Generally‚ every organization’s performance could be enhanced if they have a sound internal control system. Internal control sys has two subcategories: A) Control environment B) Control procedures and policies @ control activities Control environment is abt attitude of board n mgt‚ whether they have integrity(honesty) and value the importance of running a sound internal control system. So‚ if their attitude is good‚ they will raise awareness and foster good attitude among ppl in the org
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201037076 Puriza U. Topic: Using technology to improve internal audit communications in the Banking Sector Background Internal auditing has come a long way over the last two or three decades. In the past‚ internal auditing was seen as a mechanism to double-check the thousands of financial transactions that were posted to the accounts each week. Today an internal auditor facilitates the development of suitable controls as part of a wider risk strategy‚ and provides assurances on the reliability
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8 Internal Trade 8.1 Introduction In the lesson on trade you have already been made familiar with the distinction between internal and external trade i.e. between home trade and foreign trade. You will recall that internal trade consists of exchange of goods and services between people living within the same country. In this lesson you will learn about internal trade in detail. 8.2 Objectives After studying this lesson you will be able to • • • • • • • • recall the meaning of Internal Trade; explain
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Question 1 a) Select two companies where inadequate internal control have resulted in disastrous effects on the organisation or exposed it to heavy losses. Research the facts of the failure and report on the facts and the losses suffered. In your report‚ include suggestions for changes to operations (internal controls) that could have prevented the final outcome. Where could you find a list of these internal controls and how are they documented? Examples of companies include: Coles Myer
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sheet to help identify how two organisations plan recruitment using internal and external sources. In this report I will be identifying how two organisations plan recruitment using internal and external sources. I will also be outlining the reasons for recruitment and the time and cost implications regarding each method. I have chosen Asda and River Island as my two organisations. Asda Internal Recruitment This refers to the filling of job vacancies from within the business‚ where existing employees
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Internal audit’s role in modern corporate governance Thought leadership series Risk and Advisory Services Internal audit’s role in modern corporate governance Recent events have highlighted the critical role of boards of directors in promoting good corporate governance. In particular‚ boards are being charged with ultimate responsibility for the effectiveness of their organisations’ internal control systems. An effective internal audit function plays a key role in assisting the board
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Chapter 10: Internal Selection Preliminary Issues The Logic of Prediction -indicators of internal applicants’ degree of success in past situations (previous job/current job in an org.) should be predictive of their likely success in new situations (internal vacancy via org’s transfer or promotion system) -Most valid selection measures: Biographical Data‚ Cognitive Ability Tests‚ Work Samples -Although logic of prediction & likely effectiveness of selection methods are similar for both
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1 Auditing and Internal Control Review Questions 1. What is the purpose of an IT audit? Response: The purpose of an IT audit is to provide an independent assessment of some technology- or systems-related object‚ such as proper IT implementation‚ or controls over computer resources. Because most modern accounting information systems use IT‚ IT plays a significant role in a financial (external audit)‚ where the purpose is to determine the fairness and accuracy of the financial statements. 2.
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Chapter 10 Section 404 Audits of Internal Control and Control Risk Review Questions 10-1 Management typically has three broad objectives in designing an effective internal control system. 1. Reliability of Financial Reporting Management is responsible for preparing financial statements for investors‚ creditors‚ and other users. Management has both a legal and professional responsibility to be sure that the information is fairly presented in accordance with reporting requirements
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Internal Accountant’s Report to Management The company is thinking about performing a full financial status review prior the release of an upcoming government contract bid. This report will provide supporting information for a full financial status review prior to bid. This supporting information will include the impact of occupational fraud and abuse on the company and how the governmental oversight of accounting and fraud affects the company. The report will also provide potential corruption
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