Telstra should focus on identifying risks in the revenue recognition and management process. Financial Statement Assertion Potential Audit Risk Existence Assets recorded in Telstra’s fixed asset register do not exist OR are not in use at year end Occurrence Additions and disposals of assets listed actually have not occurred Completeness Not all assets in use, additions and/or disposals have not been recorded Rights and Obligations Telstra does not hold rights to PPE items listed at year-end Accuracy
types of business structures: A) Sole Trader B) Partnership C) Company D) Trust Remember, the type of business structures you choose will affect your tax, asset, and liabilities. Moreover, the cost of running
and fraud. A financial department staffer had committed fraud because two other staff members gave her directions to do the changes to the financial statements. Dewey went bankrupt in 2012 and the truth came out. They hurt a lot of people with the Register Disbursement Schemes. The fraud started in 2008 which continued going on in 2012 when the company went bankrupt (Bishop, 2017). A former Dewey & LeBoeuf LLP finance department staffer improperly reversed accounting entries on the law firm’s books
preparation of the financial statements; providing reasonable assurance that receipts and expenditures are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use or disposition of company assets that could have a material effect on the financial statements would be prevented or detected on a timely basis. Due to the inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement
will be different to a commercial (non-financial) company’s balance sheet we first need to define what information a balance sheet provides. According to Investopedia (n.d.), “A balance sheet is a financial statement that summarizes a company 's assets, liabilities and shareholders ' equity at a specific point in time. These three balance sheet segments give investors
amount of liability. • Transfer fees: Share transfers for LLCs that are not listening on the Stock Exchange of Trinidad and Tobago attract Stamp duty payable to the Board of Inland Revenue on an ad valorem basis at the rate of $5.00 per $1000. A fixed stamp duty of $25.00 is paid on transfer to a nominee. Consequently, shares listed on the Stock Exchange can be transfer without being liable to stamp duty unless they do not follow the rules of the exchange, and they would have to pay event duty which
Prescriptive Model is one where the asset allocation decisions of these institutional investors are dictated by a mandated investment pattern. This is followed in countries like India, Canada, Italy, Japan and South Korea. On the other hand, the Prudent Man Model is one where there is no mandated investment pattern, but “eligible assets” and “admissibility limits” must back the prescribed minimum solvency related to eligible assets. This model indirectly influences the asset allocation decisions of the insurance
theft. The business does tag and register all equipment, however on it’s own it isn’t effective as large portions of items are still being stolen. Secondly the business does not provide accurate and reliable financial information. As it can be seen, 22% of inventory shrinkage cases are from administrative errors and 30% of cash shrinkage also occurred because of administrative errors. Thirdly the business has a large exposure to risk. They have large amounts of assets stolen (75% customer theft), no
LIMITED PARTNERSHIP A limited partnership is made up of at least one general partner and at least one limited partner. A general partner can be a corporation or even an individual. Forming a limited partnership requires the ‘Certificate of Limited partnership’ that bears the name of the general partner to be filed to relevant authorities. The general partners are the ones responsible for all the financial obligations of the partnership. Limited partners have no liability to any of the partnership’s
9% for the recent year 2013. In addition, P&G also has higher EPS of US$4.04 compare to C-P US$2.41. In contrast, C-P register a Gross Profit of 58.7% and Return on Equity of 91.0% as opposed to P&G’s 49.6% and 17.0% respectively. C-P seems to rely heavily on debt and this has helped to improve the Return of Equity. P&G also has its downside in asset turnover ratio (0.62) and fixed turnover
happen when some of financial assets going loss and crashed a large amount of the nominal value. It would effects to the financial institutions when investors take out or withdraw all of their assets in the banks. This is because those of investor expect that the value of the assets would fell down if them saving in that institution. Besides that, the financial crisis also can be defined when the assets in financial institution is over valued. The valued of the assets would be drop rapidly if the
Land, as defined in s205(1)(ix) Law of Property Act 1925 (hereafter LPA 1925), is both tangible in nature by its physical assets and intangible by the rights and interests in and over the land. It is important to note that as physical property is attached to the property and transfers under new ownership, so are the rights and interests attached and transferred with it, both the benefit and the burden. The problem however was identifying the rights being transferred which was made easier by the legislative
Asset Valuation Accounting for Managerial Decision-Making Introduction To start a new business and remain in business profitably, many critical decisions must be made when the foundation of a new business is formed. These decisions affect the company in the long run and often make or break an organization. Methods of inventory control and capitalization policies are among these critical decisions that will affect any business bottom line. Our team has investigated these policies and will present
business. The partners have an equal control over the company’s affairs and typically contribute an equal capital amount. Incomes and losses are also equally shared . A trust is an obligation given to an appointed person, the trustee, to hold the assets and property of the business on behalf of the others who are termed as beneficiaries. The trustee could be a company, sole trader, partnership of individual and has the discretion over running and managing the trust including matters such as investments
SEBI, Established in 1988 and became a fully autonomous body by the year 1992 with defined responsibilities to cover both development & regulation of the market. Region wise SEBI addresses and contact numbers are given so that investor grievances regarding CIS and for any other information may be contacted. Securities and Exchange Board of India (SEBI) is a board (autonomous body) created by the Government of India in 1988 and given statutory form in 1992 with the SEBI Act 1992 with its head
Luxury Spa business venture is a company in Brunei that are totally devoted to the care of men and women. It provides different services, including massages, facials and body skin care, hydrotherapy and aromatherapy for men women. The main aim of the group was at the spa is to provide services that meet customer requirements Luxury Spa in an effective manner. A team of experts at helping people in getting spa relax and reduce stress by providing effective treatment and luxury products. The assurance
implications of moving or expanding into different states is simple for a sole proprietor. They must simply register a new DBA whenever they move to a new state. There are advantage... ... middle of paper ... ... salaries are subject to self employment taxes 3.longevity or continuity of the organization:the longevity of the LLC is perpetual, the exception is when the state requires a fixed amount of time for the LLC to operate. 4. Control: the members of the LLC have the ability to set up control
The Sarbanes-Oxley Act Overview: The development of the Sarbanes-Oxley Act (SOX) was a result of public company scandals. The Enron and Worldcom scandals, for example, helped investor confidence in entities traded on the public markets weaken during 2001 and 2002. Congress was quick to respond to the political crisis and "enacted the Sarbanes-Oxley Act of 2002, which was signed into law by President Bush on July 30" (Edward Jones, 1), to restore investor confidence. In reference to SOX, penalties
a school setting in new and revealing way. I would like to present this experience and the interplay of registers of communication regarding discipline of students during a school day. I entered the school around 11:30 am on a typical school day. Lunch was ending for some and beginning for other students. I discovered the concept of frozen registry, or as defined as language to remain fixed/unchanged. I saw this in forms of school institutional laws of how to manage the safe and orderly entry
(Section1 - Partnership Act, 1980) defines partnership as “a relation which subsists between persons carrying on a business in common with a view to profit”. It refers to both natural and artificial person thus, both individual and corporation are eligible to form a partnership. Joint Venture agreement does not necessarily create partnership. (Section 2 Limited Liability Partnerships Act, 2000) defines Limited Liability Partnership (LLP) as a hybrid between a partnership and a limited company “is