This is when an auditor does an actual review of the processes and the security of these processes and makes “professional recommendations” on the implementation of systems, the security of the systems and software, and even recommendations on better implementation of the database management. SAS 70 is important for all processes, electronic and manual, that may be outsourced to third party companies or may be maintained by third party software. This report provides the company as well as the third parties with a report that provides information on the internal controls that are in place and their effectiveness within both businesses. This allows the organizations to determine whether or not they need to make changes to their processes to ensure the security of the data that is being shared between parties (Hunton, 2004, p. 217). Finally, SAS 94 addresses the need for the auditor, and its firm, to fully understand the programming and technology that is being used for any given company.
When conducting an audit, one must develop a concrete understanding of a business and the type of environment the business operates in. The auditor must examine all the elements that make up the business and that also must include an understanding of the company’s internal controls. Once the auditor has a genuine understanding of the business; the auditor will establish material information, and create a series of procedures for the audit. In the instance of Apollo Shoes, an audit was conducted on the financial reports, the sales and collection cycle, and the payroll and personnel cycle. The final step of an audit design program would be to audit Apollo Shoes’ inventory and warehousing cycle and the cash cycle.
However, we, as in AOW offer a couple of other types of audits, which is an operational audit, and a compliance audit. An operational audit evaluates all of the operating procedures for efficiency, and can include more than just accounting. The evaluation can include the organizational structure, computer operations, production methods, marketing, and any other area. A compliance audit can be helpful for staying in compliance with the Department of Labor by examining wage rates with wage laws among other areas. The financial statement audit is the one I will be concentrating on by examining the financials to be sure Apollo Shoes in compliance with the required US accounting standards.
Business Communications - Homework Task There are various types of information that are both used by and created by organisations all of which have their own purpose such as informing employees of internal activities or stakeholders of developments within the organisation. You have been placed in charge of improving communication of a large company in the city of London and have been asked to study a competitor in order to facilitate this. Using one of the companies from the list below think about the types of information that they produce why they may produce it and where they will get the information from. It is important that you look at all aspects to get a whole view on the communications the business uses and why. Companies you may wish to consider: * BP * Thorpe Park * Ford
Which of the following controls most likely would help ensure that all credit sales transactions of an entity are recorded? A. The billing department supervisor sends copies of approved sales orders to the credit department for comparison to authorized credit limits and current customer account balances. B. The accounting department supervisor independently reconciles the accounts receivable subsidiary ledger to the accounts receivable control account monthly.
Those directly involved will also include the Board of Directors and executive leadership. The member of the BCP execution team will be delegated roles and tasks to provide clear understanding and plan execution. The BCP team will be a cross-functional team that covers all critical areas within the department, so in the event of a major business
Organizational Planning-Assessment Activity MGT/521 Karen M. McCarthy March 8, 2015 Instructor: Emma Kamarah Abstract In any business, whether it is corporate, government, profit, or nonprofit, planning is an important managerial role. Managers are involved with varying styles of organizational planning to strategically navigate his or her company towards successful and profitable futures. Operational planning is reliant on a complete understanding of the series of variables that are involved in each relationship and decision with a workforce from varying levels of a company. With NII Holdings, Inc.'s organizational structure, the organizational planning is developed on the operational and strategic plans of the SWOT analysis. Organizational Planning - Assessment Activity Providing mobile communications for Latin American business customers, NII Holdings Inc. is one of the foremost operators headquartered in the United States.
The material you produce will be used in the management training. • Create a PowerPoint® presentation with speaker notes that explains the operational components of planning, sourcing, making, and delivering. Describe the importance of sales, operations, and resource planning for the supply chain. In the presentation, explain why it is critical to have an accurate sales forecast. Cite sources according to APA standards and include examples.
Business Research Process Summary Business Research Summary Terence J. Brown RES/351 January 13, 2014 University of Phoenix Charles Sprague Business Research Process Summary 1 The business research process necessitates learning all characteristics of a business, from the market to the clients, then applying that data to make wide-ranging business resolutions. Within my workplace, I work in the “Return Good Department”, and the business research process of that department requires me to learn everything about it. I have to learn the complete rewrite of receiving returned goods procedures, defined regular returns, discrepancies, sales rep. returns, UPS or truck returns,
Although many organizations claim that they are adaptive organizations, in fact it involves searching and exploring new opportunities and implementing something for the first time. Consequently, adaptive reaction to change should be learned through a complete process. Organizational leaders can guide to general employees in this subject. According to Whiteny and Younker (2005), “Customer will adjust their expectation of a business based on their experience with all business they deal with” (p. 17). Thus, to meet moving customer expectation, business should find how to adapt with