When prioritizing investments, it is vital that they are characterized and determined accordingly. Risk Assessments will have a role in this activity. The Risk Assessment will place a ranking system as to which risks are worth protecting and how cost effective mitigation will be. The issue with this activity is that some vital risks can be overlooked due to differing opinions. It also must be approved at the end of the activity to verify if it is done correctly.
1. What are the key risks that Yorktown is currently facing? Explain how those risks will affect financial statement risk (FSR), explain the impact ofgFSR (ie. is it pervasive or does it impact specific accounts and assertions) the and how the risks will impact the audit. (Use the table below to answer your question).
SWOT Analysis CanGo is made up of multiple internal and external factors that are both favorable and unfavorable to the company’s future plans and success. A SWOT analysis helps to breaks these areas down to fully understand their impacts on the organization. CanGo does have unfavorable factors including internal weaknesses, and external threats. Weaknesses that have been identified include an unorganized management team. Low customer satisfaction is another internal weakness that is crucial to the success of CanGo.
The Boise location will inherently have certain risks that will come with this type of business model and the related technology that supports the process. In order to properly manage the expected risks we will need to properly categorize the risks into quantitative and qualitative manageable pieces. McBride Financial had decided to use cost as the primary factor in measuring the risk thus a quantitative approach will be used. Three categories were chosen to represent the risks, they were: probability, impact and priority. The probability was measured from high to low with ratings set to high, med-high, medium, med-low, and low.
[University of Phoenix Custom Edition E-Text]. John Wiley and Sons, Inc. Retrieved February 1, 2009 from University of Phoenix, Resource MBA/502 Managing the Business Enterprise. University of Phoenix, (n.d.). Administration: Strategic Plan. Retrieved February 1, 2009, from University of Phoenix, rEsource, Virtual Organization Portal: Kudler Fine Foods, MBA/502 Managing the Business Enterprise.
Revision Class Program Week/Session Dates Description 1 30 Jul Seminar Topic Company Law in Context Prescribed Reading Lipton & Herzberg Ch 1, pages 1-23; Ch 21, pages 735-745 Recommended Reading Harris, Hargovan and Adams 3rd Edn. pages 1-44 24/07/2012 (Spring 2012) © University of Technology, Sydney Page 3 of 9 2 6 Aug Seminar Topic Registration and its effects Prescribed Reading Lipton & Herzberg 16th Edn Ch 2-3, pages 26-98 Recommended Reading Harris, Hargovan and Adams 3rd Edn. pages 161-203 3 13
Sarbanes-Oxley Section 404 Work: Looking at the Benefits. The Institute of Internal Auditors Research Foundation, 2005. Web. 9 April 2011 <www.theiia.org/download.cfm?file=343> “Optimizing the Role of Internal Audits in Sarbanes-Oxley Era.” Corporate Compliance. Delottie, 2005.
The final account that is on the balance sheet under the net assets and fund balances of the balance sheet would be the unrestricted net assets account. This account can be a target for the organization for an intentional misstatement because they could show that they have more assets that are unrestricted when realistically they could be restricted. Being able to show the difference would involve a detailed inspection. The auditor should do analytical procedures and substantive tests in order to detect these
APA Annotated of Bibliography BUSI 604 D09 –Forum 6 Module 6 7/31/2013 Dimensions of culture 1. Scholtens, B., & Dam, L. (2007). Cultural values and international differences in business ethics. Journal of Business Ethics,75(3), 273-284. doi:http://dx.doi.org/10.1007/s10551-006-9252-9 Bert Scholtens, Ph.D., who has been working in University of Groningen, The Netherland, has researched particularly on the interaction between financial institution and social responsibility. Mr. Lammartjen Dam is the student of Ph.D. at University of Groningen, The Netherland.
Which tools should be considered when developing procedures relating to hazard identification and risk assessment? 2. What are the consequences of a hazard in relation to risk assessment? 3. What are the ratings given to likelihood in risk assessment?