The stress of the audit partner is tremendous and choosing that profession is one that I would prefer not to undertake. The anxiety and pressure to certify that a company’s financial records are in good standing can be daunting. 3.) Independent auditors are sometimes perceived as the “necessary evil” by corporate executives because of the possibility of exposing corruption. To change this point of view an auditor can try to explain their intent to educate and improve the company’s policies, which can in turn lower costs.
Full Disclosure ACC/421 August 3, 2015 Full Disclosure The full disclosure principle was created to protect users of financial statements by requiring publicly held organizations to disclose pertinent information regarding transactions and details surrounding business operations. Full disclosure is increasing because of the need for more information in a timely manner. The necessity for full disclosure in financial statements brings consequences punishable by laws and fines and pushes organizations to act in honest and ethical manners when compiling their financial statements to the public. The Full Disclosure Principle in Accounting The full disclosure principle in accounting was created to protect investors who may be misled by businesses withholding crucial financial information. Without the full disclosure principle important negative financial information on company standings would likely be withheld from investors.
Staying within the budget is very important for a company to measure growth. Purchasing expensive programs or systems can become a waste of company resources. A company will need to look into their assets, vulnerabilities, and network features before purchasing anything to ensure that it will fit their needs. With the proper security program in place all security threats that could harm the company will be revealed and addressed to further protect the Bloom Design Group Corporation. The Bloom Design Group will need to apply their best practices to ensure IT systems not only reach a known and trusted state but that they also preserve that state of compliance.
Robbin Industries is jeopardizing itself by not properly reporting the advertising costs. As an operating company, they must understand the generally accepted accounting principles and adhere to them (Weygandt, Kieso, & Kimmel, 2010). (c) What would you do if you were Wayne Terrago? Wayne Terrago should try to report the financial condition and results of operations fairly and in accordance with the generally accepted accounting principles. As controller, Wayne should inform management and understand what is acceptable according to the GAAP.
Hugh McBride will address who the company’s stakeholders are, define the end-state vision, identify and evaluate alternatives, identify and access the risk of the alternatives, recommend optional solutions, create and implement solutions, and to access the outcomes. Beltway Investments are McBride Financial Services major investor. There are some that anticipate for the company to be run by implementing corporate governance. The company’s CEO has decided not to implement this option. The new CEO would rather operate the company without interference of the “money man.” Even though, this maybe a gamble due to corrupt the thinking that would affect Beltway’s public credit.
Week Two Learning Team Reflection During Week 1, we discussed the basic components of business research. We were shown how to recognize dilemmas and address issues related to corporate America, such as declining sales, increase in costs and any other issues that may have adverse impact on business. With that, business research becomes a problem solving tool in the decision making. However, ethics must first be weighed to ensure the social bottom line and productivity remains at its highest. Unethical behavior undermines positive gains.
Economic Issues Simulation Paper Heather Pennington University of Phoenix Mark Williams HCS/440 Making financial and economic decisions for a business is never an easy task. It is a lot harder because employees have to know what is best for the business in order to profit from it and grow larger. There are three types of Castor plans which are Castor Standard, this covers any incidentals but will not cover any pre-existing health issues. Then there is Castor enhanced, this covers pre-existing health issues and then there is Castor enhanced minor which covers pre-existing health issues and coverage such as obesity, substance treatment, etc. can be excluded and this include mental health.
Ensure information is up date and secured from a reputable source are the only ways you can be sure of its validity. Gathering raw data instead of correlated data can also prevent bias. Methods of collection are: * checking research provided by others * checking written material including referrals and client files * classification tools * individual research * information from other organisations * interviews with colleagues/customers * observation and listening * previous file records old information Outdated information gives misleading and in accurate facts which could have a huge impact on decision making. This information is only useful when looked at in conjunction with new facts and figures as part of a reflection process. It could have huge financial implications for businesses and presenting this misinformation to others could also mean damaging you reputation interpersonal skills Using interpersonal skills can be a very powerful method of collection especially in the workplace where it can help you to save time.
It has come to increase efficiency, reduce overhead, and maximize competitive advantage. Collins emphasizes heavily that technology shouldn't be used and regarded as the remedy to a company and the crash of the tech bubble in the early 2000's revealed this. Collins contends that the good to great companies approach the prospect of new and emerging technologies with the same careful management and deliberation that characterizes all of their other business decisions. These companies tend to apply technology in a manner that is reflective of their "hedgehog concepts", typically by selecting and focusing solely upon the development of a few technologies that are fundamentally compatible with their established strengths and objectives. Collins characterizes the ideal approach to technology with the following cycle: "Pause, Think, Crawl, Walk,
Hypothesis 7: Enterprises do not agree with respect to the factors acting as barrier to the SCM implementation. In order to pinpoint the obstacles and bottlenecks, and to achieve superior performance, organizations embrace benchmarking as a strategic tool (Rigby, 2013). Shirley (1996) defined benchmarking as a continuous and systematic process in which an organization’s processes or practices are compared with its rivals having a better position in the marketplace, to discover the best way to perform a particular activity or process. Benchmarking imparts better comprehension of the current practices of the organization and allows the firms to re-engineer their business processes, so that they can attain best-in-class performance or beyond