Introduction
Africa is fast rising to become the world’s hub of business. It has numerous emerging entrepreneurs that have gained international repute. One such entrepreneur is Dr. James Mwangi, founder and C.E.O of Equity Bank of Kenya. He has built one of the largest banks in Eastern Africa. Equity Bank began humbly as a collapsing building society. In early 1990s, the then executive only wanted to dissolve the institution. It had made losses to a tune of $ 300 000. Its employees had not been paid salaries for months. James Mwangi was called in to help dissolve the organization. However, he thought of revamping it and winning the trust of stakeholders all over again. His hard work paid as the institution enjoys the largest customer base of over 8 million, in Kenya. (more…)
Executive Summary
‘Public Relations’ is a complex of techniques and methods regarding image management and the accomplishment of various activities in an organization. These methods enforce themselves in an evolving world, characterized by interdependencies, diversity on a level of socio-economic together with disputes and instability. PR adds to the betterment of an organization and the interest of the public whether it exists in a public or private area. In short, there is an alignment between the interest of an organization with the desires and problems of its public. If the whole organization has a good image within its public, the organization will enjoy a sympathetic attitude from the public aimed towards its action, which will assist it exceed crises (Bernays, 2004). Underneath the situations, communications conveyed through PR provides a number of ways of expressing the intentions, achievements and position of an organization. (more…)
Several large-scale corporate scandals occurred in the early 2000’s involving financial reporting dishonesty and auditing fraud by corporate board members in multinational companies including Enron Corp., Xerox and WorldCom among others. In response to the losses to public investors, the US government through Senator Paul Sarbanes and House Representative Michael Oxley created the Sarbanes-Oxley Act of 2000 (SOX), which was aimed at bringing reform and enhancing the rules governing corporate reporting accountability, and auditing standards. These have been progressively adopted as the basis for subsequent amendments and development for new national and international GAAP standards. Macy’s Inc. is a publicly listed company operating a national wide retail business and as such is affected by the significant changes on financial reporting standards brought about by the act. The CEO must review the accounting policies currently in use to ensure compliance with the SOX act. (more…)