process that is often known as a Strategic Audit. The external environment in which a business operates can create opportunities which a business can exploit‚ as well as threats which could damage a business; however‚ to be in a position to exploit opportunities‚ or respond to threats‚ a business needs to have the right resources and capabilities in place. The process of conducting a strategic audit can be summarized into the following stages: Resource Audit‚ Value Chain Analysis‚ Core Competence Analysis
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What are the components of a comprehensive budget and what is the purpose of each component? A comprehensive budget is a compilation of operating budget and the capital budget financial statements. Together‚ these cover all aspects of financial life. An operating budget is a combination of "known expenses‚ expected future costs‚ and forecasted income over the course of a year." (What Is an Operating Budget? (n.d.)) It offers business and companies an overview of what their revenues/expenses
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like a challenging task‚ you will benefit from the exercise in many ways: • your clients will perceive you as professional – any client who wants to do business without something in writing should be informed it is standard professional practice‚ in keeping with the AGDA Code of Ethics • you will have legal protection in the event that there is a dispute between yourself and the client – it is not unlike backing up your files‚ ie. the first time you actually need it makes it all worthwhile
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Weaknesses in an Internal Audit Control System by Osmond Vitez‚ Demand Media An internal audit control system is a common safeguard found in business today. This safeguard is broken down into two parts: internal audits and internal controls. Internal audits are informal reviews by the business owner or employees. They provide information on internal operations in employee performance. Internal controls represent the specific policies the business owner‚ manager and employees must follow in the
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Case 1 The Valley Winery The Valley Winery is an example of management malfunction because some top-managers are promoting unethical behavior and lack of credibility. High sales force turnover is the main problem this company is facing; however‚ high turnovers lead to employee dissatisfaction and unethical behavior. In addition‚ the company is putting on risk many of its relationships with their customers. Pat Waller was recently promoted to sales manager of the San Francisco chain division
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points] a) The crash cost per day per activity [10 points] Activity A: Crash Cost = ($800 - $300) / (7-3) = $500 / 4 = $125 per day Activity B: Crash Cost = ($350 - $250) / (3-1) = $100 / 2 = $50 per day Activity C: Crash Cost = ($900 - $400) / (6-4) = $500 / 2 = $250 per day Activity D: Crash Cost = ($500 - $200) / (3-2)
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The Pirates of Silicon Valley is a film about Steve Jobs‚ the co-founder of Apple Computers and Bill Gates‚ the co-founder of Microsoft. This film historically traces the development of these two computer companies from the time these two gentlemen are college (the early to mid 1970’s) to approximately 3 months before Steve Jobs was fired by John Sculley‚ then CEO of Apple Computer in 1985. This story shows not only the development of these two computer companies‚ but also the rivalry between
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Need Cash? Look inside your company This article was very interesting to read and brought to my attention several issues. Following the world financial crisis‚ a common scenario in today’s business world sees organizations always struggling for capital. However‚ with the ability to better manage their internal policies and processes‚ organizations may discover that considerable cash flow can be unlocked while making significant difference between failure and survival. The authors highlight six
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Audit Objectives: a. Determining that cash on hand as shown in the general ledger is represented by currency and coins on hand. b. Determining ownership and proper accountabilities c. Ascertaining that cash balances are available without restrictions. Audit Procedures: a. Examination of cash proof sheets and tracing of their totals to the general ledger b. Test tracing of deposit or withdrawal slips to individual subsidiary ledgers and vice
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auditing must maximize the assurance provided to the board‚ the audit committee and the management‚ and contribute to the continuous improvement strategies for the organization. So‚ how to maintain good internal auditing function within the organization? Outsourcing of internal audit function is one of the solutions. So‚ what is internal auditing? What is outsourcing of internal audit function? How could outsourcing of internal audit function help the role of internal auditing? All these questions
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