Four Seasons Hotels And Resorts Essay Example | Topics and Well Written Essays - 2000 words

Four Seasons Hotels And Resorts - Essay Example Four Seasons Hotels, Inc. is a Canadian-based international luxury hotel chain consisting of hotels and resorts aimed at the higher end of the accommodation market. It is considered among the best luxury hotel chains worldwide.Four Seasons is a publicly traded corporation headquartered in Toronto, Canada.It has grown from single hotel to a prestigious company with 74 luxury hotels and resort properties several of which include a residential component. These properties operate under the Four Seasons brand name in principal cities and resort destinations in 31 countries in North America, The Caribbean, Europe, Australia, Asia, The Middle East and South America.The business-oriented hotels (as opposed to the resort properties) are typically mediumsize, located in major business and commercial centers, either in downtown areas or in suburbs with significant business infrastructures. Founded in 1960 by Chairman and Chief Executive Officer, Isadore Sharp, Four Seasons traces it roots to an idea that proved to be revolutionary: what the global business traveler wanted most was personalised service, available round-the-clock. Frequent international travel, now so commonplace, was an emerging trend in the 1960's and '70s. It set the stage for a new kind of luxury hotel experience.Sharp had the opportunity to capitalize on this trend when the company opened its third hotel, and its first in Europe, the Inn on the Park, now known as Four Seasons Hotel London.... Four Seasons was also the first to provide European-style concierge services and room service 24/7, offer innovative choices in cuisine, taking the hotel dining experience to a new level ,and to make all of these services available at every hotel it operated. Mission To provide Exceptional service in unparalleled settings Goal The main goal is to be an undisputed global leader in luxury lodging. Objectives Provide economic returns that would help sustain the portfolio. Enhance the value of Four Seasons reputation and brand name globally. Generate premium shareholder returns over the long term. Values: Consistently superior quality, exclusivity, a measure of enhanced social status, and a measure of the ability of a brand to make a customer "feel special". The Four Seasons' firmly believes in the golden rule, "treat others, how you would like to be treated". Portfolio The 1990's brought a new avenue of growth, the opening of the company's first destination resort, Four Seasons Resort Maui at Wailea, extending the company's unique approach to the leisure experience. An early pioneer of spa as an integral part of the luxury hotel experience, Four Seasons first introduced a full-service spa in 1986, at Four Seasons Resort and Club Dallas at Las Colinas. By 2001, every Four Seasons resort included a distinctive spa experience and every property worldwide offered on-site spa services.Four Seasons launched a new extension of its brand in 1997. Today, Four Seasons Residential Properties to provide full or fractional ownership of city and vacation homes in some of the most desirable locations around the world. Four Seasons Private Residences in San Francisco, Nevis - soon in Miami and Punta Mita - offer fully deeded hotel ownership of condominiums

SOX Section 404 Consulting Essay Example | Topics and Well Written Essays - 750 words

SOX Section 404 Consulting - Essay Example Section 404 is the key aspect of SOX; it  highly  demands the external auditors and management of a company to  emphasis  on reporting of financial statements. This  process  turns out to be the most  costly  processes among all requirements laid down by the  legislation  for companies. This is because testing and documenting of paramount automated and  manual  final  financial statements is highly sensitive. Under this section, the Act requires  management  to  avail  an â€Å"internal control  report† together with annual Exchange Act report. The report encompasses the  role  of  management  in putting down the  procedure  and procedures of the internal control system. This is because their  efficiency  dictates the  adequacy  of the financial statements (Ramos, 2008, p 23). This section contains an  assessment  of the company after the financial year, including the  establishment  and maintenance of the control system. The  section  also includes the  level  of  effectiveness  of the control system is reporting the audit scope. The management has to adopt the internal control systems described in international auditing standards. In reference to Apollo Shoes Company, the cost elevation, guidance, and  practice  is taking place. There is a  compilation  of approvals made by the Public Company Accounting Oversight Board. All this activities ensure there is a fair representation of the shareholders by the management. Significant regulations and guidelines regarding audits of internal control It is  evident  that the internal controls of Apollo Shoes are above average. As a result, there are few recommendations needed to meet the set standards. The company should ensure that all employees  respect  the internal controls in order to meet the set standards. It is  noticeable  that many employees hardly  follow  the set  procedure  to  secure  the asse ts of the company. We also  propose  that the relationship between the internal auditors and  management  is not  healthy; therefore, the audit committee should have a sitting to  resolve  this arising issue. Through this,  company  is going to  enhance  auditors’ independence (Ramos, 2008, p. 23). Risks identified within the company In Apollo Shoes Company, there are few areas open to  risk. This is a result of negligence on the employees. After a detailed evaluation of the company, it is  evident  that Apollo Shoes is a company that has identified itself in terms of quality control systems. This is a  complement  that goes to the internal auditors. However, there are gaps which may lead to material misrepresentation in the financial statements. One of the key areas is the procedure followed in completing a transaction. For a company to  prevent  Ã¢â‚¬Å"ghost transactions,† there should be many signatories between initiation and comp letion of a transaction. An  ideal  example  is when a potential buyer places an order; the party receiving the  notice  should be different from that processing the  order. The party processing the  order  should be different from the party arranging the  dispatch, and  lastly  the  party  delivering  goods  should be different from the other parties. In reference to the audit report,  confidential  accounts have a weak security  system. The system is using out of date technology, and this may lead to unhealthy competition. The company should adopt new technology to enhance secrecy, and  protection  of ideas. Examples of these technologies include biometric security systems, and the  recent  business  solution such as the SAP models. These solutions make use of integrated IT  knowledge  that is free from hacking and other mal-handling. Other areas that  need  concentration are  stock  counting, depreciation and  appreciati on  calculation, and  basis  behind activities such as bonuses, retirement pension, writing off bad-debts, and disposal of assets, among others. Internal controls and the  audit  process Internal controls determine the