1. Describe the process by which the accounting standards are set in Singapore. Within the jurisdiction of Singapore, the task of prescribing accounting standards comes under the purview of the Accounting Standards Council (ASC). The ASC receives its mandate from the Accounting Standards Act, which came into effect on 01 Nov 2007. It is responsible for prescribing accounting standards for companies, charities, cooperative societies and societies in line with International Financial Reporting Standards
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NORTHCENTRAL UNIVERSITY ASSIGNMENT COVER SHEET Learner: Tanya M Johnson THIS FORM MUST BE COMPLETELY FILLED IN Please Follow These Procedures: If requested by your mentor, use an assignment cover sheet as the first page of the word processor file. The assignment header should include the Learner’s last name, first initial, course code, dash, and assignment number (DoeJXXX0000-1) justified to the left and the page number justified to the right. Keep a Photocopy or Electronic
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VMware, 2015) Risks to stored data are increasing, so the regulatory cloud environment is becoming tougher. The unique nature of the hybrid cloud creates concerns about the type of regulation that should be used. There are secure controls over the data and the audit requirements besides the regulatory compliance maintained in the hybrid cloud the general trend that is seen is that the security through lack of classification is used. Another security concern in compliance is whether the access to
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Common Information Security Threat Name School Class Common Information Security Threat There are hundreds and thousands of different organizations in the world and many of them have similar threats that an organization in the Casino & Resort industry would face. The Casino & Resort industry faces Information Technology threats across the board from external attacks on their website, internal attacks, and data corruption or misuse of data. The majority of companies that exist today would
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business practices (Internal Audits, n.d.). There are five components of internal controls. Control environment, risk assessment, control activities, information and communication, and monitoring are the five components of internal controls. The control environment is connected to the outline of the company. The control environment involves the integrity, ethical values, the company’s philosophy, and the competence of the entity’s people (US Regents, 2011). The control environment provides the structure
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analytics, and technology As explained in Aligning risk and the pursuit of shareholder value: Risk transformation in financial institutions,1 when these cornerstone frameworks and capabilities are in place, risk management, risk governance, and regulatory compliance can be implemented in a more aligned and integrated manner. Figure 1: The cornerstones of risk transformation What vision drives the Organization? Business Model Operating Model culture What oversight ensures the
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to discover misstatements after they have occurred Example: Monthly bank reconciliations Corrective Needed to remedy the situation uncovered by detective controls Example: Backups of master file Components of Internal Control The Control Environment Risk Assessment The
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It is clear that corporate have major responsibility in their response of complaints regarding accounting, internal accounting control or audit matters where they have to establish audit procedure for the receipt, retention and treatment of complaints. Moreover, the organization has to build appropriate structure of line of reporting for the internal audit to support the effective fraud management program. The report discuss in deep on the Sarbanes Oxley Act 2002 in relation with bursa listing
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companies in different companies that do not utilize the US GAAP. While there are some aspects that may be similar there are many differences between these types of companies and how they perform different accounting transactions. Regulatory Environment The regulatory environments in the United States and the International business community have some very distinct differences that make them very unique. In the United States due to major corporate scandals that have occurred in the past, such as Enron
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Abstract Good corporate reporting is generally an indication of competitiveness and superior corporate governance. Good reports show initiative and effort on the part of the preparers. Significant changes in the corporate external reporting environment have led to proposals for fundamental changes in corporate reporting practices. A variety of new information types are been demanded, in particular forward-looking, non-financial and soft information. Openness and transparency in annual reporting
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