SECTION II: RISK MANAGEMENT 6 1. Absence of Risk Management in NPO 6 2. Reasons for Risk Management in NPO 7 3. Process of Risk Management in NPO 9 SECTION III: INTERNAL CONTROLS 10 1. An illustrative example 10 2. Good Internal Controls 11 3. Strengthening Internal Controls 12 CONCLUSION 14 ABSTRACT: This paper discusses internal auditing in not-for-profit organizations (NPOs). Specifically, our goal is to identify the role of the internal audit in NPOs by focusing on key areas such as
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Financial Management Is the process of managing the financial resources, including accounting and financial reporting, budgeting, collecting accounts receivable, risk management. Three areas of Financial Management: First is.. Personal Financial Management is mandatory in today’s world. It provides the means of keeping track of personal expenses, personal debt and subsequently helps the calculation of a person's net worth financially. The following are some of the tools used for personal
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year-end but then booked fictitious sales and receivables to overstate annual assets and income. • To make the fictitious sales and receivables appear legitimate, top management prepared and recorded cash payments for fictitious equipment purchases and then re-deposited those cash payments as cash receipts from the fictitious accounts receivable customers. • Top executives were able to maintain the fraud by overriding established controls and recording transactions without required documentation
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Andra S. Prillerman 6699 NW Omega Rd Port St. Lucie, FL 34983 (678) 708-7341 prillerman1908@yahoo.com EDUCATION M.A.F.M., Master of Accounting & Financial Management, June 2009 Keller Graduate School of Management of DeVry University B.B.A., Business Administration, May 1999 Tennessee State University OBJECTIVE Results-oriented Accounting Professional with excellent experience and strong managerial skills to attain a challenging position offering major responsibility and long-term
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MICROFINANCE STANDARDS RATIOS A maturing microfinance industry needs standardized methods to measure and analyze financial performance and risk management. The proposed Microfinance Financial Reporting Standards: Measuring Financial Performance of Microfinance Institutions (the Standards) seeks to address this need. These Standards are designed for use by all microfinance institutions (MFIs): non-governmental organizations, non-bank financial institutions or companies, commercial banks, rural
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marks) Paper 3: Cost Accounting and Financial Management Part I: Cost Accounting (50 marks) Part II: Financial Management (50 marks) Paper 4: Taxation Part I: Income-tax (50 marks) Part II: Service Tax (25 marks) and VAT (25 marks) Group II Paper 5: Advanced Accounting (100 marks) Paper 6: Auditing and Assurance (100 marks) Paper 7: Information Technology and Strategic Management Section A: Information Technology (50 marks) Section B: Strategic Management (50 marks) The level of knowledge expected of
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Human resource Management Practices of Southeast Bank Limited Executive Summary The banking system plays a critical role in underpinning economic development of any country. On that view Southeast Bank Limited, Agargaon Branch was opened on December 29, 2002. Now they are one of the leading banks in Bangladesh. Actually the bank gets a good position in the market for their diversified services. Employees are the most valuable assets in the origination. Human Resource Department is responsible
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the technique of false debits. These debits were made to the inventory account overvaluing the assets on the books. She used a billing scheme to cover her theft by inflating the amount of payment made to the vendor on the books. Per the books, the vendor was paid a larger amount than the actual invoiced amount and she was able to hide her theft. Her scheme was simple. However, as she continually debited the inventory account, the assets on the books increased year to year. The article stated the
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disclosures of financial statements to deceive financial statement users, particularly investors and creditors. In other words, these fraudulent activities take place when a business entity engages in certain practices designed to hide or maneuver its accounts in order to remain attractive to investors. Theoretically, there are three factors that appear to be present in every case of financial statement fraud. These factors are an apparent situational pressure, a perceived opportunity to commit and
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auditing. An SSA audit can be characterized as a top-down approach that starts with understanding the corporate strategy and the business as a whole to determine the effects on the financial statements. A key innovation in the SSA audit was that the auditor must try to understand the business as management runs it, but with an objective point of view. In contrast, the traditional financial statement audit tended to focus on a bottom-up approach, or gathering evidence on individual transactions and aggregating
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