2010‚Date: 12th April 2010 Asian Institute of Management‚Manila 1 Company Background KFC Corp‚ owned by YUM brands is one of the oldest(1952) and most popular chicken and food restaurant in the world. Other restaurants under YUM brands are Taco Bell‚ Pizza hut‚ Long John Silver’s and A&W KFC primarily sells chicken pieces‚ wraps‚ salads and sandwiches. While its primary focus is fried chicken‚ KFC also offers a line of other meat products suiting to local palate. In India they opened in 1995
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Audit & Investigation AQ002-3.5-2-AINV-T 15-Jun-12 WASEED AHMED LECTURER: MR. MEGAT ABDULLAH MEGAT MAHMUD Table of Contents Different roles of internal and external auditors. 4 Internal auditors: 4 External auditors: 4 Identify the benefits in forming an audit committee. 6 Evaluate the strengths and weaknesses of MPL’s control environment: 7 Control Environment: 7 a. Integrity and Ethical Values:
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In the case of Goodner Brothers‚ Inc. ‚ the six key control weakness were no proper segregation of duties‚ no proper procedure on recording documents‚ lacking monitoring on performance review‚ low gross profit margin than benchmark‚ no control on accessing to the accounting system and inventory storage and too depends on the honesty of the employees. Woody Robinson know very well that the company have these weaknesses that give him the chances to enter the hole to start the fraud activities. Firstly
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the client’s background and the risks associated with accepting the engagement. b) Convincing the client to hire the auditor (acceptance by the client). The auditor must thus understand his relationship to the client to enable him consider if the ethical and professional requirements (independence‚ competence‚ etc.) typical to the specific engagement can be met. Client acceptance and continuance procedures are the foundation of the risk assessment process‚ primarily at the financial statement level
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Identifying relevant Malaysian Financial Reporting Standard with Inventory Cycle Referring to have been stated above‚ the selected company was a small sized entity and therefore‚ the processes under its inventory cycle was not complex like those in retailers as well as manufacturers. Figure 1.1 Inventory cycle with shaded area for activities related to MFRS Principally‚ the fundamental issue in accounting for inventories is to define the amount to be recognized as asset as well as amount
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Social Audit A social audit is a business statement presented annually to understand‚ measure‚ report and improve the organization ’s social and ethical performance. Usually‚ social audit is addressed to employees‚ investors‚ market analysts‚ shareholders and lastly‚ the community. This is considered to be the main ground for practicing corporate social responsibility. With social audit‚ it strengthens the relationship between company‚ society and environment and at the same time showing the
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AUDIT QUALITY A BRIEF DISCUSSION REGARDING THE QUALITY OF ASSURANCE AND AUDIT Student ID: 1204335 Xiaoyu ZHENG AUDIT QUALITY A BR IEF D ISC US SI ON R EGAR D IN G THE QUAL IT Y OF A S SUR A N CE AN D A UD IT A INTRODUCTION uditing has inevitably become one of the essential activities in the current business world. It may be attributable to the fact that financial reports still remain the major criteria in evaluating the performance of the business. Audit quality refers to different
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KFC SWOT ANALYSIS Strengths Brand Equity 2nd Only to McDonald’s in Foreign Sales $550M Strong Cash Flows Generate $1B each year Very strong Internationally UK‚ Middle East‚ Thailand‚ China‚ Japan‚ Korea‚ Mexico Strong Franchise and License Fee revenues for cash flow. Interactive relationship marketing Strong trademarks recipes Ranks highest among all chicken restaurant chains for its convenience and menu variety. Largest multibranded restaurant in the world 100 KFC and Pizza
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will proceed the activity A which is discuss about the assignment question because we need to clearly know what the questions are asking about and set a direction‚ so that we write on the right path and this take up 2 days. At the same time‚ we visit KFC which is located at Genting Klang and capture some photos inside as a reference for later activities. Since the restaurant is only nearby‚ we plan to use 3 days to finish it because drafting its layout out cost us a lot of time. After activity A‚ we
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partner. The management of Allnet Company invites Thorne to prepare a bid to audit Allnet’s financial statements. In discussing the audit fee‚ Allnet’s management suggests a fee range in which the amount depends on the reported profit of Allet. The higher its profit‚ the higher will be the audit fee paid to Thorne’s firms. Would you recommend that Thorne accept this audit fee arrangement? Why or why not? Describe some ethical considerations guiding your recommendations” Now i’m not asking for
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