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Henrietta Howard is a successful internet entrepreneur. She has decided to give back to society by using a considerable part of her net worth to found a new university in her home country, the United Islands of Tropicana. The university will allow gifted but underprivileged students to study medicine for free and will undertake breakthrough medical research. The legal form of the university will be a charity. Henrietta will provide the total initial capital of USD 300m. Building the campus and other expenses necessary for the university to open will cost about USD 50m. Annual expenditures in cash will amount to approx. USD 10m.
1. Explain what an organization’s risk appetite is and how it relates to its strategy. Based on the information above, attempt to define the university’s strategy and risk appetite .
As a charity, the university will be overseen by a board of trustees. The board will be chaired by the president elected from the university’s professors. The deans of the university’s undergraduate and graduate schools will also be on the board (six in total) as will be the head of the university’s administration and the investment officer in charge of investing the endowment. As a business professional, Henrietta knows of the importance of having a well-balanced board of directors with sufficient independent directors in the for-profit-sector. She therefore wishes to also have five outside trustees on the Board.
2. James Jameson is the dean of the Graduate School of Bio-Informatics. James has in the past founded a very successful start-up. James challenges Henrietta, arguing that having many individuals on the board and especially having outsiders on the board will not result in good governance of the university, but will lead to confusion and the inability to make decisions. He proposes to pick one suitable individual possessing both business experience and a background in medicine and give that individual full authority to run the university for five years. After that period an election will be held. Do you agree with James or with Henriette? Explain why .
Part B
Nokhuk Tutoring is a private company providing tutoring for high-school and university students in Thailand. The company is headquartered in Bangkok and has thirty branches across the country. Nokhuk Tutoring employs both full-time and part-time instructors. Full-time instructors receive a monthly salary, while part-time instructors are paid on an hourly basis.
If a branch wants to hire a new part-time instructor, the branch manager has first to file a request with the head of sales based at the Bangkok headquarters and provide information in writing, why an additional part-time instructor is needed (e.g. enrollment numbers of students have increased to a level, where existing staff are not sufficient, or a full-time staff is sick and has to be replaced for a limited time).
Once the head of sales has approved the request by the branch manager in writing and has sent copies of his confirmation to both the branch manager and the head of human resources, the manager is free to select a suitable candidate.
After her selection, the candidate signs a standard employment contract, which is forwarded together with supporting information about the candidate to the head of human resources in Bangkok. The head of human resources then checks the information, and he confirms whether the candidate fulfils the requirements of Nokhuk Tutoring. If the candidate passes this background check, the head of human resources signs the contract and sends one copy each to the candidate and the head of sales. He also files a copy of the contract with the supporting information.
The head of human resources will then input the data of the new part-time instructor into the company’s IT system.
1. Draw a flowchart of the process described above.
2. You are concerned that (a) unsuitable candidates are employed part-time, and that (b) fraudulent payments to non-existing instructors are made. You therefore want to audit a sample of part-time instructors. What do you do?
เคส ก.ตรวจสอบภายใน(บัญชี)
Henrietta Howard is a successful internet entrepreneur. She has decided to give back to society by using a considerable part of her net worth to found a new university in her home country, the United Islands of Tropicana. The university will allow gifted but underprivileged students to study medicine for free and will undertake breakthrough medical research. The legal form of the university will be a charity. Henrietta will provide the total initial capital of USD 300m. Building the campus and other expenses necessary for the university to open will cost about USD 50m. Annual expenditures in cash will amount to approx. USD 10m.
1. Explain what an organization’s risk appetite is and how it relates to its strategy. Based on the information above, attempt to define the university’s strategy and risk appetite .
As a charity, the university will be overseen by a board of trustees. The board will be chaired by the president elected from the university’s professors. The deans of the university’s undergraduate and graduate schools will also be on the board (six in total) as will be the head of the university’s administration and the investment officer in charge of investing the endowment. As a business professional, Henrietta knows of the importance of having a well-balanced board of directors with sufficient independent directors in the for-profit-sector. She therefore wishes to also have five outside trustees on the Board.
2. James Jameson is the dean of the Graduate School of Bio-Informatics. James has in the past founded a very successful start-up. James challenges Henrietta, arguing that having many individuals on the board and especially having outsiders on the board will not result in good governance of the university, but will lead to confusion and the inability to make decisions. He proposes to pick one suitable individual possessing both business experience and a background in medicine and give that individual full authority to run the university for five years. After that period an election will be held. Do you agree with James or with Henriette? Explain why .
Part B
Nokhuk Tutoring is a private company providing tutoring for high-school and university students in Thailand. The company is headquartered in Bangkok and has thirty branches across the country. Nokhuk Tutoring employs both full-time and part-time instructors. Full-time instructors receive a monthly salary, while part-time instructors are paid on an hourly basis.
If a branch wants to hire a new part-time instructor, the branch manager has first to file a request with the head of sales based at the Bangkok headquarters and provide information in writing, why an additional part-time instructor is needed (e.g. enrollment numbers of students have increased to a level, where existing staff are not sufficient, or a full-time staff is sick and has to be replaced for a limited time).
Once the head of sales has approved the request by the branch manager in writing and has sent copies of his confirmation to both the branch manager and the head of human resources, the manager is free to select a suitable candidate.
After her selection, the candidate signs a standard employment contract, which is forwarded together with supporting information about the candidate to the head of human resources in Bangkok. The head of human resources then checks the information, and he confirms whether the candidate fulfils the requirements of Nokhuk Tutoring. If the candidate passes this background check, the head of human resources signs the contract and sends one copy each to the candidate and the head of sales. He also files a copy of the contract with the supporting information.
The head of human resources will then input the data of the new part-time instructor into the company’s IT system.
1. Draw a flowchart of the process described above.
2. You are concerned that (a) unsuitable candidates are employed part-time, and that (b) fraudulent payments to non-existing instructors are made. You therefore want to audit a sample of part-time instructors. What do you do?