Question

Companies are facing a great amount of change in every face of the operations today To remain competitive companies must keep abreast of current developments in several as you candy got together with proper friends who work for different companies. Your friends share information about the current challenges in doping new tools or complying with new regulations cops to the conversations presented in the following sedios Tel whether each excerpt describes XBRL ISO 9001:2008, e-commerce, the Sarbanes-Oxley Act (SOX), or enterprise resource planning ERP) yes b Suzanne. My company is working to demonstres comment to continuous quality improvement. We are currently undergoing an extensive audit of our quality management processes. We hope to gain a competitive advantage through this process Ying We have just installed a system at our company that integrates all of our company's data are all systems. We have one central data warehouse that contains information about our suppliers, our customers, our employees and our financial Wormation. The retrieves information from this single data warehouse and all systems are integrated. The process or implementing this system has been very expensive and time consuming but we wereaping the bereits of being more streamlined, of being able to respond more quickly to changes in the market, and of not having a different software system operating independently Steve just started a new job in the Auditing Department My new duties include asisting in the development of testing procedures and methods for determining for the Yukon Superintendent of Securities with our deal auditors. I also am responsible for preparing periodic compliance status reports for management, the audit committee and the deal auditors C

Answer 1

a. ISO 9001:2008 - This provides an organisation with a quality management system so as to constantly meet the quality of the goods and services to be provided to the customers. It aslo provides quality specific requirements to adhere with statutory and regulatory requirement. Suzzane in her company has also taken up extensive continuous quality improvement to keep up with the competition.

b. Enterprise Resource Planning (ERP) System - ERP system is a software which integrates the day to day activities relating to business across the organisation. It works on real time basis. ERP system manages all the core processes of the organisation such as manufacturing, supply chain, production, financial system, etc. Here, Ying in his organisation has installed ERP for integrating data all across the organisation so that it enables them to be streamlined and respond quickly to changes as ERP works on real time basis.

c. The Sarbanes Oxley Act (SOX) - SOX was passed to protect the general users of financial report from fraudulent practices. SOX requires that an internal control report be annexed to financial report. It also requires to provide other compliance reports for the management and the users of the financial report. Here, Steve is working to ensure the effectiveness of internal controls and preparing various compliance reports for management to keep up with the change and the competition.