... Accounting Staff FROM: Junior Accountant DATE: September 23, 2013 SUBJECT: Replacement of SAS 112 with SAS 115 The American Institute of CPAs (AICPA) Statement on Auditing Standards (SAS) Number 115 supersedes SAS Number 112. Going forward, auditors are to use rule SAS 115 when performing internal control audits. The rules have some similarities. However, the key differences in the rules are the definitions for control deficiency, significant deficiency, and material weaknesses. The change in rules also creates more opportunities for accounting firms to offer services. Similarities between SAS 112 and SAS 115: Similarities exist between SAS 115 and SAS 112. The rules require auditors to look at deficiencies found during an audit. The auditor must continue to identify the deficiencies found as significant deficiencies or material weaknesses.1 SAS 112 and SAS 115 require auditors to determine if internal controls can prevent and detect errors. Management receives written communication of the findings, as before. Both rules require management to become more aware of the weaknesses in the organizational internal controls. The differences in rules SAS 112 and SAS 115 are as significant as the similarities. Differences between SAS 112 and SAS 115: The differences between SAS 112 and SAS 115 are subtle but important. The major difference between the two rules is the definition of control deficiency, significant deficiency, and material weakness.1 Quoting from...
Words: 1974 - Pages: 8
...of Phoenix Team B Formal Communications To: Accountants From: Team B Subject: Statement on Auditing Standards (SAS) 112 and 115 Notification Changes have been made regarding the rules that must be followed by auditors. The purpose of this memo is to provide an outline of the changes and explanation on how the changes will impact our valued clients. As accountants, understanding the Statement of Auditing Standards (SAS) No. 112 and the superseding SAS No. 115 is extremely important as they may affect our audit results and findings. This internal memo is being distributed to all accountants in our office to provide information related to the new changes in standards and to show how the changes my affect you (AICPA, 2009). SAS No. 115 has replaced SAS No. 112 effective on or after December 15, 2009. SAS No. 115 was designed to bring awareness of deficiencies in internal controls and to assist in reducing the risks of financial statement misstatements. SAS No. 115 also provides guidance on how to assess whether a deficiency in internal controls is a compelling deficiency or materials weakness. The auditor will evaluate the identified controlled deficiencies and decide if the deficiencies are significant or material. The main difference between SAS No. 112 and SAS No. 115 are the definitions of significant deficiency and material weakness (AICPA, 2009). SAS No. 112 defined significant deficiencies as "more than a remote likelihood that a misstatement of the entity's financial...
Words: 1241 - Pages: 5
...reader collision problem. In which, Distributed Color Selection (DCS) and Colorwave algorithm have been developed, and simulated annealing (SA) technique have been applied. Some of them (we call them non-progresive algorithms), like DCS, require the user to pre-defined the number of time slots. While some of them (we call them progressive), like Colorwave, determine the number automatically. In this paper, a comparative analysis on both non-progressive and progressive algorithms to solve such a problem in a random RFID reader network is presented. By extensive simulations on a dense network consisting of 250 readers whose transmission rates are 100%, a number of useful results have been found. For those non-progressive type algorithms, it is found that DCS is unlikely to generate a collision-free solution, even the number of time slots is set to 20. On the other hand, heuristic and SAbased algorithms can produce collision-free solutions whenever the number of time slots is set to 16. For the cases when the number of time slots is not specified, heuristic-based, SAbased and Colorwave algorithms are all able to determine the number automatically and thus generate collision-free solution. However, SA-based algorithms require much longer time than the heuristic-based and Colorwave algorithms. In terms of distribution uniformity, it is found that SA-based algorithms can generate almost evenly distributed time slot allocations. That is to say, the number of readers assigned and hence the...
Words: 6608 - Pages: 27
...Organizational Behavior at Apple Inc Brandi Hobbs Upper Iowa University Organizational Behavior at Apple Inc Thesis statement “The success of Apple Inc is the result of effective organizational culture and organizational behavior at the organization.” Introduction Apple Inc is an US based global organization. The company’s headquarter is located in California. The company designs, sells and advances computers, consumer electronics and software. The famous hardware of Apple is Mac series of computers, the iPod music players, Smartphone and iPad tablet PCs. The famous software are iOS & OS X operating systems, the media browsers of iTunes, the safari web browser and iWork and iLife production and originality suits (Yohe, 2011). The company was founded in the year 1976 by Steve Jobs. It was incorporated as Apple computers Inc. However, later on the word computer was eradicated from its title, since the launch of iPhone Smartphone mobile. Apple has achieved the second position in information technology industry after Samsung Electronics with respect to income. Moreover, the company is the third largest mobile making organization after Nokia and Samsung. The company has been considered as the most regarded firm by Fortune magazines and all over the world. All the credit for these achievements goes to the organizational commitment and management approach at Apple Inc. the management at Apple Inc is most organized with focus on employees and job...
Words: 3435 - Pages: 14
...Airport Express Train (AET), Oslo, Norway and Southwest Airlines (SA), Dallas, U.S.A. Bård Kuvaas and Anders Dysvik, BI Norwegian School of Management This case study provides a comparison between internally consistent HR in two very different organizations with respect to size (small versus large), age (new versus old), ownership (an independent company reporting to the Norwegian Trading and Business Commerce versus listed), competitive strategy (cost leadership and customer service versus differentiation and customer service), and national context and labor laws (Norway versus the U.S.A.). The main similarity, besides that they both operate in the travel industry, is that they try to achieve competitive advantage through people by implementing internally consistent HR. Internally consistent HR is the degree to which the various HR practices are internally consistent, complementary, and reinforcing each other. Historical background of the SA and AET Despite the severe economic collapse that hit the airline industry in 2009, Southwest Airlines (SA) still prevailed and managed to remain profitable. The results for 2009 marked SA’s 37th consecutive year of profitability. SA was established in 1971, with three Boeing 737 aircrafts. SA became a major airline in 1989 when it exceeded the billion-dollar revenue mark. Southwest is currently the United States’ most successful low-fare, high frequency, point-to-point carrier. SA operates 537 Boeing 737 aircrafts between 68 cities and more...
Words: 4308 - Pages: 18
...How did the deregulation of air transportation in Europe foster entrepreneurial behavior and innovation in the European airline industry over the last twenty years? Case studies: SAS Airline & Ryanair Master Thesis in Entrepreneurship and Dynamic Business Contexts Spring 2007 Supervisor: Håkan Bohman Entrepreneurship Master Program Authors: Gilles Helterlin and Nuno Ramalho Acknowledgements We would like to express our gratitude to all who have contributed to the realization of this Master Thesis. A warm thank to our supervisor, Håkan Bohman from USBE (Umeå School of Business), for his guidance, his precious help and his advises during the last months. To Mr. Lundvall, from LFV (Luftfartsverket), Mr. Valinger from Scandinavian Airline and Mr. Wilsberg from SAS Braathens, Jessica Eriksson and Thomas Pettersson from USBE, thank you for your availability, willingness in answering our questions and for their so precious collaboration with interviews, comments and suggestions. Thank you also Sweden for the wonderful moments we have spent here. We will never forget your nature (your elks), your cold winter (-30°C), your long nights in winter and your short nights in late spring!! It has been a great experience and adventure up there in Northern Sweden!! We will miss you… Finally we would like to thank particularly the Studentexpedition for its kindness, without forgetting our family and friends (from Sweden, France, Portugal and Greece) for their everlasting daily support...
Words: 79741 - Pages: 319
...Islamic Banking in Western China Group Paper 3 Group 4 November 6, 2014 Banking in some form has been around for thousands of years. It started small with loans of food or some other valuable product in local villages and has now evolved into the global industry we know today. There is a newer kind of banking that has seen a surge of acceptance from across the world, and that new kind of banking is known as Islamic banking. Islamic banking is a fairly new alternative to western banking, starting in the 1970’s. It is based on Shariah, the fundamental Islam religion. This is a socially responsible way to do banking and allows religion to guide decisions. Interest based transactions are not allowed because they violate Islamic law (Varriale, 2014). Instead, they share profits and losses with the lenders and borrowers of the banks. A few concepts, musharaka, murabaha, and mudaraba, are used in place of interest. Musharaka is when a borrower repays their loan through principal payments and a predetermined percentage of profits. Mudaraba is when a borrower agrees to pay the bank a handling fee if the investment is successful (R.J.C. and A.O.S., 2009). Murabaha is when the bank buys an asset for a customer and then sells it to them on a deferred basis, avoiding an interest-bearing loan. They also offer leasing agreements (R.J.C. and A.O.S., 2009). Islamic banking also requires tangible assets to back up the financial products. This is a much more conservative approach...
Words: 1381 - Pages: 6
...------------------------------------------------- ------------------------------------------------- ------------------------------------------------- OPERATORS OF INTERNATIONAL BUSINESS LAW ------------------------------------------------- The operators in the international contract The parties can be natural person, companies, states and public entities. Section I: The natural persons and international trade They intervene in their own account and also as an agent. 1. The capacity and power of attorney ( mandat) To intervene on his own account or on behalf of a third person, the person must be an adult or adult under guardianship or trusteeship. If the person intervenes on behalf of a third or as an agent, he needs a power of attorney. The capacity: it is governed by the person’s national law, the law of the country where the disputed act ( l’acte litigieux) is concluded ; or by the applicable law to the contract. * In France, the capacity is governed by the national law even if the person lives abroad (article 3 CC). If the person is a foreigner, his capacity depends on his own national law. Example: If the person is underage according to his national law but adult in France, the contract are legal if his French partner acted in good faith. * In the common law system , the capacity is governed at the contract’s law * In Switzerland, Germany or Italy, the capacity depends on the place where the contract is made. ( same for international...
Words: 2811 - Pages: 12
...MANAGERIAL ECONOMICS ASSIGNMENT Table of Contents Assignment Question no: 1 3 Assignment Question no: 2 5 Assignment Question no: 3 7 Assignment Question no: 4 9 Assignment Question no: 5 11 Assignment Question no: 6 13 Assignment Question no: 7 16 Assignment Question no: 8 19 Reference 22 Assignment Question no: 1 a) Explain the concept behind the production possibilities frontier. The production possibilities frontier (PPF) or "production possibilities curve” shows a combination of two goods and services that can be produced with the full available factors of production and technology (Arnold, 2010). The production possibility curve is represented in the below diagram. Figure-1 Production Possibility Frontier * In the above diagram which indicates that at the production at point X the output of Product A is A2 and output of Product B is B2. * If suppose the product B is increased from B2 to B1 the product A will decrease. * In the production possibilities frontier W indicates that the resources are not fully utilized efficiently. * In the production possibilities frontier Z indicates that the additional resources are required to product at a point beyond or outside the curve. b) c) Analyze what it means for the PPF to be bowed out from the origin (curved), and what it means for the PPF to be a straight line According to Riley (2012) Production Possibility Frontier is in a straight line as the opportunity...
Words: 3551 - Pages: 15
...A Handbook of Statistical Analyses using SAS SECOND EDITION Geoff Der Statistician MRC Social and Public Health Sciences Unit University of Glasgow Glasgow, Scotland and Brian S. Everitt Professor of Statistics in Behavioural Science Institute of Psychiatry University of London London, U.K. CHAPMAN & HALL/CRC Boca Raton London New York Washington, D.C. Library of Congress Cataloging-in-Publication Data Catalog record is available from the Library of Congress This book contains information obtained from authentic and highly regarded sources. Reprinted material is quoted with permission, and sources are indicated. A wide variety of references are listed. Reasonable efforts have been made to publish reliable data and information, but the author and the publisher cannot assume responsibility for the validity of all materials or for the consequences of their use. Neither this book nor any part may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, microfilming, and recording, or by any information storage or retrieval system, without prior permission in writing from the publisher. The consent of CRC Press LLC does not extend to copying for general distribution, for promotion, for creating new works, or for resale. Specific permission must be obtained in writing from CRC Press LLC for such copying. Direct all inquiries to CRC Press LLC, 2000 N.W. Corporate Blvd., Boca Raton, Florida 33431. Trademark Notice:...
Words: 38316 - Pages: 154
...DesignModeler User Guide ANSYS, Inc. Southpointe 275 Technology Drive Canonsburg, PA 15317 ansysinfo@ansys.com http://www.ansys.com (T) 724-746-3304 (F) 724-514-9494 Release 14.5 October 2012 ANSYS, Inc. is certified to ISO 9001:2008. Copyright and Trademark Information © 2012 SAS IP, Inc. All rights reserved. Unauthorized use, distribution or duplication is prohibited. ANSYS, ANSYS Workbench, Ansoft, AUTODYN, EKM, Engineering Knowledge Manager, CFX, FLUENT, HFSS and any and all ANSYS, Inc. brand, product, service and feature names, logos and slogans are registered trademarks or trademarks of ANSYS, Inc. or its subsidiaries in the United States or other countries. ICEM CFD is a trademark used by ANSYS, Inc. under license. CFX is a trademark of Sony Corporation in Japan. All other brand, product, service and feature names or trademarks are the property of their respective owners. Disclaimer Notice THIS ANSYS SOFTWARE PRODUCT AND PROGRAM DOCUMENTATION INCLUDE TRADE SECRETS AND ARE CONFIDENTIAL AND PROPRIETARY PRODUCTS OF ANSYS, INC., ITS SUBSIDIARIES, OR LICENSORS. The software products and documentation are furnished by ANSYS, Inc., its subsidiaries, or affiliates under a software license agreement that contains provisions concerning non-disclosure, copying, length and nature of use, compliance with exporting laws, warranties, disclaimers, limitations of liability, and remedies, and other provisions. The software products and documentation may be used, disclosed...
Words: 142577 - Pages: 571
...Chapter 1 Introduction Education is “an act of taking someone out of ignorance by means of teaching”, as defined by the World Book Encyclopedia. It is considered as social institution. It includes not only the effects of schooling, but also the more pervasive effects of child rearing practices gained from family training, social exposure and other means of media that a learner experienced and accumulated as part of his maturity. It is one of the purposes of education to prepare the youth for their future places in the society and prepare them to combat the real world. Schooling is only part of education. It is the place where a person gains proper training that his family cannot provide. Thus, in a school setting, education will not be considered a full one if there is no teacher. To teach is to make an assumption about what and how the students learn. Here in the Philippines, teachers are important factor in molding the society because of their tasks in guiding the learners out in the world of ignorance. Being a teacher demands basic competencies necessary in carrying out effectively his noble mission of promoting progressive human development and study social amelioration which involves hardwork, limitless dedication, and all around knowledge and skills. As part of the education curriculum, student teaching is one of the most important elements in the training of prospective teachers. According to Lugos (1985), student teaching is “designed to...
Words: 14104 - Pages: 57
...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 The changing role of the auditors R. Jayalakshmy, A. Seetharaman and Tan Wei Khong Faculty of Management, Multimedia University, Cyber Jaya, Malaysia Abstract Purpose – To highlight the pressures that the auditors would face in the era of globalisation and the challenges they should be willing to accept in order to maintain trust and integrity. Design/methodology/approach – A wide range of articles and journals published in international journals as well as local journals has been reviewed. The areas covered include audit fraud, true and fair view interpretation, auditor independence and role of internal auditors. Further, ideas have also been obtained from critical write-ups in the business magazines on the fall of multinationals. Findings – A wide range of interpretation has been given by various groups of people on their understanding of the phrase “true and fair”. This has created great confusion as to the interpretation of the audit reports. This has been proven by the fall of many multinationals and the audit pioneers, Andersens. This is one of the causes of audit fraud and it is also seen that as the auditors face an enormous challenge as they enter the twenty-first century, they should be willing to change their attitudes towards their clients. Professionalism...
Words: 12579 - Pages: 51
...Introduc)on to financial management WEEK 1 Chapter 1 & 2 1 Expectations • A#end all classes with copies of slides. • Read the text book. • A#end all tutorials and par)cipate. • Complete the weekly quizzes and assignments. • If you are struggling • A#end consulta@on • A#end PAL. • Don’t leave it to the last week. 2 The objective of managers • Should be to maximise the wealth of the shareholders • A company also has other stakeholders that rely on it, for example: • Managers: salaries, bonuses • Employees: wages • Creditors: interest & principle • Suppliers: pay for goods/services • Government: tax The role of the =inancial manager • A firm generates cash flows by selling goods and services produced by its produc)ve assets and human capital • When the cash flows generated from the produc@ve asset exceed the cash ouQlows (such as opera@ng cash flows) the remaining cash is called residual cash flows • The company can choose to pay any profit to the owners as a cash dividend, or reinvest the cash in the business Cash =low diagram 5 The role of the =inancial manager It is all about cash flows: • A company is unprofitable when it fails to generate sufficient cash inflows to pay opera@ng expenses, creditors and taxes. • Firms that are unprofitable over @me will be forced into bankruptcy by their creditors. • In bankruptcy, the company will either be reorganised, or the company’s assets will be liquidated. ...
Words: 2563 - Pages: 11
...SHIPPED WITH THE PRODUCT AND ARE INCORPORATED HEREIN BY THIS REFERENCE. IF YOU ARE UNABLE TO LOCATE THE SOFTWARE LICENSE OR LIMITED WARRANTY, CONTACT YOUR CISCO REPRESENTATIVE FOR A COPY. The following information is for FCC compliance of Class A devices: This equipment has been tested and found to comply with the limits for a Class A digital device, pursuant to part 15 of the FCC rules. These limits are designed to provide reasonable protection against harmful interference when the equipment is operated in a commercial environment. This equipment generates, uses, and can radiate radio-frequency energy and, if not installed and used in accordance with the instruction manual, may cause harmful interference to radio communications. Operation of this equipment in a residential area is likely to cause harmful interference, in which case users will be required to correct the interference at their own expense. The following information is for FCC compliance of Class B devices: This equipment has been tested and found to comply with the limits for a Class B digital device, pursuant to part 15 of the FCC rules. These limits are designed to provide reasonable protection against harmful interference in a residential installation. This equipment generates, uses and can radiate radio frequency energy and, if not installed and used in accordance with the instructions, may cause harmful interference to radio communications....
Words: 26881 - Pages: 108
