management together with the board of directors becomes directly responsible for any forms of oversights in the organization.

There is a Public Company Accounting Oversight Board who has been providing oversight for the auditing of the public company firms while at the same time set standards set the right standards that the firms are using (Thorne & Ferrell, 2010). Through ethical leadership, SOX has ensured that top officials in organizations play their role as expected. They should ensure that all the balance-sheet which is off is properly balanced while all the financial conditions of the company are disclosed to the public on an annual basis. SOX also came up with a “whilst-blower” that they are using to protect the employees when they decide to reveal company frauds to the judicial process.

On the other hand, in the year 2010, Dodd-Frank Wall Street Reform and Consumer Protection Act was finally passed after the Great Depression. The main aim was to prevent any forms of financial crisis from occurring again. At the same time, this particular act was significant in regulating all the forms of risk-taking and deceptive practices in organizations that contributed to the financial fallout that took place in the nation in 2007-2008. At the same time, Dodd-Frank Act led to the establishment of the Consumer Financial Protection Bureau (CFPB) that helps in regulating all the products that are provided to the consumer by ensuring that the financial laws are all followed to the later (Thorne & Ferrell, 2010). In this regard the CFPB has the power to credit all the markets while at the same time monitor the ways in which lenders operates to prevent them from exploiting the employees. In order to prevent any of these problems from occurring, CFPB has regulated all the credit card practices and the unfair lending practices by enforcing the consumer financial protection laws.

Application of SOX and Dodd-Frank Acts

Due to the massive positive impacts that these two acts have brought to the nation, the new Trump Administration will have to think hard before they decide to change these two acts in any way. However, it is recommended that the Trump Administration monitor any potential effects that the Acts may have on their operation. The burden of compliance to the acts can be a challenge to the current government. Nonetheless, in order to create jobs, President Trump will have to deregulate these acts to spur economic growth (Dyckman & Procter, 2017). This is the only way in which the can also protect the public from any forms of misrepresentation s by the large companies that creates a significant burden on the smaller companies.

 When this is done, the consumers will be able to purchase good at the right price while at the same time the community will get the right amount of money to sideline operations and organizations will begin to hire again and expand their businesses. Amending these two laws will also give room to the shareholders who have a market value of more than $1 billion to not become part of the Section 404 compliance (Ingles &Gonzalez, 2017). This will make it easy for the companies to operate easily which will also reduce the risks of a fallback in financial status of the nation.

Question 2

Water is an important element for human survival. It is, therefore important that people have water all through the year in order to survive as expected. There are several earths’ water sources and they include: rain water which is trapped in dams and barrels to be used on later days especially in developing nations where water is a scarcity. The other sources of water across the world include oceans and lakes. However, these two sources of water cannot be fully depended on by the public because they are not clean for usage. Some lakes are not fresh water while at the same time, several human activities pollutes the water making it unsuitable for usage without any forms of treatment. At the same time, there is ground water that makes up 5, 614, 000 cubic miles of world water. Some of the ground water is scarce and only found on various parts of the world.

The world has an issue with water scarcity in regards to its usage for productive and domestic purposes. However, the effects of scarcity of water can be divided into different areas which include: poverty, hunger, health and education. For instance, there is no enough water that can be used for economic activities such as agriculture or in industries which has an increased impact on food security problem and also poverty across several parts of the world.  At the same time, there is a scarcity in regards to access of water particularly clean water that has been properly management that reduces the risks of contracting diseases such as cholera and diarrhea (WWF, n.d). On the other hand, when there is no enough water that is flowing around the city, the sewages will not be able to flow as expected which will increase the chances of pollution both air and water. The sewerage water can also be used by mosquitoes as their breeding places which puts the people living around the area at a risk of contracting diseases.

The water sources such as the lakes and rivers are drying up because of drought situation across the world. This increases the problem of water scarcity in regards to usage. On the other hand, the rivers have become polluted making it hard for people to get water to use.  Agriculture has also been found to consume the world waters which intensify the water scarcity across the world (WWF, n.d). Lastly, climatic change has led to an increased water shortage because of the shortages in rain and flood in several other parts of the world.

The water scarcity problem has therefore contributed to a call for international cooperation and also the United States to strengthen its measures towards the field of technology to ensure that there is sufficient water production in various parts of the country (United Nations Department of Economic and Social Affairs, 2014). They offer financial opportunities to nations to boost their chances of accessing clean water while at the same time use the finances to manage the kind of water that is being distributed to people across the world. With the government of those nations, they can use the finances to treat water resources to ensure that people have access to clean water.

 Some of the measures that had been taken in the past involve distributing clean water to various parts of the world where there is water scarcity. This is a measure that was taken as a way to control diseases that infects people because of drinking or using unclean water. At the same time, World Water Day was established in the year 2007 in order to ensure that there is sustainability, equity and efficiency in management of water scarcity both at the local and international levels (United Nations Department of Economic and Social Affairs, 2014). During the World Water Day, the world is made aware of the importance of usage of water in a proper way while at the same time the scarcity of water as a problem is made aware to the entire public across the world.

 

 

 

 

 

 

 

 

References

Dyckman, M. & Procter, G. (2017, Jan 26). Financial regulatory reform in the Trump Administration. Harvard Law School Forum Retrieved from

Ingles, A. &Gonzalez, F. (2017, Feb 03). Dodd-Frank isn’t the only law Trump should change. Retrieved from 

Thorne, F. & Ferrell, OC. (2010). Business and society. In Legal, regulatory and political issues. . New York: South-Western College Pub.

Thorne, F. & Ferrell, OC. (2010). Business and society. New York: South-Western College Pub.

United Nations Department of Economic and Social Affairs. (2014, Nov 24).Water scarcity. Retrieved from

WWF. (n.d). Overview of water scarcity. Retrieved from 

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