GLIMPSE OF A CPA'S MIND

WRITTEN ASSIGNMENT WEEK 4 Read the case study from the American Institute of Certified Public Accountants (AICPA) about  Machine Manufacturing Company; Case studies in internal control . From the case study, do the following analysis from your own words (use APA format): 1. How can an Internal Control (IC) help achieve the overall objectives and strategies of an organization? 2. Identify the biggest failure of the internal control of  The Machine Manufacturing Company  and what will be your recommendation to improve their Internal Control that should have prevented risks. 3. Of all the recommendations provided by the auditor, as per the case study. What recommendations should have been emphasized more and what are the risks you can see if the recommendations have not been emphasized. Submit a 2-3 pages case analysis,  (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 cit...

Control Frameworks Business processes need to be well controlled. The purpose of this week's lecture is to  explain how control may be achieved, and how to assess whether this is so. We  will do this by introducing a number of internal control paradigms, or frameworks.  In covering these matters we will, of course, need to explain what is understood by  the phrase “internal control”.  “Internal control”  as an expression is distinctive from “external control”, the  latter being control exercised over the business from outside by owners and other  stakeholders. “Internal control” is the control exercised within the business by management  and overseen by the board. It also includes the control of activities that  have been outsourced  (Chambers & Rand) . CONCEPT OF INTERNAL CONTROL Internal control  comprises the plan of organization and the co-ordinate methods and  measures adopted within a business to safeguard its as...

RISK ASSESSMENT AND RISK MANAGEMENT WRITTEN ASSIGNMENT WEEK 3 Read the case study from the Internal Audit Foundation about Auditing Entity-Level Controls . From the case study, do the following analysis from your own words (use APA format): 1. What is the importance of Entity-Level Controls to effective risk management & control across the whole organization? 2. Give one example of famous financial scandals that failed to represent proper entity-level controls. 3. What is residual risk and why is it important for Internal Auditors to identify, measure, and analyze this risk? Submit a 2-3 pages case analysis, (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 After sending through email,  kindly post in rich text format your case analysis by commenting  in to this post.  Deadline for accomplishment: ...

WHAT IS RISK? The word ‘risk’ derives from the early Italian risicare, which means ‘to dare’. In this sense, risk is a choice rather than a fate. The actions we dare to take, which depend on how free we are to make choices, are what the story of risk is all about. And that story helps define what it means to be a human being  (Pickett, 2002) . RISK ASSESSMENT Is the process of identifying, measuring, and analyzing risks relevant to a program or process. This assessment is systematic, iterative, and subject to both quantitative and qualitative inputs and factors. Furthermore, it is also dependent on the timeframe of the review  (Murdock, 2015) . DISCUSSION ASSIGNMENT Describe the concept of risk and suggest ways that this concept can be applied to business  practice. Please provide your answers with a minimum of 200 words and a maximum of 500 words through this page link. Please observe proper citation and use APA format 7th edition. FOLLOW THESE INSTRUCTIONS: (1) IND...

  PORTFOLIO ASSIGNMENT WEEK 2 In this portfolio assignment, let's assess your knowledge about our topic. 1. Of all the phases of Operational Audit, list at least two phases that you think are very important and should never be taken for granted? 2. The specific areas of scrutiny in an operational audit will depend on the type of business being audited. Choose at least one (1) company in the Philippines you would like to audit and why? 3. Of the chosen company you want to audit in number 2 above, provide an  operational audit checklist of procedures  to ensure that audit is effective. For assistance with reflective writing, read  How to Write a Reflective Paper .  The Portfolio Assignment entry should be a minimum of 500 words and not more than 1000 words. Use APA citations and references if you use ideas from the readings or other sources. This assignment is graded by your professor. Please accomplish this assignment by commenting on this post. Deadline October ...

OBJECTIVES AND PHASES OF OPERATIONAL AUDITS WRITTEN ASSIGNMENT WEEK 2 Read the case study from the University of Richmond about  Phase in Internal Auditing . (1) What is the significance of appointing the right audit staff members? (2) At what phase when do audit teams hire staff members? Submit a 2-3 pages case analysis, (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 After sending through email, kindly post in rich text format your case analysis by commenting in this post. Deadline for accomplishment: October 17, 2021

  OPERATIONS AUDIT: OBJECTIVES AND PHASES OF AUDIT Introduction An operational audit involves a  review of the activities performed in a program or process  in the  pursuit of its objectives by individuals, who are often supported by a variety of tools  (Murdock, 2017) .  Within the tenets of that  definition, an internal auditor can render an audit review for  the operational activities of an organization. This is to assess the operating effectiveness and efficiency of the organization's policies.  The aim of an operational audit is ultimately to optimize efficiency. By auditing the business's internal policies and procedures, the company can identify trouble spots and operate more effectively  (Accountants Go Cardless, n.d.) . Operational auditing challenges One factor to consider before ordering an operational audit is that it does cost both time and money. When managers and employees are engaged with the audit, they will be pulled aw...

Examining your business' internal processes on a regular basis ensures that all operations are running as efficiently as possible. Auditing can improve sales figures and reduce operational costs, making a business more competitive. Here's a look at how the process works and why an operational audit can be beneficial. What is an Operational Audit? An operational audit refers to the process of evaluating a company's operating activities – both on a day-to-day level and a broader scale. While other types of audits might look solely at a single department or the company's finances, an operational audit delves deeper. It serves as a detailed look at all of the internal departments and processes that make up a business's operations. Whereas a regular audit evaluates financial statements, an operational audit examines how a company conducts its business, with the aim of increasing overall effectiveness. Operational audits could be conducted by outside specialists or an int...