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Information Systems - Term Paper Example

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The American company operates as a multinational conglomerate with interests in different fields and segments, such as power and water, energy management, oil and gas, healthcare,…
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Information Systems
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Download file to see previous pages The company also appears in the Forbes Global 2000 as the fourth largest company in the world, considering further metrics. This is in spite of the company ranking 14th most profitable corporation in the US, also according to the Fortune 500 list. The success of this company comes from its lean management style, as well as the internal controls structures implemented within the organization.
GE has in place a number of internal controls that enable it to operate both efficiently, as well as profitably. According to the latest 10 – K report from the company, it is evident that the company meets the rules and regulations criterion of the Internal Control Integrated Framework as established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the PCAOB. This commission established a number of guidelines to adhere to while undertaking internal control processes and procedures, and as such, General Electric (GE) Corporation has to adhere to these provisions in order to be compliant with Internal Control Integrated Framework set by COSO and PCAOB.
Initially, the essence of internal controls is to keep the company on the right course in order to guarantee the achievement of its mission, as well as ensure maximum profitability in operations. Furthermore, internal control systems are equally instrumental because they enable the company to minimize the level of surprises that they may encounter along the way. As such, internal control mechanisms enable the executive team of the company to deal appropriately with the rapidly changing economic field, as well as the growing competitive environments of trade, in addition to shifts in customer priorities and demands. Therefore, the administration of the company is better place to restructure the organization for future growth and development within the modern day dynamic business environment.
The company ends up enjoying a significant wide range of benefits through it ...Download file to see next pagesRead More
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