Wal-mart Stores, Inc. is a U.S. based multinational company and the largest retailer in the world in terms of sales and number of employees. Its business concept is a convenience store (available in every district), low prices and high volumes.
Sam Walton founded the company in 1962, and in October 31, 1969 the company was incorporated. The listing of the company took place in 1972 on the New York Stock Exchange market. Wal-mart is the biggest private employer and the largest grocery retailer in the United States. It also owns the wholesale stores Sam's Club operating in North America.
Target Corporation is a chain of department stores, founded in the state of USA in 1962. It is the largest retail company in the United States, behind Wal-Mart, The Home Depot, Kroger, Sears Holdings Corporation and Costco and is listed in 27th position in the 2005 Fortune 500. Target is the third largest music store place in terms of sales and inventory.
Target has over hundred stores in different locations in about 50 states. The company also has plans to enter in the markets of Canada, Western Europe, Japan and Mexico. Until 2004, the company was also well known in the business of clothing retail by the name of Mervyn's.
Ethics and Compliance
Recording incorrect financial data can create a severe effect on the company's image in the market and could be a serious consequence on the company's personal and individual status. This type of impact should be reported immediately to the Global Ethics Office and internal audit.
Measures taken by Wal-Mart
Wal-Mart has an accurate and honest financial recording and reporting procedure in order to take the responsible decision for business. The ethical standard for financial event and transactions is recorded accurately for all financial books and accounts.
The standard procedure is that a company should accept all accounting principles to keep into the global standard of financial recording. Thus, regarding the global financial ethical standard, Wal-mart system of internal control identifies the procedure of accounting systems. Wal-mart standardize there book keeping by not disclosing any unrecorded accounts for any purpose.
The profession of standard accounting holds a high degree of esteem across the general public. Numerous institutions have brought forth criteria for this profession. These criteria serve to provide the codes and standards that are necessary to ensure the prevalence of ethical practices.
Measures taken by Target Corporation
In certain cases, Target depends on the ethical degree to which the financial data is manipulated in a business, the impact can create negative image for the company global presence. Target emphasize on the timely revision of the ethical accounting standards which is enforced by law and code of conduct. To act and abide by the ethical law with a right motive that is superior interest of Target interest.
Security Exchange Commission (SEC)
The key ways that professional compliance helped the foster and strong culture is the help of creating compliance program, which will ensure strong compliance program to sustain from ...