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CHAPTER 18 HOMEWORK
Give examples of a client-imposed and a condition-imposed scope limitation. Why is a client-imposed limitation generally considered more serious?
In which of the following situations would an auditor ordinarily issue an unqualified/unmodified financial statement audit opinion with no explanatory (or emphasis-of-matter/other-matter) paragraph?
a. The auditor wishes to emphasize that the entity had significant related-party transactions.
b. The auditor decides to refer to the report of another auditor as a basis, in part, for the auditor's opinion.
c. The entity issues financial statements that present financial position and results of operations but omits the
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Worksheet for You Decide
Name ____________ Course Code _________ Grade ___/ Date__/__/__
Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods, Inc.
Type your answer here
Q2: Discuss the essential activities involved in the initial planning of an audit. How do these all specifically to the Smackey Dog Food client?
Type your answer here
Q3: Discuss the 4 stages of the audit and the major activities performed by the auditor in each phase. Give an example of how each of these specifically applies to the Smackey Dog Food, Inc audit. For instance, examine the apparent internal control weaknesses and possible negative outcome of each
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Grade level auditing 7th
The purpose of this assignment is to apply what you know about the
purposes of assessment and decision-making to your grade level reading and
writing assessments. Imagine that your principal or district curriculum
director has asked you to evaluate the reading and writing assessment plan
for your grade level and provide recommendations about what should be
changed or improved. You are going to conduct an assessment audit:
examining what are current practices and how that compares to best practice.
The first step of this project is to complete a chart that identifies all of
the reading & writing assessments given at your grade level in a typical
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"The area of internal auditing is ripe for a wide variety of research" (Sarens G., Beelde D.I, 2004, p. 2)Internal audit is an appraisal activity which is established as a service to the organisation. The IIA defines the New Internal Auditing definition as "an independent, objective assurance and consulting activity designed to add value and improve an organisation's operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes." (IIA, 1999) .This definition recognises that providing assurance services to management is broader than the more
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explanations you offer.
1. The relevance and reliability of audit evidence refers to which of the following concepts:
d) Professional skepticism
2. A decrease in the desired level of detection risk:
a) Would be associated with a decrease in substantive work performed.
b) Would be associated with an increase in substantive work performed.
c) Would have no impact on the amount of substantive work performed.
d) Would likely be associated with a decrease in both inherent risk and control risk.
3. The auditor is required to perform analytical procedures:
a) At substantial completion of the audit for the purpose of attention directing.
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IntroductionThis paper will review the article Through the Ethics Looking Glass: Another View of the World of Auditors and Ethics. This article was authored by Roger D. Martin and appeared in the Journal of Business Ethics in January 2007. As the title implies, this article deals with the ethical considerations faced by the audit profession.Article SummaryThe first part of the article discusses the requirement that auditors must be "looking within" the organization. In other words the auditors must be independent (outside, looking in) of the firm being audited. This does not refers to the obvious problem of being employed by the firm being audited but rather the conflict of interest issues
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The job of Arthur Andersen was to make sure that investors could rely on Enron?s financial statements. Although Anderson is the smallest of the ?big five? accounting firms, it is still one of the nation?s largest accounting firms. Many say that after the involvement in the biggest bankruptcy in United States history, Anderson finds them in deep trouble. ?With its reputation badly damaged, Arthur Andersen faces serious problems. Its most talented employees might choose to leave. There is also the possibility of staggering liability claims. The Big Five could possibly become the Big Four? ( ).One of the questionable facts is towards Arthur Andersen?s independence in the Enron audit. They not
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the following key areas:Utility bill overcharges are the most common profit reducer. Month by month it goes unnoticed, and can only be recovered and rectified by a comprehensive bill audit. Most if not all businesses are overcharged, and/ or overpay, by as much five percent monthly. Singpost will assist companies with the use of Microsoft money to remedy this problem.Singpost intends to audit all available courier prices constantly, as to find specials and deals. The most popular carriers are constantly competing with each other. Singpost will need to take full advantage of this opportunity. Furthermore, contracts with these companies will be negotiated. Over ninety nine percent of the time
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. SolarPower experiences this just like most other companies. SolarPower must make every effort possible to ensure that the employees and the surrounding communities are protected from the hazards that may be encountered during the manufacturing process. SolarPower has a laboratory at each manufacturing facility staffed with trained technicians that monitor treated water and allows for metals detection below permit levels.SunPower has implemented a management system for self-auditing that contains a clear set of standards, responses to infractions, and a published schedule of audit dates. SunPower's management is paid according to the results of the scheduled audit. Unfavorable audit results with
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, audit quality, unethical practices by auditors as well as directors.
One-Tel, one of the ASX’s fastest growing companies, posted an operating loss of AU$291 million in the year of 2000, and ceased its operations in May 2001.
One.Tel started to grow very rapidly after its establishment. It started with 1000 subscribers in 1995 but in a span of 4 years its turnover was $326 million with 642000 subscribers and had an operating profit of $9.9 million. However, though its sales revenue were increasing with each passing year but the cash conversion ratio was too low. Which means though the sales were increasing but the company was getting short of cash.
During 1998-1999, the company was expanding
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commonly overlooked key element of capitol budgeting the 'post-audit'.The nature of our capital budgeting is stereotypical of the NHS and this 'old world' approach to capital budgeting is compounded (as I have previously stated) 'post audit'. I know as an organisation we are 'audited to death' there are 15 'arms-length' organisations who audit various parts of the NHS ~ the controls assurance framework (3) is the basis of many of the auditors investigations, but the post audit process's, and purposes (2p362-3) do not seem to figure in the NHS equationThe Trust is currently selling off some of its land to prevent an overspend position at the end of the year; the pre-occupation of achieving a
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culturally and ethically acceptable. Work hours were shortened and overtime was cut back. The poor working conditions and environments were resolved by providing protective materials, proper ventilation was installed, and the use of toxic chemicals used were reduced.Government RolesNike definitely had challenges in being a global company. The fact that Nike had become such a big name with a product it seemed everyone wanted made them even a big target for pointing out the things that the company was doing wrong. An accounting firm was hired by Nike to conduct an audit of how the company was handling business practices. The audit was not favorable in Nike's favor and soon became public
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could use to save lives and protect the public. “Death penalty cases cost the public on average, $1.03 million to $1.31 million, according to the Audit” (Lochhead). “In murder case where the death penalty is not sought, prosecutors who typically seek life without parole, cost averages to $775,000” (Lochhead). In Florida, Rex Dimmig, chief assistant public defender, “discovered that the most expensive, most time-consuming, and least cost-effective service we provided was in death penalty cases” (Pudlow, Dimmig). “Dimming estimated that Florida spends $51 million a year to use the death penalty, rather than sending convicts to prison for life without parole. It is estimated that each execution
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innovative toys, social media presence and competitive pricing.
B. The Importance of Ethical Leadership and Ethics Audit
An ethical culture is important to have because employees are influenced by the
social statuses around them. This means that they are looking outside themselves when it
comes to how they think and act (Trevino & Nelson, 2014). A good culture can be a great
source to ensuring that the employees in your business are making good ethical choices
and judgments in their day to day activities.
The role that Paradigm Toys leadership plays in fostering an ethical culture is
extremely important. Any type of culture in a company starts from the top and works its
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auditors. The auditors have to identify motley risks like the fraud risks and any other scam found in the financial statements of a company. A current example of the risk identified by the auditors is of "Satyam Fresco" an Indian IT company which fluctuated the figures of their accounts on their own to evade tax, but luckily the auditors identified the things and summoned the company.Risk management is a part of mainstream corporate life that touches all aspects of every type of organization. Auditors must focus firmly on risk: risk to the business, the executives, and the stakeholders.The internal audit function is an integral part of the corporate governance regime of most public
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following items: committee member qualifications; committee member appointment and removal; committee structure and operations and committee reporting to the board. In addition, the charter should give the corporate governance committee sole authority to retain and terminate any search firm to be used to identify director candidates, including sole authority to approve the search firm's fees and other retention terms.d) Listed companies must have a compensation committee composed entirely of independent directors.e) Listed companies must have an audit committee that satisfies the following requirements:• The audit committee must have a minimum of three members.• The duties and
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-medical services. Over $1.8 billion dollars were initially funded for this new RAH project. This project is audited and reviewed by a team of auditor-general from state government to effectively analyze the progress of the project throughout its life cycle. However, it is found that the project is running slightly behind the schedule and 76 days of extension is approved by Health Minister (Audit-General, 2015, Index 1). In addition to this time related risk, there were many other risks associated in nRAH project in terms of procurements, finance and governance department. This report will primarily cover about procurement management risks, its possible mitigations and lessons learned.
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-Mart's internal audit department sends the store a preparation package, which included instructions on how to prepare for the physical count. Each physical count is then conducted by a team of independent counters (18 to 40 persons) and representatives from Wal-Mart's loss prevention department (1 to 2 persons), internal audit department (1 to 3 persons), and operations division (1 to 2 persons). Wal-Mart's independent auditors, Ernst & Young, also sent representatives to randomly selected physical counts to test their accuracy. The independent counters generally counted every inventory item. The results of the physical count were then reconciled with the book inventory. The reconciliations
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but relies on the private sector for this function (FASB, 2006). To achieve it purpose, "the SEC requires public companies to disclose meaningful financial and other information. This provides a common pool of knowledge for all investors to use to judge for themselves whether to buy, sell, or hold a particular security (SEC, 2006). The SEC also upholds the Sarbanes-Oxley Act of 2002. The Sarbanes Oxley Act of 2002 was instigated as a direct result of the Enron, WorldCom and other accounting scandals in the US.Appointed by the SEC, the Public Company Accounting Oversight Board (PCAOB) oversees the audit of public companies. The PCAOB replaced the self-regulatory system of the past. The primary
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Quality and Safety Management System healthcare providers can focus on providing the highest quality of care to their patients/service users. On-going information, education and training should be provided to staff regarding the importance of quality improvement and patient safety and its direct impact on the quality of care provided.
It is recognised that clinical audit needs to be at the heart of clinical practice and is something that all health practitioners should be engaged in. Clinical audit is about continuing evaluation and improvement by health professionals working towards delivery of safe, high quality care for patients. It arguably constitutes the single most important method
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started to alter earning numbers. In order to increase revenues corporate board followed few basic steps: compared real financial results to analyst expectations; if earning were short of needed numbers – managers were forced to adjust them in any way possible; false ghost documents were created in order to level up false entries in statements. Since top management of HealthSouth was filled with many experienced former E&Y auditors (the company that happened to continuously audit HealthSouth) they knew how to keep this kind of fraud off the public view. One of the most common tricks of this fraud was keeping amounts of money moved less than $5k at a time – management knew that E&Y assurance
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which have helped the victim’s families cope with their loss better.
The topic of Alcohol/violence has been taken seriously by the NSW government, as the legal response to the death of Thomas Kelly was a four-phase whole of government response meaning actions will go beyond just changing the laws and include all areas of government such as transport and policing. The first phase was for the NSW office of Liquor, Gaming and Racing to conduct an audit. The audit began on 18 July 2012 and started with the scrutiny of the responsible service of alcohol registers of all 58 late-night trading venues in kings cross. This audit was carried out with a wide media coverage ensuring that kings cross
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accounting practices included:aggressive accounting, weak internal controls, management attitudes, lax ethical standards, off-balance sheet financing and transactions, auditor advocacy, lack of financial expertise on the board of directors, lack of auditor independence and weak corporate governance (including lack of audit committee oversight or a non-independent audit committee). (Hutton, 2005. p. 357)In response to large, public companies inappropriately accounting for financial transactions and misleading the investing public, the Sarbanes-Oxley Act (SOX) was passed by Congress in 2002.There are eleven SOX provisions which in addition to making a number of accounting practices unlawful
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platform, but argues that racial minorities continue to be well aware of the discrimination that they face and that, in fact, pro-diversity initiatives can often even be counter-productive Kang et al., 2016, p.498()
. To understand how the authors could arrive at such striking conclusions it is important to understand the structure of the article and the methodology upon which it is built. The article briefly begins by discussing some theoretical issues relating to race, stigma and self-presentation before moving on to present the findings of interviews, a laboratory experiment and a resume audit study and locating them within a wider theoretical framework. Near the end of the article there is a
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Truama training: Post-Traumatic Stress Disorder vs. Moral Injury
Submitted to: Central Dallas Medical Center
14763 Main Street
Dallas, TX 75208
Submitted Date: April 27, 2019
Submitted by: Training World, Inc
9476 Henderson Highway
Charlotte, NC 28213
Central Dallas Medical Center, after conducting an internal audit of the Clinical Mental Health Services departments, has identified the need for further staff training in the areas of Post-Traumatic Stress Disorder (PTSD), and engaged Training World, Inc., to conduct an independent audit.
After completing our audit of the Mental Health services teams, we identified the following areas that need increased training:
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Analysis of Wal-Mart Financial Statement for Year Ended January 31, 2004The consolidated financial statements include the accounts of Wal-Mart Stores, Inc. and its subsidiaries. Significant inter company transactions have been eliminated in consolidation. investments in which Wal-Mart has a 20 per cent to 50 percent voting interest and which Management control are accounted for using the equity method.The management at Wal-Mart has developed and maintains a system of internal and disclosure controls, including an extensive internal audit program. Those controls are designed to provide reasonable assurance that the Company's assets are protected from improper use and that Wal-Mart's
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conditions, with harassment and abuse. Nike has sought to respond to these allegations by putting into place a code of conduct for all of its suppliers, and working with the Global Alliance to review around 21 of these factories, and to pick up and respond to issues.The main concerns expressed by workers relate to their physical working environment.A further report has been produced relating to a site in Mexico, which has experienced serious problems leading to labour disputes.In both cases, Nike responded to the audit reports with a detailed remediation plan.Naomi Klein, in her widely read book "No Logo" deals quite extensively with Nike, accusing them of abandoning countries as they developed
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ethical, but it is the combination of an incredibly lower input of labor cost to produce incredibly high levels of output that swings a factory away from ethical practices to those unethical practice of what Westerners would term a “sweatshop”.
Companies doing business with subcontractors in developing nations, must monitor and audit their supply chains in order to be ethical. The fringe ethics of “sweatshops” and other suppliers that cut corners to save on costs not only negatively affect the producers of the goods, the workers, but also can put the end consumer of the product in danger. Unfortunately, the continued purchasing of products from companies and subcontractors that behave and act unethically, while helping workers have jobs, also condones the subjugation, acts of physical/sexual violence, and violation of human rights.
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for compliance, what role do IT security policies and an IT security policy framework play in the compliance audit? Since IT systems are used to generate, change, house, and transport that data IT personnel have to build the controls that ensure the information stands up to audit scrutiny.
14. When performing a security assessment why is it a good idea to examine compliance in separate compartments such as the seven domains of a typical IT infrastructure? Each domain has different degrees of risk that require different mitigation solutions. Each domain will have different standards to meet compliance requirements.
15. True or False: Auditing for compliance and performing security assessments to achieve compliance require a checklist of compliance requirements. True.
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1. Discuss the differences between the US and UK "opinion" paragraphs of the auditors reports. What practical effects might these differences have?In general the standard form that audit reports take in the US in comparison to that of the UK is very similar. In both countries the audit report seeks to give a second opinion as to the fairness of the financial statements and in both cases will state the auditors opinion regarding the fairness of these within the context of the accepted accounting standards within that particular country.The two opinion paragraphs from the Caterpillar financial report 2002 and the Marks and Spencer 2002 at first read seem to state similar objectives which have
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business strategies that would best serve the company’s purposes and take the company to the desired goals.
· Risk management review: The Financial, Audit and Risk Management Committee (FARM) reports to the Board on internal controls. This committee is assigned with the task of paying special attention to risk management. These reports are given to the CEO of the company and the CEO reports directly to the Board of Directors. The committee also oversees the internal and external audits; and this puts the committee in the perfect position to make advices to the Board on how to effectively control the internal management as well as advices on how to formulate the best strategies for running the
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all the qualities such as interpersonal skills, critical thinking skills and communication skills
· Setting standards of performance that challenges employees to change the way they were performing their routines
· Reviewing excellent employees performance on a daily basis
· Providing employees with training programme sessions
2. Human resource management function – the step entails the reorganisation of the HRM function.
· Human Resource Audit – the audit has been performed at Hampton Inn Hotel by means of Questionnaire which was done. The end results of the audit was to change the HR strategy. The strategy was developed to upgrade the function to the business Hotel.
· And the structure of
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complete the rota’s to ensure staffing numbers are correct for all shifts and that they meet the needs of the individuals, we have an on call system so if a staff member is sick the on call can be brought in so staff number do not differ.
All individuals that live at Stafford Lodge have their own cash tins in their bedrooms, any time money is used it is signed in and out with support from a support staff, and what is purchased must have a receipt, this will then get audit weekly to ensure no finical abuse is arising.
House budgets – petty cash sheet used, money is counted in and out when being used and recorded on the petty cash sheet , signed by staff member.
The house budget is audit weekly to ensure we do not go over our budget, the budget includes food, activities etc.
It is really important that I do not overspent and that I consider staff levels, equipment, supplies and any other cost allocating to the service.
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to be turned over to prevent any losses".
Checking if statistics fit the company's goals. Since it has been found that in the past employees were not so great at Maths, Thozama decided to make her own entry test. "Thozama has created her own “entry test” and does not hire anyone who does not pass it."
That is a good change as she adjusted that to meet company's goal.
Thozama used a demographic audit when recruiting. "Thozama assumes that many men do not like to work in administration and that they dislike paperwork, so she only interviews a few and mostly suggests to male candidates that they would not find this kind of work attractive."I suggest that the recruitment should not be
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, as well as Health, and Safety codes 1797.222, and 1797.170, proving these fee’s consistent with county police power, established by safety code, and accepted, as well as recognized by the State as fair. The resolution of the case was an agreed audit and hold of thirty days for further evidence of the fee’s associated with all the changes, hospital designation changes, amount of labor, and ambulance fees. As we’ll they decided to separate the ambulance segment from the entire segment as a whole of #35 associated with the fee’s, and ordinance, to delay that as an entirely separate case. From the ambulance side the entire fee’s, and changes were created a delay of three weeks for further
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and $50 is appropriate. (The World Factbook, 2003)Channel of Distribution:There is only one main import agent in Malaysia. It is The Swatch Group (Malaysia) SDN BHD, which located in Kuala Lumpur. On the other hand, there are seven main retailers in Malaysia: Kinta City Shopping Center (Ipoh), Mid Valley Megamall (KL), Lot 10 Shopping Center (KL), Penang Plaza (Penang), Time Square Shopping Mall (KL), Suria KLCC (KL) and One Utama (PJ). But, this watch also sells by other middlemen such as watch shops that in the shopping center such as Cheras Leisure Mall. The scale of operation in those retailers is large and the methods of operation are cash and credit. (Swatch AG, 2004)MARKET AUDIT AND
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to see what shed like to study. She told him shed like to live part of the time the way ordinary students lived (59). In this quotation, Nina agrees to Mr. Purvis suggestion to attend school. The latters rationale is for Nina to audit some courses to see what she is interested in, however the former only wants to use schooling as an excuse to get away from Mr. Purvis. This is evident when the narrator says: I had seen Nina at the college only a couple of times the other time, she was in the cafeteria she sat with a smile on her face, as if to say how pleased, how privileged she felt to be there (70). The fact that Nina barely ever attends school, and how genuinely happy she appears during the
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using audit resources to ensure that compliance is followed by all and enforce the information security policy.
PCI DSS relates to the IT-CMF in a few instances such as Risk Management, Information Security Management and Personal Data Protection. These areas all touch or are impacted by PCI DSS in some way. Risk Management is vital to the company’s ability to detect and identify possible vulnerabilities in the storing and transmitting of cardholder data. Information Security Management would be the primary actors for PCI DSS compliance to be properly carried out. This component is responsible for the creation and monitoring of all types of company data. Personal Data Protection would also
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levels for water filtration products within the country of Mexico, targeting a 1% gain of the available market for water filtration products. The marketing team will use a combination of methods for conducting the market size assessment, including analogy, trade audit, and chain ratio methods (Kotabe & Helsen, 2008).The necessity to conduct in-depth research using the most reliable primary and secondary data should not be underemphasized. Using a variety and combination of marketing research methods will allow the marketing team to obtain a more accurate representation of the available market. Because the country of Mexico is home to almost 110 million people (CIA, 2009), the initial
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What is COBIT? - Significance and Framework
COBIT stands for Control Objectives for Information and Related Technology. It is a framework created by the ISACA (Information Systems Audit and Control Association) for IT governance and management. It was designed to be a supportive tool for managers—and allows bridging the crucial gap between technical issues, business risks, and control requirements. COBIT is a thoroughly recognized guideline that can be applied to any organization in any industry. Overall, COBIT ensures quality, control, and reliability of information systems in organization, which is also the most important aspect of every modern business.
Today, COBIT is used globally by
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protocols in the industrial system controls and proper audit inspections. Stuxnet was not an event that could have been predicted, but preparation is the key to being able to be ready to respond to any activity that may be reported.
Ferran, L. (2012, June 29). When Stuxnet Hit the Homeland. Retrieved from https://abcnews.go.com/News/when-stuxnet-hit-the-homeland-government-response-to-the-rescue/blogEntry?id=16680284
ICS-CERT. (2012). ICS-CERT Incident Response Summary Report. Retrieved from https://ics-cert.us-cert.gov/sites/default/files/documents/ICS-CERT%20Incident%20Response%20Summary%20Report%20%282009-2011%29_S508C.pdf
Mills, E. (2011, May 11). Ralph Langner on Stuxnet, copycat threats (Q&A). Retrieved from https://www.cnet.com/news/ralph-langner-on-stuxnet-copycat-threats-q-a/
U.S. Department of Homeland Security. (2018). US-CERT | United States Computer Emergency Readiness Team. Retrieved from https://www.us-cert.gov/
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Coca-Cola Ethics Audit
Coca-Cola is the world’s largest beverage company and has been doing business internationally since 1923. Coca-Cola was introduced as a sponsor in the 1928 Olympic games, giving the company a great deal of international exposure. By the start of World War II, Coca-Cola was being bottled in 44 countries. At the core of any international business, that has been as successful as Coca-Cola has, is a strong code of ethics that is to be followed by each and every employee in the company. But just because Coca-Cola has a strong code of ethics, doesn't mean there isn't room for improvements.
Ethics are ingrained in Coca-Cola’s
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environmental audit reported the violation as "corrected" (University of Phoenix, Week Three, rEsource. Enterprise Risk Web site). The Clean Water Act, passed by Congress in 1972, is administered primarily by the states in accordance with EPA standards. Alumina falls under jurisdiction 6 of the EPA. The Clean Water Act sets goals to help eliminate water pollution (University of Phoenix, Week Three, rEsource. Enterprise Risk Web site).Legal Issues:Other than this one incident five years ago, Alumina has enjoyed a good overall environmental compliance record for years.Alumina is currently facing negative external publicity and a possible lawsuit for the violation of the Clean Water Act.A local
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be made accurately and that auditors will have more evidence to provide a positive opinion on the financial statements at the end of an audit. [9: Steven Bragg (2015) Accounting Tools, www.accountingtools.com]
The cost method can be used to value almost all types of non-current assets and remains to be relatively similar for each asset as both PPE and long term investments use the cost model (initial cost less accumulated depreciation and impairment losses) stated in IAS 161 and for intangibles the only difference is amortisation is taken away instead of depreciation in IAS 38. This measurement base is appropriate as it allows comparability and understandability across the financial
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8. Weisman MH, Witter JP, Reveille JD. The prevalence of inflammatory back pain: population-based estimates from the US National Health and Nutrition Examination Survey, 2009–10. Ann Rheum Dis. 2013;72:369–373. [PMC free article] [PubMed]
9. Bush K, Kivlahan DR, McDonell MB, Fihn SD, Bradley KA. The AUDIT alcohol consumption questions (AUDIT-C): an effective brief screening test for problem drinking. Ambulatory Care Quality Improvement Project (ACQUIP). Alcohol Use Disorders Identification Test. Arch Intern Med. 1998;158:1789–1795. [PubMed]
10. Lawrence RC, Helmick CG, Arnett FC, Deyo RA, Felson DT, Giannini EH, et al. Estimates of the prevalence of arthritis and selected musculoskeletal disorders in the United States. Arthritis Rheum. 1998;41:778–799. [PubMed]
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improvements are done through controlling variations in various processes in a stable manner. The company have acquired international quality certification and engages regular quality audits based on the vendor quality audit procedures to ensure the highest standard of capability, stability and quality (Samsung.com, 2018).
Samsung Electronics are all warranty protected, with main products coverage of 1year and up to 5years for product parts. The company also provides many types of customer service care options for consumers that purchase their products. Such example will be Samsung’s mobile premium care, this scheme consists coverage of repair or replacement at a low cost, with the
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LBP 5 million (about USD 3,317) of Lebanese and foreign currency deposits in commercial
banks. Bank’s financial statements are in compliance with international accounting standards.
Independent auditors audit annual accounts, and most banks utilize internationally recognized
Foreigners can open accounts in banks operating in Lebanon and get credit on market terms.
However, due to the Internal Revenue Service’s implementation of the Foreign Account Tax
Compliance Act (FATCA), Lebanese banks may request additional information from U.S. citizens
seeking to open accounts
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term strategic goals for the growth of the organization. Having deep understanding about the risk and return for business could help accountants better analyzing the conditions which their companies are currently in the drive an appropriate strategy for future profit. In order to do this, an accountant has to brainstorm potential risk areas, including all the financial risks which could probably affect the profit of the firms.
In practice, financial management in general and risk-return management in particular have been applied in several ways. For example, the process of risk management in Deloitte, one of the most significant audit companies of the world, is designed and divided into six
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also the report that US Department of Education wishes to see as this statement will report the sources, uses, and change in cash and will show exactly what transactions are passing through granted funds. The Department of Education will come in and eventually audit or paperwork to ensure that we are adhering to the guidelines and regulations of the grant.Financial reports are important to both the company preparing them and to the investors, creditors and its employees. When companies are in need of additional funding, they will seek out investors and/or creditors to lend them money. Before these users will authorize the cash, they will require a report to show the company's financial
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giving politically esteemed results from proceeding. From the administrative viewpoint, all the occasional detailing and advocating included when offices work under a "Sunset provision" can be hindrances to consumer loyalty, monitoring outsiders (third-parties), as well as proficient, practical, and powerful activities. However from the political viewpoint, managerial projects that don't work under such conditions may not be viewed as approaches that function admirably. For the policies that functions well, an audit by the governing body at some fixed time is in some cases regarded fundamental.
The policy analysis and implementation evaluations are key components to assist and support