Are these components always necessary? Explain your answer. What is the benefit of evaluating an internal control system in phases? Explain your answer. ACC 544 Week 4 Learning Team Assignment Controls for Inflows Design a proposal for appropriate controls to cover cash, sales, accounts receivable, inventory, and production Discussion
Consultation Meeting We will aim, through questioning, to test all aspects of your organization and approach to your final presentation. To assist your preparation I pose the following questions: Audience * How thoroughly have you analyzed the needs and expectations of different individuals and functions? * Your structural decision: are they for or against your proposal? Objective: Does your objective display sensitivity to all important individuals and functions in the audience? Key Points/Agenda * Have you determined the 3/4 points you want to emphasize and continually reinforce throughout?
The four main topics of the framework for ecological risk analysis describe would include problem formulation, the two parts of analysis the characterization of exposure, the characterization of effects and risk characterization (Environmental Protection Agency, 2002. Pgs 402-428). Problem formulation is when the risk managers work together to decide on the purpose of the assessment. They will review the sources, the stressor, and the effects that it will have. This is the first step to evaluate the strengths and limitations of the information.
Statement on practice Identification The two areas where I have made a notable change in my working practices are • Application of the control loop • Approach to problem solving I have made use of the four stages outlined in the control loop described in chapter 4 (B628 Managing and Managing People, p. 103) throughout various management roles, both in an operational and project context. However when working though the management control problem in week 4 I found drawing a conclusion to be extremely challenging. Reasons for change I have always approached problem solving by considering the problem being presented based on input from stakeholders, and then making a recommendation for what I believed to be an appropriate solution, or seeking a recommendation from a subject matter expert. Having applied the control loop to the analysis phase of the management control problem in week 4, I found myself reaching a different conclusion and recommendation to that I’d normally have made. This led me to reflect on my previous approach to problem solving.
1) 2) 3) 4) Communicate the engagement results Exercise due professional care in performing their audit Manage the internal audit activity to ensure it adds value to the organization Conform to International Standards for the Professional Practice of Internal Auditing b. “Engagement planning” is part of which of the following standards? 1) 2) 3) 4) c. Performance standard Engagement standard Implementation standard Attribute standard Which of the following is part of the long-term planning phase? 1) 2) 3) 4) Obtain specific knowledge of unit to be audited Determine frequency of audits Determine and allocate audit resources Obtain senior management approval d. Which factor should be considered when assessing external inherent
| | | A. | Specifies the resources needed to achieve the company goals | B. | Communicate's a company's goals to employees | C. | Evaluating managers to determine how their performance should be rewarded or punished | D. | Evaluating operations to provide information as to whether they should be changed or not | 4. | Which of the following are associated with Control? | | | A.
Understand the internal control over that cycle or account 2. Assess the planned control risk for that cycle 3. Decided the extent of testing controls that are based on the planned reliance on the internal controls over financial reporting for the client 4. Design “tests of controls and substantive tests of transactions” (Arens, Elder, & Beasley, 2012) for an account to meet transactions-related audit objectives. “The design of tests of controls and substantive tests of transactions” (Arens, Elder, & Beasley, 2012) involve determining the specific audit procedures to be performed, the sample size, items to be selected and included in the sample, and timing of the tests.
There are four key actions during the pre-award phase: Clearly stating your (seller/buyer) objectives; Identifying the sources and characteristics of uncertainties about achieving those objectives; Defining, managing, and assessing risks; and Making decisions about an appropriate course of action. Furthermore, these actions should be taken from the perspective of both the buyer and the One important area to consider with any contract is the area of contract pricing arrangements and incentives. Some of the areas you might consider are cost performance, schedule or delivery performance, and quality outcomes. While the exact nature of the work you need to manage may differ, we can get ideas from a variety of industries on creative ways to structure contracts. Below is a listing of the 15 best practices of contract incentives.
In the next paragraphs, I will provide four types of input controls and I will explain the function of each type of input. * Identify four (4) types of input control and explain the function of each. Input controls are an integral part of any form and allows users to perform a variety of functions to ensure that input data is correct complete and secure (Input Contols, 2011). There are many types of input control that can be used in a form to restrict the kind of data a user can submit in a system. It is very important to select the correct input control for a data field as it determines the quality of information one gets out of a system.
Taylor founded 4 principles based on this theory: 1. Managers should gather information, analyze it, and reduce it to rules, laws or mathematical formulas. 2. Managers should scientifically select and train workers. 3.