Essays on Auditing

Planning the audit

This is usually the first step in any audit. It is important to have a plan for an audit so as to ensure that the audit will be effective. During the planning stage, the auditor collects information about the organization where they will perform the audit. Such information is usually obtained after the auditor has been contracted and they have a meeting with the organization. The meeting with the organization is very important for the auditor. The meeting provides an opportunity for the organization to communicate to the auditor what they exactly need from the audit. The organization will ...

Benford's law also known as the first-digit law deals with the distribution of natural numbers in which it tends to major into their importance regarding significance. The law states that given any arrangement of natural numbers, the smallest number always seems to be the most significant while the largest number in the collection is always the least significant. Therefore, number 1 appears to be the most significant in any given combination of natural numbers 30% of the times. While on the other hand, number 9 appears only 5% of the times as the most significant number. The law states ...

Introduction

The SOX (Sarbanes-Oxley) Act was enacted in 2002 by the Congress of U.S. As President Bush signed the Act, he characterized the law as the most far-reaching reformations of business practices in America business practices since the reign of Franklin Delano Roosevelt." The motive of the legislation was to protect investors and the public in general, from fraudulent practices and accounting errors in business. The bill also aimed to better the corporate disclosures' accuracy. The Security and Exchange Commission (SEC) of the U.S. is in charge of the act, publishing rules and setting compliance deadlines on requirements. The Act ...

Re:

Introduction

In 2000, the Chief Executive Officer (CEO) of Qwest, Joseph Nacchio, was charged civil and criminal liabilities after it has been found that he violated the provisions of GAAP against fraud and insider trading. He was sentenced to six years in prison in 2007 and was slapped with a $19 Million fine and a forfeiture order for proven illegal stock sales transactions worth $52 Million. In this memo, the author discusses the different aspects of Qwest’s case, emphasizing the role of GAAP and the PCAOB.

The Generally Accepted Accounting Principles (GAAP) refers to a standard framework of ...

Possible Deliverable

The client expects that certain standards are developed in the newly merged organization that sets the guidelines for expected and unexpected behaviour. It is obvious as the merger has created a precarious situation for the employees from both companies as they must have learned different guidelines during their employment term at PALEDENIM or UWEAR. Therefore, to settle employees and educate them about the new guidelines in the merged company, it is best if a new set of guidelines is developed that settles the employees from both companies. These guidelines will become part of the new code of conduct for ...

One of the considerations that the HR person should have is the individual’s skills and performance. This would address the person’s actual job tasks. The person’s abilities would also be a consideration. The abilities vary from physical, mental and stamina abilities that are required to perform the job effectively. The person’s integrity is also a consideration. The HR ought to be interested in the applicant’s attitudes, honesty, dependability, reliability and trustworthiness especially because they will have high-level access to the company. The HR should focus on the applicant’s likelihood to engage in inappropriate ...

Introduction

This report is a critical analysis of an ethical dilemma in the workplace. It will include the evaluation of the facts of the case in order to establish the fundamental issues and matters at stake. From there, a review of the fundamental theories of the situation will be conducted. This will culminate in the identification of the different approaches and views. Afterward, there will be the application of the theories to the facts of the case in order to conclude with recommendations on how to deal with the issues at hand. This will include the review of important theories ...

Significant Areas Addressed by Management

Cedar addresses the compliance of the guidelines of Government Accounting Standards Board in the city accounting reports. Compliance to (GASB) regulations through the provision of an overview of its financial performance for the fiscal year Accounting Policies Utilized by the City The policies include Analysis of financial statements The policies of liabilities, assets, deposits and investments (Rodenbeck, 2013) Statistical Section The statistical section will cover the computational outcomes of the management decisions. For example Depreciation of capital assets over the respective annual ranges The effects of deposits and investments Determining the values of the net assets, and its liabilities ...

The President,

United States of America. Introduction The concept of corporate ethics is widely accepted today. In order to stabilize the growth and development of the overall U.S economy, industries regardless of their nature or size must be instructed to follow certain ethical guidelines. In the current corporate environment, it is advisable for the U.S government to introduce three key changes to its corporate governance framework. First, there should be a single body or statutory regime to deal with corporate governance affairs in the country. Second, corporate ethics is essential to distinguish the roles of chairman and chief executive officer in ...

Understanding Financial Statements (John Deere)

What 3 items of important information does the income statement reveal about the financial performance of the company over the last three years? As we could see from financial statement of John Deere Company, the sales are decreasing for past three years (2013-2015 – the latest available data). There was almost $35 billion of Sales in 2013 and only nearly $25.7 billion in 2015. This is the major fact of financial performance. As a result, Net Income failed to $1.9 billion in 2015 from $3,53 billion in 2013 (second fact). And the last fact is that Total Costs are ...

Abstract

The Madoff Securities scandal was one of the biggest Ponzi schemes to hit America. This essay would examine the Madoff scandal from an audit perspective since it was the complacency (or collusion) of the auditors that encouraged the perpetrator of this scam. While the scam that was pulled by Bernie Madoff, was both large and difficult to spot, its detection also helped expose a crucial flaw that existed in corporate America at the time. This was the lack of regulatory oversight in the Securities business. While one could lay the blame for this scandal on the Regulator, another important ...

Introduction

Over the last few decades, there have been several changes in the roles of audit companies notably due to challenges that have affected the ethics and integrity of the institution of auditing. Traditionally, audit companies are mandated with the responsibility of analysing the financial systems, financial records as well as the compliance of companies’ financial reporting procedures with the specific national regulations. The effectiveness of audit companies in implementing these duties is extremely important in the public trust in business organizations around the world. Local and international investors rely on the accuracy of audit reports produced by audit companies ...

The risk of non-compliance and non-conformance is critical in the development of any system and impacts the success of the development at hand. For developers, taking risks and being innovative is critical in the course of finding new solutions or developing new ideas. However, it is important to observe regulatory requirements that are set in the regulatory domain to ensure aspects such as safety and performance quality are observed (MasterControl, 2017). FDA and ISO regulations, in particular, are quality system regulations and concepts that require organizations or individuals to understand the regulatory obligations for the product or services they ...

Investing In Saudi Arabia Market

Investing in Saudi Arabia market Introduction The Saudi Arabia economy has for long been driven by the performance of the oil market. The entire economy has also been primarily managed by the government leaving little room for the private sector. The existence of many government bureaucracies has also in the past hindered the development of the private sector. The strict Islamic culture has also been a challenge for the operation of the business from the open economies. The period 2003 to 2013 marked one of the largest oil booms in the history of the country. The oil prices in ...

There were several main red flags that were ignored or handled leniently by E&Y auditors in the audit of Health South. The most important were materiality in ledgers of fixed assets that were adjusted by including false entries and fictitious assets that did not appear in real. Another red flag related to the reality was noticed and ignored by the auditors that company’s officials were interested in increasing the share price of HealthSouth in the stock market anyhow. There should have been awareness of the fact that was avoided by auditors was an unusual increase in the net ...

Essay

Careers In Accounting Accounting is always a demanding field, and amount of positions offered to potential employees is huge. First career option is an accountant. The most common responsibilities of accountants are bookkeeping, auditing of finance, tax preparation. Accountants are needed in the sphere of education, business, health care, government and some other ones. Salaries of accountants are increasing every year. Common educational requirement is to have bachelor’s degree in accounting. One who is eager to start career as an accountant should posses career focus. It will be good to have certifications in the professional sphere that will ...

Introduction

There is a requirement to guide the students choosing the accounting subjects what is the scope of this subject. How can they pursue their career of this subject? Once they are clear about the career options it will help them to opt right path.

Following are two career options for accounting students as future professionals:

Certified Public Accountant The students who choose a career in the public accounting must focus on auditing and tax functions. A Certified Public Accountant is a qualified and licensed accountant who can undertake the tasks related to auditing of financial statements and certifying various business documents . CPA is highly paid as well as a well-respected ...

Define and discuss time and space utility

Products must be transported from the place where they are produced to the place where customers demand it to be delivered. The value-add that the product gains due to its transport is called space utility. The time utility is the length of time before or between the product deliveries, which consists of mostly storage and inventory time. When the organizations are able to deliver the goods at a time they are needed, then their time utility increases.

What is the Total Cost Analysis and how does is affect logistics?

Total cost analysis provides the methodology for integration of logistics, manufacturing, and procuring costs across the network. This is done to achieve ...

BUSINESS: UNETHICAL BUSINESS PRACTICES

L. Dennis Kozlowski, CEO of Tyco International Scandal A fish rots from the top down. This phrase sums up the scandal of Tyco International when its CEO, Dennis Kozlowski, was found guilty on many fraudulent accounts. His actions were in direct violation of the accounting ethics. Kozlowski was arrested along with many of his company officials as partners in crime. When the CEO of a company is involved in violating code of ethics and professionalism, the employees and subordinates find it convenient to follow suit. Former chief executive and chairman of Tyco International, Dennis Kozlowski and firm’s CFO ...

Question One: SEC’s Rationale to Charge Cardillo Executive

Making False Representation to External Auditor The executives of Cardillo intended to give false financial information to lure investors and creditors. They intended to get at least $3 million thresholds that were established by the court. As a result, the executives made inappropriate adjusting entry, which gave the SEC the reason to charge them. They lied to the external auditors that the $203, 000 that was received from United Airlines was income to the company, which was not the case (Ritteberg, 2012). In the real sense, the money that was paid by the United Airlines was supposed to be ...

Introduction

Health information management is a crucial field in the delivery of care in health care systems. Health information management is concerned with the acquisition, analysis, and protection of information that is required for the optimal provision of care (The American Health Information Management Association, 2016). Such information might include patient history, physical examination results, clinical information, laboratory results, results from radiological departments, and the treatment history among other information (The American Health Information Management Association, 2016). The workers in the health information management field are trained to possess different skills and an understanding of the processes in different fields ( ...

Describe the software engineering process, the challenges in managing software development activities and the potential interface issues from the software development perspective. Software engineering process is a well-defined and orchestrated process involved in the conceptualization, design and development of the software. Software engineering should be viewed as a roadmap that explains the path to be taken by the project participants and the methods to be adopted to achieve the goal of building the software. IEEE defines software engineering as the application of engineering in building the software that includes the implementation of a systematic and quantifiable approach to design, ...

Sarbanes-Oxley (SOX) Act was brought to curb corporate fraud and restore investor’s confidence in the integrity of the corporations and executives. Due to SOX, the paperwork for the companies has increased manifold, as the law requires just detailed documentation rather than proactive detection and prevention of fraud. Examples of both its effectiveness and ineffectiveness are given below: Section 404, mandates the management to provide assertions and to be attested by independent auditors that effective internal controls are being applied to the financial reporting. However, Jumpstart Our Business Startups Act (JOBS Act) of 2012 has provisions that eliminate this ...

KPMG was investigated from 2001 onwards by the IRS because the company failed to properly regulate and monitor the use of tax havens. Complex accounting and auditing schemes challenged the company’s corporate governance and ethics. The professional code of conduct of all the staff and partners were often overlooked for business that was capitalist and maximised profit at the expense of the reputation and integrity of KPMG. The new chairman of the company faced a difficult ethical dilemma and created alternatives that would result in the best action to save the company and to minimise the consequences for ...

Ethics in Accounting Profession

Facts: In the current scenario, the main issue is the deviant workplace behavior which is caused by the several workplace professional and ethical problems. On the basis of research, professionals are behaving unethical due to the certain routines in the organization. In the past, the demand and supply of the individuals were under control. However, in the current scenario, the professionals of the highest quality are facing workload. Moreover, the accounting professionals are expecting an increase in their salaries, according to the work load.

Ethical Issues:

The ethical problem with accountants in relation to the deviant workplace behavior is that it ...

Introduction

The main issues with Parmalat include the ineffective audit planning process and risk management. The company was involved in the fraud and misrepresentation of the financial statements. In addition, due to ineffective audits the company had to face severe consequences at the end. There is a need to implement effective audit strategies and risk management process.

It is important for the auditors to confirm cash balances with the financial institutions that are used in the cash reconciliation of the company like Parmalat. By using standard from confirmation, the auditor requests financial institutions to confirm by examining their records about ...

Business Ethics

Business Ethics The issue is global leadership which is the process whereby leaders through their skills and knowledge have the ability to shape the performance of a company by integrating talents and people’s potentiality depending on diverse organizational and societal background. In most of the big companies, leadership has provided a forum for expansion of their boundary and geographical territories through identification of a number of diversified customers across the borders. Globalization of firms is normally accustomedby the improvements in technological skills and knowhow covering variousstipulated world improvements. This technical adjustmentsallows for expansion of the company. Due to ...

Enter Name of School Here

The ABC Healthcare company is facing a great deal of challenges. The regulatory environment has become more restrictive, the stakeholders are demanding more flexible options and access to the systems; yet there are worms and viruses that are becoming extremely damaging as well. Throughout this case study, we will analyze five various issues. The first issue we will discuss is the technical and security recommendations which would protect both internal and external aspects for the overall network. The second issue is to understand the legal compliance of such components as system monitoring, logging in and auditing. The third issue ...

INTERNAL AUDIT AND FINANCIAL CONTROLS

Internal Audit and Financial Controls It is the ethical and professional responsibility of the auditing firm to maintain the high level of assurance and maintain an acceptable level of objectivity and independence as per the applicable codes of the auditing and assurance. Therefore, during or before performing audits, internal and external, the auditors must avoid any threat towards their independence and objectivity. However, in most of the cases, the auditors reduce the level of threats to assure that their reviews are objective and free from bias. ("Internal Audit's Relationship With External Audit") When the audit firm is providing the ...

Abstract

The given case study discusses the rise and fall of Nortel Networks Corporation, which was one of the world’s largest telecommunication corporation. Nortel was a Canadian global organization that was at its peak in the early 2000s and apparently, it botched due to inefficient echelon management, inflated earnings and costs, dysfunctional directors’ board, as well as, illusion of constancy and stability. Although there were numerous possibilities that could have been adopted to prevent the fall and demise of the company; however, those roads were unfortunately not traveled. Nortel’s downfall began when it fails to live up to ...

Business Ethics

Business Ethics

The managers are responsible to the prevalence of ethical misconducts due to their extent of authority. Managers ensure that employees do not incorporate any unethical practices and understand the organization’s ethical conducts. The prevalence of ethical misconducts among the employees is observed by the managers due to which the managers take necessary actions in order to ensure that the occurrence of such misconducts is hindered. The employees are observed in accordance with the organization’s ethical standards and these standards help in the shaping the organizational behavior and hence, ethical conducts are set (Crane & Matten, 2007). ...

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Introduction

The failure of Enron due to unethical practices had served as a lesson for the entire world. Firstly, it was first of its kind and secondly, there was a chain reaction of wrong actions to cover up smaller misdoings. Every field of study tried to find out the real reasons of failure of Enron as a corporate. Some claimed it to be financial failure, some as leadership failure, some as cultural failure and some as corporate governance failure. This case is one of the basics to understand corporate social responsibility and implications of failure to ...

Introduction

The case of Bernie Madoff is a good example of unethical practices can lead to corruption. Madoff, which is the former investment and a stock broker, is introduced around the globe as the only operator in the largest Ponzi scheme ever on record. This is because he turned its financial management firm into a huge Ponzi scheme that defrauded a lot of money from thousands of his investors. The paper will determine the regulatory oversight that was existing while the Ponzi scheme was operating. It also speculates on the main reasons why such plans were not discovered while investing ...

(Tutor’s Name) (Assignment)

Executive Summary The disclosure of engagement partners and other participants in audits of public companies can add to the transparency and accountability of financial reporting significantly as it has been suggested by PCAOB and approved by SEC. With the implementation of this policy change, investors and other financial statement users can know the identity of the engagement partners and other participants in the audit. Therefore, investors can make well-informed investment decisions based on these disclosures. However, these disclosures have both direct and indirect costs that will be ultimately passed on to the company management and ...

Information System Security Plan for a Bank

Executive Summary The information security plan applies to AmeriBank, its auxiliaries, employees, information, system, processes, data, and networks collectively referred to as the Bank. AmeriBank is committed to protecting critical assets and securing information to ensure the confidentiality, integrity, and availability (CIA) of the information, preventing damage to the network and systems that are vital to the bank’s business to ensure business continuity, and minimize risk to the businesses. This is achieved by implementing administrative, technical, and physical controls such as information security policies, software, and hardware controls, which have to be implemented, monitored, and improved upon to ...

CAFR Brief

In government spending, each stakeholder needs to be accountable for any financial transactions undertaken. There are departments entrusted with the role of spearheading the government spending to ensure equity and trustworthy in government money spending. The CAFR brief below summarizes the Richland county government spending presented in terms of annual financial statements. This financial statement includes statement of financial position, statement of comprehensive income and statement of cash flow. However, the statement of comprehensive income and statement of financial position shows is the yardstick to which the accountability is ensured. Undeniably, when government money is spent with regard to ...

The local business is a small chain restaurant located inside a shopping mall, which offers a mix of American and Mexican cuisine. The business uses around 150-200 square meters of space with the kitchen at the back portion separated from the dining segment with a wall and a swinging door. The business has around 7 employees manning the dining section of the restaurant with one employee manning the entrance, the manager, a cashier and four other employees, which are considered as the waitstaff. The business has a single entry/exit point, which is manned by one employee for the purpose ...

My interest in business originated at very young age, because I was influenced by my father who has been working in the real estate industry as an analyst for many years. So when it was time to choose a profession, which I should study in college, and then at the university, I knew in advance that I wanted to become an accountant. What is accounting? It is a well-established system that takes into account all the information about the property and the variety of operations of the company, organizes it, and expresses it in the monetary equivalent. The property ...

Financial reports are an essential component of any organization. The reports need to be accurate and easily accessible. In the past, the reports were produced in the form of Microsoft Word or Excel. This could not be easily accessed by the stakeholders due to their inability to be accessed on different devices without appropriate software. Such inflexibility, as well as inaccessibility, necessitated the introduction of a standards-based format for financial reporting. The eXtensible Business Reporting Language (XBRL) provided the needed flexibility in reporting of financial information. The focus of the paper is to examine the use and adoption of ...

Investor Communication Plan

Investor Communication Plan

Background

Western States Electric Components Group, a subsidiary of Consolidated Electrical Company, mistakenly misrepresented its sales income for the past four years. Western has been selling about 55% of its connolator generators to various ConsoE’s divisions at lower internal retail prices. The different divisions resold these connolators acquired from Western to outside companies. Unfortunately, the financial department has been recording these activities as two separate earnings, hence double booking. Upon the revision of the accounts for the four years, profits for the following financial year will come out as big loses hence affecting the prices and ...

Question one

The coca cola Enterprise was incorporated in Delaware 2010. Additionally, it is a publicly traded firm that is listed in New York Stock Exchange. It is a marketer, distributor, and producer of the nonalcoholic drinks of Coca-Cola Company via a licensed territory agreements in Belgium, great Britain, Monaco, and Sweden (2015 Annual Report:23). The coca cola Enterprise Inc. acts as the anchor bottler in West Europe, and North America. The products of Coca-Cola Enterprise Inc. are Diet Coke, Sprite, Fanta, and Coca-Cola among others. Its primary strategy is to be the bottling partner in Western Europe as well as ...

Organizations that behave ethically are more apt to earn the trust of their customers, employees, and stockholders and to have a reputation as successful, competent and responsible professionals. It is important that organizations follow strict guidelines aimed high standards of quality, reliable services, high professionalism, social responsibility and ethical behaviour it their activity – only that way they can bring benefits to their clients, staff members and shareholders. The main ethical principles that each organization must follow in its activity are decency (avoidance of illegal and unethical practices), honesty (the urge to be honest with themselves, team members, customers and ...

Introduction

Auditing is one of the most important elements in any police department. Both the law enforcement and individual offices should always be held responsible and accountable for their own actions. Effective auditing procedures are very vital if all the policing departments are to achieve their set objectives and goals of legitimacy and lawfulness as required by the national policing authority (National Council, 2004). Lawfulness alludes to consistence with the formal prerequisites of the law, including statutes and court choices. Legitimacy alludes to the recognition that police behavior is both legal and reliable with open desires. Responsibility is acknowledged through ...

Financing and Accounting Comparison

The way how a company spends their financial resources can spell the difference between failure and continuous operational expansion. This is why it is important to compare the financing and accounting methods of a startup firm to one that is already established and continuously earning like UPS.

Accounting Methods

A more sensible accounting method-related variable would be the use of resources or the cash flow statement. The cash flow statement shows how a company is making use of the financial resources that it obtains from its operations (if the company managed to earn a profit for that period), financing activities, and ...

Abstract

The Sarbanes-Oxley Act changed the ethical nature of accounting for publicly traded companies. The Act requires new forms of ethical behavior from companies, such as creating and maintaining a code of conduct that all employees, even executives, must follow. It also requires that they honestly and accurately report financial reports and maintains that the executive officers of a company have the most responsibility in reporting and certifying that the information is correct. The Act also changes the auditor-client relationship by making auditing more independent of the client, establishing an auditing committee overseen by the SEC, and ensuring transparency. The ...

Abstract

The paper will explore the business environment and the fraud scandals that prompted the need for more comprehensive and stringent regulations on financial disclosure by all public business entities operating on U.S. soil. The primary financial issues that the Sarbanes-Oxley Act was meant to address will be addressed, with a specific focus on how to restore investor confidence by imposing more strict rules on companies in terms of recording investments, cash flows and periodic profit/loss statements . Through an analysis of the basic provisions of the Act with regards to assigning personal responsibilities on officers of the company, as well ...

Human Resource Management

Introduction Human resource management (HRM) is the process through which an organization interacts and guides its personnel so that they work together and achieve company objectives. The primary goal of this process is to set a target for the firm, build a plan for the organization, analyze data about staff members, train the company employees, and mentor them to fit in the enterprise. HRM can be traced back to the year 1950 when great scholars Drucker and McGregor saw that there is a need to have a vision and goal-directed activities in organizations. They also stressed that the management ...

Abstract 3

Auditors’ Responsibilities and Potential Liabilities 4 Types of Audit Reports and Underlying Reasons for Their Issuance 5 Unqualified Opinion 6 Qualified Opinion Report 7 Adverse Opinion Report 7 Disclaimer of Opinion Report 8

References 9

Abstract This research paper is dedicated to make an important discussion about the different types of reports issued by an external auditor to form an opinion or judgment about the reliability and accuracy of the financial records and statements of the audit client. Generally, auditors issue four types of auditor reports depending on specific situations. Also, different responsibilities of an external auditor are also highlighted while ...

Abstract

Going international has stood to be the primary means by which corporations have gained access to the global markets. Beyond their home markets, companies have been able to increase their sales and growth rate following the large customer base created and greater access to capital in existence in the larger market. The emerging markets such as China have been the primary focus for the companies seeking to globalize their operations. Companies have used different financial strategies, such as bonds and stocks that finance expansion and growth in the international markets. However, an ultimate understanding of the internationalization plays a ...

1.0 Abstract Stakeholders are of central importance to every business organization. The success of any business hinges on the relationship that it has with its stakeholders. Disclosure of quality financial reports is significant for the capacity of business organizations to build confidence with their key stakeholders. Corporate governance and the audit quality have attracted the interest of researchers to determine how they impact stakeholders. Additionally, the implementation of IFRS (International Financial Reporting Standards) has impacted the direction of business organizations especially with regards to corporate governance. The question of whether the quality and extent of disclosure of financial information ...

Sustainability monitoring and measurement is a quantitative foundation that is significant in informing the management about the sustainability of the organization. The Children Hospital of Philadelphia is the world’s leading hospital for children. According to CHOP (2016) the hospital has for a long time used various indices to determine the sustainability of the organization when it comes to the provision of the quality care to the children. In the recent study by the United States News and World report, CHOP emerged as the best in the entire US. As noted by CHOP (2016) the hospital has employed a ...

Response to an Audit Report Inquiry

Dear Dominique, I am writing this email in response to your request for clarification and explanation on the different types of audit reports. Generally, audit reports give an appraisal of a company or business’s financial performance and status during a specified period of time. These reports are usually completed by an independent accounting professional (internal or external), and cover the company’s assets and liabilities. Audit reports represent the auditor’s assessment of the company’s financial position and future status. In many countries, audit reports are required by law if the company is publicly traded or operates ...

Abstract

The privacy and confidentiality of information is a crucial factor for any organization dealing with large volumes of information. On the other hand, the development in technology, increase in the cases of cybercrimes, and the web-security issues that are common in almost every online platform, makes the need for database security concern for organizations that handle date. Currently, DBMS is one of the best tools for ensuring the safety of data, and this paper will review its use in database security. It will give a cognitive outline of how a company can use it, with the sole focus on ...

Information Technology Auditing

Information Technology Auditing

Question 1

Final Audit Report My final audit report would be written in a manner to ensure that it encompasses the critical aspect of Information Technology aspects of Westchester Hospital. The report will give a succinct insight into the IT infrastructure of the hospital by highlighting and categorizing the machines which have root accounts alongside the specific administrative privileges which are shared with other several system administrators. The report would further incorporate a comprehensive analysis of the general operations of the Westchester Hospital’s IT system by identifying the security concerns of the systems and the best measures ...

Community bank is an independent, small and locally-owned commercial bank, which operates and obtains its funds solely from the community, where it is based. Community banks focus on providing traditional banking, derive deposits locally and mostly make loans to local businesses. It is widely known that today community banks provide most of the loans to our nation's small businesses and are an important financial resource to small cities. Because of that and because of the fact that they have knowledge of their local community and their customers, they are called “relationship” banks. They base their credit and loan decisions ...

Career options in accounting

Accountants have various career paths that they can choose. The main options are public, industry and government accounting. In public accounting, the CPAs work for various firms ranging from small and local firms to large and international corporations. In the firms, the accountants work in areas such as tax, audit and management consulting. In industry and business, the accountants work for varied size firms in areas including, financial analysis, management accounting, financial accounting as well as reporting. With that, the accountants can offer services in specialized fields such as business valuation, financial forensics, IT consulting and financial planning. Also, ...

Audit and Internal Control

Question 1 - Relationship between the Concepts of ‘Business Risk’ and ‘Financial Statement Risk’ The business risk and financial statement risk tend to have a direct relationship with one another because occurrence of business risks, if not addressed by the internal management of ABCDE Company in a timely and wise manner, will potentially result in material misstatements of the figures in financial statements of ABCDE Company. For instance, due to increase in competition, the demand for cleaning equipment sold by ABCDE Company to commercial cleaning contractors decreases which itself is identified as a business risk for ABCDE Company. Due ...

Option 1

Part 1 The company selected for the assignment is Teledyne Technologies. Chart below shows the information regarding the company: The audit report of Teledyne Technologies Inc. for the year ended January 3, 2016 carried an unqualified opinion. The report stated that the consolidated statement of income, comprehensive income, cash flows, and stockholder’s equity for the year then ended presented fairly, in all material respects, the financial position of the company and were in conformity with Generally Accepted Accounting Principles of United States of America. The company’s internal control for the year ended January 3, 2016 were also ...

How to Reform Corporate Ethics in American Business Today

Corporate ethics is an important sphere of American business the regulation of which is of utter importance. It comprises the rules how the company operates: its management, control and responsibility for improper actions. The regulations of corporate governance and implementation of effective corporate ethical standards affect the situation of the economy of the state. Inefficient regulations may lead to huge problems, such as the Great Depression of 1933, ENRON case of 2007, global financial crisis of 2008, because of which the whole world economy was negatively affected, a lot of investors were defrauded, money stolen and etc. Scholars believed ...

Ref: Sustainability Methods

Sustainability in an organization is the durability of policies, processes, methods and systems in the organization. The main objective of sustainability is sustainable development. Sustainability is, therefore, the key objective of many firms. It ensures the firm achieves the long-term objectives. Rotary international is an organization that operates across the globe and employs sustainability as a key factor in its operations. Different factors have thus affected the sustainability process of the Rotary international.

The relevance of mission and vision to the sustainability of the organization

Mission and vision statements of an organization play a significant role in the success of a company. The mission and vision statements of the company help ...