GLIMPSE OF A CPA'S MIND

8 AREAS OF WASTE An organization is the collection of structures, processes, and people working collaboratively to  pursue a mission and achieve business goals. While organizations aim to pursue their missions  and goals by adhering to principles of efficiency and effectiveness, many suffer various degrees of  dysfunction during day-to-day operations. These issues can result in the erosion of stakeholder  value up to the point of insolvency, but internal auditors can support management efforts and  curtail these dynamics from taking hold by anticipating problems, reviewing current dynamics,  and making recommendations for improvement. Waste is anything done or acquired that is not required to successfully complete an activity or  support a process. Waste manifests itself in many ways, often resulting in higher time consumption  or underutilized financial resources. The Eight Areas of Waste Model provides a simple methodology  to identify actions and items that reduce the value obtained

In today's time, auditors enjoy conducting audits because of Computer Assisted Auditing Tools and Techniques (known as CAATTs). These CAATTs refer to different software tools that allow auditors to examine transactions and processes using computer-assisted techniques. CAATTs has two main categories --- (a) audit software and (b) test data. The following are POWERFUL AUDIT TOOLS that help audit: MS Excel (for spreadsheets) MS Access (for databases) SAS Audit Software (for performance and statistical analysis) ACL (for generalized audit) Crystal Reports (for business intelligence) Uses of CAATTs: Creation of electronic working papers Fraud detection Analytical tests Data analysis reports Continuing monitoring Curb stoning in surveys The following are QUALITY CONTROL TOOLS that can be generated through the use of CAATTs: Histograms Control charts (e.g. Pareto Chart) Cause and effect diagram (Fishbone & Ishikawa) Force field analysis Flowchart/ Process flow map/ Value stream map DI

Submit a 2-3 pages paper assignment, (excluding the title page and reference page) double-spaced in  Times New Roman  font which is no greater than  12-points in size . Paper and all citations should be in APA format. Send it to  maggrabillo@rtu.edu.ph  once completely accomplished.    1. List the 7 Es according to importance or with the greatest impact on the organization. Explain how they impact the business. 2. Link the concept of excellence to the work of internal auditors and how can it be incorporated in audit programs. 3. How can failure in ethics affect organizational success? Choose one company that failed as to its ethics. 4. Describe ways to monetize the concept of ecology. How can you encourage others to observe environmental stewardship? After sending through email,  kindly post in rich text format your case analysis by commenting  on this post.  Deadline for accomplishment:  November 28, 2021 11:59PM

  THE SEVEN Es TO SUCCESS As we examine how organizations operate, it becomes apparent that for many of them some things are not working out as they should. In general, there are more meetings but less communication. There are more tools at our disposal, but less time to get things done. There is more data, but less insight. Customers want to shop when they want to, for the items they want, get everything at a great price, and receive superior customer service during their entire experience. It is abundantly clear that organizations need to execute well every time because their customers demand it. If they don’t execute well, then the competition will. Internal auditors should remember that audits are conducted as a means to assess conditions  within the client’s organization. They are conducted with the objective of helping them improve  their structure and their operating practices. Planning and performing an operational audit,  then, should focus on management practices that facilit

Know your rights!  The government is hard-pressed for funds to finance economic recovery programs and so, much of the burden falls on the Bureau of Internal Revenue (BIR) to increase tax collections. Thus there is also a need for taxpayers to know their rights to effectively defend themselves against tax assessments. While tax assessments are an integral part of governance to ensure everyone pays their correct dues, taxpayers are still entitled to a proper assessment process. Our insights below enumerate actions that might invalidate an entire tax assessment case. Here are some defenses which may apply to tax assessment cases: 1. No LOA was issued Always check if a valid Letter of Authority (LoA) was issued prior to the assessment. LoA only has a validity of thirty (30) days for the taxpayer to receive. This defense may be used in an investigation process that may have started through a Letter Notice (LN). The BIR is required to issue a new LoA if new officers will continue the tax aud

Let's talk tax! During a Bureau of Internal Revenue (BIR) tax audit, taxpayers avoid, as much as possible, receiving a Final Assessment Notice (FAN) or think of elevating their concerns to the Court of Tax Appeals. These late stages of the tax assessment process mean incurring significant costs and expending effort to challenge the assessment or defend taxpayers’ arguments, with little to no assurance of a reduction or cancellation of the assessment.     Accordingly, most taxpayers try to end the tax assessment process at the initial stage (during Notice of Discrepancy or Preliminary Assessment Notice stages). During these stages, the closure of the assessment normally involves dealing with the findings or computation of tax deficiencies by the BIR. There are common findings generally observed for most tax assessments. They can be addressed through reconciliation, factual arguments, and submission of documents. One need not escalate the assessment to FAN or elevate the case to the