Chapter 1 Auditing and Internal Control Review Questions 1. What is the purpose of an IT audit? Response: The purpose of an IT audit is to provide an independent assessment of some technology- or systems-related object‚ such as proper IT implementation‚ or controls over computer resources. Because most modern accounting information systems use IT‚ IT plays a significant role in a financial (external audit)‚ where the purpose is to determine the fairness and accuracy of the financial statements
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the role of internal auditing which is to assist management to maximizing the opportunities and to minimizing the threats to the organization. Internal 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
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1. A drive-by shooting occurred in Durham‚ North Carolina‚ at 10:14 p.m.‚ Friday‚ February 12th. During this drive-by an innocent elderly woman was injured and the Durham County Sheriff’s Office is looking for any suspects associated with the crime. Local officials claim that the elderly woman was sent to the hospital‚ Friday night with life-threatening injuries. A 72-year-old woman‚ whose name was not released‚ was reported to be wounded while was inside her home at 3017 Forrester St.‚ according
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External/Internal Factors Dell is considered a very successful company. According to Govindarajan & Gupta (2005) one of the successes is its customer-direct concept that has been practiced since the company ’s inception. The concept involves dealing with customers directly and not through a third party‚ which helps maintain the quality of the relationship with its customers and also the products. In addition‚ this concept allows Dell to eliminate unnecessary inventories‚ warehouse space and storage
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Seven Steps to Drive Innovation Sue Marks - 1/18/13 The key to innovation is creating an environment where employees feel comfortable taking smart risks. So get cracking. To succeed in the years ahead‚ it’s critical to have the right talent in the right roles and a culture that encourages the free flow of ideas and collaboration. The key to innovation is building a safe place in which employees feel comfortable experimenting‚ sharing ideas and taking smart risks. As we begin 2013‚ HR leaders
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External/Internal Factors When analyzing a company it is important to understand what the internal and external factors of the company are and how those factors are affecting the four functions of management. The four functions of management are planning‚ organizing‚ leading‚ and controlling. Internal factors affect what happens within the company and external factors are the outside environment that affects the company. Through strategic planning the company can build on its strengths
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External and Internal Factors Affecting General Electric Management: Theory‚ Practice‚ and Application External and Internal Factors Affecting General Electric We will use General Electric‚ also known as GE‚ to illustrate how internal and external factors affect the four functions of management. We will explain how globalization‚ technology‚ innovation‚ diversity‚ and ethics affect the four functions. We will also explain how delegation can be used to manage the different factors. General
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EXECUTIVE SUMMARY This paper will evaluates the role of information technology and how it affects internal audit process in banking industry. The study will also stresses on how IT affects internal control (control environment‚ risk assessment‚ control activities‚ information and communication and monitoring) and provides guidelines and best practices in evaluating techniques available to effectively perform auditing tasks internally. It will addresses how technology‚ Information system (IS) and
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my brother. For the last seven years‚ I spent all my life at my parents’ workplace: a small yellow brick building in Evanston‚ Illinois called Bill’s Drive In. Those boxes were my toys for most of the day. My brother and I would empty out their contents to create a castle or a spaceship. Everything was all giggles because as a young girl‚ Bill’s Drive In was my personal playground. As much as I loved that place‚ there came a point where being at my parents’ workplace bothered me. I was content with
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history‚ in addition to having the greatest representation of people. These developments are profoundly affecting the way in which organizations restructure themselves and develop their organizational mission. In this paper‚ the group will analyze how internal and external forces impact organizational behavior in an organization. The organization’s mission covers various areas of interest including the service expected as well as the upkeep of the organization to attract potential customers. It is known
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