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.
Reporting Practices and Ethics Paper Sharon Tucker HCS/405 May 13, 2013 Elizabeth Caissie Abstract The implementation of financial reporting and ethical standards are crucial for the growth and progression of an organization. Reporting fairly and accurate data will help control measurements that may address theft and/or fraud within the structure. Ethical standards are vital for the development in an organization’s set rules and policies in having quality in the services provided including integrity, values, and delivering effective outcomes in honesty. Generally accepted accounting principles (GAAP) are set guidelines which indicate rules, regulations, and procedures that are implemented for the maintenance and/or monitoring records. An organization that provides a financial statement to the public, investors or government funding entities must follow the set standards developed by Financial Accounting standards Board (FASB).
The current continuous improvement processes in place within my organisation ensure that it has the ability to remain competitive in today’s business environment. The following functions and behaviours are currently in place: • Customer-driven orientation • Customer satisfaction endorsed as the number one priority for the organisation • Constant focus given to meeting customer needs • Continuous improvement a part of all activities • The organisation recognising that product quality is dependent on process quality • A process of measurement existing to enable comparison of actual business performance against the expected outcomes and against the performance of other organisations • A focus on the elimination of waste, rework and errors • The consistent use of problem-solving techniques to address issues and prevent recurrence • Statistical data and analysis used to monitor and review the quality of processes within the organisation • Key performance indicators linked directly to customer satisfaction and the associated outcomes 2.) ‘In order to achieve improvement in quality, continuous improvement must be a key part of the organisational culture.’ Discuss this statement in the context of how continuous improvement enables the organisation to improve the processes and systems successfully and reliably. Continuous Improvement is key part of the organisational culture. It is an ongoing process of activities and initiatives adopted by organisations to
Identify the main reasons for reviewing working methods, products and / or services in a business environment. The main reason why a business should review working methods, products and / or services are to ensure that they are keeping in line with other businesses. An example of not keeping up with the times is HMV. Change can cause added pressures to the business. However there are changes that would have a small affect on the business.
These principles include Responsibilities, Public Interest, Integrity, Objectivity and Independence, Due Care, and Scope and Nature of Services. Accountants can use these principles as a guide when they encounter questionable requests from their clients, or supervisors, as well as avoiding any conflicts of interest that may arise (Mintz and Morris, 2011). It is important that accountants act ethically in reporting a company’s finances. Investors, as well as the general public rely on information when making financial decisions and whether to invest in a company. Out of the purposes of the AICPA Code of Professional Conduct, three of the most important include public interest, integrity, and due care.
Managers of an organisation manage: themselves, people and relationships, policies and procedures, environments, financial and physical resources, information and technology, ideas, operations and processes. Leaders and managers demonstrate ethical behaviour when they: * match action to vision and espoused values * do what they say they will do * treat employees and society with respect * give as much as they receive As a leader, I am a model those behaviours, and to promote ethical workplace behaviours I should make clear expectations * lead by example * provide appropriate coaching, mentoring and
Adhering to compliance is crucial to prevent companies from failing and taking huge financial loses. McBride must implement a system of audit compliance committees that will help mitigate non-compliance. Audit compliance committees will review financial documents, including receipts, documents, stocks, trades, shares, investment numbers and any other financial documentation. Non-compliance includes behavior and unethical actions performed by senior management that will be audited and monitored by the compliance committee. The committee will consist of internal and external auditors who will each have a part in ensuring McBride continues to perform and service the needs of customers
Organization Security Plan University of Maryland University College Adam Smith CSIA 413 EXECUTIVE SUMMARY An Information Security Plan is intended to protect information and critical resources from a variety of different threats in order to minimize business risk, maintain business continuity, and maximize cost-effectiveness of the efforts put in and business opportunities. Information security is achieved by enacting an appropriate set of controls, including policies, processes, procedures, and software and hardware functions. These controls should be established, implemented, monitored, reviewed and improved periodically, to ensure that the specific security and business objectives of the Department of Homeland Security are maintained. PURPOSE The purpose of this plan is to ensure the confidentiality, integrity, and
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.
ALL WK 1, DQ’s: WK 1, DQ 1: What is a business’s obligation to build an ethical culture and balance its desire for profit with ethical responsibilities to employees, customers, society, and the environment? Ethics is different from one person to the next, so it is imperative that business clearly define the norm for staff members and management. The decisions organizations make influence more than business partners, affiliates, culture, and others. It is important for organizations center of attention on maximizing shareholder revenue. Therefore, maximizing profit without causing destruction to the business culture can be a balancing act for most organizations.