...LJB Company Audit Report regarding Internal Control Activity Requirement Evaluation for Initial Public Offering and Indelible Ink Printer Procurement Recommendation Author: Phillip Stevens, Buck Stops Here Accounting Associates Securities Exchange Commission Internal Control Requirement Explanation As part of the Initial Public Offering application process with the Securities and Exchange Commission, companies are required to document and validate their internal control activities including policies and procedures. The internal controls must ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations. Safeguarding assets against theft and unauthorized use, acquisition, or disposal is also part of internal control “best practices”. The Securities Exchange Commission guidelines for internal control activity validation include one or more of the principles: • Segregation of duties requires that different individuals be assigned responsibility for different elements of related activities, particularly those involving authorization, custody, or recordkeeping. For instance, the same person who is responsible for an asset's recordkeeping should not be responsible for physical control of that asset. • Proper authorization of transactions and activities helps ensure that all company activities adhere to established guide lines unless responsible managers authorize another course of action. Proper authorization...
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...Co-operation between Internal and External Auditors: A Comparative Study on Nationalized and Foreign Banks in Bangladesh Rehana Fowzia Effective co-operation between internal and external audit leads to a range of benefits for both parties, and the clients they serve. This study comparatively examines the influence of different factors on co-operation between internal and external auditors of foreign banks with nationalized banks in Bangladesh. Empirical evidence reveals that co-operation promoted through management and the audit committee is the most important factor for assessing co-operation between internal and external auditors in both nationalized banks and foreign banks. The overall comparative analysis shows that the total difference regarding the contribution of diverse factors on assessing the co-operation between internal and external auditors between nationalized banks and foreign banks is insignificant. But the position of nationalized banks is better than foreign banks in Bangladesh. Keywords: Internal auditor, External auditor, Co-operation, Nationalized banks, Foreign banks. Field of Research: Auditing. 1. Introduction Internal auditors are employees of a company hired to assess and evaluate its system of internal control. To maintain independence, they present their reports directly to the board of directors or to top management. They provide functional operation to the concern. Internal auditors are employed by the organization they audit; their familiarity with...
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...DEDICATION This work is dedicated to God Almighty the giver of all knowledge. ACKNOWLEDGEMENT Words of mouth are not enough to express the level of my gratitude to God for his grace, mercy and for being a great providence to my life during the course of my study in school. All credit and accolades be to him alone… ABSTRACT This research work deals with internal audit as an aid to management. It aims at finding out the role of internal audit in management decision making in organizations. It is a survey research. Data were collected from primary and secondary sources which included using questionnaires, personal observations, text book, journal and internet. Sample of 92 were collected by random sample method. Three hypotheses were formulated and tested using Z-test statistics, while questionnaires were analyzed using simple percentages. We discovered among other things that internal audit assists management in managerial decisions. We recommended among other things that the auditors be trained in forensic accounting to enable them to be more effective in their duties. pg. 8 CHAPTER ONE INTROUCTION 1.1 BACKGROUND OF THE STUDY. At the beginning of the century, most businesses are small and sole-operated. The owners/managers are overly involved with most of the decision making. As business grows in size and complexity, professional managers take position of the owners and the operators. Consequently, they rely heavily upon streams of accounting and statistical report which summarizes...
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...The Emerald Research Register for this journal is available at www.emeraldinsight.com/researchregister The current issue and full text archive of this journal is available at www.emeraldinsight.com/0268-6902.htm MAJ 19,4 Control self-assessment as a route to organisational excellence A Scottish Housing Association case study James Sheffield Comhairle, The Scottish Centre for European Public Sector Studies, University of Paisley, Paisley, Scotland, and 484 Siobhan White Division of Accounting and Finance, Glasgow Caledonian University Business School, Glasgow, Scotland Keywords Scotland, Housing, Financial management, Auditing, Corporate governance Abstract Control self-assessment (CSA) has been discussed as an audit technique, but little practical guidance is available in the UK on the subject. A limited number of public sector organisations have implemented it. This paper describes a case study of CSA implementation in a Scottish Housing Association. The case study details the decision processes that led to the choice of CSA as a favoured audit technique, and the development of CSA skills within the organisation. This paper examines the broader benefits of a CSA approach, in terms of performance management and employee empowerment. This paper also uses a cost benefit analysis to examine the efficacy of CSA for small organisations. Managerial Auditing Journal Vol. 19 No. 4, 2004 pp. 484-492 q Emerald Group Publishing Limited 0268-6902 DOI 10.1108/02686900410530493 ...
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...ABSTRACT While outsourcing internal audit function in the private sector has been extensively Investigated by various researchers (Carey and Chua, 1999; Petravick, 1997; and Sharma and Subramaniam, 200l; amongst others), there is scant empirical data from the public sector. This study attempts to fill the gap by providing some preliminary evidence in food and beverages industry. Using responses from 3 firms which includes Dangote flour mills, UAC and Northern Nigeria flour mills plc, the study found that more than 85% of the respondents had either fully outsourced or co-sourced their internal audit function. Further, non-department entities were found to more likely to fully outsource their internal audit function than the departments. Lack of technological know-how and service quality of external providers seem to outrank cost-related factors as reasons for outsourcing. The study also raises several issues in relation to a lack of segregation of duties in the process of selecting and monitoring outsourced arrangements. Implications for policy setting and avenues for future research avenues are discussed. INTODUCTION In today’s business environment, outsourcing processes to a third party has become relatively commonplace. The practice gives organizations an opportunity to gain efficiencies, improve performance, lower costs, and focus on core competencies. Many businesses, however, fail to complete necessary due diligence work before the outsourcing relationship begins and neglect...
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...换一个你的 School of Management, University of Glamorgan Research on Internal Audit Participate in Risk Management-Based on the ERM Framework of COSO By: Weichen Zhu Candidate no: 学号 September 2012 Supervised by: 你导师的名字 The dissertation is submitted as part of the requirement for the award of Masters of Science: 你专业的名字 Declaration This Dissertation has been prepared on the basis of my own work and that where other published and unpublished source materials have been used, these have been acknowledged. Word Count: Student Name: __________________ Signature: ______________________ Date of Submission:______________ Acknowledgement This is my first time to go aboard for studying. During different campus life in the UK, it is wonderful with deep impression. I learned how to use my internal power to make things happen and how to live my own life. All efforts contribute to my growth, but I cannot forget people who encourage and help me. Probably, I am not happy to study in my whole postgraduate time without support. Firstly, I would like to thank my supervisor 你导师的名字. He helps me develop the ideas and complete this dissertation. Especially, when I make a survey in China, I communicate with him through email. Sometimes, I am afraid that my timetable could have bad effects on him. However, he usually gives me feedback as soon as possible. Therefore, I only use 20 days to finish my survey. This kind of strong professional ethic is worth to learn...
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...The case study states that the perpetrator had the ability to override internal controls by breaking into other employees computers and create fraudulent invoices and fictitious payables to forge checks payable to her own name. According to the 2010 Report to the Nations on Occupational Fraud and Abuse the perpetrator committed fraud by an asset misappropriation scheme in which the perpetrator steals or misuses an organization’s resources. Asset misappropriation is broken down into some sub-schemes like skimming, cash larceny, billing, expense reimbursement, check tampering. She was a well-trusted employee and even had previously caught other employees involved in embezzlement and frauds. So there was no reason to expect her of committing a fraud, costing the Company $204,000.00. In the Reports to the Nations study, the average organization annually loses were 5 % of its revenues due to fraud. This is an important topic and individuals have been committing these acts for as long as records have been kept. It is important to implement fraud programs to help reduce or eliminate fraud loses. One of the major things the Company could do to help prevent any future fraudulent activities is start educating the employees on preventing and detecting fraud. Employees should be trained in what constitutes fraud, how it hurts everyone in the company and how to report any questionable activities. According to the Report to the Nations on Occupational Fraud and Abuse organizations...
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... Introduction 1.1Background of the study The role of the Internal Audit traditionally has been limited to expressing Recommendations on financial statements and related issues of legality, regularity and fraud. This involves assessments of whether transactions were properly controlled, whether care was taken in the collection and custody of revenues, whether expenditures were properly incurred and generally, whether the executives’ intentions were being met. However, this approach does not provide information on waste, inefficiency or ineffectiveness. Increased public expenditure, the need for more rational and informed decision making in the use of resources and the growing demand for public accountability of those who manage public resources necessitated a new and expanded scope audit–performance audit.Today, performance audit has become one of the major tasks in most developed and in some developing countries. According to Financial administration proclamation 648/2001 (E.C) article No 7 sub article 1 (a) Internal audits in Ethiopia are already provided with mandates to undertake performance audit in the public bodies. Traditional financial and compliance audits will continue to play an essential part; it is anticipated, however, that there will be a gradual and planned growth of performance audit work. 1.2 Objective of the study 1.2.1 General objective The general objective of this study is to evaluate whether the Ethiopian public sectors...
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...Prepared by : Mohd Hafiz Bin Abdul Halim | Mohd Faizal Bin Jamaluddin | Rosnida Binti Othman |Nur Iliza Binti Misnan | Syaifulradzman Bin Shaifuddin | Asmidar Binti Ahmad@Salleh | Majdi@Abdul Hadi Bin Ishak | Hasmawazi Binti Hamzah | Azwira Binti Mahmud |Nur Azreen Azriana Binti Azham | PA 603 Auditing and Assurance PA 603AUDITING AND ASSURANCE CASE STUDY: Phase 2,3 & 4 PROBLEM BASED LEARNING PROCESS STAGES 1 PBL ACTION PROCESS Group Introduction students to PBL via experiential learning Setting Assign student with a course guide that consist of rationale, objective and content Define roles of facilitator and student Introduce members DOCUMENT & RECORD ASSIGN 2 Trigger Designation of work groups Establish ground rules Student confront a problem 4 groups (max 10 person per group) of student are given by case study Rancangan Mengajar Semester Course Outline PBL Process First meeting minute Member`s Organization Chart, Directory & Group`s Rules Facilitator Facilitator Facilitator Learning member`s Facilitator & Learning member`s 3 4 5 6 7 Present the problem Identify and clarify problem Describe the problem Idea Student design a plan Generation Inquire the possible ideas (solve the problem) Learning Determine what needs to be learnt in order to understand or solve the Issue problem Generate learning issue and action plan Identify resources Self – Inquire the research sources Directed Seek and summarize relevant information...
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...Purpose of internal quality audit 1 1.3. Report structure 1 2. Audit review 2 2.1. Non-compliances 2 2.1.1. Case study 2 – Service and parts processes 2 2.1.2. Case study 3 – QMS manual 3 2.2. Potential for improvement 4 2.2.1. Case study 2 – Service and parts processes 4 2.2.2. Case study 3 – QMS manual 5 2.3. Good practice 5 2.3.1. Case study 2 – Service and parts processes 5 2.3.2. Case study 3 – QMS manual 6 3. Summary 8 4. Appendix 11 Introduction About ISO 9000 ISO 9000 is a family of international standards related to quality management systems (QMS) that facilitates mutual understanding across domestic and international trade. The standards are published by the International Organization for Standardization and available in the UK through the British Standard Institute. ISO 9000:2008 sets down the principles behind the quality management and specifies the QMS terminology, thus forms the basis for the standards within the ISO 9000 family. ISO 9001:2008 specifies the requirements for a QMS an organisation has to fulfil to meet the standard. ISO 9004:2008 provides guidelines for a QMS that aim to improve the performance of the organisation and the satisfaction of both stakeholders and customers. ISO 9000 represents an international consensus on good quality management practices and can be understood as a generic framework to manage a business’ processes to deliver superior quality. Purpose of internal quality audit The standard...
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...Title CORPORATE GOVERNANCE AND THE ROLE AND INTERNAL AUDIT WITHIN HIGHER EDUCATION IN UNITED ARAB EMIRATES (UAE) Why I am interested in this area I am working as Senior Internal Auditor in the Education Industry from last 4 years and for this reason, I consider it as a great opportunity to explore and research, that, any importance is available and provided in this aspect or not and what are the preventive and mitigating measures taken by the Institutions to overcome towards any shortfalls or problems. The term “Corporate Governance” is relatively new in this area and specially in the field of Education and it will not only be a great learning curve for me but will also help me understand the Industry practices, and for sure it will help towards my future development and getting more experience in this field. Introduction to the focus of study Similar to the counterpart of the industries, Educational institutes are facing increasing demand for accountability. Students for example requires a strong institutional commitment towards their future growth and quality teaching, agencies and donors requires assurance that institutions are contributing towards public good moreover they are also concern about the correct utilization of their funds/ donations i.e. are they being utilized according to their desires and requirements. For government and related agencies, they are concern with the implementation of regulations and other procedures. Alumni want an assurance...
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...EURIDIS Research Monograph SCHEMATIC EVALUATION OF INTERNAL ACCOUNTING CONTROL SYSTEMS Kuo-Tay Chen* and Ronald M. Lee# * Department of Management Purdue University at Calumet Hammond, IN 46323 U.S.A. chenk@pucal.bitnet # Erasmus University Research Institute for Decision and Information Systems (EURIDIS) Erasmus University Rotterdam The Netherlands rlee@fac.fbk.eur.nl ERASMUS UNIVERSITY RESEARCH INSTITUTE FOR DECISION AND INFORMATION SYSTEMS Schematic Evaluation of Internal Accounting Control Systems by Kuo-Tay Chen and Ronald M. Lee Monograph No. RM-1992-08-1 (August 11, 1992) EURIDIS Research Monograph Erasmus University Rotterdam, The Netherlands © Kuo-Tay Chen and Ronald M. Lee Permission to copy this monograph without fee is granted provided that (1) the copies are not distributed for the direct commercial purpose and (2) this copyright page including the copyright notice, the EURIDIS monograph number, and date appear. TABLE OF CONTENTS CHAPTER 1. INTRODUCTION ...................................... 1 1.1 BACKGROUND .......................................... 1 1.2 MOTIVATION ............................................. 3 1.3 OBJECTIVE OF THE STUDY .......................... 4 1.4 ISSUES OF INTEREST .................................. 6 1.5 SCOPE OF THE STUDY................................. 7 1.6 CONTRIBUTIONS OF THE STUDY .................. 8 CHAPTER 2. DECISION AIDS RESEARCH FOR INTERNAL CONTROL EVALUATION ............................................
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...1.1 INTRODUCTION: Risk Management & Internal Audit (RMIA) is a field that has involved a great deal with the different types of risks in ACI. It began as primary clerical operation concerned with payroll; risk records and arrange different types of training on risk management. In the 1960s, globalization, competition, merger acquisition forced Risk management & Internal Audit department to become more concerned with cost, management policy, risk related policy and the implications Finance and Accounting strategic for both organization and employees. Risk Management & Internal Audit (RMIA) is the process of analyzing an organizations risk management needs under changing and developing activities necessary to meet these needs. ACI Ltd is a multi disciplinary firm engaged in various activities related to Pharmaceuticals, Formulations and other associated business. Unlike other private company in Bangladesh ACI is unique in Risk Management & Internal Audit. They have a separate RMIA section and dedicated officials for taking care of Risk Management & Internal Audit and development. Therefore, it is very much essential to undertake an in-depth study on Risk Management & Internal Audit practice in ACI Ltd. 1.2 Objective of the Study The main objective of the report is to fulfill the requirement of BBA program. For this I had to attach with an organization and I chose ACI Limited. For this I have some practical job related experience with my...
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...Syllabus Certified General Accountants Association of Canada 100 – 4200 North Fraser Way Burnaby, British Columbia Canada V5J 5K7 www.cga-canada.org © CGA-Canada, 2013 All rights reserved. These materials or parts thereof may not be reproduced or used in any manner without the prior written permission of the Certified General Accountants Association of Canada. Printed in Canada ISBN for an individual volume: 978-1-55219-599-4 About CGA-CANADA _________________________________________ CGA-Canada today The CGA designation focuses on integrity, ethics, and the highest education requirements. Recognized as the country’s accounting business leaders, CGAs provide strategic counsel, financial leadership, and overall direction to all sectors of the Canadian economy. The Certified General Accountants Association of Canada — CGA-Canada — sets standards, develops education programs, publishes professional materials, advocates on public policy issues, and represents CGAs nationally and internationally. The Association represents 75,000 CGAs and students in Canada, Bermuda, the Caribbean, Hong Kong, and China. Mission CGA-Canada advances the interests of its members and the public through national and international representation and the establishment of professional standards, practices, and services. A proud history CGA-Canada was founded in Montréal in 1908 under the leadership of John Leslie, vicepresident of the Canadian Pacific Railway. From the beginning, its objective...
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...BACKGROUND OF THE STUDY For any business offering services or physical product/ goods depends on the availability of customers. No customers no business at all. Both internal and external customers if well satisfied with the product offered including quality and the extent to which their needs are met they will always wish to consume that product, from the same supplier .Banks as it is in any other business enterprises focuses much on retention of its customers and making them royal to their Bank The rapid growing Banking industry and other financial institutions in Tanzania has lead to increased competition in wining customers and hence banks are struggling to retain their customers them .there is increasing evidence of the benefits of service management in service organizations. For example the benefits of maintaining long term relation ship with customers through quality performance and customer satisfaction has lead to marketing strategies to focus on defensive strategies that are based on retaining customers.For these reasons they have focused on relationship marketing to improve retention and customer relationship with service organizations. 1.2 STATEMENT OF THE PROBLEM Customer retention the activity that a selling organization undertakes in order to reduce customer defections. various studies has been done to explore the factor tha influence of customer retention . 1.3. Objectives of the study The following will be the objectives of the study: i....
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