business consulting, which he called it scientific management and many of the practices today are still pertinent in modern organization (Public Broadcasting Station, n.d.). Organization uses external and internal consultants; however, most organization use external consultants more than internal consultants. External and internal consultants use the same functions and roles to solve a problem that an organization has. This is an evaluation of those functions and responsibilities of business consultants
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Case 3.7 Foamex International Inc. 1. Who has the final responsibility for the integrity of a SEC registrant's internal controls: its audit committee its management team or its independent auditors? Explain The management has the final responsibility for the authenticity of internal controls. The client prepares the financial statements and the management makes certain claims or assertions about these numbers. The auditor's validate the management's assertions by identifying audit objectives
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Relations: The Profession and the Practice, Chapter 1: The Nature of Public Relations, defines Public Relations as, “Public relations is a leadership and management function that helps achieve organizational objectives, define philosophy, and facilitate organizational change. Public relations practitioners communicate with all relevant internal and external publics to develop positive relationships and to create consistency between organizational goals and societal expectations. Public relations practitioners
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Exercises B. Ex. 1.1 B. Ex. 1.2 B. Ex. 1.3 B. Ex. 1.4 B. Ex. 1.5 B. Ex. 1.6 B. Ex. 1.7 B. Ex. 1.8 B. Ex. 1.9 B. Ex. 1.10 Learning Objectives 1, 3, 5 2,5 3,4 5,6 1, 3, 5, 6 5, 6 2, 5, 6 7, 8 5, 7 1 Topic Users of accounting information Components of internal control Inexact or approximate measures Standards for the preparation of accounting information FASB conceptual framework PCAOB COSO Professional certifications in accounting AICPA code of professional conduct Personal benefits of accounting skills
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and fair view. Independence of the auditors also being underline in the Act, where any relationship between the independent auditor and the companies must be disclose, to prevent any conflict in interest when auditing the accounting records. The external auditors were given the power to obtain information and inspect the accounting records of the companies because of the nature of their duties. As stated in Companies Act 1965 section 174 (2)(a), the roles of an auditor is to report the consolidated
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CHAPTER 4 AUDIT EVIDENCE AND AUDIT DOCUMENTATION Answers to Review Questions 4-1 Auditors typically divide the financial statements into components or segments in order to make the audit more manageable. A component can be a financial statement account or a business (transaction) process. This approach allows the auditor to gather evidence by examining the processing of related transactions through the accounting system from their origin to their ultimate disposition in the accounting journals
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provisions intended to deter and punish corporate and accounting fraud and corruption, threatening severe penalties for wrongdoers, and protecting the interests of workers and shareholders." This is how the Act changed the practice of accounting. The internal controls comply with the act to emphasize a broad understanding of procedures in an enterprise by providing reasonable guidance so that an enterprise will meet its requirements in every area. The affects
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AND AIS (Version 1 – Brief, just for the exam) Overview of Control Concepts * Internal Control - plan of organization and the methods a business uses to safeguard assets, provide accurate and reliable information, promote and improve operational efficiency and encourage adherence to prescribed management procedures. * Management Control - broader than internal control 1. Integral part of management responsibilities. 2. Is designed to reduce errors and irregularities and achieve
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Table of Contents 1.0 Introduction 1 2.0 Discussions 3 2.1 Leadership and Culture 5 2.2 Internal Control 8 2.3 Internal Audit 13 2.4 External Audit 16 2.5 Board of Director (BOD) 19 3.0 Conclusion 21 4.0 Biliography 22 1.0 Introduction WorldCom is a profit organization that specialized in local, long distance and international plans, high cable internet, prepaid cards, and provided telecommunications to customers nationwide with business corporations making up the majority of the 20 million
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Basic concepts of management Olugbemiga T. Williams AIU University The basic legal environment of business is governed by state, country and international laws. This includes laws on what can or cannot be formed or sold, consumer and employee protection laws, tax and other financial laws, as well as many rules and protocols with respects to business ethics, when and how to seek legal assistance in case of differences. The production or sale of a certain goods is illegal or at least strictly
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