Internal Auditing Essay

23 Mar 2015 28 Feb 2018

3 (1,063 )

INTRODUCTION 1.0 Background Internal auditing is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes (IIA, 2007). It delivers greater value to an organization by championing good governance, supporting enterprise ...

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Developing Conceptual Framework Is An Impossible Possibility

23 Mar 2015 28 Feb 2018

5 (1,785 )

Accounting is playing an important role in nowadays society. It provides financial information to the user to make business decision. However, accountants have to follow accounting standards when they are providing the information. We may question what the principle of those standards is. Financial accounting theory was created as the principle in making standards, and conceptual framework for accounting built up. This essay is going to talk ...

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Accounting Student Internship Report

04 Jan 2018

8 (3,014 )

Keywords: internship report accounting, reflective internship report Chio Lim Stone Forest (CLSF) was founded in 1985 and it started from a textile centre in Jalan Sultan to the present Wilkie Edge in Sophia road. CLSF is a member of RSM International, the 6th largest accounting and consulting firms worldwide, with 736 offices in 76 offices. Member groups in RSM International unite together to offer their clients the ...

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Critical Accounting and Significant Accounting Policies

23 Mar 2015 04 Dec 2017

5 (1,801 )

After Enron's scandal, accounting world underwent dramatic changes. Lots of acts were proposed or released. On May 10, 2002, the Securities and Exchange Commission (which is SEC) proposed a document, that "Disclosure in Management's Discussion and Analysis about the Application of Critical Accounting Policies". One year later, SEC released final rule No.72, "Interpretation: Commission Guidance Regarding Management's Discussion and Analysis of Financial Condition and Results of Operations". ...

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Effectiveness of Internal Controls Over Financial Reporting

23 Mar 2015 04 Dec 2017

6 (2,380 )

1. Introduction In 2001, Enron reaffirmed that their previous financial report had to revise as accounting errors existed in their computer system. After that, Enron the largest US corporate with assets of $63.4 billion faced the end road of bankruptcy suddenly. Four thousand employees face losing theirs job and retirement pays (Benston, 2002). It is not merely one person can break a solid business structure. The result ...

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Traditional Budgeting and Budgetary Controls Weaknesses

23 Mar 2015 04 Dec 2017

6 (2,095 )

This answer briefs the practice of budgets in two entirely different businesses; one in a very stable and static market place and the other in a very dynamic, rapidly changing, innovative environment. Budgeting and budgetary control is commonly used in a traditional manner by most business entities in the world in spite of its manifold limitations. In a fast changing business environment, traditional budgeting need not be ...

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Difference Between Cost Control and Cost Reduction

23 Mar 2015 04 Dec 2017

15 (5,967 )

Introduction A cost reduction program is a type of method which is to improve profitability of the organization or by expected to get a good result that flow to the bottom line of the financial statement and exempted from any serious damage to the organization itself. As this program is much more about reducing cost or reducing expenses of the organization, so a good cost reduction program ...

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Absorption Costing Advantages and Disadvantages

23 Mar 2015 04 Dec 2017

5 (1,939 )

There are two main costing methods that this company can use, absorption costing and Activity based costing. Absorption costing and Activity based costing (ABC) are two similar systems that are used to assign indirect costs to cost objects. Absorption costing is also called 'traditional costing'; it is more simplistic and uses arbitrary allocation. On the other hand, ABC is more sophisticated and uses cause-and-effect allocation. This report ...

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Why is Accounting Important in the Hospitality Industry?

23 Mar 2015 04 Dec 2017

3 (1,066 )

Broadly speaking, the process of financial management takes place at two levels. At the individual level, financial management involves tailoring expenses according to the financial resources of an individual. Individuals with surplus cash or access to funding invest their money to make up for the impact of taxation and inflation. Else, they spend it on discretionary items. They need to be able to take the financial decisions ...

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Product Costing Methods: Strengths and Weaknesses

23 Mar 2015 04 Dec 2017

5 (1,691 )

Today's competitive environment requires manufacturers to know their costs for competing globally. A top notch costing system is one of the most powerful information tools a management can have; especially which provide a clear picture of the activities that are driving costs and the ways individual products and processes consumes resource. We can use costs in distinct ways. Product costing is used for strategic decision making. 1 ...

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Colombia: Accounting and Auditing Standards Analysis

23 Mar 2015 04 Dec 2017

4 (1,276 )

Columbian GAAP According to the Constitution of Colombia, only Congress has the authority to issue generally accepted accounting principles. Through legislation, however, Congress can delegate this authority to the executive branch as well as to other institutions. The Central Board of Accountancy was formed to regulate the accounting profession ("Colombia", 2010). Under this board, the Technical Council for Public Accounting was created. The Technical Council was designed ...

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FASB's Conceptual Framework Analysis

23 Mar 2015 04 Dec 2017

19 (7,571 )

Introduction The accounting conceptual framework has been criticized for not providing an adequate basis for standard setting. This inadequacy is evidenced through the FASB's standards becoming more and more rule-based. Nevertheless, no empirical evidence has been gathered to support the criticisms of the conceptual framework. We analyzed the five qualitative characteristics of accounting information from the conceptual framework in conjunction with an individual's intention to use/rely on ...

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Non-Audit Services (NAS) Issues and Effects

23 Mar 2015 04 Dec 2017

10 (3,813 )

The provision of Non-Audit Services (NAS) by auditors to their audit clients reduces total costs, increases technical competence and motivates more intense competition. However, the recent corporate collapses in the US, Australia and elsewhere, was surprising our attention. The issue of Enron arouses great concerns on corporate governance revealing the audit independence problem when CPAs provide audit and NAS for the same clients. In the view of ...

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Sarbanes-Oxley Act: Advantages and Disadvantages

23 Mar 2015 04 Dec 2017

4 (1,582 )

Discuss the strengths and weaknesses of the Sarbanes-Oxley (SOX) Act and describe how an IT department can meet the challenge of implementing SOX compliance Over the past ten years we have been exposed to a series of financial scandals. The effect has been catastrophic and society has required regulation to restrain corruption. In 2002, the USA senator Paul Sarbanes and Representative Mike Oxley sponsored the Public Company ...

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Traditional Costing Methods vs ABC

23 Mar 2015 04 Dec 2017

4 (1,501 )

In this report I will attempt to discover whether it is feasible as a company to change the Traditional methods of costing we currently use to the more modern Activity Based Costing methods, looking at the benefits and drawbacks of changing and whether it is worth implementing these new costing methods to our company as a whole. Introduction / Background As a small local engineering firm we ...

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Costing and ABC Costing Advantages and Disadvantages

23 Mar 2015 04 Dec 2017

5 (1,687 )

Activity Based Costing which is popularly known as ABC system has been considered as "an economic map of an organization's expenses and profitability based on organizational activities" according to Kaplan R; and Cooper R. "An activity is an event, task or unit of work with a specified purpose, for instance, designing a product, setting up machines, operating machines, and distributing products;" by Horngren, Foster, Datar. According to ...

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Dangers of Escalation of Commitment

23 Mar 2015 04 Dec 2017

7 (2,680 )

This report analyses the issue of escalation of commitment to a course of action from the perspective of the pharmaceutical industry. Escalation can be defined as a situation where a failing venture is supplied with additional resources beyond the point of feasibility. As such, escalation carries substantial dangers for organisations by generating avoidable economic losses. The report inquiries into the generic causes of escalation by examining subject ...

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Objectives of Standard Costing

23 Mar 2015 04 Dec 2017

5 (1,970 )

What is the definition of standard costing? Standard costing is the system of using standard costs. Standard costing involves using the predetermined costs/standard costs to compare with the actual to find the difference or variance. Variance can be adverse (actual result is worse than standard) or favorable (actual result is better than standard). An adverse variance tells management that if everything else stays constant the company's actual ...

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IFAC's Code of Ethics: Analysis

23 Mar 2015 04 Dec 2017

6 (2,166 )

Code of Ethics is essential for both accountants and auditors as they hold positions of expectation that the community rely on them and the capability. The Code of Ethics is regulated by International Federation of Accountants (IFAC) at international level. Due to the company failures such as Enron and Equitable life, ethical behavior and independence has become more important. The Enron case clearly demonstrates the value work ...

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Importance of Maximising Shareholders Wealth

24 Feb 2017 04 Dec 2017

9 (3,309 )

Introduction Firms may have different objectives to achieve. However in theory, a firm should set its' objectives to increase its value for its owners. Shareholders are the owners of a firm. Therefore according to theory maximising shareholders wealth is the fundamental objective of a firm. (Watson & Head -Corporate Finance principles and practice 2007) Investors generally expect to earn satisfactory returns on their investments as they require ...

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Marginal Costing vs Absorption Costing:

23 Mar 2015 04 Dec 2017

2 (510 )

Marginal costing is also termed as variable costing, a technique of costing which includes only variable manufacturing costs, in the form of direct materials, direct labour, and variable manufacturing overheads while determining the cost per unit of a product. Where as Absorption costing, is a costing technique that includes all manufacturing costs, in the form of direct materials, direct labour, and both variable and fixed manufacturing overheads, ...

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Revenue Recognition under US GAAP and IFRS

23 Mar 2015 04 Dec 2017

5 (1,731 )

International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) are working together to provide a single revenue recognition model that can be applied to a wide range of industries and transaction types. US GAAP currently has many industry-specific requirements that are not always consistent with each other. Keywords: revenue recognition, IASB, FASB, contracts The topic of the research is "Revenue Recognition under US GAAP and ...

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British Airways: SWOT and Porter's Five Analysis

23 Mar 2015 04 Dec 2017

19 (7,203 )

Before establishing an analysis of the financial performance of British Airways, and stating the main reasons as to why this organization has been chosen as the proposed case study of this report, the most predominant issue at hand is to define ‘financial' and ‘business' performance. It performance of a certain organization stands for a measure, which shows how a company can efficiently use its assets from primary ...

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Budgetary Control- Advantages and Disadvantages

23 Mar 2015 04 Dec 2017

5 (1,769 )

Budget and budgetary control are the two most important aspects of any business. The budgetary control acts as a complimentary aspect to budget and works and in hand. Budget can e termed as an accounting concept, whereby, an organization and its members, try to define the trend of activities of an organization during a course of time, depending on the past experience. Budgets, comes up various figures ...

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Analysis of Conceptual Frameworks in Accounting

23 Mar 2015 04 Dec 2017

7 (2,644 )

Introduction International Accounting Standards Board (IASB) has begun a mutual project with US Financial Accounting Standards Board (FASB) to rebuild the existing frameworks and converge them into a common framework. First, some background. The US Securities and Exchange Commission (SEC) has proposed that companies required to file financial statements with the SEC begin replacing U.S General Accepted Accounting Principles (US GAAP) with International Financial Reporting Standards (IFRS) ...

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Impact of the Enron Scandal on Accounting Standards

23 Mar 2015 04 Dec 2017

7 (2,530 )

Abstract Every firm and its managers are expected to maximize investor returns while complying with regulatory standards, avoiding principal-agent conflicts of interest, and enhancing the reputational capital of their firms. However, in practices, being ethically is not just about giving large sum of charity's money but recognizing and acting on potential ethical issues before they become legal problems are more important aspects to taking care of. Enron ...

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Accounting Audit: Case Study

23 Mar 2015 04 Dec 2017

8 (3,141 )

The inventory valuation is done on cost basis, while the NRV (Net realizable value) is 10% below the cost. As per the accounting standards in Australia governed by the AASB, the inventory valuation is done based on the basis of lower of cost or realizable value, whichever is lower, which is as per the guidelines laid down under the provisions of AASB 102. However, since the cost ...

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Methods Used to Evaluate Investment Projects

24 Feb 2017 04 Dec 2017

5 (1,730 )

Evaluation of the attractiveness of an investment proposal, using methods such as average rate of return, internal rate of return (IRR), net present value (NPV), or payback period. Investment appraisal is an integral part of capital budgeting (see capital budget), and is applicable to areas even where the returns may not be easily quantifiable such as personnel, marketing, and training Average Rate of Return (ARR) Definition: Method ...

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Impact of Financial Reporting Scandals

24 Feb 2017 04 Dec 2017

6 (2,215 )

Introduction The first thing is character, before money or anything else. - J. P. Morgan Integrity is of utmost importance for a successful career in business and finance in the long run. Some believe that the world of finance lacks ethical considerations. Whereas the truth is that such issues are prevalent in all areas of business. The business environment in much of the world is reeling from ...

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Pay As You Earn (PAYE) System: Advantages and Disadvantages

23 Mar 2015 04 Dec 2017

5 (1,874 )

PAYE (Pay as you earn) was first introduced in year 1944. This is a system used by HMRC (HM Revenue & Customs) to collect Income Tax and NICs (National Insurance contributions) from employees' pay, including directors of limited companies, as they earn it. OPERATION OF PAYE SYSTEM Under PAYE system, employers are responsible to deduct both Income Tax and NICs from employee when paying them their wages ...

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Auditing Standards and Guidelines

23 Mar 2015 04 Dec 2017

6 (2,172 )

Introduction The regulatory environment makes it mandatory that organizations such as limited liability companies must be audited by an independent external auditor qualified under the regulations of professional bodies internationally or nationally to ensure that the company is working in accordance to the company law set by respective countries. An external auditor functions as an independent body appointed by and reports to shareholders to express an opinion ...

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Managing Customer Relationships and Building Loyalty

23 Mar 2015 04 Dec 2017

8 (3,068 )

CRM This component will focus on managing customer relationships with the organization in order to enhance customer loyalty. Moreover, it will also discuss on the aspects of the virtual world and the strategy which will be implemented to use YouTube as a vehicle to communicate with the customers. Business Dilemma Yes I believe that the most influential person in café is the customer. Customers can help the ...

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Product Costing System Types: An Analysis

23 Mar 2015 04 Dec 2017

5 (1,827 )

Introduction Management accounting as defined by Chartered institute of Management Accountants as “the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information used by the management to plan, evaluate and control within an entity and to assure appropriate use of and accountability for its resources.” It supports the managers in their task of enhancing both customer and shareholder value by efficient and effective use ...

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Earnings Management and Accrual Accounting

23 Mar 2015 04 Dec 2017

15 (5,745 )

EARNINGS MANAGEMENT Introduction There has been significant attention placed on earnings management from regulators, the financial press, and academic researchers in recent years. Most are in agreement that earnings management does occur; however, there is no uniform definition for what it is or how to detect it. What are earnings and what is earnings management? Simply stated, earnings are the accounting profits of a company. Stakeholders (current ...

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Effects of Changing Accounting Standards

20 Nov 2017

7 (2,452 )

Proposed Research Topic: IAS 39 and IFRS 9: the effects of changing accounting standards for financial instruments on the financial assets management of a commercial bank in Chong qing Background: In 2008, a catastrophic financial crisis ignited by the bankruptcy of Lehman Brothers Holdings soon had a full scale break-out and dragged the world from prosperous growth to excruciating abyss of stagnation, even recession. People in ...

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Transfer Pricing And Customs Valuation

02 Nov 2017

3 (3 )

Any international transaction is subjected to indirect tax through customs, sales or value added tax to determine the duty payable on the goods imported. If the goods are transferred between related parties, then the transfer price should be determined giving consideration to both: corporate income tax-recompressions and customs implications. In India, while customs duty is ...

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Traditional Costing Versus Target Costing

02 Nov 2017

3 (3 )

Nowadays, the current business environment particularly the automotive industry has been using target costing as a strategic cost management tool. The South African Motor Industry is the great example to illustrate that the target costing is one of the strategic cost management approaches better applicable to consolidate a company’s competitiveness in countering the current business ...

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The Generally Accepted Auditing Standards

02 Nov 2017

1 (1 )

The Generally Accepted Auditing Standards are standards that were developed by the American Institute of Certified Public Accountants as a foundation in conducting an audit in its reasonable accuracy. There is a need for auditors to follow the standards provided to be able to render a report of the financial statements audited stating that ...

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The Purposes Of Accounting Accounting

02 Nov 2017

3 (3 )

Our economic environment is one where the production and distribution of goods and services is primarily left to individuals or to a group of people. It is based on the principle that these entrepreneurs can own property and conduct their business with the view of making a profit from their efforts. All businesses need a ...

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What Actually Is Benchmarking

02 Nov 2017

1 (1 )

The goal of benchmarking is to identify and improve the weaknesses within an organization, having an idea to become the "best of the best." The process of benchmarking helps managers in finding gaps in performance & turning them into opportunities for improvement. Also, the benchmarking enables companies in identifying the most successful strategies used by ...

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The Industrial Equipment Distribution

02 Nov 2017

1 (1 )

ABSTRACT This report represents the overall experience and tasks that I have been acquiring during the coop training program at Olayan Financing Company (OFC). The report is divided into two main parts. The first one is the company profile and the second one is the job activities that I have been doing during the Coop ...

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The Qualitative Characteristics Of Accounting Information

02 Nov 2017

1 (1 )

According to (Wild, Subramanyam & Halsey, 2007), financial statements are the major source of information used by different users and there are five components of financial statements, namely: balance sheet, income statement, owner’s equity statement, cash flow statement and notes to financial statements. According to (Alfredson, Leo, Picker, Pacter, and Radford, 2005), the preparation of ...

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What Is Total Cost Of Ownership Analysis

02 Nov 2017

1 (1 )

Total cost of ownership [1] (referred as TCO in the rest of this thesis) may also be called "Total cost modelling". As emphasised by Ellram (1994a), there is no unique definition of TCO, as it "means different things to different people". The author decided to chose the following definition of the TCO for this research: "Total cost ...

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What Are The Arguments For Regulations

02 Nov 2017

8 (8 )

In the repercussion of the Asian Financial Crisis of 1997 and the corporate accounting scandals such as Enron and WorldCom in the U.S., regulators and standard setters have requested for improved corporate transparency and presented significant changes to accounting standards and regulations. The paper investigates two research questions. First, we consider significant arguments on whether ...

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The Net Present Value Method

02 Nov 2017

3 (3 )

The primary goal of a corporation is to maximize the wealth of its stockholders. Taking this into account, long-term investments that will be undertaken by a firm should be evaluated based on their contribution to the wealth maximization goal. [i] The capital budgeting evaluation technique that clearly relates the capital investment to the wealth maximization goal is ...

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Why Should A Company Have A Maintenance System

02 Nov 2017

1 (1 )

LITERATURE REVIEW In this chapter, a step by step process that involves the identification of published and unpublished works from secondary sources, providing the theoretical overviews, relating to the scope of the thesis to seek answers to the research questions, are discussed. Churchill (cited in Ncube, 2006, p. 18) states that �Do not bypass secondary ...

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Working In Forensic Team

02 Nov 2017

1 (1 )

Unit Unit 12 Working with Attorneys In-house or outside counsel usually participates in, or directs an investigation, when matters arise at a company demanding investigation. The forensic accounting investigator generally works with such counsel. That relationship is the topic of this section. Teaming With Forensic Accounting Investigators Forensic accounting investigators can make important assistances to ...

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The Roles Of Internal Auditor

02 Nov 2017

1 (1 )

Introduction Nowadays, the roles of internal auditor was mainly accounting oriented, concentrating on the precision and reliability of financial statements which reflect historical performance of the organization. After the Asian financial crisis and the global audit scandals such as Enron case in 2001, the role of internal auditors has been improved tremendously. Previously, internal ...

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The Merit Based Recruitment

02 Nov 2017

1 (1 )

Public service in both the developed and developing world plays a vital role in providing public goods, such as defence, pubic order, property rights, macro-economic management, basic education, public health, disaster relief, protection of environment, and coordinating private sector activity. A capable public service is essential for creating a favourable investment climate and facilitating people’s ...

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Traditional Absorption Costing Versus Activity Based Costing System

02 Nov 2017

1 (1 )

1.0 Introduction Standard costing is generally best suited to an organization with repetitive operations and the input required to produce each unit of output can be specified. It is suitable to those manufacturing organization that have repetitive production process. Standard costing are not suitable used in non-repetitive activities because there is no clear basis for ...

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The Fuzzy Linguistic Preference Relation Approach

02 Nov 2017

1 (1 )

Abstract. This study investigates and identifies the risk factors for software development projects from a literature review and expert interviews. Based on the identified assessment factors, a hierarchical structure of five risk dimensions and twenty-two risk factors is constructed, and the fuzzy linguistic preference relation (FLPR) is employed to assess the relative degree of impact ...

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Voluntary Imo Members State Audit

02 Nov 2017

7 (7 )

It is widely accepted that International Maritime Organization (IMO) as specialized agency of United Nation (UN) in Maritime field, since was establish in 1957, has contributing to improve the safety at sea through several instrument such as conventions, protocols, resolution and guidelines that seem to be an efficient tool by the countries and specially to ...

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The Role Of Accountants

02 Nov 2017

6 (6 )

An accountant plays a vital role in making a business successful or fall of a business. Historically we have read upon lot of articles supporting the actions of the accountants. In our earlier classrooms we have discussed the ethical standards or issues by accountant. A professionally qualified accountant provides quality and professional advice for existing entrepreneurs ...

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The Organizational Cultural Environment Surrounding Enrons Management

02 Nov 2017

3 (3 )

Skilling was practicing culture of arrogance, extreme decentralization, fierce internal competition and an attitude that the company could do anything. Enron was forever changing on the way of working and reorganizing until it’s so hard for the employees to catch up what exactly the management wants from them. Enron's corporate environment encourages creative, experimentation and ...

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The Roles Of Financial Information In Business Strategies

02 Nov 2017

1 (1 )

Executive Summary……………………………………………………………..2 Organization Overview………………………………………………………….2 Roles of Financial information in different business strategies…………............3 Analysis of financial statement for strategic business decision…………...........4 Assess of business through long and short term strategies………………...........7 Techniques and importance of cash flow statement………………………........8 Corporate Governance report………………………………………………..…10 Different roles and responsibilities of committees and board……………........10 Conclusion and recommendation…………………………………………...…12 References……………………………………………………………………...13Executive Summary We are discussed in these assignments different roles of financial information in ...

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The South Africa Franchise

02 Nov 2017

2 (2 )

CHAPTER 3 METHODOLOGY This chapter deals with the methods used for researching the subject undertaken for study. RESEARCH PROBLEM The research subject is that of corporate governance in foreign franchises in Mauritius. During the literature review process, it has been found that there are many studies conducted on corporate governance in Mauritius and compliance ...

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The Overview Of The Banking And Insurance Sector

02 Nov 2017

5 (5 )

In the present times of intense competition, the only survival strategy for business is to grow. However, as the society is changing, the indicators of success are also acquiring a new meaning. A move toward social responsibility is a fundamental change for business. Over the last years, corporate social responsibility (CSR) has been an issue ...

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The Employee Of The Company

02 Nov 2017

1 (1 )

1.0 Introduction This assignment has helped a company to build up a goal to increase their performance and achieve efficiency and effectiveness. Accountancy encompasses the recording, categorizing and summarizing of transactions and events in a manner. It can help company’s users to review the financial performance and position of entity. It starts by identifying transactions ...

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The Continental Limited Financial Statement

02 Nov 2017

1 (1 )

Introduction At first glance, accounting can appear in a way that extremely complicated and confusing and lead to the untrained eye may struggle to grasp the whole set of accounting even it is just an incomprehensible group of numbers. By doing so, accounting is much more important for a company that concern with the financial ...

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The Role Of Internal Audit In Meeting Board

02 Nov 2017

5 (5 )

This part of the report mainly focuses on the positive aspect of how audit committees of Silver Bird Group Berhad (SBGB) help to enhance the role of internal audit in meeting board of directors’ needs. With the increasing attention focused on the financial reporting by legislators, security analysts, institutional investors and regulators, the roles of ...

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The Nature And Purpose Of Analytical Procedures

02 Nov 2017

1 (1 )

Introduction Auditors are required to carry out procedures designed to obtain sufficient appropriate audit evidence to determine with reasonable confidence whether the financial statements are free of material misstatement. They are also required to evaluate the overall presentation of financial statements, in order to ascertain whether they have been prepared in accordance with relevant legislation ...

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The Role Of Internal Audit

02 Nov 2017

3 (3 )

There are several recommendations that can be made to enhance the role of internal audit. The first recommendation should be focusing on the board of directors to clearly delegate roles and responsibilities in carry out the duty such the power to carry out duties in discharging its fiduciary and leadership function. Besides that, the board ...

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The Value Of Budgeting

02 Nov 2017

6 (6 )

The case against traditional budgeting has been debated by Hope and Fraser (2003b) as part of the Beyond Budgeting Roundtable (BBRT). They argue that budgeting systems often result in dysfunctional behaviour and consume large amounts of management time. Additionally, they often slow down organizations from being flexible and responsive to deal with unpredictable environments change ...

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Trailer Construct Plc Management Accounting Report

02 Nov 2017

4 (4 )

The current management of the company is not efficient and thus improvement is needed for the procedures in the main business areas in the organisation. The company should use ABC system to assign the overheads and a cost-plus pricing to set prices. As the competition increasing, a medium-price policy approach is appropriate for pricing to ...

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What Do The Protecting Investors Indicators Measure

02 Nov 2017

1 (1 )

Protecting investors The protection of investors is fundamental for a company since the investors is a way by the company to raise capital to finance certain projects. If the laws do not provide adequate protection for investors, the latter may be reluctant to provide the fund to finance these projects. Doing Business measures the strength ...

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The Stock Exchange Of Mauritius

02 Nov 2017

1 (1 )

Oman Pakistan People's Republic of Bangladesh People's Republic of China -DTA -Amendment/s through Protocol Rwanda Senegal Seychelles Singapore South Africa State of Qatar Swaziland Sweden Thailand Tunisia Uganda United Arab Emirates United Kingdom -DTA -Amendment/s through Protocol Zimbabwe 5 treaties awaits ratification: Congo, Kenya, Nigeria, Russia, Zambia 5 treaties await signature with: Egypt, Ghana, Gabon, Malawi, Monaco 12 treaties ...

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The Methods Of Overhead Allocation

02 Nov 2017

1 (1 )

To support management decisions, accountants go beyond simply determining the cost of products and services; they developed a cost management system Managers need accurate and timely cost information for: (1) Strategic management decision such as in-house or out-source, (2) Operational control and (3) external report to other stakeholders such as investors, creditors and internal ...

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The Corporate Social Responsibility Rating

02 Nov 2017

1 (1 )

In this thesis it will be studied how reliable CSR rating systems are by comparing the methodologies of KLD and Sustainalytics. This chapter will explain the possibility that ratings have different outcomes for companies. The main reason that can be given for these ambiguous results is the complexity of the definition of CSR. Section 2.1 ...

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The Paid In Minimum Capital

02 Nov 2017

1 (1 )

The cost doing business in any country involves the measurement and tracking the changes in regulations affecting 10 areas in the life cycle of a business namely, business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. For policy ...

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What Is Accounting Cycle

02 Nov 2017

3 (3 )

What is accounting. Accounting is a practice and body of knowledge concerned primarily with : (1) methods for recording transactions, (2)keeping financial record, (3)performing internal audits, (4) advising on taxation matters. What is accounting Cycle? Definition of "Accounting Cycle"? The accounting cycle is referred to the sequence of accounting procedure used to record ,classify ...

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Understand Financial Concepts Used To Inform Management Decisions

02 Nov 2017

1 (1 )

INTRODUCTION In every business money is require in order to achieve objectives. Financial decision must have been made carefully, and there should have enough money for the project. Financial management is a necessary tool for supporting the organisation’s goals and objectives. Its purpose is to provide information that assists program managers to make the organisation’s ...

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The Role Of Internal Auditor From External Auditor

02 Nov 2017

1 (1 )

Explain the meaning of audit and its nature. (3 marks) Distinguish between accounting and auditing. (5 marks) Discuss the objective of auditing and why auditing is needed. (8 marks) Distinguish the role of internal auditor from ...

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The Types Of Costing Methods

02 Nov 2017

7 (7 )

Financial Accounting Accounting treats money as a meaning of measuring of economic performance instead of a factor of production. Hence, it includes the entire system of monitoring and control of money such as flows in and out of an organization as assets and liabilities add on with revenues and expenses. Thus, financial accounting congregate and summarizes financial data to prepare financial reports such as balance sheet and income statement for organization's management, investors, lenders, suppliers, tax authorities, and other stakeholders. The difference between financial and managerial accounting is that financial accounting is ...

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The Distinguish Between Accounting And Auditing

02 Nov 2017

1 (1 )

           The meaning of audit is a professional audit, involving verification of the company's accounting documents and certificates, in order to respect the impartiality of the company's accounts, the consistency and conform to generally accepted accounting principles. Auditing is the independent investigation of financial information of a company or an organization. It also is an investigation ...

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Unstructured And Unfunded Private Sector Schemes

02 Nov 2017

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INTRODUCTION BACKGROUND OF THE STUDY Nigeria operated an unfunded defined benefits scheme between January 1, 1946 and June 2004. The first public sector pension scheme in Nigeria was the pension ordinance of 1951 with retrospective effect from January 1, 1946. The law provided public servants with both pension and gratuity. This was followed later by ...

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Use Of International Reporting Systems In Global Trade

02 Nov 2017

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Accounting is defined as "the language of finance" (Lasher, 2008). The basis of accounting is financial accountability attained through financial reporting and can be explained as the communication of "financial information useful for making investment, credit, and other business decisions" (Wild, Shaw, & Chiappetta, 2009). Financial reporting includes income statements, cash flow summary, tax and ...

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What Are The Arguments For And Against Regulations

02 Nov 2017

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In the repercussion of the Asian Financial Crisis of 1997 and the corporate accounting scandals such as Enron and WorldCom in the U.S., regulators and standard setters have requested for improved corporate transparency and presented significant changes to accounting standards and regulations. The paper investigates two research questions. First, we consider significant arguments on whether ...

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The Users Of Accounting Information

02 Nov 2017

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1.0 Introduction Now days, accounting information has been become an important element and widely use to describe all types of business activity in any business undertaking. Generally accounting is a process of recording, reporting and analysis of financial transactions of an ongoing business. Besides, the person in charge of accounting is known as an accountant. ...

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Value Relevance During A Financial Crisis

02 Nov 2017

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Chapter 1: Introduction 1.1 Introduction The implementation of the International Financial Reporting Standards (IFRS) from all member-countries in Europe in 2005 was, without doubt, one of the most important accounting events of the last decades. At the same time this movement aimed at the use of a common set of high quality standards that would ...

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What Is Good Corporate Governance

02 Nov 2017

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2.1 Introduction The practice of good corporate governance helps to differentiate one organisation from others. Corporate governance has been heavily researched in the past few years and at its most central point it refers to the governance of corporations. The latter has gained momentum as a result of separation of ownership and control as owners/shareholders ...

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The National Insurance Contributions

02 Nov 2017

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Income tax was last introduced by Robert Peel in 1842, again as a temporary tax and remains as such today, and for this reason it has to be re-imposed each year by Parliament via the Finance Act. The main statutory charge provisions for income tax are contained in the Income and Corporation Taxes Act 1988. ...

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The Local Government Pension Act

02 Nov 2017

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The National Provident Fund (NPF) Scheme established in 1961 was the first legislation enacted to address pension matters of private organizations. In 1993, the National Social Insurance Trust Fund (NSITF) scheme was establish by Decree No. 73 of 1993 to replace the defunct National Provident Fund (NPF) scheme with effect from July 1, 1994 to ...

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The Managing Financial Principles And Technique

02 Nov 2017

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The amount of property or money paid   for a goods or some service. Cost is expenditure for both individual and business property. If a cost is for a business purpose, it may be tax deductible. A cost may be paid straight away in the form of cash or over time in a credit sale or similar transaction. Cost is the opposite of revenue: It may ...

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The Tamil Nadu Newsprint And Papers Limited

02 Nov 2017

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The Tamil Nadu Newsprint and Papers Limited (TNPL) was established by the Government of Tamil Nadu to produce newsprint and writing paper using bagasse, a sugarcane residue. The Government of Tamil Nadu listed the paper mill in April 1979 as one of the most environmentally compliant paper mills in the world under the provisions of the Companies Act of 1956. ...

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The Traditional Absorption Costing

02 Nov 2017

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Introduction 1.1. Traditional Absorption Costing 1.2. Activity Based Costing 1.3. Comparison Relevance of Activity Based Costing in Bahraini Relevance of Activity Based Costing in Taiwan Relevance of Activity Based Costing in Portugal Relevance of Activity Based Costing in Tunisia Conclusion References INTRODUCTION Activity based costing help manager to manage product information and giving them a ...

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The Role Of International Institutions In Financial Reporting

02 Nov 2017

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http://www.cgdev.org/files/2666_image2_international_financial_institutions.jpg Contents International Accounting Standards Board History and Development The IASB, the International Accounting Standards Board, is an independent board, issuing and setting up standards, accounting standards under the umbrella of the IFRS Foundation, the International Financial Reporting Standards Foundation. The IASB has been active since 1973, which at that time, it was called IASC, ...

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The Need For Auditors Independence

02 Nov 2017

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The issue of auditor independence is a crucial element and very important for the audit profession. This concept has been discussed widely and many definitions have been presented in literature. Independence refers to the auditor’s ability to present his opinion about the reliability of financial statements honestly and impartially away from his interest or the ...

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The Recognized Evaluating Methodologies

02 Nov 2017

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It is in fact a difficult job to gather data required by quality evaluation process. However once recognized could be a helping tool to manage costs and get simulated results with almost very low or near to negligible cost increment in monetary terms. Simulated software and dash board concepts could be implemented by using same ...

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The Professional Associations Attempt At Readability

02 Nov 2017

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Most voters know almost nothing about the federal budget: Few can correctly answer basic questions about how much it spends, how and whom it taxes, and how much is spent on different parts of the budget (Suderman, 2012). On average, for example, surveys show that respondents estimate that anywhere from 10 to 25 percent of ...

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Types Of Costing Methods

02 Nov 2017

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Introduction Financial accounts are the records of the financial dealings of the business, their daily transactions. The main role of financial accounting is to record financial transactions such as collecting money from sales, paying suppliers, salaries and wages. Besides that, it may also help the managers to manage the business for more efficiently by preparing ...

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Theoretical Debate On Balance Scorecard

02 Nov 2017

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The first prospective is primarily short-term oriented and financial in nature, while the last three are prominent categories of nonfinancial leading indicators of future financial performance. The central idea behind a balance scorecard-type measurement system is that if the organisation tracks the right set of leading indicators and gives them proper importance weightings, then profits ...

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The Continental Limited Financial Statements

02 Nov 2017

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Executive summary Accountancy encompasses the recording, categorizing and summarizing of transactions and events in a manner. It can help company’s users to review the financial performance and position of entity. It starts by identifying transactions that will affect the financial position and perform of company. After that, they are recorded, classified and summarized to help ...

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The Need For Harmonization

02 Nov 2017

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Introduction This report will provide a brief history and background on the process of harmonization in the European Union with regards to the 2 methods it employed: Directives and IFRS adoption. By providing a basis for which harmonization can be understood and why it is necessary, this report strives to elucidate the successes and failures ...

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The Financial Operation Of A Company

02 Nov 2017

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2.1. Introduction Literature relevant to finance management will be analysed in this chapter. This chapter will move from the emergence of management and its importance to finance management in universities. The literature will include the theory of development. A brief explanation of the method implemented in this study will conclude Chapter 2. 2.2 Management Companies ...

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The Nature Of The Transaction

02 Nov 2017

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No, for the purposes of this Standard, a transaction with an employee or other party in his/her ability as a holder of equity instrument of the entity is not a share-based payment transaction. For example, if an entity grant all holders of a scrupulous class of its equity instrument the right to acquire further equity ...

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The Principles Verse Rules Based Accounting Standard Debate

02 Nov 2017

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ABSTRACT The post Enron scandal escalated to the on-going principles-verse-rules-based debate. In response to the rules-based approach which was criticised as a result of the Enron scandal, SEC proposed a ‘roadmap’ which was to be used by US firms in applying US GAAP when reporting financial statement. The distinction between principle-based and rules-based accounting standards ...

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Three Limitations Of Financial Analysis

02 Nov 2017

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Introduction Financial analysis are evaluation of a business’s financial performance and as reference to guide the owners doing future financial plan by using own previous and current accounting record or compare with competitor. The analysis reveal the information such as profit or loss, cash flow available for business operation and pay debts, and position of ...

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The Business Taxation And Auditing

02 Nov 2017

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In this project of Business Taxation and Auditing we were required to visit any company in Lahore to grab some detailed information about that company. So we selected Haleeb Foods Limited for this purpose and in our report we will analyze the taxation and Auditing departments of the company, discuss all the tax and audit ...

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The Role Of Operations Within The Company

02 Nov 2017

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In any organization, operational manager’s role is very important for the success of the production services. An Operations Manager needs to think and plan valuable and efficient strategies that and make sure to increase the profitability, and growth of the company. The managers are working with the various departments like accounts, HR and finance to ...

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Verbal Decision Analysis Foundations And Trends

02 Nov 2017

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The decision maker is the central figure in decision making based on multiple criteria. Elicitation of the decision makers' preferences should take into account peculiarities of human behavior in the decision processes. This is the central goal of Verbal Decision Analysis or VDA (Larichev and Moshkovich, 1997; Moshkovich et al., 2005.) The Verbal Decision Analysis ...

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