Thus, product development processes, sales terms and marketing programs, human resource policies and procedures, and accounting systems have to be examined in order to insure that they do not contain elements that contradict the Lean strategy” (Fiume, 2002). He goes on to focus on the role of the accountants and accounting systems, stressing that they “tend to be the most significant barrier to successfully implementing Lean” (Fiume). One of these barriers, according to Bruce Baggaley in his discussion paper regarding Lean and Lean Accounting, is that standard cost accounting principles are actually at odds with what Lean is trying to achieve. He states that standard cost accounting’s measurements motivate behaviors that are harmful to lean, “…and it does not provide reliable cost information for decision-making in a lean environment” (Baggaley, 2003). The reason Baggaley states
SDM Audit’s responsibility is to express an opinion on the financial statements based on the information found in our audit. The audit will be conducted in accordance with generally accepted accounting standards in the United States of America. Under these standards we are required to obtain reasonable assurance that the statements provided are free from material misstatements whether by fraud or error. We are also required to obtain reasonable assurance that the financial statements are not misleading. Please be advised that this audit will not necessarily find all errors or fraud especially if the error or fraud is immaterial.
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
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,
S GAAP pronouncements in 90 accounting topics in display. The U.S. GAAP has recognized the FASB to apply this source for non governmental entities. The one of the main goal for the FASB codification creation was to help simplify the user accessibility into one place. The second goal was to ensure the codified substance to the accurately represented by the GAAP authority as of the 1st of July, 2009. The last main goal was to help create a research system of the codification that was the latest for results that were released by the standard settings activity.
Generally Accepted Accounting Principles or (GAAP) is a set of rules and practices. Having GAAP is a substantial authoritative support that the accounting profession recognizes as a general guide for financial reporting purposes (Kimmel, Weygandt, and Kieso). The purpose of GAAP is to measure assets, liabilities, revenues, and expenses. Securities and Exchange Commission or SEC is the agency of the U.S. government that overseas U.S. financial markets and accounting standard –setting bodies. International accounting standards board or (IASB) issues standards (IFRS) that have been adopted by many countries outside the U.S. Companies are required to follow these principles as long as those company’s reports conform to international accounting standards.
C. Summarized table of Evaluation Factors and Sub-factors: The table below represents a summarized table of the sub-factors that have been assigned to each of the pre-determined primary evaluation factors. Evaluation Factor #1: CORPORATE EXPERIENCEThis evaluation factor assesses the experience that a bidder is likely to add to the solicited project. The experience of the bidder should be commensurate, or similar to the requirements of the contract. | Listing of Relevant Sub-factors | Summation of Sub-factor (in 10 words or less) | #1: Years of Experience | Experience providing commensurate
Rule 404(a) specifically requires a statement of managements’ responsibility for establishing and maintaining adequate internal control over financial reporting of the company, their assessment of the effectiveness of the internal controls, and disclosure of material weaknesses. Rule 404(b) requires that the company’s external auditors attest to, and report on, management’s assessment of the effectiveness of the company’s internal control over financial reporting (McGladrey & Pullen,
Question # 2 The main objective is to establish an independent auditor to submit the accuracy of the accounts, and records to confirm the actual existence of assets. To achieve this goal, you should take a series of audit tools, including a review of audit procedures used to analyze the method used, the risk assessment and major decisions. Inherent risks and control risks caused by such a process would identify the balance sheet and accounting information misstatements. In order to ensure the lowest possible detection risk, carefully review critical business should be conducted to confirm their accuracy. By addressing the substantive issues, the review will be made to further define the account and ensure that investment company's investment adviser will not be fooled.
Besides, the accountant has to be objective when helping clients to make investment decision. Furthermore, the accountant also needs to keep their clients information confidential. In order to be “integrity,” those rules are required by law and stated on both IMA and AICPA. The Statements on Standards for Tax Services are enforceable tax practice standards for accountant. In comparison to the AICPA Code of Professional and IMA, SSTS is