Essays on Audit

Brief history

Zurich Financial Services Company was started in 1872. As the name suggests, the company‘s intention was to offer extremely reliable financial services to the citizens of Switzerland. The company had been created to offer marine reinsurance services. It was originally known as the “Versicherungs-Verein” which meant the Insurance Association. After several acquisitions, in 2ooo the company changed its name to Zurich Financial Services in order to incorporate the many companies that it had acquired according to their functions. Zurich Financial Services Company is the biggest insurer in Switzerland. The company has also become extremely competitive in the global Continue reading...

a) Return on investment relative to industry The J.P Morgan Chase and Co. Investment banking division provides a variety of investment banking services and products such as security's underwriting in debt and equity markets, structure advisory services and corporate strategy, risk management, trading platforms for institutional clients in cash securities (Behery and Tarek 131). Its client base includes governments, corporations, institutional investors and financial institutions. b) Board issues The company Board provides experience, judgment, independence and accountability for its shareholders. Director independence is upheld in several ways, including restraining the number of officers sitting on the Board. Ten of Continue reading...

Answer A)

Revenue/Operating Expenses/Operating Income/Net Income Analysis:
Referring to the previous five year financial statements of the company from the year 2009-2013, the revenue of the company has increased consistently over the years from $197 Millin during 2009 to $419 Million during 2013. However, as displayed in the graph below, the trend in net income has been downside-up. The Net income of the company reduced significantly during 2009 -2011 from $82 Million (2009) to $53 Million (2011).
Interestingly, the reason for fall in net income during those years was significant increase in operating expenses. For Instance, during 2011, operating expenses accounted Continue reading...

Executive summary

McDonald's Corporation was founded in 1948 with its headquarters in the United States, Illinois. The Company has diversified its operations and customer base, serving over 56 million customers in a day, in 119 countries. McDonald's Corporation deals with food and beverage products such as hamburgers, French fries, milkshakes, chicken, and desserts among others albeit the company's products vary in different countries. McDonald's Corporation has undertaken various strategic business measures in ensuring diversification and expansion across the world. In the recent past, the company has exhibited significant improvement in production capacity, product differentiation, and training and development of employees.
McDonald's Continue reading...

Analysis

Media is a powerful and an effective tool to the society, and it`s aspects are particularly emphasized in modern days. Some of the factors explaining why media is important as shown in the media audit report include;

Media as an important element of recreation and entertainment

Through movies and music, one can experience entertainment and recreation, because the content in these forms of media is usually fascinating and exciting to watch or listen to. They are able to, relax the mind and change the mood of a person especially when exhausted due to work or other duties. Music is a frequent aspect of media that is developed Continue reading...

Human resource management is one of the most fundamentally-important parts of an organization or corporation-- and, strangely, until relatively recently in human development, it was also one of the most undervalued and ignored. Human resources management is the area of study that deals with the maximization of employee performance and employee resources within an organization; it is also the force that deals with the individual, personal side of business. There are always going to be conflicts and interpersonal issues within a company, and it is the task of the human resource management system within that organization, whether the organization Continue reading...

There are six main categories of corporate failure causes: poor strategic decisions, overexpansion, dominance of CEOs, greed, pride and power, failure of internal controls, and ineffective board of directors (Hamilton and Micklethwait, 2006).
Business collapse can happen in cases where companies do not fully comprehend the relevant business drivers when they decide to expand to new lines of products and services, or meet the demands of additional geographic markets. These lead to poor strategic decisions because they fail to recognize the importance of risk management in their respective industries. They should be able to determine the overall impact of Continue reading...

- Process evaluation is measured differently than the outcome evaluation. In process evaluation, changes in beliefs, attitude and knowledge are discussed and in outcome evaluation, changes in preventive behavior, death and injury related morbidity is analyzed.
- Process evaluation focuses on the development and implementation of a program while outcome evaluation focuses on the positive and negative results of a program.
- Process evaluation recommends the short-term changes and outcome evaluation recommends the long-term changes.
- Process evaluation is less costly than the outcome evaluation, which can be really costly .

Who is responsible for safety program evaluation?

Occupational Safety and Health Administration is responsible for the Continue reading...

Accounting

Introduction
This whole essay is concentrated on the Hershey Company. This essay has been divided into five separate parts. In the first part of an essay, the discussion has been made regarding the Company’s introduction, its major line of operations, the major competitors of the Hershey Company, as well as the expected future growth of this Company. Second part is very important which includes the full discussion of the ratio analysis that has been used for evaluating the Company’s performance. In the third part of an essay, the auditor’s opinion made in the financial statements of Continue reading...

Introduction

Citrix Systems Inc. is a world market leader in networking, virtualization, and creation of cloud computing infrastructure that enables businesses and individuals to work efficiently. The company has been in operation since 1989 and has excelled in creating technology solutions that help to build, manage, and secure virtual and mobile workspaces. The company creates mobile and computer applications, networks, and data services that can be used on any device, network, or cloud.
Over twenty-five years, Citrix has actively pursued a vision of enabling consumers of information technology to live and work in a way that suits their specific needs. Continue reading...

In today’s time, information is more important and valuable than any other precious material. The purpose of this paper is to examine and assess how much value can be added to an organization’s working with data audits. A knowledge audit is instrumental in determining the information assets of the business. It is different on various levels from an information audit which is more concerned with the process of information disbursal and communication. Information can be considered crucial for an organization primarily because they identify the capacity of the company to transform into a learning organization.
An organization Continue reading...

Now it is time to give careful consideration to the nature of corruption that is the case in the USA. Pepys (2) notes that corruption within the system of justice may be defined as the use of management reserves or public authority to one’s own advantage or for personal gains resulting in an inappropriate legal protection of citizens and delivery of judicial services. In a broad context, the system of justice embraces judges, police, prosecutors, public defenders, court personnel, private bar, and a variety of court decision enforcement agencies, such as, for example, penal institutions. Whatever the variety Continue reading...

Norfolk Southern Railroad Company is a corporation that deals with the transportation in the Columbia. It serves more than 22 states in the District of Columbia and operating more than 20000 route mile. It provides rail carriers in the western part of the United States where it transports containers. Therefore, it provides efficient transportation of the products such as industrial and coal in the eastern part through rail carriers.
The company has three main branches operating at the designated areas. The Norfolk and Western is one of the branches that were made in 1881. The second is the Southern Continue reading...

Introduction/ Background

Internal auditing plays a crucial role in businesses and the processes of financial reporting of public sectors. The internal auditors serve a vital role in monitoring the risk profile of the company and identifying the areas on which to improve the risk management. The objective of internal auditing is essentially to improve the organizational effectiveness and efficiency through constructive criticism. Of late, internal auditing has turned into an essential control mechanism in both private and public sectors. However, there have been few academic studies that have been conducted on the internal auditing effectiveness in the governance of the public Continue reading...

Business Ethics and Corporate Governance

Business Ethics and Corporate Governance

The Board of Directors of the company is one of the two organs of the company that is charged with running of the affairs of the company. The other organ is the General Meeting. This paper will constrict its discussion to the roles played by the Board members. Towards the end of the discussion, the paper will advance the argument that the roles played by the board members of the company are likely have changed dramatically due to the enactment of the Public Company Accounting Reform and Investor Protection Act of 2002. The paper Continue reading...

Essay

On

Question-1
Introduction
This essay consists of three parts. In the first part of this essay, the financial analysis of the Small Company Ltd. has been made by using the ratio analysis tool. Some of the most important ratios for this company have been calculated by using the financial information for the two years (i.e. 2012 & 2013). Moreover, important areas of the business are also highlighted that requires the greatest attention and the concentration of the management of this company.
Second part of the essay includes some healthy discussions on the stakeholders of the company and also the discussion Continue reading...

Abstract

This report analyzes the case of Enron and its failure. The practices adopted by the management have been analyzed and criticized in order to identify the main cause behind the whole issue. Along with this, the report also suggests different solutions and recommendations for the management in order to minimize or stop the risk of such issues in the future. The report has also highlighted the importance of Information System in this case. Moreover, the report presents suggestions regarding how the implementation of Information System can help the management to avoid such issues.

Organizational analysis: Enron

Enron scandal is one of the Continue reading...

The business sector is one of the most challenging economical sectors in the global market. To be concise, the manufacturing sector is one of the most challenging business sectors the market. There are a lot of factors that are considered while making business decisions. These factors include, financial decisions such as cutting down on costs and improving sales.
The Foxconn Company is a company that deals with the Apple Company. The company manufactures i-pods and i-pads for the Apple Company and it works collaboratively with other leading technology firms. The company has been surrounded by multiple controversies concerning employee Continue reading...

Introduction

As a luxury brand, Moet and Chandon targets customers who can afford a lifestyle accessorized with fancy champagne that translates a bourgeois status quo. As a result of the merger of Moet and Chandon with Louis Vuitton in 1987 (Blavin, Dghaili, Morselly & Tesseire, 2010), the spirit brand was positioned as a “must have” beverage, just as Luis Vuitton represents a mandatory brand that has to be present in high society ladies’ wardrobes. Not only because it is part of Louis Vuitton Moet Hennesy (LVMH) group (Blavin, Dghaili, Morselly & Tesseire, 2010) is Moet and Chandon targeting high class women, but Continue reading...

Auditor has much to learn from the article "What the Dog Saw". It gives inspiration and advice that is essential of practiced while auditing. It has provided with clues on how to undertake the task in an appropriate and efficient considering the situation and the environment. Malcolm Gladwell pointed some of the activities of which related much to the situations concerning to the business field. The cultural trends of the Americans during 1950s it was a taboo of a woman applying dye on their hair. This is connected with how companies have tied back their original message of which Continue reading...

Organization Background

Today knowledge management is very important for organizations to survive in a dynamic business environment. Knowledge management is considered as one of the important functions which needs plan, organize the activities and motivate and control the human resources to improve the overall productivity of the organization.
GS (Global Software) Ltd. is a New York based software development and consultancy company which provides software solutions to banking and insurance companies all over the United States. It is having one thousand employees working in 12 offices in 4 major cities New Jersey, Washington, Chicago and head office in New York. GS Continue reading...

Introduction

The financial statements of organization are the measure of its performance. The financial health of an organization can be judged from its financial statements. That is the reason why the statements should represent a true and fair view of its position. Often people at key positions are encouraged to falsify accounts to meet short term needs such higher earnings per share or profit after tax. Sometimes people engage in such activities to conceal the actual position of the organization and make it look profitable in the eyes of investors. It is not just big organizations but the small ones Continue reading...

Analysis of Company Audit-Risk Using Financial Analysis Tools

Audit risk occurs when an auditor makes an unqualified report of the company’s state of affairs. This results when he or she omits information that is significant in the procedure. An individual could make an error or fraud, thus causing the misstatement (DiGabriele, 2010). These threats are categorized into inherent, detection and control risks.
Financial analysis is the process of collecting, selecting, evaluating, and interpreting financial information of a company. This is significant in making investment and financial conclusions (Lanier & Saini, 2008). The analyzed data are used for internal activities of the organization such as appraising employee performance. Continue reading...

Accounting control system ensures accuracy and reliability of information required by management for decision making. Accuracy and reliability of information is a prerequisite for management especially when an organization start becoming complex. Reliability and accuracy of information depends on how well the information reflects the economic events which t is based on (ACC, 2014). The financial statements should reflect the fair view of the status of the organization. This means that they have to be accurate. This accuracy can be verified through audit function, accounting information system and the internal controls. A Board of Education is part the management Continue reading...

Control procedures in accounting entail steps and measures that a company’s uses to ensure that the financial reports received are valid and accurate. Organizations observe control procedures to minimize and identify the cases of accounting fraud. Furthermore, companies need control procedures in accounting to ensure that they forward accurate financial statements to tax agents. Control procedures ensure that the firm’s bookkeeping process remains transparent. The paper identifies various control methods used in accounting practice.
The first control measure in accounting entails checking organization’s reports to ensure to ascertain the validity of the entered data. Accountants perform Continue reading...

Accounting 101

Deciding on Accounting Major
If I had to decide on the accounting major to pursue, I would choose to be a forensic accountant. This major of accounting deals with the investigation of potential frauds within a company, or prevention of fraudulent activities from occurring. Forensic accountants are also commonly known as fraud investigators, investigative accountants, forensic auditors, or fraud auditors. Of all possible accounting majors, this one attracts me the most due to a number of reasons, including the history of this major, the variety of potential employment places, the nature of the job itself, and the knowledge and Continue reading...

Sarbanes-Oxley Act is an act by the United States congress in 2002 aim at protecting investors through corporate disclosures accuracy and reliability. It mandated strict reforms aimed at improving financial disclosures and possibly prevent accounting fraud. The scandals of early 2000s such as Tycoon, WorldCom and Enron predicated the enacted of SOX. These scandals shook investor confidence, and an overhaul of regulatory standards was required. The SOX Act outlined rules as well as enforcement policies, which amended or supplemented existing legislation. There are two key provisions of the 2002 Sarbanes-Oxley Act which are section 302 and section 404. Section Continue reading...

As the head of Toyota’s quality control department it is obligated that the Toyota product meets standards of safety and quality. The Toyota brand should maintain high standards from the onset of production; from the raw materials to the actual finished product. The principles of production should also meet the stipulations of the documentation of purchase. In order to efficiently manage this department one should make sure that factory visits are made so as to supervise the whole process. The functions of quality control include; testing, monitoring, auditing and reporting.
In this department testing is the most basic Continue reading...

Budgeting

- The Make Way Foundation

Why the Funding of the Children’s Summer Expense Project was Overlooked

Fund management is critical especially for non-profit or charity organizations with limited resources, and dependent on private or public donations. Competing priorities could lead to misallocation of funds. In the case of Children’s Summer Expense Project, its omission in the Foundation’s list of priorities could be one of the reasons why funding was insufficient. In many cases, programs to be funded are based on how strong their proponents are in advocating for their cause(s). If a program has no assigned proponent to lobby for its full financial support, it will be Continue reading...

Financial Analysis: Nike Inc.

General Information:
1) Corporation:

Nike Inc.

2) Home City:

Oregon, United States of America

3) Current Fiscal Year End:
4) Primary Products/Services:
Nike Inc, was founded in 1971 and today, the company is the most valuable brand in the sports industry. Nike Inc. is engaged in the primary activities relating to design, devlopment and marketing of athletic shoes and apparels.
5) High-Low Selling Prices:
6) Describe Stock Price Trend: The stock price had been in the decreasing trend since beginning of 2nd quarter, however, post the beginning of 3rd quarter, a constant walk is seen in the stock prices.
7) Describe Price Range: The stock has Continue reading...

The Pew operates in the United States of America with headquarters based in Washington D.C. It aims to provide information regarding social issues, public opinion, and demographic trends that are most prevalent within the country. There are several projects that are overlooked by the Pew Research Center. This includes Pew Forum on Religion and Public Life, Pew Global Attitudes Project, Pew Hispanic Center, and a few other projects. The government performance project has an objective of providing a better service to its citizens by utilizing fewer resources. This is made possible because the state governments learn from the successes Continue reading...

Question 3

FASB creates rules for reporting the accounting standards for private and public sector companies. SEC, on the other hand, creates rules to protect the interests of investors, facilitate capital formation and maintain efficient market. Let’s say both the companies do not exist. In such scenario, some of the companies may try to report their earnings in a way to show more profit than actually is. Even it will be difficult for investors to compare two companies by merely looking at their financial statements as each company may use their own financial and accounting standards and variations. Without accounting Continue reading...

Business Plan - Construction Plan

Business Plan - Construction Plan

Introduction

This report presents a business plan for a construction company. The report includes a description of the business type, products and services involved and the chart of accounts, which will be used while keeping in view the nature and requirements of business activities. In addition to this, a discussion pertaining to the applicable financial reporting framework and the pro forma financial statements have also been presented, which include the balance sheet and income statement of the proposed business. Apart from this, the report also takes into account the internal control procedures, which will be Continue reading...

1. Brief description of the main functions of European Union institutions
According to the article 13 of the Treaty of the European Union, the European Union (EU) is governed by the seven institutions:  the European Parliament, the European Commission, the European Court, Council of the European Union, European Council, European Central Bank, European Court of Auditors. (Treaty on the European union, 1992)
The European Commission is the highest executive body of the European Union. It`s main functions are: implementing of the decisions of the Union, monitoring the compliance with its laws and, if required, initiating of a lawsuit Continue reading...

Introduction

The present day corporate world is well aware of the increasing cases of accounting fraud. Governments and regulatory bodies are finding themselves in embarrassing situations after corporation’s collapse, even after receiving a clean bill of financial health from their auditors, a landmark case being that of Enron. These incidences have led to the accounting regulatory bodies, securities regulatory bodies and other government institutions mandated with the regulation of the accounting profession to demand that auditors are accountable for their actions or omissions in the performance of their duties. In the case study below however, there is a conflict Continue reading...

Technology: Privacy and security risks of electronic medical records

Electronic medical record technology has not only increased the efficiency of recording keeping in hospitals, but also enhanced better sharing of information between relevant parties on a given medical issue (Elekwachi, 2013). Health information privacy is a crucial element in health care delivery, and absolute care should be taken to ensure individuals’ health data is safeguarded at all costs. Protecting the integrity, confidentiality, and availability of patient data is not a goal anymore, but a legal obligation (Skolnik, 2011). Despite the benefits associated with electronic medical records, concerns have been raised about the privacy and security risks and controls Continue reading...

Adam, S., Mulye, R., Deans, K. R., & Palihawadana, D. (2002). E-marketing in perspective: a three country comparison of business use of the Internet. Marketing Intelligence & Planning, 20(2), 243-251
A massive revolution of the worldwide web has been witnessed in the last few decades. The internet is no longer a luxurious item accessible to a reserve few, but is now something that a huge chunk of all members of the human race has access to. Currently, about  2 billion people in the world currently use the internet. This is indeed a huge improvement given that, in the 1990’s, Continue reading...

Introduction

Recently, the role of a managerial accountant is widely discussed in the scholars. Johnson and Kaplan (1991) argue that management accounting is “too late, too aggregated, and too distorted to be relevant for managers’ planning and control decisions” (1). Haedr (2012) considered the mediation effect of management accounting information on motivation using contingency theory stating that “MAI usefulness accounts for a full (i.e. complete) mediation effect only on the relationship between centralization and MCS effectiveness.” (n.p.). As the number of views cannot present a unified opinion on the matter, the purpose of the current paper to reveal whether the Continue reading...

There are four American Institute of Certified Public Accountants Standards of reporting. First is that the auditor should say whether the financial statements are submitted in a manner conforming to accounting principles which are generally accepted. Second, the auditor of show in the auditor’s report circumstances which the principles have not been observed consistently currently in relation to the prior period. Third, the auditor should also state in the auditor’s report if they find out that informative disclosures are not very adequate (Tracy, 2009). Lastly, the auditor is expected to state an opinion in relation to financial Continue reading...

Questions of the Kardell Paper Co reading:

- Who the stakeholders involved, and what are their interests?
- The Kardell family as the owners of the Kardell Company, who are interested in keeping the company working without any inconvenient. They are not so worry about the environment because they think there are more important things.
- The Kardell´s employees: they are just interested in having a good job that offers good salaries and stability. They think what is best for them and their families according to the incomes but the environment.
- The Riverside´s neighbors: as people who are going to be affected with Continue reading...