Steps of Coducting an Audit

I sincerely hope that this assignment meets your approval and demonstrates my ability to resent assignments. If you require further clarification, I will be happy to contact you according to your convenience. Sincerely, Ishrat Nahid ID: 0930183 Executive Summery An auditor is an official whose Job it is to carefully check the accuracy of business records. An auditor can be either an independent auditor unaffiliated with the company being audited or a captive auditor, and some are elected public officials. Auditors are used to ensure that organizations are maintaining accurate and honest financial records and statements.In this report I have written about the plan of audit and the importance of ndependence of auditors. Planning the audit is an important step to conduct the audit. Auditor uses different planning methods to determine risk assessment, assessment of internal controls etc. The auditor either internal or external cannot complete all the aspects of the audit in one year. The auditors plan the audit is such a way they can cover the audit over a period of time. Auditor independence is one of the most important issues in accounting practice today.Independence increases the effectiveness of the audit by providing assurance that the auditor will plan and execute the audit objectively. High-quality audits enhance the reliability of the financial reporting process by investors and other users. Topic 1. Planning of audit 15- 163. References Page no 5-14 2. Independence of auditor 17 audit report Planning refers to the process of deciding what to do and how to do it. Planning involves selecting mission and objective and the actions to achieve them; it requires decision making that is, choosing from among alternative future course of actions.Plans thus provide a rational approach to achieving reselected objectives. Planning is an intellectually demanding process; it requires that we consciously determine ourses of action and base our decisions on purpose, knowle dge and considered estimates. An audit plan is the specific guideling to be followed when conducting an internal or external audit. Internal audits are usually conducted by a company's accounting staff and are primarily used for a management review of accounting process.External audits are conduct by external public accounting firms or private certified accountants (CPA) to ensure outside stakeholders that the company's financial information is prepared in accordance with that Jurisdiction's accepted accounting principles. External audit usually use a formal audit plan for auditors to follow when conducting audits. Audit planning improves the quality of audit work. It is necessary for an effective, efficient and timely audit. Adequate audit planning establishes the right means to achieve the objectives of audit.It helps in identifying potential problems and ensures that work is completed expeditiously. An audit plan does help the auditor not only to understand the scope of audit but also facilities smooth conduct of audit. Auditors use five types of test to determine whether financial statements are fairly stated: rocedures to obtain understanding of internal control, tests of controls, substantive tests of transactions, analytical procedures and tests of details of balances. All audit procedures fall into one or more than one of these five categories.By these tests detection risk reduces and effectiveness of internal control has increase. Five types of tests are firstly, update and evaluate the auditor's previous experience with the entity. Secondly, make inquiries of client personnel. Thirdly, read client's policy and systems manuals. Fourthly, examine documents and records. Fifthly, observe entity and operations. A meaningful audit plan considers some basic steps. If these basic steps are the minimal possible time. Step 1: Talk to the client The auditor discusses the nature of the engagement and the client's business and industry trends at the beginning of planning.Insights gained from this discussion help the au ditor navigate through the remainder of the audit planning procedures. These insights set the stage for an active two way communication process that result in a fully engaged audi tor. Step 2: Obtaining background information An extensive understanding of the clients business and industry and knowledge bout the company's operations are essential for doing an adequate audit. The auditor asks about recent developments in the company that may cause the audit to differ from prior years.Developments such as mergers, new locations or new product lines may have a significant impact on the audit plan for the current year. These discussions take place at the client 10 cation. Going on site provides the auditor the opportunity to meet with key employees or new employees and to see for him or herself any changes in the overall operations of the client. Step 3: Prepare A Complete list of items needed from the client Before starting uditi ng auditors require samples, documents and many other papers those auditors need to audit.A meaningful audit plan pro vides an updated list of client-prepared items that considers the following: New schedules because of changed risk profiles at the client New schedules resulting from a change in audit ap proach Example schedules and templates so the client prepares them in the auditors desired format Insertion of due dates for each schedule that has been agreed to by the client For larger clients, insert the name of a person respon Sible for the completion of the schedule that has been agreed to by the client

Line, Staff and Human Resources Management Authority

Line, Staff and Human Resources Management Authority What does it take to get the right organizational design for Human Resources? In today's constantly evolving environment, developing an organization that makes the right decisions, while directing others’ work and giving orders requires having line and staff authority in place. In this essay, we will explain what authority is and explain the difference from line authority and staff authority. Also we will explain what type of authority human resource managers have. So what is authority?Authority is â€Å"the power to determine, adjudicate, or otherwise settle issues or disputes; jurisdiction; the right to control, command, or determine† (Dictionary. com, n. d. ). Power is the ability to get things done either to enforce one’s own will or to enforce the collective will of an organization. This tells us that all managers have some form of authority. Now, let us distinguish between line authority and staff authori ty. Line authority gives management individuals the formal power to direct and control immediate subordinates. Staff authority gives managers the right to advise, recommend, and counsel other managers and employees.It is a communication relationship with management. It has an influence that derives indirectly from line authority at a higher level. According to Dessler (2008), line authority creates a superior-subordinate relationship and staff authority creates an advisory relationship. The authority of human resources is delegated by the top management of organizations. How much authority it derives from top management is a policy matter. With today's workforce becoming increasingly diverse and organizations doing more to maximize the benefits of the differences in employees, human resource managers are key players.Organizations are relying on managers to get the people who get the job done, and of course, make the company money. Human resource managers have three fundamental funct ions: 1) line function – directing activities within the department and related areas while having implied authority, 2) coordinative function – coordinating personnel activities and 3) staff functions – assisting and advising line managers. In conclusion, line, staff and human resources personnel must work together closely to maintain the efficiency and effectiveness of the organization.To ensure that line, staff and human resources personnel do work together productively, management must make sure all groups understand the organizational mission, have specific objectives, and realize that they are partners in helping the organization reach its objectives.References Authority. (n. d. ). Dictionary. com Unabridged. Retrieved July 18, 2010, from Dictionary. com website: http://dictionary. reference. com/browse/authority Dressler, G. (2008). Florida International University. In G. Dressler, Human Resources Management – 11th ed. (p. 4). Upper Saddle River, N J 07458: Pearson Prentice Hall.

Portfolio Assignment Essay Example | Topics and Well Written Essays - 750 words

Portfolio Assignment - Essay Example One other significant element that I have gained from the course this semester is about communication. Insights on emerging modes of communication such as social media have been very fundamental in helping me understand how to use such media for business purposes. In my final assignment this semester, I believe I deserve to get an A grade for my results because of my performance in various home works and class assignments. I believe I have worked hard enough throughout the semester to warrant such a grade, given the fact that I have endeavored to apply everything that I have learnt in the classes into the various assignments that we have done. Most of the assignments and homework that I did were both fascinating and motivating at the same time. I, therefore, tried to give it my best shot hoping for the best results possible. The assignment about the heartwarming coca-cola life commercial, for instance, was one of the best assignments that I wrote this semester. This assignment related to the issue of advertising, an area of business operations that I am fascinated about. The assignment on heartwarming Coca-cola Life Commercial is one of the best assignments that I did in the course of the semester. The analysis of this commercial helped me to conceptualize my final major assignment of the semester. Through this assignment, I was able to get many insights that will be fundamental in completing my major assignment. The advert has many elements including repetition, binary opposition, and anomalies. Repetition, which occurs on many occasions in the commercial, for instance, can be seen when the couples hug each other repeatedly. Binary opposition comes out in the relationship between the child and adults in the commercial. Some instances of anomalies in the commercial include the scene where the child eats the dog and sleeping in the kennel. The journal

Nuclear Power Essay Example | Topics and Well Written Essays - 250 words

Nuclear Power - Essay Example This article will focus on nuclear power focusing on potential advantages and disadvantages. Research shows that nuclear energy is sustainable, however; this form of energy has also been associated with the numerous threats it poses to the environment. Some of the most common nuclear disasters known include the Three Mile Island Accident (1979), Chernobyl disaster (1986) and the Fukushima Daiichi nuclear disaster (2011) (Cravens, 2007). However, experts are still carrying out research regarding safety improvements in nuclear energy. This is with the sole aim of finding out if nuclear power’s hazardous side can be eliminated. This will then ensure that opponents of nuclear power embrace its creation, testing and ultimate use. The countries that have significantly invested in nuclear energy include the China, United States and Japan. In this case, the United States was recognized as the largest producer of nuclear energy. In most cases, nuclear energy is employed in propulsion of ships (nuclear marine propulsion), production of electricity and space vehicles among other uses. In the past, most of the countries used nuclear power in construction of weapons of mass destruction. This was most prevalent in the World War II era (Cravens, 2007). In conclusion, nuclear power has been identified as a conventional fuel resource. This involves the use of the uranium element which is a constituent of dirt and rocks found in large water bodies. Furthermore, the World Association of Nuclear Operators (WANO) is an international organization which was set up to promote the safety awareness of nuclear facilities (Cravens,

Seeing Stars by Janet Staiger Essay Example | Topics and Well Written Essays - 1250 words

Seeing Stars by Janet Staiger - Essay Example Stars can be considered as a commodity tool as they represent an extremely successful form of investment. They can also be perceived according to the literal meaning of the word "star"; the character played by a given star forms with the real character of the same star a surreal versus real paradox leading inevitably to an association between the in-text and the in-real-life images of the same star. The third main approach of stardom holds a psychological dimension as it regards the spectatorship, the reasons why stars are often objects of desire have been subject to many analysis, some attribute it to charisma, some to "heavenly bodies", .. etc. For a fuller vision of the evolution of the conception of stars, a flashback on the history of cinema has to be done. Various developments in Europe and the United states led to the invention of moving image technology forming the origin of the movie creation. However, it was only in the 1890's that films were used as an entertainment medium, it was then when this technologic invention transformed into a business. In the nineteenth century, many political and social elements influenced the evolution of film industry. The art of Cinema tended to transform into a capitalist enterprise indeed. In fact, Janet Staiger, in her definition of the system of movie production, supports a Marxist point of view. She tends to consider the latter system as a sub-system initially controlled by patterns of organization of labor, such as script writers, camera men and women, prop makers in combination with two major factors, technology and capital. In the first decade of the twentieth century, Americ an movie companies withheld the name of film performers fearing that the public recognition would lead these "stars" to ask for higher salaries. In this dissertation, studying the Motion Picture Patents Company is to be used as a proof of the prominence of the role of stars in the evolution of the movie industry. The Motion Picture Patents Company In 1908, two companies, Edison and Biograph, attempted to monopolize the film industry through the key patents they held in camera and projection technology by forming the Motion Picture Patents Company (MPPC). The company played the role of a "patent tool" that issued licenses for fee to firms. However, the biggest income source for the MPC didn't have licensing as its main source, it was priory based on the Nickelodeon, their most important exhibition outlet. Technically, what marked the MPPC movies most was the notion of voyeurism, "the look of the peeping tom, able to see without being seen. Early Cinema very frequently represents the female, dissected by the close up into a fetishised object of the male look" (Nelmes, 2003 : 99). The capital event that marked the end of this era is the start of the "star system" (1920), one of Hollywood's established features. As Janet Staiger clarifies in "Seeing stars", the origin of its creation remains a subject of discussion. Some say that it started in 1910 when Carl Laemmle, the owner of the Independent Motion Picture (IMP) production company, promoted the arrival of a female star, Lawrence, to his company by publicly exposing her name in a newspaper. That came as an opposed reaction to the MMPC which refused to publish stars' number fearing that their public recognitio

GMO the Necessary Evil Essay Example | Topics and Well Written Essays - 250 words - 1

GMO the Necessary Evil - Essay Example There have been many mixed reactions due to GM foods because of the rampant debate surrounding GMO technology. Today, the process of genetic modification is rapidly advancing throughout the planet. In 2004, 8.25 million farmers in 17 nations grew the crops (Ahmed 30). The production and marketing of GM foods are due to the superficial benefits they hold either to the producer or to consumption of these genetic foods. When it was first introduced, GM seeds developers needed their products to be accepted by producers and focus on innovations that have direct benefits to the farmers and the food industry at large. For example, the International Rice Research Institute located in the Philippines manufactured the GM golden rice to help people in South East Asia that were lacking food. Research has shown that GMO presents significant threats because of inconclusive research on their safety and their effects on the environment. However, I believe GMO is a necessary evil that the human race must contend with because it faces an imminent food crisis. GMO is the necessary evil that will solve the world food problem (Specter 34). GMO foods are unavoidable, and we cannot live without them. The World Health Organization (WHO), the Food, Drug Administration, and other scientific bodies in the world have strongly advocated for the use of GM foods, since they do not predispose the human health to any harm. Additionally, research shows that the risks to human health that may be brought about by the consumption of GM foods are the same as those that are produced by the consumption of non-GM foods. Moreover, GM foods are safe to use as they tested for food safety and passed the safety assessment. Some people believe that GM foods should be eliminated due to the risks they have like the health issues. It is a fact that people have eaten some of the GM foods unknowingly, but no complains of serious concerns (Ahmed 18). By 2040, the world’s population is predicted to increase

Personal Goal Essay Example | Topics and Well Written Essays - 1250 words

Personal Goal - Essay Example I am just beginning my professional career. The reason to choose this field of profession was that it offers a chance to gain a never ending knowledge of a particular field of study, whether the knowledge comes from the student or any other source. The future of being an Educator is great as it provides ways to get involved in the field of study directly, a direct interaction with the students helps to gain awareness about the perspective of the young generation and how the future of the world is going to change according to their mindsets. In addition to that, being an educator provides a never-ending professional development and opportunity to learn. This is so because there is always going to be potential of development and research in different fields of education. Emergence of new skills and concepts allow educators to grow and development professionally parallel to acting as an expert in their own field. The career of an educator comes with apparent challenges. A decade ago edu cation was not considered a professional job but today teachers are required to prepare themselves before entering a class. Similarly in coming 4 to 5 years, the level of studies would enhance and a simple explanation won’t be enough to clear the doubts of students. A teacher has to face such challenges and give a logical reasoning and prove his point of view with examples to convince the students. The greatest strength of being a teacher is his knowledge, being a specialized teacher in the field of economics particularly is a benefit in itself. Development is needed in every profession, but specifically for an educator, knowledge of new advancements and discoveries are a must for satisfying and teaching the students. To be a successful educator, communication and interpersonal skills are necessary so that everything is easily understood by all students. Secondly there is a constant need for increasing one’s knowledge and skills with constant revisions in order to teac h effectively. Where as in the coming year I need to enhance few areas to participate and develop professionally. Firstly an educator has to continue his studies, in my case a professional master’s degree in my field of study, secondly adopting the latest way of teaching i.e. through presentations and multi-media and lastly to prepare oneself before a particular lecture. All these areas need development to enhance my current skills and ensure a healthy career as an educator. In addition to that, changing requirements of the students and continuously transforming structure of education system in different parts of the world requires teachers and educators to be more attentive to changes that are being taking place in their field of study. Nowadays, students expect teachers to not only be experts in their given fields but multidisciplinary, furthermore provide them with emotional and professional guidance with a level of individual attention to needs. Hence, a teacher is expect ed to be a mentor along with being an instructor. Furthermore, participation of all kind of students i.e. different ethnic groups, socio-economic classes and disable students, in main education system has introduced further complexities in the education system that has redefined the role of educators.  

Library Research Essay Example | Topics and Well Written Essays - 250 words

Library Research - Essay Example Students find it imperative to find information that is scholarly as well as peer-reviewed like the journal articles. In addition, there are other sources of information which are non-reviewed such as Wikipedia that might be helpful for background, although these sources contain information which frequently lack depth and may exhibit a lot of errors (Jay, 1983). Nonetheless, the North Central Library contains extensive holdings in any field, and with the assistance of the librarians, students are capable of finding any information they require. The Activity Resources found in this library contains information literary which helps the students in familiarizing themselves with information literacy, while at the same time testing their information literacy skills. Apart from that, the searching library provides a wealth of databases, which is helpful when looking for scholarly information, as well as tutorials on the usage of these databases. The library also provides a chance for stude nts to develop into experts in particular areas. On the other hand, library can also help students’ exhibit expertise through a certain projects. This can be in regardless of whether the student is going into the program and having an interest in a particular

Dell Case Study Example | Topics and Well Written Essays - 250 words

Dell - Case Study Example In President and Fellows of Harvard College (p.22), for Dell Company to attain their target they should expand their market beyond US to cover the entire world. They should start offering other electronic gadgets and software which they can market online. This will help to increase sales and reduce expenditure on sales hence increase their earnings. They should provide online selling website where clients can acquire music and computer software online Lowering the cost their company’s products might make consumers to perceive those products as if they are of inferior quality (President and Fellows of Harvard College, p.21). This may result to decline in sales as consumer loses confidence with the products. Also, by diversifying their products and services, Dell increase it cost of operation hence decline in profit. They will have to invest intensively in research and innovations to meet required standards resulting to further increase in operation cost. Finally the company may lose customer loyalty due decline in customer services as they embark online marketing services which results to decline in customer services (President and Fellows of Harvard College, p.22). The company may not be able to keep track of their clients if they sell their products online. This may result to decline in sales since not all customers will trust online