INTERNAL AUDIT 1 Internal audit ‘Internal audit’ is an appraisal activity established by management for the review of accounting and internal control systems as a service to the entity. It reviews‚ monitors and make recommendations for the improvement of systems. Other activities include: Examination of financial information Review of economy‚ efficiency and effectiveness (‘value-for-money’ audits) Review of compliance with external laws and regulations Review of internal policies Review
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Internal Recruitment The assessment of an employer’s current staff to ascertain if any current employees are sufficiently skilled or qualified to perform required job vacancies. When a business engages in internal recruitment‚ a current employee might be reassigned to the new position by giving them either a promotion or an internal transfer. Advantages of Internal Recruitment Reduced Recruiting Costs There are costs associated with recruiting‚ especially when your search is conducted outside of
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Wireless Networks Competitive Alert News on Alcatel-Lucent competitors Headline: Sprint Nextel and Ericsson reach $5 billion network services agreement July 27th‚ 2009 Details On July 9th‚ Sprint and Ericsson announced a plan for Ericsson to take over Sprint’s fixed and mobile network operations. This deal represents the largest Managed Services contract in North America so far‚ both in terms of contract value and the scale of operations to be managed. This wireless and wireline network
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Chapter 4 The External Environment The Environmental Domain Organization Environment is composed of all elements that exist outside the boundary of the organization that have the potential to affect all or part of the organization. Its domain is the chosen field of action. The environment comprises several sectors or subdivisions of the environment that contain similar elements (ie. industry‚ raw materials‚ human resources‚ market‚ technology‚ financial resources‚ economic conditions‚ government
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British Journal of Arts and Social Sciences ISSN: 2046-9578‚ Vol.8 No.I (2012) ©BritishJournal Publishing‚ Inc. 2012 http://www.bjournal.co.uk/BJASS.aspx Effectiveness of Internal Audit in Tanzanian Commercial Banks Dr.Jayalakshmy Ramachandran Asst. Professor‚ Nottingham University Business School‚ Seminyih‚ Malaysia‚ Email: jayalakshmy.rama@nottingham.edu.my 60386248779 Dr.Ramaiyer Subramanian ‚ Lecturer‚ Faculty of Business and Law‚ Multimedia University‚ Malaysia. Email: ramaiyer.subramaniam@mmu
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What is internal control and why is it important The American Institute of Accountants first defined the term internal control in 1949‚ followed by further clarifications in 1958 and 1972. In 1977 publicly held companies came under legislation to adequately implement controls to protect their financial information. A report by the Committee of Sponsoring Organizations in 1992 and the Sarbanes-Oxley Act of 2002 are more recent documents defining internal controls.( Bishop‚ 1991‚p.117-123; Colbert
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Business environment can classifies in two categories that are internal environment and external environment. Internal factors close to the company that have a direct impact on the organizations strategy‚ these factors include employee‚ customer‚ suppliers‚ shareholder‚ banker etc. External environment comprises those factors and trends outside the organization that might have an influence upon an organization and its future. Many external factors can have an effect upon an organization - from changes in
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business decision making?”‚ one of the component elements included in the right answer definitely is analysing the external environment of the organization. As Dess commented (2008‚ p.37)‚ “Strategies are not and should not be developed in a vacuum. They must be responsive to the external business environment”. Especially in hospitality – a service-based industry‚ the term “external environment” is extremely important cause the products are intangible‚ which are dedicated according to the markets’
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The External Environment affects the internal operations of all businesses. What’s happening in the world of politics‚ economics‚ socially and technologically impacts how a business has to act in order to survive. External elements that affect the inner working of a business are known as PEST factors. ‘PEST’ is an acronym for Political‚ Economic‚ Social and Technological. Politics may affect the ability of a business to achieve its aims and objectives and changes in laws may mean a company has
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Chapter 2 The external environment: Opportunities‚ threats‚ industry competition and competitor analysis Knowledge objectives 1 Explain the importance of analysing and understanding the firm’s external environment 2 Define and describe the general environment and the industry environment 3 Discuss the four activities of the external environmental analysis process 4 Name and describe the general environment’s six segments Knowledge objectives 5 Identify the five competitive forces
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