Theories of Growth of Small Enterprises Various theoretical models have been developed which describe the growth of small businesses. One class of theoretical models focus on the learning process‚ either active or passive‚ and the other models refer to the stochastic and deterministic approaches. In the passive learning model (Jovanic 1982 cited in Liedholm 2001)‚ a firm enters a market without knowing its own potential growth. Only after entry does the firm start to learn about the distribution
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related party have been properly recorded by a client‚ an auditor should review info that provided by the management regarding the related party transactions. The auditor has to conduct audit procedure to ensure that information provided can be reviewed for completeness. If the availability regarding related party audit evidence is limited‚ the auditor may discuss with the management regarding the transaction amount and term‚ the nature of the relationship of client and related party and inspect the
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Problems Faced by Small and Medium Pharmaceutical Companies Small and medium enterprises (SMEs) in their endeavour towards trans-nationalization and exports are confronted with several issues. These include: lack of expertise‚ training and finance for technological up-gradation and adoption of good manufacturing practices (GMP) by SMEs to meet global quality standards; limited exposure and expertise on IPR issues; limited adoption of information technology (IT) techniques in production and processes;
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Background of the Study Internal Auditing Defined. Internal auditing is an independent‚ objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic‚ disciplined approach to evaluate and improve the effectiveness of risk management‚ control‚ and governance processes (The Institute of Internal Auditors). Internal audit‚ a component of the internal control system‚ is a strategic
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Explain what sources of finance are available for small to medium sized companies and explain why they sometimes face difficulties in raising finance 1. Introduction The SME (Small and medium enterprise) sector is one of the crucial important contributor to economic growth in terms of Gross Domestic Product(GDP) and job creation worldwide(IFC‚2010). According to OECD(2006)‚ SMEs had created more than sixty percent of the job opportunities for OECD countries. That situation for developing counties
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Internal Audit and the Relationship with Senior Management Summary: The case study “Internal Audit Reporting Relationships: Serving Two Masters” was a part of a series of research projects being developed by the Institute of Internal Auditors to determine the various relationships‚ specifically reporting relationships between the internal auditor and those charged with governance. To obtain research about the various types of reporting relationships‚ independence‚ conflicts that arise from
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duties as internal auditor to audit the operations of the Library. We have been undergoing the task based on our objectives. We have selected TAN SRI DATO ’Sanusi Junid‚ International Islamic College (IIC) Gombak library. On Monday‚ 13 August 2012‚ we went to the IIC and the library management was welcomed our presence. We have interviewed Mr. Muhammad Arif Bin Osman‚ which is the Executive Assistants. He was very helpful in terms of delivering the information that we want for achieve our audit objectives
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Chapter One An internal auditor is one who is independent‚ knowledgeable‚ works well in a team and is a leader. An internal auditor adds value to a company by improving a business’s organizational operation and helps them achieve its objectives by improving the effectiveness of risk management‚ control and governance processes. Internal Auditing Processes A business’s objectives are classified into four categories: strategic‚ operations‚ reporting‚ and compliance. An internal auditor uses these
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RELATIONSHIP BETWEEN INTERNAL AND EXTERNAL AUDIT Professor PhD Atanasiu Pop‚ „Babeş-Bolyai” University of Cluj-Napoca‚ e-mail: apop@econ.ubblcuj.ro PhD Student Cristina Boţa-Avram‚ „Babeş-Bolyai” University of Cluj-Napoca‚ e-mail: botaavram@gmail.com PhD Student Florin Boţa-Avram‚ „Babeş Bolyai” University of Cluj-Napoca‚ e-mail: botaavramflorin@yahoo.com ABSTRACT: Analyzing the evolution process of internal audit‚ from its beginnings and so far‚ we can easily notice that internal audit function was born
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components of financial statements and are classified according to the following broad categories: Existence or occurrence Completeness Rights and obligations Valuation or allocation (measurement) Presentation and disclosure In planning and performing an audit‚ an auditor considers these assertions in the context of their relationship to a specific account balance or class of transactions. .63 The risk of material misstatement in financial statement assertions consists of inherent risk‚ control risk‚ and
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