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Role of external auditors for financial statements
Role of external auditors for financial statements
Importance of internal auditing
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Four years of working with Mega Bank has greatly influenced me in a lot of ways professionally and personally. I have built a friendly environment with my co-workers and have enjoyed my stay with the bank. They said that the most important things in your job is loving what you do and having fun while doing it. I have loved and have enjoyed my job and in fact I continually improve myself for me to effectively perform my work. Making decisions within the company is not an easy task to do. Sometimes making the right decision may not seem right when it involves your own feelings. Being an internal auditor, my work involves examination and scrutinizing the work done by my co-workers. The job is not easy to do because there are person who will take it personally when you investigate some aspect of their works. Being personally involve in a special investigation that include very delicate cases of fraud is very hard in my part because it involves decision that may not be in favor of the employee involved and could make his/her reputations at stake. I cannot help involving my own feelings in the situation because the person is sometimes personally known to me. I am having a hard time accepting the fact that such person will do things against our moral standards. Of course there are also decisions that require choosing between your personal matter and your work. One example is that when you are faced with the problem of refusing an assignment because there is a family matters to attend to. This decision is not questionable because Filipinos are known to have a very tight family relationship. Also if you are a single like me, there will come a time that you rather choose to be absent from your job because you want to unwind and chill out for a while. This includes dating and going out with friends even though you know that you are needed in the company.
One of the hardest decisions that I ever made in my whole four years of banking career is issuing an end-contract memorandum to one of my trainee. Although my item with the bank is only internal auditor, I am also acting as assistant to the Compliance Officer after our Audit Head resigned. Thus part of my responsibility is to train newly hired Internal Auditors and to monitor their performance.
Individual Article Review Lily Cobian LAW/421 March 31, 2014 Ramon E. Ortiz-Velez Individual Article Review Introduction My article review is based on Sarbanes-Oxley and audit failure, a critical examination why the Sarbanes-Oxley Act of 2002 was established and why it is not a guarantee to prevent failure of audits. Sarbanes-Oxley Act talks about scandals of Enron which occurred in 2001 and even more appalling the company’s auditor, Arthur Anderson, found guilty of shredding company documents after finding out Enron Company was going to be audited. The exorbitant amounts of money auditors get paid to hide audit discrepancies was also beyond belief. The article went on to explain many companies hire relatives or friends to do their audits, resulting in fraud, money embezzlement, corruption and even the demise of companies. Resulting in the public losing faith in the accounting profession, the Sarbanes-Oxley Act passed in 2002 by congress was designed to restrict what company owners and auditors can and cannot do. From what I gathered in the article, ever since the implementation of the Sarbanes- Oxley Act there has been somewhat of an improvement but questions are still being asked as to why there are still issues that are not being targeted in hopes of preventing more audit failures. The article also talked about four common causes of audit failure: unintentional auditor mistakes, fraud, fatigue and auditor client relationships. The American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct clearly states an independent auditor because it produces a credible audit, however, when there is conflict of interest, the relation of a former employer, or a relative or even the fear of getting fire...
The new legislation also expressly prohibits constitutional college employees to ‘voice disapproval of the new scheme’, during the course of their duties or ‘outside college’. As it was said above, the Commonwealth has broad powers to regulate the activities of the constitutional corporation, however, this prohibition directly controls the conduct of a natural person. Nevertheless, every head of power also gives the Federal Government the authority to regulate in areas that are ‘incidental or ancillary’ to the subject matter. Hence, statutory powers to regulate natural persons affiliated to the company can arise under the ‘incidental scope’ of the corporations power.
With every business activity come opportunities for fraudulent behavior which leads to a greater demand for auditors with unscathed ethics. Nowadays, auditors are faced with a multitude of ethical issues, and it is even more problematic when the auditors fail to adhere to the standards of professional conducts as prescribed by the American Institute of Certified Public Accountants (AICPA). The objective of this paper is to analyze the auditors’ compliance with the code of professional conduct in the way it relates to the effectiveness of their audits.
Decision-making is one of the hardest tasks individuals have to endure. Deciphering between whether or not the decision you make will benefit you, if it will hurt someone else, what are the pros, the cons, and if the decision you make is eleven moral in itself. When decision-making the study of ethics plays a major role as to which decision you ultimately decide on. Ethics evaluates the morality of actions based on principles set by theories, individuals or in some instances cultures. Morality is an enormous part of decision=making which comes into play every single day in human life. Ethicists create theories based on the morality that exists in our lives in regards to certain situations. In particular, the utilitarian theory is well known
This research paper, will discuss how employee involvement (EI) programs improve organisational performance focusing on the role of decision-making in the process. Decision-making is an area of interest that gives you the opportunity to study a variety of different facets concerning EI. EI has been of interest to several hundreds of people on a regular basis for many years. It is a philosophy put in place to sculpt management and leadership in order to maintain, improve and achieve success within an organisation. If we look at EI as a model, it is a concept that was developed to take the pressure off the supervising staff by increasing worker dependency (Tannenbaum and Schmidt, 1958). This analysis will encapsulate the importance of decision-making in EI programs through the reference of several empirical studies highlighting that: “Decision-making is important for employees who participate in programs. It gives them the opportunity to provide their views and decide how events occur regarding the future of organisations”.
Thinking critically and making decisions are important parts of today’s business environment. It is important to understand how the decision making process works and the steps involved. The nine steps of the decision making process are: identifying the problem, defining criteria, setting goals and objectives, evaluating the effect of the problem, identifying the causes of the problem, framing alternatives, evaluating impacts of the alternatives, making the decision, implementing the decision, and measuring the impacts. (Decision, 2007.) By using various methods and tools to assist in making important business decisions an individual can ensure the decisions they make will be as successful as possible. In this paper it will be examined how the decision making process can be followed using various tools and techniques to make successful business decisions by using these same tools and techniques during a thinking critically business scenario. The paper will also discuss how different tools and techniques could have been used to make different, yet still successful decisions.
The current organization’s framework and hierarchy are designed through simple social and power selection rather than capabilities and knowledge. Such process is non-efficient and decreases productivity. Therefore, through the incorporation and implementation of Person Job Fit, the organization will concentrate on finding an individual whose skills, knowledges, and abilities matches the job position. Consequently, Person Job Fit will efficiently maximize job performance and minimize any controversy.
Here are some key points and ideas about exercises we could do in class. PLease contact me if you have any questions. I think we could have the speaker and do the mock interview I suggested toward the end of this e-mail. Shana Cohn CLASS DESIGN Important points, class discussion questions and activities. Part I Job Analysis defined: Identifying lists of activities or tasks associated with the job. Determining the skills needed to perform the job successfully. A well-designed job analysis can help to create a work environment where expectations are clear and future problems can be alleviated through communication. Some detailed benefits of job analysis include: 1. It provides uniform guidelines for dealing with employment selection, compensation, performance standards, and the skills needed for any given position. 2. It lays a foundation for gaining a competitive advantage by identifying training needs for the incumbent employee or an employee entering into the organization. 3. A successful job analysis draws clear boundaries between the employer and employee regarding qualifications, job responsibilities, lines of authority, and ways of preventing or dealing with grievances. 4. It allows employers to hire qualified candidates by linking applicants' skills to the job analysis. Employers can also prove that their requirements for selection are related to the job. The ADA defines a qualified applicant as "one who can perform the essential functions of the job." A job analysis provides the employer with justification of why they chose a particular applicant. Other areas to note: 1. The most common reason for a job analysis is to gather information for job descriptions. The job description should focus on results and outcomes instead of how to accomplish the job, because each person attains results in a different fashion. 2. Preparation for the future is key to dealing with a changing workplace. The job analysis should integrate issues the organization may confront in the future, such as turnover and technology advances that could change its structure. 3. Forecasting HR needs is critical to the success of the organization. These should be assessed with past trends, evaluating the skills of incumbent positions, and being aware of changing skills and requirements. Some questions/activities regarding job analysis: A class activity would be a case study that involves a new person hired into an organization where a job analysis is not utilized. The following questions serve as a guideline for the types of issues that could arise without a clear job analysis.
Last but not the least, I would like to express my sincere thanks to all my family members, friends and well-wishers for their immense support and best wishes throughout the internship duration and the preparation of this report. I believe that this report will be a valuable asset not only for academic institution, but will also be useful for all those who are interested to learn about internship experiences in auditing and consulting firm.
It represents the Strategic human resource management (SHRM) core function like “work analysis, Job design and job analysis” defines its importance in strategies implementation in any organization. This assignment will also discuss the aspect of Human Resource department that why they are giving more edge to other functions like Recruitment and selection, Performance appraisal and Occupational health and safety. This report will also presents the today’s critical business challenges and the with coming new responsibilities for HR and why they have started to give more weightage to Job analysis and design in order to get the better output and efficiency of the organization. Moreover, Human capital is a vital factor for any department in any organization. “Hiring smart” is becoming a fashion trend for companies for their effectiveness, productivity and employee motivation as the more investment will be done in employees by the firms. It continues with the recommendations on the need of analysis and design of work and how to make employees motivated in the company.
An employee does an unsatisfactory job on an assigned project. Explain the attribution process that this person's manager will use to form judgments about this employee's job performance.
As per ISA (NZ) 200-A17, this ethical requirement includes the auditors integrity, objectivity, professional competence and due care, confidentiality, & professional behaviour. Integrity is an ethical attitude which includes the auditor’s honesty, accuracy, and fair practice. Objectivity is a mental attitude while carrying out the audit wherein the auditor is fair and just with all his/her work. Professional competence is the knowledge and skill of the auditor, gained through education, training and experience, while due care is a degree of care of an auditor on certain situations wherein an he/she must act diligently. Confidentiality is the commitment of the auditor not to disclose any information regarding his/her client, unless required by law. Professional behaviour means the auditor must act in accordance to the law and set of standard as a manifestation of respect to the
The word recruitment is described as the procedure of choosing the workers and then registering them for satisfying the openings in the business. The procedure is employed to distinguish the possible citizens who are appropriate for carrying out a definite job. The procedure endeavors to discover the most excellent individuals for the job. Conversely, selection is a procedure of choosing the individuals by scrutinizing them on diverse standards. Selection is referred to as the preliminary phase or footstep of employment since for hiring the novel workers ' selection is executed first. In addition, no set criterion for the procedure of selection exists. The workers are chosen consistent with the nature of work in addition to because of their skills and proficiencies. Recruitment is carried out in money-spinning way and inside a restricted time phase. For several institutes, it is the key and main action that is executed since the selection of workers is of much significance. Clearly, the employee recruitment and selection takes part in an immense role in preserving the company’s position. Erroneous selection and recruitment influences the overall position and worth of the company. Therefore, Recruitment and selection are the procedures that are linked to any company’s human resource department.
I believe I have the capacity to maintain work stress and stay positive. It is because I am a positive thinker. From my experience, when I was perceiving inequity or facing stresses from work, I tried to restore equity by extra effort and stay focused on my goal. Therefore, these personality traits help me become a team player. Besides, I have high ethical standards which drives me to embody integrity in my actions. Honesty, integrity are very important personality traits to managers because they have responsibility of financial stewardship. Managers who has high ethical standards are likely to establish a code of ethic to guide team members’ behavior and less likely to manipulate shareholders’ assets. Individuals’ action are value drive, if I am a manager, I value company’s benefit over personal interest and I believe my ethical behaviors helps me to better manage others by building a trustful relationship with my team
Exploring Trust and the Auditor-Client Relationship: Factors Influencing the Auditor's Trust of a Client Representative. By: Rennie, Morina D.; Kopp, Lori S.; Lemon, W. Morley. Auditing, May2010, Vol. 29 Issue 1, p279-293, 15p, 1 Diagram, 3 Charts; DOI: 10.2308/aud.2010.29.1.279