1. How an auditor evaluates the efficacy of internal control system? Ans: The auditor has to decide whether he can place reliance on the internal control. If internal control is adequate‚ he can restrict nature‚ timing and extent of his checking accordingly. If not‚ he is left with no alternative but to resort to detailed checking. The manner of evaluation of internal control may be in the following lines: 1. Making preliminary evaluation of the system 2. Compliance procedures to evaluate
Premium Internal control English-language films Audit
Under internal control‚ there are three issues arises in the chicken run case study. 1st issue is the credit control system is weak. The lack in credit control system can be seen when the marketing department continued to supply product to Cold Gold Sdn. Bhd even though Cold Gold Sdn. Bhd credit is gone beyond its limit. Besides‚ Ms Choy as a credit controller did not take proper action about this issue. The recommendations are Ms Choy as a credit controller should know her duties and responsibility
Premium Accounts receivable Financial audit Payment
Evaluating Ideas By Diane Wright HUM/114 December 14‚2014 Barbara Laughton My Opinion : I believe that women are still discriminated against in the workplace because women gets paid less than men. While doing the same jobs. Source #1: Do Men Really Earn More Than Women? I chose this article because it explained why men typically get paid more than women. This source say that “ men wages grow a longer period of time and achieve higher levels than
Free Barack Obama United States Democratic Party
allowed Dr. Lear to sidestep university policies. There were several obvious red flags that Dr. Lear was up to no good. Dr. Lear used his position of power to influence other employees into breaking the rules for him and this led to important internal controls being disregarded. Dr. Lear was finally exposed when a local news channel asked him about his want to purchase a new plane for the university. The local media expressed concern about such an extravagant investment during a time of budget cuts
Premium English-language films Management Fraud
Chronic wounds‚ such as pressure ulcers‚ diabetic foot ulcers and venous leg ulcers‚ constitute an internationally recognised medical condition‚ affecting millions annually (Keogh‚ Nelson‚ Webster‚ Jolly‚ Ullman‚ & Chaboyer‚ 2013). Currently‚ healthcare systems are seeking out effective treatment options‚ such as hydrocolloid dressings‚ to promote healing of chronic wounds. The application of hydrocolloid dressing has been compared with other dressing types in recent literature to determine the most
Premium Wound healing Wound Clinical trial
B1 – Ethics‚ fraud and internal control at Bern Fly Company The main purpose that a good internal control must fulfil is to protect the firm’s assets from fraud and theft. As we can see from the description of Bern Fly Company’s case‚ the internal control within the company leaves much to be desired. As it can be read in the case the salespersons get commission promptly after each order taken by their customers without any control to check if that order is real or only a fictitious one. This
Premium Sales Fraud Process control
Owing the Government Our Obedience: Socrates’ defense for Not Doing Injustice When Injustice is Done to You In the dialogue of “Crito” by Plato‚ a person by the name of Crito has come to try and persuade Socrates to escape from jail as he feels he is being wrongfully accused. Socrates basically asks Crito to plead his case and if he can come up with enough good reasons then Socrates will escape‚ if not he will stay. As Crito begins attempting to persuade him‚ Socrates ends up stating two main premises
Free Plato Aristotle Rhetoric
Evaluating Trends and Opportunities Naomi S. Anderson University of Phoenix MGT/418 David Rubenstein April 11‚ 2011 Repossession I‚ Naomi
Premium Automobile Property
Internal Cash Control Iasia Goodson ACC/220 June 27‚ 2010 Jaclyn Strauss Internal Cash Control The weaknesses in the scenario E4-5 are huge. The first one is the fact that the company checks are not prenumbered‚ how will you keep track of what check was written and what it was written for. Another weakness would be that the purchasing agent and the treasurer are authorized to issue checks that are kept in an unlocked file cabinet. There is so much room for theft here; as well
Premium Internal control Auditing Management
• 4-7 Procedures To Obtain An Understanding Of Internal Control And Related Documentation: - The auditor’s understanding of the client’s internal control is usually gained through the following procedures: - A- Prior experience with the entity: - This can be a major source of audit efficiency in recurring audits. Because systems and controls usually don’t change frequently or significantly from year to year‚ information obtained by the auditor in previous audits of the entity can be updated
Premium Internal control Audit Auditing