GLIMPSE OF A CPA'S MIND

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 pra...

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...

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 ca...

This Accounting Alert is issued to circulate Bangko Sentral ng Pilipinas (BSP) Memorandum No. 2021-56 dated October 21, 2021 on the regulatory treatment of restructured loans for purposes of measuring expected credit losses (ECL) amid the pandemic. Overview The continuing uncertainty in the economic environment because of the COVID-19 health crisis has adversely affected the income, cash flows, and financial position of households and businesses.  In this respect, the BSP expects its Supervised Financial Institutions (BSFIs) to grant relief measures to their borrowers to reduce their debt burden and ultimately contribute to economic recovery.  These relief measures include, among others, modifying the terms and conditions of the loan agreements to reflect the change in the borrowers’ projected cash flows and improve the probability of full collection. The guidelines on the regulatory treatment of restructured loans for purposes of measuring expected credit losses shall be effe...