also be helpful in understanding the needs of the employees including issues revolving around training, support, employee turnover, and opportunities for advancement. In addition, a diversity audit also looks at the range of clientele and if their public image is limited to particular racial or cultural backgrounds. Audits of this nature vary widely depending on how in depth the organization is willing to investigate. Read more: http://www.ehow.com/info_8774039_diversity-audit.html#ixzz2ffHNX74Lallow
Words: 546 - Pages: 3
Auditor Audit? Successful operational auditing begins with the auditor understanding the business: What are the core products, business units, and employee and customer bases? How can the auditor begin to survey the business to begin to put an audit plan together? What resources are available or should be accessed by the auditor? There are various types of audits depending on the specific type of audit being performed. However, even though there are different types of audits, the audit procedure
Words: 587 - Pages: 3
profession is an added utility to society. 3. The only reason I would hire an auditor is with the expectation that the auditor search for and find any fraud that might exist within my company. Searching for fraud should be the primary focus of an audit. Fraud involves deception that can result to material misstatements of financial information and is not good for the users and a company’s future. But auditing does not only find frauds existing in a company but it also gives assurance to intended
Words: 1152 - Pages: 5
FACCT604A Monitor Corporate Governance Activities Research Project Semester 1 2007 Introduction The Directors of Expand P/L are about to make the transition from a large company to a public one. They are aware of recent developments in corporate governance and directors liabilities. They have asked you to provide advice on corporate governance aspects and to act as a consultant during the period of transition. You decide to use the corporate governance toolkit as the basis for your
Words: 1703 - Pages: 7
Auditing HW #1 – Aug 26 1-36: a. Explain why management might want an independent audit of its financial statements. McIver’s management may want an independent audit of its financial statements for several reasons. First of all, due to the desired increasing growth, there is now a greater risk that salesmen and/or managers could report inflated numbers that align with management’s goals. An independent audit would be beneficial in discovering any such activity. Also, if McIver’s acquires the
Words: 1732 - Pages: 7
between those assertions and established criteria and communicating the results to interested users. The Philippine Standards on Auditing (PSA) 120 “Framework of Philippine Standards on Auditing” states the objective of an audit as follows: “The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared in all material respects, in accordance with an identified financial reporting framework.” 2. This apparent
Words: 2252 - Pages: 10
Effective internal audit functions require a diversity of skills that many organizations find difficult to source and retain. Significant investment is required in recruiting, training, and developing professional internal auditors to be equipped with the latest methodology, technology, and time and resource management. By opting for outsourcing, management can hire fully dedicated internal audit professionals without the day-to-day managerial requirements that an in-house internal audit department would
Words: 1168 - Pages: 5
understand those responsibilities. There should also be separation of duties, this will limit fraud and promote accuracy of the accounting records. No one person should be responsible for every aspect of a job. This will cause mistakes to happen. Audits are also a very important internal control procedure so are documents, and electronic devices. What is The Sarbanes-Oxley Act? The Sarbanes-Oxley Act was passed by congress in 2002 with the aim of preventing an assortment of ills related to corporate
Words: 705 - Pages: 3
from the deal”). • En Selamat and BOD. Recommendations: • Establish a clear set of policies and procedures within the company. • Develop a whistle blowing policy. • Ensure the independency of the management team. • Conduct internal audit or investigation activities. • Ms Choy: To persuade BOD that the issues in the company can lead to a deterioration of the company’s performance, esp. financially. 4. Internal control • EncikSelamat → had responded to unrelated tasks to
Words: 2402 - Pages: 10
internal control a. What is internal control? Internal control is a process, effected by an entity’s board of directors, management and other personnel, designated to provide reasonable assurance regarding the achievement of objectives in the following three categories: * Reliability of financial reporting * Effectiveness and efficiencies of operations * Compliance with applicable laws and regulations Internal control is design to achieve management objectives in three categories
Words: 859 - Pages: 4
