Auditing for Global Environmental Politics

Question: Discuss about the Auditing for Global Environmental Politics. Answer: Introduction: Due to extreme competition in business activities, various kinds of risks are faced by businesses. Inherent risk is a kind of threat that explains potential pitfalls or losses that prevail before mitigating factors or internal security controls are implemented. Inherent risks are present in the business automatically and no amount of safeguard can keep it at bay. It is inherent in the system. Moreover, it measures the auditors evaluation of the likelihood that there are material misstatements because of fraud or error in segment before considering the efficiency of internal control. In other words, an inherent risk cannot be suppressed by an auditors presence or internal control policies. Whenever a business decides to expand its business activities, it becomes prone to inherent risks. In short, the businesses need to tackle various challenges and risks from the proposed planning of expansion (Geoffrey et. al, 2016). The assessment procedures of risk comprises of various internal and external factors that includes inappropriate transactions, fraud or thefts, misstatements in financial statements etc. However, there are many risks that are already identified by the management while the business develops and this highly relies upon control and measurement factor and other line of action strategies. It must be noted that a business can be assessed taking into account several macro as well as micro factors that are very crucial from the starting point till the collection of revenues, allocation of revenues and payment of taxes etc (Geoffrey et. al, 2016). With the assistance of such measures and controls, effective assessment of business risks can be initiated and every ineffective area can be identified so that management can take proper steps in relation to the same. But there is a usual proclivity among the business enterprises that unearthing of misstatements, frauds or errors in the financial statements cannot be done until and unless these transform into a bi gger mess (Brown et. al, 2006). Moreover, even the accountants often ignore these problems because these are petty but these factors are the major reasons behind the creation of inherent risks. Therefore, both internal and external audit processes must be conducted so that any weak spots can be unearthed easily. Furthermore, these petty factors can merge and transform into a bigger problem that can impact the companys performance. This is evident in the case of OneTel, where the management ignored these petty factors and it resulted in a serious problem. Other factors like poor management, inadequate terms, conditions, inappropriate diligence measures, etc also facilitated in the downfall of the company (Goodstein, 2011). It was observed that the management of OneTel failed to take proper actions so as to evaluate the risks prevalent in its business. Assessment of risk is a vital process that failed in the case of OneTel thereby leading to a fall. Not only this, even the founder and managing director of the company made false misstatements that clearly indicated fraud on the part of the company in order to gain more profits. This signifies the importance of risk evaluation in the business activities of a company but as OneTel failed to take such actions, the risks and complexities prevailing in its activities could not be unearthed and resulted in the companys downfall. Moreover, it has been observed that detecting problems in a business activity becomes observable to the management only when it takes a form of a huge mess. Hence, if these factors combined collectively, it can be understood how OneTel crumbled because of inappropriate risk evaluation measures. When risk evaluation process of the business is unable to provide backup then the business is sure to face obstacles. Moreover, it leads to difficulty in terms of operation and the same witnessed in OneTel. As mentioned-above, the first factor that leads to the creation of inherent risks in a business activity is the ignorance of management and the accountants in relation to the financial statements. This factor is further amalgamated by various other factors that include mismanagement in relation to ageing creditors and debtors, unclear cheques etc. Therefore, ineffectiveness by the management in relation to these can depict inappropriate and inaccurate account balance (Matthew, 2015). Not only did the management of OneTel failed to introduce effective steps for risk evaluation but the accounting policies were altered that made the complete risk evaluation procedure very topsy-turvy and therefore ascertainment of accurate account balance became possible, thereby creating risks. The accounting procedures must be continuous and regular as it facilitates in effective presentation and assists in offering significant information that can be easily understood by related parties (Matthew, 201 5). At the starting stage, OneTel did not make accounting policies for the intangibles but taking into account the deferred expenses, it altered the policy. This alteration did not go well for the company as it was a very rapid one. This indicates the limitations prevalent in the company. Furthermore, the inefficacies in the financial reporting methods of the company were also questionable as the account balances were completely inaccurate and this is the reason why the new auditors of the company issued a qualified opinion in respect of its financial statements. There were major problems in the system and the management failed to provide a productive result. However, in contrast to this, the previous auditors of the company issued an unqualified opinion that signifies fraud in the company. Hence, when the financial statements of the company were submitted to the ASIC, the account balances were clearly found to be inaccurate and therefore, several concealed losses and expenses provided by the company was exposed. These infinite factors led to the creation of inherent risks for the company and thereby leading to its downfall. It is the re sponsibility of the management to depict the exact balances and if it does not reveal, it results in suppression of material facts that can dissatisfy the investors and shareholders of the company. The most significant cause of the problem can be attributed towards the neglect of accounts by the accounts department. Even the reporting methods of the company were ineffective because it failed to identify inaccuracies in the account balances of the company. This was because of gross management and poor internal control policies within the company (Vause, 2009). As a result, the company had to suffer from disintegration because inherent risks surrounded the company as a whole. Hence, it is clear from the above-discussion that reporting procedures must be free from errors because it can increase the exposure towards inherent risks, thereby leading to downfall. Even the auditors of a company are strictly liable to make use of significant tools and mechanisms to detect any errors whether intentional or unintentional on the part of company. But in this case, the companys auditors failed to take such effective measures and deviated from their duties. It is the duty of the auditors to consider every point and provide an independent decision (Wood, 2011). The auditors that help to provide an effective result that was lacking in OneTel should ensure the compliance system. The going concern concept is the main reason that states that an organization will be operative in the upcoming future and there does not remain any reason for its wind up. According to the balance sheet assessment, it can be observed that the current assets, non-current assets and liabilities have significantly enhanced. But, it is a matter of questionable doubt that despite a decrease in the profits of the company, it can be seen that the share capital has enhanced. Moreover, even a decrease in profits of the company is not a good sign because it indicates a slow progress towards development and loss of stakeholders confidence upon the companys activities. The accumulated losses of the company portrayed in the last year reports above 200% in contrast to the figures of last year. The EBITD depicted in the income statement of the company is in negative figures that clearly indicate that the losses of the company were increased on a very high note because there were huge expenses repo rted in the P/L account of the company. This also states that the company can either reduce its debt obligations or increase its revenues so that the losses can be wiped off. However, considering the amount or figures of loss, it is very difficult for the company to clear all of these in just one or two pears (Monem, 2009). Therefore, it is the duty of management to focus on such matters effectively so that the company can be safeguarded from upcoming dangers. As the flaws of the company were exposed and reporting conducted by the agencies, it was observe that the Finance Director of the company had miserably failed to take proper steps to authenticate the books of accounts that include ledgers, journals, trial balances etc (Gilbert terry, 2005). This indicates an inefficacy on the managements part because the company executives did not perform their duties as expected of them. The ageing reports of creditors and debtors were prone to several loopholes because of ignorance by the accounts department. Therefore, if the company continues to be ineffective in such processes, an opening gap will be established between the profit and loss where the loss amounts will be massive. Furthermore, the company will tend to lose trust among its stakeholders and it will fail to function in an effective manner (Dougla s et. al, 2015). Hence, the going concern concept is at massive risk and as per the circumstances, it can be observed that factors like poor internal control mechanisms, ineffective management etc can negatively impact the going concern concept. According to the going concern concept, a business can operate for an infinite period but these situations can be tolerated upto an extent and if massive losses are incur in future, it will not be able to repay its debt obligations and thereby cannot invest towards its growth (Cook, 2001). It is well-established that only those companies can prosper in the business world that has a continuous flow back of money so that it can carry out its activities in a simple and flexible manner. However, once a crisis like this affects the company, it will become very difficult to get out of such a situation and again be efficient in conducting normal activities will be more of a dream for the company (Douglas et. al, 2015). Therefore, it is highly required that the compa ny must strike this concept of going concern so that the inefficacies and irregularities prevalent in the company because of factors like mismanagement and ignorance can be mitigated, thereby safeguarding the company from being wind up. References Brown, J.W., Chasek, P. Downie, D.L 2006, Global Environmental Politics, Boulder, CO:Westview Press. Cook, T 2001, Collapse of Australia's fourth largest telco adds to growing list of corporate failures viewed 16 September 2016, https://www.wsws.org/en/articles/2001/06/onte-j08.html Douglas M.B, Todd, D.F Hermanson, D.R 2015, The Effects of Internal Audit Report Type and Reporting Relationship on Internal Auditors' Risk, Judgments.Accounting Horizons, vol. 29, no. 3, pp. 695-718. Geoffrey D. B,Joleen K,K. Kelli SDavid A. W 2016, Attracting Applicants for In-House and Outsourced Internal Audit Positions: Views from External Auditors, Accounting Horizons, vol. 30, no. 1, pp. 143-156. Gilbert, W. J Terry J. E 2005, The Use of Control Self-Assessment by Independent Auditors, The CPA Journal, vol. 3, pp. 66-92 Goodstein, E 2011, Ethics and Economics, Economics and the Environment, Wiley Matthew S. E 2015, Does Internal Audit Function Quality Deter Management Misconduct?, The Accounting Review, vol. 90, no. 2, pp. 495-527 Monem, R 2009, The Life and Death of OneTel, Griffith University. Vause, B 2009, Guide to Analysing Companies, Bloomberg Press Wood, D A 2011,The Effect of Using the Internal Audit Function as a Management Training Ground on the External Auditor's Reliance Decision, The Accounting Review, vol. 86. No. 6

Pert Essay Example

Pert Essay Planning and control–Critical Path Method (CPM) amp; Progamme Evaluation and Review Technique (PERT) Explain what is meant by the Critical Path Method (CPM) and the Programme Evaluation and Review Technique (PERT), as used in project planning and control? Department A is performing a system upgrade project with the following tasks, duration and task dependency relationships. Critical Path Method (CPM) The critical path method (CPM) is a step-by-step technique for process planning that defines critical and non-critical tasks with the goal of avoid time-frame problems and process bottlenecks.The CPM is ideally suited to projects consisting of many activities that interact in a complex method. Programme evaluation and review technique (PERT) The programme evaluation and review technique, or PERT as it is universally known, had its origins in planning and controlling major defence projects in the US Navy. PERT had its most spectacular gains in the highly uncertain environment of s pace and defence projects. The technique know that activity period and costs in project management are not decision and that probability theory can be applied to estimates, as was mentioned earlier.In this type of network each activity period is estimated on an optimistic, a most likely and a pessimistic basis. CPM and PERT are project planning and control. 5 5 4 4 2 2 2 3 1 1 1 Start 6 6 3 3 2 1 End 1 the project duration is 9 days Task 1,2,4,5,6 are critical path. Task 3 is not in critical path , If task 3 delayed for 2 days will be no effect in the critical path. If crash project schedule to 8 days, we have to employ labor and over time to work in the task.

Essay Introductions - Student Essay Introductions

Essay Introductions - Student Essay IntroductionsIt is not uncommon for a teacher to hand out sample essays as they are finished, either during the initial planning of the essay or as part of the grading process. Some teachers will provide the students with the sample essay and allow them to critique it before submission to ensure that it is satisfactory. This helps the student achieve their goals of being able to communicate the importance of the topic to their readers and to ensure that they get the correct grammar and spelling correct.There are many reasons why a teacher may decide to give students a sample essay. Some teachers may want to see how a student will write their own essay, while others may ask them to do the writing at least once before the essay topic is introduced to them. A few students may feel embarrassed or afraid of speaking to a classroom full of adults, so they will enjoy writing their own introduction to an essay.Student essay introductions are a useful tool in helping the student to become familiar with the topic. For instance, if a topic is something as uncommon as redheads, a student may be given a story about redheaded people. This gives them a starting point from which to develop their writing skills. The use of different examples makes writing easier and also helps the student to determine whether they are capable of writing an essay on the topic.When a student first enters the classroom, they will most likely have no idea what the main topic of the class is. This is another good reason for the teacher to give the students samples of essays. The students will read through the sample and decide whether they are interested in pursuing the topic or not. Often the students do not even know what the topic of the class is until they read through the sample and decide they want to pursue it.Many students find it difficult to write essays because they are struggling with the subject. A good example of this is someone who is not comfortabl e with writing about how they feel or the things that they are passionate about. When the teacher gives them a sample, they will be able to find the proper word to use when they are unsure of the right way to express themselves. The sample will help them formulate their words properly and will give them an idea of how to approach their essay.Students who are writing essays for the first time are typically curious about the grade they will receive for the assignment. For this reason, it is sometimes helpful for the teacher to give them a sample essay. It allows them to see the grade on paper before they submit the essay.Students who are writing essays for the first time can benefit greatly from the introduction essay introductions. The essay introductions can also be used for other purposes besides giving a student an introduction to an essay topic. The samples can be used in the story topic section of a science fair and may be used in other ways as well.Although a sample essay is no t usually required in many situations, it can be useful for students who are writing essays. The reasons for providing a sample are two fold. The essay introductions can provide the student with the ability to work on developing their writing skills and they can also help the student to figure out what grade they should be expecting for the assignment.

Free Essays on Hectors Tragedies

at his cowardly brother. Moreover, although Hector loves his family, he never loses sight of his responsibility to Troy. Admittedly, he runs from Achilles at first, and briefly entertains the delusional hope of negotiating his way out of a duel. However, in the end he stands up to the mighty warrior, even when he realizes that the gods have abandoned him. His... Free Essays on Hector's Tragedies Free Essays on Hector's Tragedies Hector is the mightiest warrior in the Trojan army. Although he meets his match in Achilles, he wreaks havoc on the Achaean army during Achilles's period of abasence. He leads the assault that finally penetrates the Achaean ramparts, he is the first and only Trojan to set fire to an Achaean ship, and he kills Patroclus. Yet his leadership contains discernible flaws, especially toward the end of the epic when the participation of first Patroclus and then Achilles reinvigorates the Achaean army. He demonstrates a certain cowardice, when twice in Book Seventeen he flees Great Ajax. Indeed, he recovers his courage only after receiving the insults of his comrades- first Glaucus and then Aeneas. He can often become emotionally carried away, as well, treating Patroclus and others of his victims with rash cruelty. And later, swept up by a burst of confidence, he foolishly orders the Trojans to camp outside Troy's walls on the night before Achilles's return to battle, thus causing a crucial d ownfall the next day. But although Hector may prove overly impulsive and insufficiently prudent, he does not come across as arrogant or overbearing, as Agamemnon does. Moreover, the fact that Hector fights in his homeland, unlike any of the Achaean commanders, allows Homer to develop him as a tender, family-oriented man. Hector shows deep, sincere love for his wife and children. Indeed, he even treats his brother Paris with forgiveness and indulgence, despite the man's lack of spirit and preference for love-making over military duty. Hector never turns violent with him, merely aiming frustrated words at his cowardly brother. Moreover, although Hector loves his family, he never loses sight of his responsibility to Troy. Admittedly, he runs from Achilles at first, and briefly entertains the delusional hope of negotiating his way out of a duel. However, in the end he stands up to the mighty warrior, even when he realizes that the gods have abandoned him. His...

Case study Essay Example | Topics and Well Written Essays - 750 words - 31

Case study - Essay Example However, the system has provided significant challenges in the day-to-day running of the clinic. The challenges include wasting of time, staff overhead, inefficient or poor billing and also stressful to the patients. With the implementation of an Electronic Health Records (EHR) system, the patient check in process will enjoy immense benefits, which include automation of the process using integrated technological features. As a result, healthcare services will be offered fast, accurate, consistently efficient and user satisfying (Scarlat, 2012). It is very essential to clarify that the implementation of a high quality electronic health records (EHR) system is a fundamental subject in ensuring that UMUC Family Clinic ends up delivering high quality services. In this sense, the key business process that needs to be improved is as stipulated below (Rodrigues, 2010). In order to deliver best services in the patient check-in process at the Clinic, the following Electronic health records system is proposed. The main aim is to provide long-term solutions to the current challenges experienced in the clinic. In essence, the Agility EHR 10 system has hereby been proposed as the best solution (Scarlat, 2012). It is crucial to outline that the Product name is identified as Agility EHR. In addition, the version number of the product is ten (10). In order to enjoy effective operation of the targeted (Agility EHR 10) Electronic Health Records System, it is important that additional software is integrated in its daily operations. This additional software entails Cerner Multum, Multum VantageRx version 3, Elsevier and ExitCare version 7.5. The certifying body for this system is the Certification Commission for Health Information Technology while the product CHPL number is CC-2014-615770-1 (Rodrigues, 2010). The availability of the aforementioned information has been of great significance to the success of the proposed solution. To be precise, the information plays a

Advanced Entrepreneurship Essay Example | Topics and Well Written Essays - 1000 words

Advanced Entrepreneurship - Essay Example It is also aimed at providing the strategy of the company Triangle Solutions to get ideas implemented internally or at describing the reasons why a product idea should be spun off into a new subsidiary company owned by a business organisation. This paper finally describes most suitable ownership types for small businesses, like retail electronics, software developer, and advertising. Assignment 1: Triangle Solutions is one of the most reputated computer producing companies in the world. It is an American company, headquartered at New York. It sells different types of computers, from desktops to laptops and palmtops. These products have large national and international markets and the products have significant reputation in these markets. The industry and market size: In modern times the industry of computers are highly competitive as numerous companies are producing and manufacturing computer products. Desktops, laptops, palmtops, and mobile computers are highly demanding and the ind ustries for these products are experiencing rapid growth. This industry produces computers, computer related products like printers, home electronic and communication equipments. Triangle Solutions produce these products for commercial as well as military purposes. Triangle Solutions also sells disk drives, wireless telephones, consumer electronics for commercial purposes in the industry and â€Å"smart† bombs, electronic navigation equipment for military purposes. But recently the company has launched a new product, a mobile phone that has the features of both computers and phone, but has triple sim card facilities and has expandable memory and a super-specialty 6 mega-pixel camera. This product will attract the modern generation as well as it will facilitate professional mobile users. The market for this product is large, not only domestically, but also internationally. The company is expecting to acquire atleast 40% of the global market for mobile and computer products by the end of 2014 with the introduction of this new product. The company is expecting that the product will reduce the effort of mobile users to use Internet facilities on their mobile phones and also the facility provided by the product of Triangle Solutions in terms of using three different phone numbers in a single phone that has so many additional facilities will attract large number of mobile phone users across the world (Computer and Electronic Product Manufacturing, n.d., pp. 53-54). Team requirements: To introduce the new product in the market the company has employed large and efficient team of people which are not only experts in developing the technologies and softwares which are needed for the making of this new product, but also the company employed best people for marketing and sales of the product. The company has also employed analytical team-members for the purpose of business analysis and market analysis of the new product. The team that has been employed for the pur pose of the business development of the product is highly experienced and they have put lot of effort in developing the market for the new product and also for increasing the market size of the product. The company has employed best engineers from all over the world from best engineering schools of the world to build up the new technology for the product and different trial uses of the new mobile phone has resulted in highly satisfactory comments from different consumers of that trial uses. The trial use strategy has been a remarkable marketing strategy that has been applied in selected shopping mall in New York. People have been allowed to use the product and comment on the advantages and disadvantages of using the product. This marketing

The United Nations and Colombia Essay Example | Topics and Well Written Essays - 2000 words

The United Nations and Colombia - Essay Example The Republic of Colombia, which achieved independence from Spain in 1810 and became recognized in 1819, joined the UN on 5th October 1945 (Borda & Castillo 3). It is among the present member states and is located on South America’s northwestern coast. The country has Ambassador Maria Emma Mejia as its permanent representative to the UN. This paper will research on how Colombia started in the UN, how it has maintained itself over the years as a member, its relations with the organization, and the past and current projects it has had with it. Briefly describing the UN, its system is basically structured on five key organs which include the General Assembly, the International Court of Justice, the Security Council, the Secretariat and the Economic and Social Council (Fasulo 14). The General Assembly resolves non-compulsory recommendations to countries and makes decisions on the admission of new member states after the Security Council’s proposal. The Secretariat, chaired by the UN Secretary General, provides administrative support to the other bodies, while the International Court of Justice decides and settles disputes between countries that acknowledge its opinions and jurisdiction. The Security Council’s key responsibility is maintaining international security and peace, and the Economic and Social Council coordinates social and economic affairs globally (Fasulo 15). To become a member state of the UN as well as a member of the UN General Assembly, the organization’s main deliberative assembly of w hich all member states are, Colombia fulfilled the obligations stipulated by the Charter. Part of the requirements state that although membership is open to all states, such states must be sovereign, peace-loving and willing to observe all obligations as contained in the Charter. Further, in conformity with the provisions of Article 4, Chapter 2 of the UN Charter, Colombia was subjected to the General Assembly’s decision after the