...of your work: (a) Change Analysis. Calculate the dollar and percentage increase or decrease in the various balance sheet and income statement account balances between the fiscal years ended 2007 and 2008. Use the following column headings: Per Per Audit Books Dollar Percent 12-31-07 12-31-08 Change Change Index your working paper PL-1. (b) Common Size Financial Statements. From the figures found on the income statement working trial balance, calculate sales returns and expense accounts as a percentage of gross sales for the years 2007 and 2008. Use the following four column headings: Per 2007 Per 2008 Audit Percent of Books Percent of 2007 Gross Sales 2008 Gross Sales Index your spreadsheet working paper PL-2. (c) Financial Ratios. Calculate Ocean’s financial ratios to reveal any problem areas and be in a position to assess the financial condition of the company.Compare Ocean’s ratios to the industry ratios provided. Identify any majordifferences. Index your spreadsheet working paper PL-3. (d) Analytical Procedures Memorandum. Having carried out these analytical procedures, prepare a memorandum to assess the implications for your upcoming audit of Ocean Manufacturing, Inc. Use word processing software....
Words: 1094 - Pages: 5
...This paper will review research and policies that set up from Department of Defense (DoD) agencies and civilian nonprofit institutions addressing gender dysphoria (GD) effects and limitations of affected individuals by GD on the readiness in an operational environment. The material will discuss concepts, definitions, and restrictions shown in the policies of DoD and TRICARE policy manuals (2017). Current policy recommendations written by Secretary of Defense (SecDef), the Honorable James Mattis (2018) shows criteria set up in a DoD report (2018) for individuals with a history or diagnosis GD. Research from the Rand Corporation (2016) will illustrate the implications of individuals affected by GD and the impact of the military service....
Words: 1426 - Pages: 6
...Section 5 Audit Process: Audit Planning To Fieldwork Section 5 documents how the Office of the City Auditor complies with standards related to reasonable assurance, significance, audit risk, and planning. This section provides guidance on the how to apply those standards in conducting audits based on the Citywide Risk Assessment model or requested audits. Specifically, this section will cover the initial planning phase of the audit (preliminary survey) that begins with start the audit, preliminary survey and risk assessment, and development of the audit program. The purpose of audit planning process is to generate information and ideas to better understand the audit subject, determine the audit objective, and to develop the audit field work program. Planning also involves estimating the time and resources necessary to complete the audit. The evidence gathered in background research and later fieldwork is documented in the working papers. Key outputs of audit planning include an audit background memorandum; audit scope statement; risk and vulnerability assessment document; and field work audit program. AUDIT PLANNING PROCESS The audit planning process can be divided into the following three phases: 1) starting the project, 2) preliminary survey (planning the audit and conducting risk assessment), and 3) developing the audit program. These steps are followed by fieldwork and reporting. Details of each of the steps are noted below. Audit Start City Auditor assigns staff to audit...
Words: 6307 - Pages: 26
...In India, there is reason to believe that instrument to exchange were in use from early times and we find that papers representing money were introducing into the country by one of the Mohammedan sovereigns of Delhi in the early part of the fourtheenth century. The word 'hundi', a generic term used to denote instruments of exchange in vernacular is derived from the Sanskrit root 'hund' meaning 'to collect' and well expresses the purpose to which instruments were utilised in their origin. With the advent of British rule in India commercial activities increased to a great extent. The growing demands for money could not be met be mere supply of coins; and the instrument of credit took the function of money which they represented. Before the enactment of the Negotiable Instrument Act, 1881, the law of negotiable instruments as prevalent in England was applied by the Courts in India when any question relating to such instruments arose between Europeans. When then parties were Hindu or Mohammedans, their personal law was held to apply. Though neither the law books of Hindu nor those of Mohammedans contain any reference to negotiable instruments as such, the customs prevailing among the merchants of the respective community were recognised by the courts and applied to the transactions among them. During the course of time there had developed in the country a strong body of usage relating to “hundis”, which even the Legislature could not without hardship to Indian bankers and merchants...
Words: 8689 - Pages: 35
...White Paper What is a 'White Paper' A white paper is an informational document issued by a company to promote or highlight the features of a solution, product or service. White papers are sales and marketing documents used to entice or persuade potential customers to learn more about or purchase a particular product, service, technology or methodology. White papers are designed to be used as a marketing tool before a sale, and not as a user manual or other technical document developed to provide support to the user after making a purchase. Next Up 1. Knowledge Capital 2. Offering Memorandum 3. Economic Moat 4. Marketing 5. BREAKING DOWN 'White Paper' The purpose of a white paper is to promote a certain product, service, technology or methodology, and to influence current and prospective customers' decisions. Many white papers are designed for B2B (business to business) marketing purposes, such as between a manufacturer and a wholesaler, or between a wholesaler and a retailer. The white paper is used to inform and persuade the other company that a certain offering (such as a product or technology) is superior for solving a particular business problem or addressing a certain challenge. In relation to B2B marketing, there are three main types of white papers: backgrounders, which explain the technical features of a particular offering; numbered lists, which highlight tips or points regarding an offering; and problem/solution white papers, which introduce an...
Words: 907 - Pages: 4
...AUDIT PLANNING AND SCOPING CHECKLIST NAME OF ASSIGNMENT | | LOCATION | | ESTIMATED START AND COMPLETION DATES | | ESTIMATED ASSIGNMENT HOURS | | No. | Step | 1. | Obtain all instructions and scoping decisions made during overall audit planning as a means of ensuring that detailed planning will be consistent with such requirements. | 2. | Obtain and consider planning memoranda and related work papers for similar engagements and make best use of these sources during planning. | 3. | Obtain and consider the following for the most recent internal audit of the auditable unit and consider whether any of this material could be updated and re-used: * Previous work papers * Most recent report * Status of management action on all findings | No. | Step | Reference (e.g., to supporting documents) | Done by orN / A | 4. | Determine whether any work needs to be done to verify management’s remedial actions on previous internal audit findings reported as cleared. | | | 5. | Consider the work planned for / already done by the external auditor for this auditable unit (normally this is done through periodic meetings rather than on an individual auditable unit basis) and determine the impact this may have on the nature, timing and extent of the internal audit work now being planned. | | | 6. | Consider any documentation or testing performed by management to discharge their Sarbanes-Oxley responsibilities or as part of a self-assessment process, then consider...
Words: 698 - Pages: 3
...Risk Management: Task 1C Dave Christian Western Governors University Author Note Research conducted by Dave Christian, College of Business, Western Governors University. Dave Christian is now founder at Helpology. This paper is referenced as an American Psychological Association (APA) research paper template available for free, worldwide use at Helpology (helpology.org) categorized under: Helpology Lifelist/Respect/Writing/FREE Helpology APA. Correspondence concerning this paper should be addressed to Dave Christian, Founder, Helpology, 2340 E. University Dr., Lot 85, Tempe, AZ 85281; Phone: (480) 331-9631; Email: Mr.Dave.Christian@gmail.com; Web site: helpology.org. Risk Management: Task 1C Austrian psychologist Viktor E. Frankl (n.d.) said, "Everyone has his own specific vocation or mission in life; everyone must carry out a concrete assignment that demands fulfillment. Therein he cannot be replaced, nor can his life be repeated, thus, everyone's task is unique as his specific opportunity to implement it." As a newly hired consultant, we have been tasked with the duties of creating and presenting a risk management/business contingency plan for our first client. The legal department and the IT department have both expressed concerns regarding the ethical use and protection of sensitive data, customer records, and other information systems content. In the interest of creating confidence and job satisfaction in this new position, our new employer has decided...
Words: 1022 - Pages: 5
...assignment. You may create and / or make all necessary assumptions needed for the completion of this assignment. In this assignment, you, in the role of a risk manager at Simply Green Products, will draft a document that is commonly used in the business world—a memorandum to your boss. Simply Green Products is a $10 million company that produces biodegradable packing materials that orchards use in the Shenandoah Valley to transport their apples, peaches, and pears nationwide. Biodegradable materials are more eco-friendly because they break down into the environment. Such packing materials are marketed under the name “SafePack,” which is heavily advertised in trade journals. Simply Green Products have had the name “SafePack” imprinted on all of their packing material since 2008; however, they never filed for either state or federal trademark protection. With the movement toward more eco-friendly agricultural production, the fact that such packing materials are biodegradable provides a primary marketing advantage over non-biodegradable competitors. The company president, Shep Howard, has recently become aware of several issues that may require referral to the company’s outside counsel. Because you serve as the company’s risk manager, Howard has asked you to leverage your legal and managerial skills to draft a memorandum that addresses one (1) of the two (2) situations described below: An environmental group is asserting that SafePack materials are not biodegradable...
Words: 908 - Pages: 4
...You Decide Christina Dochterman DeVry University Author Note This paper was prepared for Principles of Ethics, ETHC-445-16882, taught by Professor Knox. MEMORANDUM Date: 2-8-13 OBJECTIVE: Identify appropriate candidates for transplant. POLICY: Candidates for transplant surgery will be evaluated according to a standard set of medical, financial and psychosocial criteria, from referral through work-up to listing for transplant with United Network for Organ Sharing (UNOS). Candidates will be accepted or denied for listing based on established absolute or relative exclusion criteria. PROCEDURE: 1. An application for transplant may be initiated by referrals such as physicians, healthcare facilities or by patient self-referral. (Minimal referral information needed includes: Demographics, complete insurance information, contact numbers, emergency contact, and height and weight) 2. After completing the application, the patient must sign a release of information. A signed recommendation is also needed. The transplant financial coordinator will verify financial reimbursement prior to the scheduling of the transplant. 3. The patient’s medical records and history will be requested. (Minimal referral information needed includes: most recent History and Physical (addresses history of lung disease, cancer and heart disease), most recent labs, psychosocial assessment, and BMI. 4. Obvious medical and psychosocial barriers to transplant will be assessed prior to a work-up...
Words: 662 - Pages: 3
...University of South Carolina Moore School of Business FINA 761 (800): Advanced Corporate Finance Fall 2013 Instructor: Eric Powers |Class time: |T/TH 2:50 – 5:35 | |Location: |364 | |Office Hours: |TBD | |Office Hour Location: |BA 462 | |E-mail: |epowers@moore.sc.edu | |Course website: |blackboard.sc.edu | The objective of this course is deepen your understanding of the many issues faced by firms as they identify valuable investment opportunities, raise funds for those investment opportunities, distribute profits to share-holders and debt-holders and deal with the consequences of both good and bad investment financing decisions. We will expand on the concepts that you have learned in FINA 760 or in DMSB 715. Class time will be divided between lectures and case studies. My lectures will briefly review concepts from prior courses. The bulk of my lectures will present advanced material that will be new to you. It is assumed that you understand the concepts from your earlier finance and accounting courses. If not, it is your responsibility to review. In order to reduce your note-taking, my lecture notes will be available...
Words: 2338 - Pages: 10
...ACCT 4400 Dr. Robertson Case Set 2 Spring 2016 Case Set 2 covers issues related to risk assessment, planning, and substantive tests, and consists of the following cases: Case 2-1: Risk Assessment Case 2-2: Planning Phase Analytical Procedures Case 2-3: Substantive Tests and Documentation Case 2-1: Risk Assessment Today is April 8, 2016, and your firm is currently in negotiations to renew the contract to audit Smith Corp. for the 2015 fiscal year (Smith uses a 12/31 year-end). Smith manufactures electronic components and sells these products to manufacturers of cell phones, e-readers, and tablets. The Smith family founded the company, which originally manufactured components for radios, in the 1930s. The grandchildren of the founder had no interest in active management of the company, and it went public in the 1990s under different management. Your firm has audited Smith for ten years, and has always issued standard, unqualified opinions for both the financial statements and internal controls during this time. New federal regulations concerning the disposal of manufacturing byproducts will impact Smith’s manufacturing process this year by limiting Smith’s ability to sell these byproducts to other companies. Furthermore, the company will have to incur costs to implement new methods of waste disposal. In combination, these issues related to the new regulations are material. To keep up with the rapid advancement of technological developments in its industry, Smith has invested...
Words: 3606 - Pages: 15
...Mark Dissen 4/15/2013 Nuclear Arms Race Term Paper The Nuclear Threat During the Berlin Crisis Introduction On November 10, 1958, Soviet Premier Nikita Khrushchev gave a speech at a Soviet-Polish meeting in Moscow that would ultimately culminate into one of the most profound crises of the Cold War. The Soviet leader accused the Western Powers of violating the 1945 Potsdam Agreement and sabotaging the German Democratic Republic (GDR) and recommended that the Federal Republic abandon, “the hope that we shall cease to support the German Democratic Republic.” (Address by Premier, 1958). Soon after, Khrushchev delivered a speech giving an ultimatum to the allies and gave them six months to demilitarize West Berlin. The Allies' subsequent refusal and the resulting tension put both the U.S.S.R. and the United States in a particularly dangerous situation. Although it is unlikely that full-out thermonuclear war would have resulted from the Berlin Crisis, there was a very real threat of a limited nuclear strike or conventional warfare to both of the superpowers until the tension over Berlin was assuaged. Although November 1958 marked the official beginning of the crisis, Berlin had been a source of contention between the US and the Soviets from the initial division of Germany after WWII (Tine, 2005). The three territorial zones in Western Germany, controlled by France, Britain, and the US, contrasted greatly with the Soviet-controlled East, which upheld socialism. Berlin itself...
Words: 3913 - Pages: 16
...DAO 102_Planning_Programming_Budgeting paper Department of Defense Decision Support Systems1.2. Planning, Programming, Budgeting and Execution (PPBE) Process | | The purpose of the PPBE process is to allocate resources within the Department of Defense. It is important for program managers and their staffs to be aware of the nature and timing of each of the events in the PPBE process, since they may be called upon to provide critical information that could be important to program funding and success. In the PPBE process, the Secretary of Defense establishes policies, strategy, and prioritized goals for the Department, which are subsequently used to guide resource allocation decisions that balance the guidance with fiscal constraints. The PPBE process consists of four distinct but overlapping phases: Planning. The planning phase of PPBE is a collaborative effort by the Office of the Secretary of Defense and the Joint Staff, in coordination with DoD components. It begins with a resource-informed articulation of national defense policies and military strategy known as the Guidance for the Development of the Force (GDF). The GDF is used to lead the overall planning process. This process results in fiscally constrained guidance and priorities - for military forces, modernization, readiness and sustainability, and supports business processes and infrastructure activities - for program development in a document known as the Joint Programming Guidance. The Joint Programming Guidance...
Words: 909 - Pages: 4
...Advanced External Auditing AU 2 Assignment 4 — Session 2 (Winter) Contents Question 2 (12 marks) 3 Question 3 (20 marks) 4 Question 4 (10 marks) 6 Question 5 (5 marks) 6 Question 6 (12 marks) 7 Question 7 (26 marks) 8 Question 2 (12 marks) a. If auditors expect clear evidence of material fraud during the planning phase of the engagement, the Canadian Auditing Standards require that the engagement team discuss where the financial statements may be materially misstated due to fraud. Agreed. The auditors should communicate so that the team maintains an independent state of mind at all times during the audit. The audit approach and tests/procedures are customized to the fraud assessment made. The audit team can incorporate random testing and sampling approach in the audit work which are difficult to anticipate by the client. Also the team understands where the focus will be as a result of the fraud assessment b. Theft of personal property from the business for the purposes of depriving the owner of its possession is a method of fraud referred to as lapping. Disagreed. Lapping refers to misappropriation of cash receipts. The theft is concealed by manipulation of A/R to cover the cash receipts. The cash received later is recorded toward the original A/R. The fraud is also covered by recording cash transfers to rare expenses or other accounts in G/L. c. A critical evaluation of evidence and professional skepticism are required...
Words: 2277 - Pages: 10
...……………………………………………………………………………..4 Price Negotiation Memorandums (PNMs) 1. Issuing of government Contracts …….………....………………………………………5 2. Bidding and negotiation ………………….…….…………………………… ………6 3. Negotiation Summary..................................................................................................7 4. Introductory Summary……………………………………………………………….8 5. A tabular summary of price………………………………………………………….10 6. Government Contracting……………………………………………………………10 7. Vertical integration as a contracting technique……………………………………..11 8. Private-public partnerships…………………………………………………………..12 Executive summary This guide acts as a replacement to the earlier Air Force Material Command FAR Supplement with the intention of making it better than its predecessor. The scope of this document is to provide information on the necessities of developing prices and then devising of mechanisms to determine the fairness of the prices. It is with this precedent that the document goes back all the way from the historical behavior of factors that affect the prices up to the final price. The Price Negotiation Memorandum is the legal document that is used officially to determine any price, which cannot be set based on competition. In any contract, this document becomes the legal, binding document for all parties. These properties of the PNM also apply to the Price Competition Memorandums reasonably. The role of this guide is to reconcile the two...
Words: 2621 - Pages: 11
