Preparation Resources Module 1: Introduction to internal auditing Overview The first module in this course sets the stage for your study of internal auditing (also known as “management auditing”). You consider the definition‚ development‚ and scope of internal auditing. You also consider the business environment and identify and analyze its accompanying risks. The various types of internal audits and the relationship between internal auditing and performance measurement are explained. Finally
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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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process of sharing business ideas‚ proposals‚ information‚ facts and/or reports within an organization or outside it to achieve a predetermined goal. In other words‚ it is the flow of messages within a business house among its employees and with its customers‚ clients‚ etc.‚ ensuring its smooth running. Why Do We Need It Many of us have faced the situation where our families and friends applaud and encourage our ideas‚ but fail to sell them to corporate houses or professional organizations. They
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What are some factors that project a company’s culture? List some examples. Culture is a composite of many factors that project the shared values of the people who work in a firm. Thus‚ the way an employer behaves his/her employees will be similar to the way the employees will behave the customers. In order to achieve this‚ there are some subtle behaviors that can send the most powerful messages to the customers. These involve the prompt initiation of the conversation‚ verbal greeting‚ getting
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Describe sources of internal and external finance for a selected business For a business to run successfully on a daily basis it needs finances. Success comes when a business expands‚ reinvests and uses human recourses to run. Bentalls need money to run their business effectively and successfully. It needs finance for its daily running of the business for example‚ paying staff wages‚ paying bills for electricity and rent‚ paying taxes on time and ordering stock regularly. For a long term goal‚ Bentalls
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External Influences include factors over which a business cannot control. Such factors force business management and owners to adjust production operations accordingly. External influences include financial‚ economic‚ social‚ legal‚ political and technological development. Businesses are inclined to adjust to these environmental influences in order to keep a strong hold on sales and profits while tending to the needs of an evolving society. The economy experiences cycles of ‘booms’ and ‘busts’
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asked‚ “Why it is that some people have an apparent midis touch?” It’s a question I’m often asked. Is it purely luck‚ or is their success a result of something more cognitive? I responded by saying‚ “While luck may play a role‚ the vast majority of the highly successful business people I’ve met over the past 25 years do one thing in common – and they do it extraordinarily well. They monitor their business environment to predict future market trends. They analyse external forces‚ such as their competitive
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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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What are Some Disadvantages to Getting Married Too Young? There are plenty of great marriages that began when people were very young‚ many of which last for 60 or even 70 years. Some young people will make marriage work and others won’t. In fact from a statistical standpoint‚ divorce rate is highest among couples who married too young. The rate goes down when people marry in their late 20s and early 30s and then goes back up when people marry past the age of 40. So perhaps one of the greatest disadvantages
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DESCARTES ON THE EXTERNAL WORLD Descartes’ made himself belief that nothing exists and starts to doubt himself about everything. First‚ he states that God would never create something that would oppose to another person’s perception then‚ he goes on to say that to imagine something that you need something to imagine about and lastly the ideas perceived by what they call senses has to come from external soul. In the first argument‚ Descartes’ proof of the external world carries a lot of arguments
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