...Checklist for Evaluating Internal Controls ACC/544: Internal Control Systems Comprehensive Checklist for Evaluating Internal Controls As defined by the COSO framework, there are five elements that are used to explain an internal control system applied in an organization. These elements include: 1. Control Environment – The control environment is the foundation for the other four components of internal control. It outlines discipline and structure for the internal control method and consists of philosophy, ethical values, operating style, risk appetite, functioning of the board, and organizational structure (Louwers, Ramsay, Sinason, & Strawser, 2007). 2. Risk Assessment - This component evaluates the way in which an organization decides to handle the number of always-evolving external and internal risks. 3. Control Activities - This component seeks to ensure that the directives of management are carried out. These are computerized and manual and serve the purpose of preventing, detecting, and correcting errors (Louwers, Ramsay, Sinason, & Strawser, 2007). 4. Information and Communication – The information and communication component provide managers with the critical information necessary for achieving objectives. This component seeks to provide information that is timely, reliable, and relevant. 5. Monitoring – Assessing the quality of the established controls is essential to motivate continuous progress of the internal control method. |Yes...
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... MANAGEMENT METHODS AND TECHNIQUES USED TO ENSURE THE INTERNAL AUDIT PERFORMANCE Marian SFETCU Phd. Student, Faculty of Economics Sciences and Business Administration of „Babeș - Bolyai” University of Cluj Napoca.E-mail: marian_sfetcu@yahoo.com. Tel: 0720 760 220 Abstract: This approach shows a research on the usage of managemental methods on the internal audit activity through qualitative and quantitative indicators of performance assurance. Balanced Scorecard, the management method and tool, referred to the Dashboard, contributes to the internal audit performance through resource planning, setting objectives and scope of the audit, communication and approval, following the recommendations, deferring to the code of ethics and how to achieve the objectives. The listed indicators, are components of the proposed management methods and tools, and they define efficency, effectiveness, economy and quality, all elements of the internal audit performance. Keywords: methods and techniques, audit, corporate governance, internal control system, performance indicators, Balanced Scorecard, Dashboard. JEL: M 42 1. INTRODUCTION The importance of using the management methods and techniques concerning the internal audit, is given by providing a new approach to this problem, which highlights the need to ensure the performance by applying new methods and techniques, based on scientific management. This approach was born from the need to adapt the internal audit to the new demands...
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...Resourcing Talent RTO 3. Activity 1 Produce a report of approximately 750 words, in which you identify and assess 4 factors that affect an organisation’s approach to both attracting talent and recruitment and selection. Identify and explain 3 organisational benefits of attracting and retaining a diverse workforce. Describe 3 methods of recruitment and 3 methods of selection. 1.1 Explain the organisational benefits of a diverse workforce. Publisher Malcolm Forbes once said that 'diversity is the art of thinking independently together.' Diversity is vital in today's workplace. Having a diverse workforce opens up a wealth of possibilities and helps to encourage creativity and innovation. Benefits include: * Positive company image; Companies who hire individuals from a range of backgrounds gain a reputation for being a good employer. Potential customers often feel more valued and can view the company as being fair therefore give more business to these organisations. * Increase in creativity; People from other cultures, age groups and backgrounds can offer different ways of thinking and solving problems. The more ideas you can obtain from different people, the more likely you are to develop a workable answer or solution. This is a tremendous advantage of diversity in the workplace. * Capture more of the market; When your workplace is home to a diverse group of people with different experiences, your company can more effectively market to consumer groups...
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...Management Program Leading and Managing Supply Chains Module Code: MLMLMS112 Module Supervisor: P Cadovius Date of Publication: 1-09-2014 Academic Year: 2014 - 2015 Study load: 3 EC Master in Logistics Management Program Table of Contents 1 Educational content 3 1.1 Short outline module 3 1.2 This module contributes to the competency/cies: 3 1.3 Context / interconnection 3 1.3.1 Learning Tracks 3 1.3.2 Relation with other modules/subjects 3 1.4 Entry requirements 3 1.4.1 Starting Level 3 1.4.2 Conditions 3 1.5 Learning outcomes 3 1.6 Compliance 5 2 Assessment 9 2.1 The assignment 9 2.2 Product 11 2.3 Test criteria 11 2.4 Assessment procedure 12 2.4.1 Assessment Methods 12 2.4.2 Fraud & plagiarism 12 3 Working method and support 12 3.1 Module information 12 3.2 Practical information 12 3.3 Teaching method and coaching 13 3.4 Programming and Planning 14 3.5 Literature 16 3.6 Complaints 16 4 Appendices 17 MLM Block 3 19 Educational content Short outline module Leading and Managing Supply Chains is designed to provide students with in-depth knowledge and understanding of the skills, processes and techniques used to coordinate activities across the supply chain to support the achievement of a company’s supply chain goals. This module contributes to the competency/cies: Context / interconnection Learning Tracks Block 1 – Operational – Entry level Block 2 – Tactical –...
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...EVALUATING QUALITY MANAGEMENT IN UNIVERSITY DEPARTMENTS Abstract Purpose Despite the abundance of research on quality management there is no universal consensus on how best to measure quality in higher education. This paper undertakes a critical evaluation of the different methods used to assess the quality of provision in higher education departments in the UK. Methodology Drawing on relevant literature, the authors develop a quality audit tool that incorporates all key components of effective quality management programmes and apply it to a single UK case study department. Findings The findings suggest that the potential for quality enhancement is determined by the manner in which the evaluation is conducted and subsequent change implemented. Perhaps unsurprisingly there is currently an emphasis on internally derived quantitative data and there is potential to enhance the management of the quality of HE programmes. Research Limitations/Implications This article has concentrated on the development of the quality audit tool and tested this within one UK department. Work is underway to now test the tool on an international basis. Paper type Research paper Key Words quality, higher education EVALUATING QUALITY MANAGEMENT IN UNIVERSITY DEPARTMENTS Introduction In many countries and many cultures, the issue of quality management has been firmly on the agenda of higher education institutions for quite some time. Higher education for the masses...
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...Key Concepts and Principles of Internal Quality Assurance This handout will cover: Why should IQA take place? The functions of IQA IQA cycle Key concepts of IQA IQA rationale Key principles of IQA Role & responsibilities of an IQA Regulations, Policies and Procedures Why should IQA take place? IQA is the monitoring of the learner journey throughout their time with the organisation, it should take place to ensure the learners have received a quality service and that assessment has been correct and fair The IQA process is to: plan what will be monitored, from whom and when observe training and assessor practice, and give developmental feedback sample assessment records, learners’ work and assessor decisions meet with learners and others, for example, witnesses facilitate the standardisation of assessor practice hold team meetings support assessors. Internal verification was the previous term used for monitoring assessment, however, IQA monitors the whole process from when a learner commences to when they leave. The functions of IQA To: • • • • • • uphold credibility (of the qualification or what is being assessed, of the organisation etc) ensure quality throughout the learner journey ensure accuracy and consistency of decisions manage risk identify issues and trends support and develop assessors If there is no external formal examination taken by learners, there has to be a system of monitoring the performance of assessors. If not, assessors...
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...Organizational Psychology Recruitment Methods When companies need to hire employees there are many methods that can be used. Before these methods are identified, recruitment method needs to be defined. Recruitment methods are the specific means by which potential employees are attracted to an organization. Internal and external are the two types of recruitment methods. Internal recruitment is done by promotions from within a company, nepotism, and employee referrals. External recruitment is done by job advertisements, employment and recruitment agencies, social media, and government job centers. Moving ahead I will go more in depth on each method throughout the paper. What exactly is internal recruitment? It is the assessment of an employer’s current staff to ascertain if any current employees are sufficiently skilled or qualified to perform the duties required by the job vacancies. The fastest recruitment method overall is promoting from within a company. By promoting from within, companies don’t spend any time and effort posting vacant job positions. The hiring process moves along much faster since they have most, if not all, of the information they need about the persons who are qualified for the vacant position. Examples of promotion from within are sales person becoming a supervisor, store manager becoming a district manager, or computer tech becoming a network administrator. Next there is nepotism. Nepotism is favoritism in politics or business granted to relatives...
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...Optional Unit 3RTO = 6 credits Resourcing Talent Learning Outcome 1: Be able to explain the factors that affect an organisation's talent planning, recruitment and selection policy. |Assessment Criteria | | Explain the organisational benefits of a diverse workforce. | |Indicative Content | |Key factors: | |Organisational context, business objectives and brand; expansion or contraction of the business; restructuring; reasons for staff turnover. | |Succession planning; capacity and capability assessment; talent inventories and management; skill shortages; the benefits of attracting and | |retaining a diverse workforce; the systematic recruitment cycle; identifying genuine vacancies; choosing the most appropriate style of | |recruitment and selection for the organisation’s context, role, culture and sector; ethics and good practice; regulatory and legislative | |framework. | | ...
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...one of the biggest law firms in Anhui, China. The company focuses on solving criminal cases, civil cases and it also provides legal services to the public. I worked in the human resource department of the company as an intern for 6 months. The company has a well-designed competitive business strategy called differentiation strategy and good human resource strategies called external differentiation and internal differentiation. The competitive business strategy for Hesen is to differentiate themselves from other law firms. The company has been trying to meet their clients’ special needs and make their services unique in certain respects. This differentiated competitive strategy has helped the company earn a large amount of money for the last five years. However, this well-designed business strategy results in high expenses to the. Hesen spends over twenty thousands dollar every year on development programs in order to provide services that other companies cannot or find difficult to imitate. In order to fit with the company’s overall business strategy, Hesen developed a combination of external and internal differentiation human resource strategy. Since there is no way for the company to provide all services to their clients, Hesen hires free agents to provide specific services. In addition, the company also has committed experts who have already worked for them for a very long time. These employees are loyal and have expertise in high level jobs which gives the company advantages...
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...swot analysis SWOT analysis method and examples, with free SWOT template The SWOT analysis is an extremely useful tool for understanding and decision-making for all sorts of situations in business and organizations. SWOT is an acronym for Strengths, Weaknesses, Opportunities, Threats. Information about the origins and inventors of SWOT analysis is below. The SWOT analysis headings provide a good framework for reviewing strategy, position and direction of a company or business proposition, or any other idea. Completing a SWOT analysis is very simple, and is a good subject for workshop sessions. SWOT analysis also works well in brainstorming meetings. Use SWOT analysis for business planning, strategic planning, competitor evaluation, marketing, business and product development and research reports. You can also use SWOT analysis exercises for team building games. Note that SWOT analysis is often interpreted and used as a SWOT Analysis 2x2 Matrix, especially in business and marketing planning. In addition to this 2x2 matrix method, SWOT analysis is also a widely recognized method for gathering, structuring, presenting and reviewing extensive planning data within a larger business or project planning process. See also PEST analysis, which measures a business's market and potential according to external factors; Political, Economic, Social and Technological. It is often helpful to complete a PEST analysis prior to a SWOT analysis. In other situations it may be more useful...
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...A report of environmental cost on high-speed railway Introduction Environment is important to the survival of human; people’s living activities can not be separated from the environment. The purpose of Environmental Engineering is to reduce human damage to the environment, and improve the quality of the environment. Governance environment requires not only technology and management, but also the analysis of the environmental costs. We should also take environmental costs into account appropriately when conducting environmental governance. We should seek the balance of the environmental benefits and economic benefits. Nowadays, the environment of the railway project has drawn increasing attention of many countries. The high-speed rail construction in recent years, make the topic of environmental costs gradually be put on the agenda. The origin of the world's high-speed railway is in 1964, Japan has built the world's first high-speed railway, operating speed at that time is about 210 km / h, and now its speed is 270 km/h. Japan has researched the environmental impact of the high-speed railway, and has got great achievements. United States, Japan, Canada have done many research on environmental impact, and founded a mature system to evaluate the environmental effects of high-speed railway. Evaluating environmental impact is inevitable in the feasibility study stage. High-speed rail construction has produced a series of effects on human living environment. We need to reduce these...
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...this unit learners will gain a thorough understanding of the types of business information used both internally and externally by organisations and the methods used to communicate information to different audiences. In this unit, learners will have the opportunity to develop, analyse and evaluate a range of methods used to communicate different types of business information and will understand the purpose of such communication. They will also produce and evaluate different types of business communication of their own. www.ocr.org.uk 2 Business Communication Level 3 Unit 6 ASSESSMENT AND GRADING CRITERIA Learning Outcome (LO) Pass Merit 1 Understand different types of business information P1 explain different types of business information, their sources and purposes 2 Be able to present business information effectively P2 present complex internal business information using three different methods appropriate to the user’s needs The assessment criteria are To achieve a merit the the pass requirements for evidence must show that, this unit. in addition to the pass criteria, the learner is able to: The learner will: The learner can: M1 analyse the advantages and disadvantages of three different methods used for communicating internal business information Distinction To achieve a distinction the evidence must show that, in addition to the pass and merit criteria, the learner...
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...financial and accounting data for planning and control. 2. Course Duration: The course duration is of 36 sessions of 75 minutes each i.e. 45 hours. 3. Course Contents: Module No: Module Content No. of Sessions 70 Marks (External Evaluation) 17 I II Fundamentals of Accounting Basic understanding of accounting, Accounting Concepts, Conceptual framework of financial statements, Accounting Policies, Journal Entries and preparation of accounts - Trial Balance to Balance sheet and profit and loss Account, Recognition of Income and Expenses, Provisions, Contingent Liabilities Accounting Standards and Applicability: Disclosure of Accounting Policies (AS-1), Valuation of Inventories (AS-2), Depreciation Accounting (AS-6), Income Recognition & Accrual Income (AS-9), Accounting of Fixed Assets (AS-10), Accounting for Intangible Assets (AS-26), Accounting for Investments (AS-13), 7 7 17 III IV V Preparing and Understanding Financial Statements : Corporate Balance sheet, Profit and Loss Account Funds Flow Analysis, Financial Statement Analysis & Contemporary Issues Students should select a particular company and do financial analysis of the same and prepare a report and give a presentation 7 7 8 18 18 Internal Evaluation (20 marks of CEC) 4. Teaching Method: The following pedagogical tools will be used to teach this course:...
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... | |Assignment No. & title |1601, Managing Communications, Knowledge and Information | |This assignment covers the following assessment criteria | |Outcomes |Criteria | |LO1. Understand how to assess |1.1 discuss the range of decisions to be taken | |information and knowledge needs | | | |1.2 examine the information and knowledge needed to ensure effective taking | | |1.3 assess internal and external sources of information and understanding...
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...Written Exam: 70 Internal Assessment: 30 Time: 3 Hours Project Economics and Management Paper Code: 3.1 Unit-1 Concepts of projects; project identification; formulation, analysis, risk, planning, design, report and appraisal; location of an enterprise; factory design and layout. Unit-II Understanding financial analysis; ratio analysis; fund flow analysis; breakeven analysis; social cost-benefit analysis; budgeting and planning process. Unit-III Sources of development finance; institutional finance to entrepreneurs; working capital management; incentives and subsidies; policies governing entrepreneurship; role of a consultancy organization. Unit-IV A review of project performance; post evaluation approach; community participation in projects; SWOT analysis; managing risk and exposure. Suggested Readings: 1. 2. 3. 4. Note: 1. 2. Four case studies will be discussed in a paper by the concerned teacher in the class. Instructions for External Examiner: The question paper will have two sections. Section ‘A’ shall comprise eight questions (two questions from each unit). The candidates will be required to attempt four questions (selecting one question from each unit). Section ‘B’ will contain one CASE STUDY which will be compulsory. All five questions will carry equal marks. Chandra, P., Project Planning Analysis, Selection, Implementation and Review, Tata McGraw Hill, New Delhi. Hedemey, J.W., Control and Management of Capital Projects, John Wiley, New York. Wysocki, R.K., R. Bick...
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