(TCO G) Discuss the concept of best practices and their effect on quality management success. 2. (TCO H) Identify and discuss the five key dimensions of service quality. Given an example of a service and describe how a customer may define quality along each of these dimensions. 3.
Internal auditors guarantee that the internal controls are sufficient and calculate the company’s financial and information systems for accurateness. A series of audits such as financial statements, fraud, compliance, and operational can be made with the hiring of an internal auditor. The most beneficial audit for Whitfields Company would be an operational audit. Operational Audits can be done if upper-level management thinks that there is a need for operational improvements. It is a review of management and how operating procedures work.
The purpose of the financial statement audit is to ensure the entity being audited is preparing the financial statements in conformance with General Accepted Accounting Principles (GAAP). The information is important to investors, managers, banks,
There are three specific types of audits that my firm has to offer. The first is an operational audit; an example of this would be in evaluating the payroll processing completed through computer programs. The benefit of performing this type of operational audit is to establish if it is effective and efficient in operational controls. Another audit that can be performed by the firm is an compliance audit. This determines whether requirements for specific agreements are maintained to be in compliance with specific needs.
The Act was designed to promote honest and ethical conduct; full and accurate disclosure in periodic reports; and compliance with applicable government rules and regulations. The sections in the act that impact corporate responsibility address education and knowledge, accountability, control, fraud, obligations, and truth in accountability. Section 302 of the Sarbanes-Oxley Act introduces the requirement for several certifications regarding periodic financial reports. The signing officers must certify that they have reviewed and approved the report, and that they have evaluated the company's internal accounting controls within the preceding 90 days, and reported honestly on their findings. Under Section 404 of the act, these findings must detail any uncovered control deficiencies or instances of employee fraud, and must also be reviewed and attested by the registered accounting firm.
True (f) The objective of financial reporting is the foundation from which the other aspects of the framework logically result. True E2-4 Instructions Identify the appropriate qualitative characteristic(s) to be used given the information provided below. (a) Qualitative characteristic being employed when companies in the same industry are using the same accounting principles. Comparability (b) Quality of information that confirms users’ earlier expectations. Confirmatory value (c) Imperative for providing comparisons of a company from period to period.
The audit for the financial statements will include evidence supporting amounts and disclosures in statements, examining, accounting principles used assessment, estimates made by management, evaluating all of the financial statements overall. The internal control over financial reporting audit will be acquiring an understanding of internal control over financial reporting, evaluating and testing the design and operation of the effectiveness of internal control and conducting procedures as necessary. The internal control over financial reporting within a company is meant to provide a reasonable assurance as to the reliability of financial reporting and for the preparation of the financial statements for external purposes in accordance to the generally accepted accounting principles
Internal Controls XACC/280 October 7, 2012 Vaunda Davis Internal Controls Internal control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations. Internal Controls are needed to ensure the proper account of revenue under the guidelines of GAAP .These controls are aimed at ensuring compliance with revenue recognition guidelines and safeguarding assets against theft and unauthorized use, acquisition, or disposal is also part of internal control. There are six principles of internal controls. These control principles establish responsibility, using physical, mechanical, and electronic controls; segregate duties, and perform independent internal
Or Financial statements (balance sheet, income statement, statement of cash flows, and statement of stockholders’ equity) are the primary means accountants use to communicate financial information to investors, creditors, regulatory agencies, and others. Choose one of these financial statements and provide an example of the statement from your current organization, if possible. Provide a brief analysis of what is contained on the statement. The text identified three common legal forms of business organizations: sole proprietorships, partnerships, and corporations. IF you were to start or your business (or if you already have started your own business) what type of legal form would you use?
* “a statement of management's responsibility for establishing and maintaining adequate internal control over financial reporting for the company; * a statement identifying the framework used by management to evaluate the effectiveness of this internal control; * management's assessment of the effectiveness of this internal control as of the end of the company's most recent fiscal year; and a statement that its auditor has issued an attestation report on management's assessment.” (sec.gov) This is stating management has to take responsibility that they made sure the financial reporting of the company being handed in is correct. They have to explain how and what they have done to assure the financial reports are correct. Management has to get a seal of approval from its auditor agreeing that the financial reports are done properly and there are no mistakes and the necessary steps were taken to attest that the financial statements are correct. This makes management of a company personally responsible things are being done