Audit Course Works Samples For Students

Accounting Standard followed by the company:

i) General Mills Inc:

General Mills Inc, for the purpose of its financial reporting, follows Generally Accepted Accounting Principle(GAAP).

ii) Meiji Holdings:
The company, for the purpose of the financial reporting and also for its subsidiaries, follows Generally Accepted Accounting Principle(GAAP). The company declares that the accounting standards are different from International Financial Reporting Standard(IFRS).

Accounting Standard followed by the auditors:

i)General Mills Inc:
The financial statements of the company are audited by KPMG LLP, which are the external auditors of the company. The external auditors have used standards of Public Company Accounting Oversight Board(United States). The standards obligates the auditors to ensure that all the financial statements of the company are free from any material ...

What is auditor independence and what is its significance to the audit profession

Auditor independence is the independence of both internal and external auditors. It involves the auditors and the company being audited. It involves carrying out audits devoid of any influence from parties with financial interests in the company. It involves separation of personal and professional feelings, mostly stipulated in the auditors’ code of conduct. It is important in that auditor’s opinions are based on the actual findings from the audit. Auditors are esteemed to be independent and unbiased when dealing with financial statements (Kinney 73). This is significant as they are impartial during the audit process, therefore giving opinions ...

Introduction

Auditing is a crucial aspect of the business in seeking to ensure that business standards and procedures are followed for the purpose of enhancing business continuity and performance management. In that view, auditing could take different approaches and entails considering several factors that play a crucial role in determining a business going concern capacity. In that respect, this analysis seeks to demonstrate an external audit’s operation by analyzing Carpetright financial reports for the year 2012-2013. To begin with, the analysis provides an explanation of the risk based external audit approach in addition to identifying the factors that may lead the auditor ...

Introduction

Auditing refers to the process of verifying the financial statements prepared by a company as being a true and fair representation of the financial position of that company. Auditing therefore requires that a company prepares its financial statements first before an independent examiner; - the auditor- is called in to determine whether these financial statements are correct (Accounting Concern, 2013). Auditing is a legal requirement of all publicly listed companies in the various stock exchanges across the world. It is conducted through a set of internationally accepted auditing standards which form the template for the audit process. This process is conducted by an external ...

Question 5 (a)

It has come to the attention of the audit firm that there are several issues surrounding the business operations of Ocean Manufacturing Inc that could deter the acceptance of the company as a client. This memo will clearly outline the reasons as to why the decision of not accepting the company as a client of the audit firm would be a viable choice. The factors identified are principal in any decision making process as they would save the reputation and time of the audit firm. Solutions to the problems observed in the company will be outlined so as to try uplifting the ...

- Introduction

Red Mole Construction Company, an emerging company in the heart of Boston, Massachusetts has been in operation for eight (8) years with about 500 employees consisting of both technical and administrative personnel. They have been involved in numerous constructions of school buildings and other government owned projects like cementing of roads. Aside from construction, they also offer conceptual planning, specifications, constructions estimates and the like.

Although upon incorporation, they claimed to have passed the safety management standards, they have never been formally audited by any safety auditing organization. This audit is a first for them in their eight years of ...

Introduction

Every auditor should express his opinion after auditing company financial statement. The audit opinion expressed depends on findings obtained in the audit process. There are four types of opinions which can be expressed by an auditor. They include express unqualified opinion, unqualified report with explanatory paragraph, qualified opinion, or even an adverse opinion. The opinion selected depends on how a company has: abided by GAAPS, material misstatement of value of assets and whether the scope of audit has been limited. In carrying out of audit both the auditor and the management are expected to observe some ethics to ensure the ...

Events that led to the separation of consulting firms from auditing firms

The widespread concerns over the practice of providing auditing and consulting services by a firm to the same client are largely due to the need to curb conflict of interest among other reasons. Audit independence is apparently a necessity that defines the integrity of financial reporting. This and other factors have led to the split of consulting firms from auditing firms into two independent businesses operating in separate business environments. This is evidenced by the Enron case, and the general trend being experienced in the industry as observed in recent practices by the major players (Matthews, 2002). The separation of consulting ...

- The sales principal documentation, processes, and records that should be put in place.
In order to achieve maximum benefits the process should be clearly outlined to follow a certain predetermined and generally accepted code. Winford services Plc will adopt a real time system for the entire swimming pool activities from the single visit tickets, seasonal tickets and the vending machines. Real time accounting systems will process and record individual transactions immediately as they occur and therefore there exists no time lags between the transaction occurrence and recording.

The real time ticketing procedure will be initiated in a manual step, whereby ...

Winford Plc is a company that has been awarded a contract by Westriver Borough of operations of the local swimming pool. In order to manage the sales and revenue generated by the services offered, an accounting system, has been developed. The main components of the new system in relation to sales revenue and tickets from vending machines will include principal documentation, the processes involved and the records to be kept (Champlain p.45).

The Principal documentation of the new system will be made up of two parts. The first part is the user documentation. The main purpose of the user documentation is ...

Winford Plc is a company that has been awarded a contract by Westriver Borough of operations of the local swimming pool. In order to manage the sales and revenue generated by the services offered, an accounting system, has been developed. The main components of the new system in relation to sales revenue and tickets from vending machines will include principal documentation, the processes involved and the records to be kept.

The Principal documentation of the new system will be made up of two parts. The first part is the user documentation. The main purpose of the user documentation is to assist ...

1. Putting in place a more effective ethics programs and a more viable code of conduct could have helped Nike alleviate some of the ethical issues faced by the company. Effective ethics program helps an organization “foster ethical decision making in business” Ferrell, Fraedrick & Ferrell, 2011, p.216). A more effective ethics program and a more viable code of conduct can help the firm evade legal problems because ethics program and code of conduct can help identify and prevent misconduct in an organization (Ferrell, Fraedrich, & Ferrell, 2011). Additionally, a strong code of conduct offers real value to a company. Nike must have a more ...

Leaders have a great role in establishing and sustaining an ethical climate in an organization. According to Randall (2012), ethical climate is the perception of what the correct way to behave is and how ethical issues should get handled in an organization. There are two broad dimensions of sources of power; positional and personal. Positional power is the kind of power acquired due to the position one holds while personal power is from someone’s personality or skills. Positional power further divides into legitimate, reward and coercive power. Personal power includes expert and referent ...

1)One of the major advantages of industry concentration for a professional accounting firm is that the firm is able gain a lot of experience in that sector which in essence would make the firm conduct its audits more efficiently.

Secondly, the accounting firm is able to borrow from the knowledge gained in handling a client in the industry and use it in handling a different assignment in the industry. This helps in ensuring that the firm doesn’t omit important procedures that are carried in the related companies.

Third, the firm is able to compare key financial indicators such as financial ratios ...

Although the company continues to come up with ways to promote structured data within the organization, this remains an ongoing effort and is not yet a completely solved problem. At most, company data can be said to be semi-structured.

Some of the company’s structured data management efforts include the use of tools for

storing and managing different types of information. For example, Team Foundation System is used for storing program codes, software defect information, and end user documentation. Team Foundation System is accessed using Visual Studio, which allows for these documents to be easily searched and sorted. Team Foundation System also has a version control system that enables the easy identification of the latest version ...

Introduction

A chart audit is an assessment of medicinal documentations, to establish what is done, and observes if it can be enhanced. There are innumerable numbers of routine constituents that can be considered in a chart audit. Instances comprise adherence to clinical procedures, patient devotion to medication routines, and provider conformity with coding and records prerequisites. A Chart audits can as well engage a re-examination of the occurrence of symptoms and illness. Evidently, one can perform a chart audit on practically any feature of medicine and medical care. The significant point is that the information one is re-examining should be precise and must ...

Many of the financial professions bring ethical dilemmas; it is this reason why M.B.A. graduates must sign an oath on business ethics (Steinborn 2012). The accounting profession involves several ethical dilemmas, not the least of which is deciding when to report errors on a tax return. If one is filling out one’s own tax return and makes a mistake, there is no legal requirement for the taxpayer to submit an amended return and send in the additional payment. While the relevant regulation says that the taxpayer “should” make the correction (Treas. Reg. §§ 1.451-1(a) and 1.461-1(a)(3)), the Supreme Court has ...

(a). Principal Documentation Processes and Records

Karla Kay plc payments should be in such a way that no single person controls the entire transaction alone. The procedure for payment should include a presentation of formal documents to the authority that sanction the payment. The authorities should have a limit on sanction powers such that some payment requires the top management of KK Company to sanction. The records and documents of payments must be properly recorded in the cashbook and maintained. Checks have to be pre-numbered and checked to avoid double payment. Checkbooks should be kept in safe custody. Internal audits of payment are ...

Introduction

The IFRS are accounting standards, rules and principles that were introduced by an independent organization in the United Kingdom, known as the International Accountants Standards Board. The institution puts forward that the standards would better serve public companies worldwide than the local standards in the country due to the aspect of comparability, transparency and economic growth. There are several countries that have adopted the IFRS over the recent years. The transition to IFRS for the companies in these countries has considerable costs. There are technical and training costs that are incurred that may cause several companies to be cautious ...

Abstract

The Purpose of this report is to analyze and evaluate various services of The Edge Restaurant and prepare exiting and potential blueprint of the services. The services of The Edge Restaurant are evaluated and determined on five dimensions of quality.

Introduction

Restaurant business is continuously growing at a fast pace. Change in consumer habits and preference towards eating out is fueling the growth of industry. Development in restaurant business also attracts new entrants in the industry. Continuously increasing competition increases customer’s expectations in terms of excellent services at affordable prices. Restaurant business is completely service based; hence it is essential ...

Strengths identified in the SWOT outline personal qualities compatible with recommended characteristics associated with successful financial risk analyst consultants:

- Adequate Distance – an expert risk analyst is able to merge disparate information, including factors that may be causing immediate conflict with a client’s strategic goals. As an external party hired to provide services and advisory, a consultant’s representation of an organization on a project can often clear the way for a company seeking investment and other contribution.
- Closer – bring the project to completion so that the client may proceed with a strategy according to schedule is fundamental to meeting practice criteria.
- Communicator – continuous and precise communications are priority for most organizations working with a financial ...

Summary and evaluation of articles

The Sarbanes Oxley Act was intended to create sanity in management of corporations in the U.S. Ten years down the line, the Act has been appreciated for its successful approach in creating a state of accountability in the management of companies. Today, the citizenry and investor organizations trust corporate governance reports and statements. According to authors of the Sarbanes Oxley Act implications, changes have been witnessed in the management and the degree of independence of both auditors and the board of directors. These changes are expected to occasion a consequential improvement in the way corporations are led. In addition, the financial ...

Introduction

This part intends to introduce the concept of management fraud to the learners (executives) so that they can easily follow what is being presented. This part also discusses the reasons why management fraud occurs and what managers intend to do achieve by manipulating their financial statements. In this part, some recent corporate scandals are presented to show the seriousness of this offence. Thus, through introduction, managers will know more about management fraud, how it is done and the seriousness of this offence.

Effects of management fraud

This section highlight the main points of the presentation in brief that needs to be taken seriously ...

Limitations of the internal control systems

Internal controls are the procedures that the management institutes in the company in order to ensure the operations are running smoothly. The objective of implementing an internal control system is to ensure effectiveness and efficiency in the business, enable management detect, prevent and correct irregularities and ensure the organizational assets are safeguarded from misuse or theft. The internal control system however has some limitations. They are events that occur that will prevent the system from accomplishing the mentioned objectives (Pfister, 2009). The three inherent limitations of the internal control system are:
1) Collusion
One of the crucial ...

Assume you are consulting for a media conglomerate that is perplexed by the parting fates of Blockbuster and Netflix. As a consultant, you want to highlight the varying fates of the two companies via a strategic audit. Focusing on (i) customer (ii) product and (ii) market audits, compare and differentiate Netflix and Blockbuster’s differing fortunes to date with 1 difference between the companies for each audit and a KPI (measure) to understand customer engagement, product success and market performance. Explain the reasoning behind each KPI. First of all it is important to comprehend what is meant by the term strategic audit. For any ...

Question one

Valuers undergo many challenges related to physical, economic and practical factors while determining market rents for commercial properties. Market rent refers to the estimated cost of leasing a real property on the valuation date between a willing lessor and willing lessee following the laid down lease terms (RICS, 2014). Property valuers are among the major emerging global professionals requiring extensive knowledge and skills on real estate management. Moreover, property valuation heart of real estate management. Most nations follow international valuation standards in order to avoid conflicts that arise between the valuer and the client, or the real estate ...

Executive Summary

The British Broadcasting Corporation (BBC) Digital Media Initiative (DMI) was terminated in the year 2013 because of lack of progress and many problems. The National Audit Office reported that the project had failed because there was no adequate planning, and there was confusion in the objectives and governance of the project. This report introduces the story of BBC and its failure in the DMI Project. The background of the BBC DMI project is explained as well as the reasons why the project failed. The report explains the importance of project management, and evaluates the major areas of project management ...

Question 1: What is (are) the principal activity(ies) of this business?

Serving both the United States and United kingdom, Established in Ireland, the Green core group is one of the leading convenience food business’s in the world . The convenience food divisions provides a wide range of chilled, frozen and ambient foods to major retail, manufacturing and food service companies. Specifically in the UK, Greencore provides sandwiches, Italian chilled meals, branded chilled meals, chilled non-dairy desserts, chilled sauces, cooking sauces and pickles and Christmas cakes.( See Greencore Food to go UK) In the US Greencore is best known for providing “grab and go” packaged food options (sandwiches, salads, sushi, entrees ...

Cooperative bank is one of the organizations in the world that operates ethically. It came up with an ethical policy, which covers all aspects of impersonal banking to include; business loans, deposits as well as treasury dealings. This policy has a wide coverage with areas such as human rights, ecological impact, social enterprise, international development and animal welfare. This bank is unique when compared to others in that its ethical policy is customer-led.

The bank is headed by the board of directors at the apex, and then followed by the chief executive officer; who is questionable by the board. Under ...

- Introduction

The vehicle manufacturing sector, as a dynamic arena, has undergone various changes, influences and effects, since the advent of the European Industrial revolution, and majorly so, from the input of Henry Ford’s – Assembly line model. Through its involvement in the process of vehicle manufacture, it actively contributes to the global economy, by way of revenue allotment, industry development and employment opportunities, in addition to contributing to varied environmental impacts and effects. It is involved in the development, design, manufacture, selling and marketing of vehicles, motorcycles and mopeds amongst other transport equipment. Pertinent, is the presence of the auxiliary ...

This paper will outline my financial plan. It will also put the plan into a budget that I will revise every year according to my financial consumption.
I am currently a graduate of Bachelor of Economics. I relied on the student’s loan and grants from both the university and charity organizations while in school to pay my school fees and meet my daily expenses. My inclination to student loans and bursaries was largely contributed by the fact that my family lived in reduced circumstances. I made it my obligation that I will pursue my education regardless of the obstacles ...

The marketing department is an extremely significant department in any organization. Its significance is based on various elements that any organization has to consider and extend massive respect unto these elements. One of the main factors that may make the marketing department outstanding is the availability of the relevant information. This means that the various parties involved will manage to operate with all factors available for a common goal of excellence of the organization.

Therefore, it is highly advisable for any manager to get the right marketing information in the organization that will assist him or her to build a strategic ...

Spyware are a type of malware that are created solely for extracting personal user information as well as submitting the extracted information to their owner for their own use. Usually spywares are used to steal personal user information such as credit card number, password as well as track their computing habits.
Crimeware refers to a category of malware that are specifically used to aid criminal activities. They are used in a variety of forms key being as email redirectors where malwares are used to intercept and relay outgoing emails to an attacker’s system. Also crimeware are evident in IM (Instant ...

- Ethically it is difficult for Ms Ashley to decide whether to report Model’s Inc or not. Moreover, she is now aware that her accounting head of the company, Mr.Viccio and her Senior, Frankie Small are also trying to abate with the defaulting company. Since almost everyone involved in this case is trying to bypass the regulations and show the company in good books, it is now an ethical dilemma for Ms Ashley about whether to accept the deeds or to report them with the concerned authority.
According to the Rule 102 of the AICPA Code of ...

An organization’s financial structure is the mix of debt and capital employed by the management for purposes of financing its activities. In the healthcare sector, there are three main categories of organizations that provide health services. These categories are for profit, not-for-profit and government organizations. The categorization is based on organizational ownership and motive. Each type of organization has its own unique financial structure which is attributable to the financial environment it operates in. This paper examines three specific organizations, one in each category, and describes the financial structure, practices and policies unique to the category.

For-profit organizations ...

In order to perform the analysis of the Annual Report we will take the Juniper Networks’ Inc. annual report (also known as Form 10-K) for the fiscal year ended December 31, 2011 as an example. The report provides detailed information on company’s business and its operations, presents analysis of financial statements and risk factors throughout the year, and depicts the structure of corporate governance within the company. Annual Report consists of 4 major parts. Part I defines Juniper’s area of expertise and major milestones in its history, as well as potential risk factors which may affect the ...

Introduction

L’Oreal being the market leader in the cosmetic industry consists of 27 international brands with operations in 130 countries (L’Oreal, 2011). In the year 2011, the company recorded sale of 20.3 billion Euros (L’Oreal, 2011).

This assignment would consider both the internal and external environment and would help to identify the affect of both the environment on L’Oreal’ ...

Most users would not follow the listed guideline because most of them want to have easy to remember passwords, one would wish to use his phone number or spouse name because they are guaranteed not to forget, unlike long passwords short passwords are much easier to memorize and incase it is forgotten it might not take long before its remembered.

Changing of passwords every time might look cumbersome in order to avoid this user might be tempted to only use the same kind of password all the time. Use of the same password every time a user logs in to a ...

Limitations of the Internal Control Systems

According to SA 400/AAS-6 Risk Assessments and Internal Controls, internal control systems can provide only reasonable, but not absolute, assurance that the objectives of internal controls are achieved because of the following inherent limitations (Ainapure& Ainapure, 2009)
Managements may attempt to keep the cost of an internal control below its expected benefits

Most internal controls are directed at usual transactions

There is a possibility of human error due to carelessness, misunderstanding, lack of knowledge etc.

There may be collusion among employees and/ or outsiders.
A person responsible for exercising an internal control may abuse that responsibility.
Procedures may become inadequate due to changes in conditions.
...

Ashford University

In the analysis of personal organizational ethics, it is important to consider the identification of the key problems that relates to the business ethics of the organization. With these two organizations, the Visayan Forum Foundation, Inc and Jollibee Foods Corporation, both have its key problems. The key problems are the core targets to evaluate the stands of the organizations, how they responded to the problems legally, socially, and politically. Consequently, from the individual responses of the organizations on legal, social, and political perspectives, ethnographic researchers can provide reflections and criticisms of their actions based on the ...

Psychological egoism: human conduct is selfishly motivated and people cannot perform actions from any other motive . It implies that psychological egoism is the practical belief that the determining motive of every action done voluntarily is a desire for a person’s own benefit. Egoist points out that a person often tries to hide the determining motives for his actions because his concealment is self-interest.
In business, some executives believed that bribes are important costs of doing business in the other country, and this act is the hardest ethical dilemma an executive would ...

Transfer pricing is a process where prices or rates used when selling products or services between parent companies, divisions, departments, or subsidiary (SMULLEN, 2001). It exists when two related companies (the parent company and a subsidiary) trade amongst each other. For example, a US based subsidiary of Coca-cola trading with an African subsidiary of Coca-cola. When such subsidiaries engage in price establishments for a transaction the results are transfer pricing.

WITTENDORFF (2010) provides that in transfer pricing the prices set for the exchange may be the original prices set for the products or the original purchase price or a rate reduced to cater ...

Security is very essential for any company whether large or even a small startup. One must remain aware of the potential security threats facing the company. According to research done on security issues facing organizations, it shows that information security is a major concern for all modern organizations (Knapp, Marshall, Rainer, & Morrow, 2006). In the past, protecting information just meant keeping it locked in a safe or drawer. However, in this era of virtual criminal activities, all information in the organization’s computers and all other systems must be protected. The level of sophistication from criminal entities, rival organizations, different governments and ...

Part A

According to Kerzner (2004), strategic planning for project management is the development of a standardized method for project management which can be used severally and produce a high likelihood of achieving a project’s goal. Strategic planning increases and improves the chances for the success of any given project. Strategic planning, according to Kerzner, considers all aspects of a firm from the working relationships of the employers and employees to the various roles played by the project sponsors in ensuring the success of a project. Strategic planning involves the steps of choosing and formulation of the most effective method, implementation, monitoring and control and ...

Economic Development Initiatives

Economic development initiatives are policies and strategies, which can be undertaken by institutions or organizations aiming to improve the economic condition of a particular area. It needs to be noted that not always do economic development initiatives symbolize introduction of fiscal policies and strategies in the economy, but the same also takes into account initiatives and strategies that are taken to enhance the standards of living and empowerment. Enhanced standards of living and empowerment have an impact on the economic condition of a particular area. In this context, the paper attempts to evaluate one particular Economic Development Initiative adopted in Northern ...

Critically discuss what went wrong with the food supply chains to the supermarkets and manufacturers of processed beef products

In the year 2013, according to the reports of the Food Safety Authority of Ireland (FSAI), horse meat was found in products labelled as 100% beef sold in some UK and Irish supermarkets. Horse-meat was revealed in products which were labelled as 100% beef and sold in Europe, the United Kingdom and France. The existence of DNA of pigs in products was also discovered during the tests in preserving beef products. The products were associated to supplementary of the ABP Food Group, which is one of the leading beef producer with business activities in Poland, Ireland and the UK ...

1. Divergent Thinking for Convergent Futures

Future is something that no one can predict with accuracy, even remotely. Businesses have a method of developing over time and expanding as well as contracting depending on the market situation, demand and technology changes. One the ways that have a scientific basis on predicting and preparing for the future is scenario spinning – method by which different future scenarios are painted along with the probability of their occurrence and then preparing for the future!

While indulging in scenario spinning it is vital to make them as divergent as possible, and this is where the ...

One of the more popular professions in the current world is the profession of accounting. It is popular among many persons for various reasons. While some of these reasons are good, others are misplaced. They ought not to be termed as reasons as to why one would want to get into a particular profession in the first place. Such reasons include the belief that accounting is among the professions that present an individual with an opportunity to accumulate wealth very fast, albeit in an unorthodox manner. In essence, this submission seeks to highlight common criminal pitfalls that claim members of ...

Corporate liability is a business term that refers to responsibilities of a company in relation to employer’s criminal actions. The legal responsibility for criminal actions or failure to act to employee’s commitments results to neglect. “Negligence causes prosecution-related punishment to corporation” (Laufer 76).

HealthSouth Corporation is a Company that deals with rehabilitation, diagnostic services and surgery in the medical industry. The company has its headquarters in Birmingham Alabama in the United States of America. The company had 23,000 employees by the year 2010. In 2003, the company recorded revenue worth of $4.5 billion that was the best ever ...

Financial Accounting

It is very important for any business to insure that the financial statements of the business are produced timely and must be reliable. It is assumed in the financial markets that if the financial statements are prepared on the basis of accounting standards and the financial statements are approved by the auditor, then, the financial statements are reliable. The reliable financial statements are the most important element, for the management and the current shareholders. If the statements are reliable and authorized by the auditor, then, it is highly probable that the current shareholder will reinvest into the business. (Lempert, ...

Identity audit

Singapore Airline is attached to various business processes and technical systems that are applied to manage the organizational identity. There are rules of conduct that governs the organization toward achieving the goals and building a good reputation. The company has a very high priority to ethical business conduct in the markets where they do business (Frank, 2005). In the corporate governance, the company has managed to engage its contractors, employees and agents in sense that their integrity in their conduct of work has enabled them to enhance the business operation as well as their reputation.

With the compliance to the corporate ...

Part 1

The procurement process of all the departments from different managers across the organization is what is referred to as coordinated procurement. Procurement is obtaining products and services from outside. In a project procurement process is very important because delivery of goods and other resources for the project should be within time and budget. The administrative cost incurred by each manager in the process of procurement is minimized if the process is less than one office. The older project managers have concerns and views that should be addressed. As the person in charge it is important to clarify issues with the ...

Introduction

Ethics represents an extremely wide field of inquiry, which addresses variety of issues, concerning the way a person should behave in a particular situation or, in more general terms, what kind of person one should strive to be, importance of different values, choosing life-governing standards and principles etc. Business ethics is the study, which focuses on determining the rights in wrongs of persons’ behaviour in business context. Due to the change in social meaning of business from being related exclusively to money-making to establishing its links to global decision-making and business corporate social responsibility, developing enterprise’s reputation and creating prerequisites ...

Enron’s Collapse

Enron Corporation was one of the world’s top electricity corporations that underwent a financial indignity, which involved Enron and its bookkeeping company. The scandal comprised of the detection of unbalanced accounting techniques, which occurred through the 1990s. This resulted in Enron filing for insolvency in December of 2001 (Thomas, 2002).

According to this example, Enron, it is difficult, if not impossible for the decision-making process within a large corporation can overcome this fact of human selfishness. This is because this drive is naturally in people, and many choose this to be their drive. It is almost impossible to learn everything ...

Differences between managerial accounting and financial management

These terminologies are accounting terms that are commonly used by the management as they assess the financial performance of the company. Financial management is the management of funds of the organization in an efficient and effective way so as it may be generative and yield earnings. Managerial accounting is an accounting branch that mostly deals with confidential documents and reports that are usually for the top management use.

Financial management deals with the presentation of the financial performance and position of the company to the public/ external users who are able to gain information about the company through the ...

Last week, we had to dismiss our finance manager, James Morris, for embezzling company funds. I insisted that the Internal Audit department, which discovered the fraud, investigate the matter further, and preliminary findings indicate that the practice is widespread and, in fact, known to occur in the Finance Department. I am therefore proposing that we revise our company policy to ensure stricter enforcement of our company ethics and create a culture that not only prevents people from engaging in fraud but also ensures people feel confident to report suspicious behavior that may indicate the presence of fraud. This new approach ...

Policy Statement

It is the responsibility of XYZ Information Security department to maintain integrity, security, confidentiality and availability of information to all departments and authorized personnel in the company network, computers and data systems infrastructure. All users are expected to exercise responsible sharing and utilization of the said systems. In addition, efforts to protect information and resources, transmitted and stored in the infrastructure is a shared responsibility of all users and the IT department. Violations of the policy are subjected to disciplinary actions not limited to disciplinary action, suspension and termination.

Policy Purpose and Objectives

Information is a primary component of the business that needs adequate protection ...

STARBUCKS REPUTATION

In the pursuit of their objectives organizations become so uncompromising that they only realize the importance of goodwill once it is lost. The same is the case with Starbucks. First, it took advantage of the loopholes in the accounting standards and taxation laws to minimize corporate tax liability and when caught doing so they actually admitted it by announcing that they would pay more corporation tax in 2013-2014, regardless of whether the company is profitable or not. (Armistead, 2012)

The company has not been successful in managing its reputation after the tax avoidance scandal. In fact, it is among ...

Quality management is a necessary function in any organization for the improvement in efficiency of organizational processes. Through quality management systems, a firm is able to attain good customer satisfaction, improved value in the supply chain, increased performance, and improved employee morale in customer awareness & satisfaction. According to Owlia (1997, pp. 527-543), during the quality management systems implementation phase, firms experience challenges, which at times may lead to failure in implementation of otherwise good systems. As a result, the organization is unable to reap the maximum benefits from the proposed improvements in organizational processes. The management has to look for the ...

Part A: Forensic Accounting:

1. Describe what is meant by the term forensic accounting, including the possible work that might be undertaken by forensic accountants (Note: you should discuss examples of the work undertaken by forensic accountants, possibly from media reports etc.)

Forensic accounting is also known as financial forensics which describes involvements of accountants in matters subsequent to forecasted financial disagreements and/or legal issues. It is called forensic due to its results and processes in the courts being recognized as legally valid. Forensic accountants are also generally known as forensic auditors who mostly provide financial legal proofs of some event in a court ...