Auditing Chapter Two

(TCO 4) To succeed in an action against the auditor, the client must be able to show that: Student Answer: the auditor was fraudulent. the auditor was grossly negligent. there was a written contract. there is a close causal connection between the auditor's behavior and the damages suffered by the client. Instructor Explanation: Page 121 Points Received: 2 of 2 Comments: 2. Question : (TCO 4) The principal issue to be resolved in cases involving alleged negligence is usually: Student Answer: the amount of the damages suffered by plaintiff. whether to impose punitive damages on defendant. he level of care exercised by the CPA. whether defendant was involved in fraud. Instructor Explanation: Page 119 Points Received: 2 of 2 Comments: 3. Question : (TCO 4) A third-party beneficiary is one which: Student Answer: has failed to establish legal standing before the court does not have privity of contract and is unknown to the contracting parties. does not have privity of contract, but is know n to the contracting parties and intended to benefit under the contract. may establish legal standing before the court after a contract has been consummated. Instructor Explanation: Page 121 Points Received: 2 of 2 Comments: 4. Question : (TCO 4) The objective of the ordinary audit of financial statements is the expression of an opinion on: Student Answer: the fairness of the financial statements. the accuracy of the financial statements. the accuracy of the annual report. the accuracy of the annual report. Instructor Explanation: Page 142 Points Received: 2 of 2 Comments: 5. Question : (TCO 4) The responsibility for adopting sound accounting policies and maintaining adequate internal control rests with the: Student Answer: board of directors. company management. financial statement auditor. company’s internal audit department Instructor Explanation: Page 143 Points Received: 2 of 2 Comments: 6. Question : (TCO 3) Which of the following statements is most correct regarding errors and fraud? Student Answer: An error is unintentional, whereas fraud is intentional. Frauds occur more often than errors in financial statements. Errors are always fraud and frauds are always errors. Auditors have more responsibility for finding fraud than errors. Instructor Explanation: Page 145 Points Received: 2 of 2 Comments: 7. Question : (TCO 3) Which of the following is not one of the conditions for fraud described in SAS No. 99? Student Answer: Attitudes/rationalization. Opportunities. Incentives/pressures. Each of the above is a condition for fraud. Instructor Explanation: Page 337 Points Received: 2 of 2 Comments: 8. Question : (TCO 3) Fraudulent financial reporting may be accomplished through the manipulation of: Student Answer: assets. liabilities. revenues. all of the above. Instructor Explanation: Page 336 Points Received: 2 of 2 Comments: 9. Question : (TCO 3) Which of the following is a factor that relates to incentives to misappropriate assets? Student Answer: Significant accounting estimates involving subjective judgments. Significant personal financial obligations. Management's practice of making overly aggressive forecasts. High turnover of accounting, internal audit and information technology staff. Instructor Explanation: Page 339 Points Received: 2 of 2 Comments: 10. Question : (TCO 3) Auditors may identify conclusions during fieldwork that change or support a judgment about the initial assessment of fraud risk. Which of the following conditions should alert an auditor about the initial assessment? Student Answer: Missing or conflicting evidence. Discrepancies in the accounting records. Unusual relationships between the auditor and management. All of the above.

Strategic Knowledge Management Technology Essay

The magnitude of the work or activity that qualifies to be a project differs in various states. however, it is very clear that however small the task may be, the need for a project management tool or technique is essential. this will help in the planning stages to achieve successful outcomes. Therefore, project management tool s is required in the project for planning and managing purposes though it is not restricted to business activities. Some of these projects may involve weddings plans and house relocation. Positive results are expected whenever an efficient project management tool is used to avert problem risks and failures. Project management may involve changing or introducing things hence involve in human resources, financial matters, security and various stakeholders among others. In a proper project management, there are about six major steps to be followed such as term of reference, planning, communication, monitoring and project completion among others. During this process, project management tools are fundamental in ensuring the success of the project. This study focus on the 2013 – 2014 relocation project en route projects, which is a consultancy project. There are several tools to be chosen and in this project are communication log a Gantt chart (called project time line) and risk management log (Young, 2003). Each of these tools has its procedures and its benefit as far as this project is concerned. The choice to use Gantt chart tool and its benefits The choice to use the Gantt chart in this assignment is almost obvious in the project management field. The tool is named after the founder Henry Gantt, who invented it a more than a century ago (1910). After the concept was outlined, it was remarkably implemented initially during World War 1. The major use of the Gantt chart at that time was by American general Crozier to manage complex weapon production and logistics operations. Since then, many people have used the tool, especially the work breakdown structure (WBS) that has been relevant until today. To start with, the reason to choose the Gantt charts in my project was that it is an easy-to-use graphical tool among operations and project managers when determining condition of projects. this project includes various activities during the process that require close monitoring over the period to ensure these activities are carried out as planned. As a consultant and the leading project manager, it becomes easy to pay close attention to the progress of the operations to ensure that the functions involved are completed by their scheduled date. Secondly, the choice to use the Gantt chart is intertwined to the efficiency and reliability it has on project management. That is why Gantt and pert charts remain the two major and commonly used graphical tools among managers in making diagrams on the activities engaged in the project. In fact, the existence of the tool since 1910 has proved major tool although in the recent years it has witnessed some drawbacks, as projects are not fixed whereas daily updating may be tiresome. Nevertheless, people have insisted on using the tool as people have faith on it. As a fan in diagrams and charts, i decided to use the Gantt charts for my project because it creates complexity. Pictures bring a bigger idea of a situation like this once you master the art of interpreting them. More so, picture or charts yielded by this tool are easy to understand once studied. In fact, Gantt charts helps in organizing thoughts. This is enhanced through the dividing and conquering concept. On the other hand, the decision to use the Gantt charts was based on its ability to show visibility of the whole project. Once the chart is creating, it was possible to place the chart in either a bigger version of actual version to see the progress. This helped in realizing and reminding me of the objectives as well as when various activities are supposed to take place in the process (Johnson, 2003). This does not require high intellectual ability when interpreting how the project is going on. Largely, the Gantt charts helped in demonstrating to my clients that i know what is doing in my consultation duty. This is reflected after producing nicely presented Gantt chart showing proper organization of high-level tasks as well as resources allocated to these tasks. It generally helped in sending the bigger picture on whether the needs of the project are met or not as well as determining if there will be a success in the project. Lastly, the Gantt charts helped in setting realistic periods. The Gantt chart had bars indicating when a particular task or set of tasks will be completed. As a result, it was possible in planning and arranging various functions in a proper perspective. This help in limiting the events during this projects that may end up using much time and resource yet they could not add any value to the project. By studying the charts, it became easier to focus real issues and saved much of my time (Wilson, 2003). According to Peterson (1991), Gantt charts are fundamental in the planning theory. Planning theory traces its background even during the ancient times. Even in the bible, it depicts how various individual and groups were connecting with agricultural pursuits through planning some of their religious practices. Similarly, governments and other economic groups are as well using the planning theory to determine the profitable times when there is need to allocate the scarce resources. More so, the entrepreneurs have used this to decide when to deliver good s and services. As a result, they have tried to avert risks that may undermine their activities through planning. The choice to use risk management log and its benefit On the second tool used for this project was the risk management log. it is worth noting that project risk management entails a process involved in identifying risks, analyzing risks, developing appropriate responses to risks, and monitoring risk triggers in which as a project manager i had to effectively utilize (Ward, 2003). As a result, it was possible to ensure that risk management is done and that risk triggers were monitored. The decision to use this tool alongside the Gantt chats was the capability to use the tool in identifying, managing, and ranking risks throughout the life of the project. The use of the risk management logs was preferred because it is very brief and direct on point. As a result, it could be easier to explain to the client on the progress of the project as well as explaining on why some activities may delay as risks engulf the functions. On the other hand, it will be easier for the client to realize the probable reasons for projects delay and understanding the risks and threats that may face the project (Rosa, 2013). The tool has a risk management worksheet helped in realizing the types of risks likely to be encountered during the project period. To start with, the general risks were categorized as well as the specific risk. The general risks are noted risks likely to recur throughout the life of the project without a specific date associated with it (Cerner, 2001). On the other hand, the specific risks encompassed risks being associated with a particular date when they may occur during the project period (Bouchaud, & potters, 2000). The clarity on these risks was based on the assumptions or risks based on the probability and the impacts on my project. Depending on the level of probability between probability and impacts on project, various risks were categorized as high, low, or medium. The emphasis should be given to the highly categorized risks to ensure success of the project. On the other hand, the risk management log was chosen because after categorizing the risks it was possible to formulate contingency plan of action on issues triggering the level of risks (smith, 1999). In this case, the tool played a crucial role in organizing various activities related to the en route project. The contingency plan of actions laid safety measures to avert the project failures led by adversities. .the tool demonstrated a clear picture of sequential commencement and closure of various activities involved in the project. The risk categories were determinant factor on the period used on various functions. The use of the risk management tool helped in realizing the risks or threats likely deter the success of the project. It started with risk identification to determine risks likely to affect the project and documenting the characteristics of those risks (wells, 1996/1997). Both the internal and external aspects of the project were tracked in which the emphasis on internal risks was on directly controllable items by the project team whereas the external risks were events happening outside the direct influence of the project team. The tool contribute a final document that is presentable and areas of much interest t=are bolded especially on the probability and impacts. There is a systematic arrangement of causal effects and the outcomes at various stages. This was beneficial in this project in making forecasts and projecting possible changes to avert high risks or threats. With the help of the triggers at the last column, to show ‘how do we know this may be starting to happen?’ Sometimes obvious, but often not. May be worth also noting my responsibility of keeping an eye on this to make alerts on the project. The presence of the ‘contingent actions’ president as to do if the risk does happen (Gottschalk, 2005). . It is useful to think about this at the beginning, as you may need to make preparations or alert people in advance. To repeat, this is all much more important for higher impact/probability risks. Conclusion The presence of various project management tools may sometimes be hard for project managers to chose (Howes, 2001). However, good choice of the appropriate tool will be a milestone in achieving a successful project. In this case, the use Gantt charts and the risk management logs were preferred for their ease and presentation to the client. They made it possible to explain to the client on various stages and expected threats during the project life. The link between the client and the project manager is fundamental to ensure the smooth completion of the project whereas the mutual understanding could help in developing trust and long-term relation to make the projects successful. References Bouchaud, J., & Potters, M. (2000). Theory Of Financial Risks From Statistical Physics To Risk Anagement. Cambridge: Cambridge University Press. Gottschalk, P. (2005). Strategic Knowledge Management Technology. Hershey Pa: Idea Group Pub.. Howes, N. R. (2001). Modern Project Management Successfully Integrating Project Management Knowledge Areas And Processes. New York: Amacom. Johnson, J. (2003). Managing Time (4th Ed.). Oxford: Elsevier Science & Technology. Kerzner, H. (2001). Strategic Planning For Project Management Using A Project Management Maturity Model. New York: John Wiley. Rosa, M. (2013). Business Process Management Workshops Bpm 2012 International Workshops, Tallinn, Estonia, September 3, 2012. Revised Papers. Berlin: Springer. Smith, N. J. (1999). Managing Risk In Construction Projects. Oxford: Blackwell Science. Ward, S. (2003). Transforming Project Risk Management Into Project Uncertainty Management. International Journal Of Project Management, 21(2), 97-105. Wells, G. L. (19961997). Hazard Identification And Risk Assessment. Rugby, Warwickshire, Uk: Institution Of Chemical Engineers. Wilson, J. (2003). Gantt Charts: A Centenary Appreciation. European Journal Of Operational Research, 149(2), 430-437. Source document

Supply Chain Management Essay Example | Topics and Well Written Essays - 750 words - 2

Supply Chain Management - Essay Example Packaging also allows the consumer to acquire the product in the desired form. Therefore, Goldsby and Martichenko (2005, p. 47) assert that packaging is vital part of any implementation of lean operations. Most firms incur losses during packaging and also produced a lot of waste. Most companies have realized the importance of the lean philosophy to gain optimisation in their operations as well as the whole supply chain (Tsigkas, 2012, p. 12). The losses can be alleviated through lean packaging. Lean packaging results in value added activity and also reduce costs. The concept of lean packaging is not industry specific. Lean packaging eliminates waste in packaging. In the packaging industry, the packaging materials are regarded just like raw materials. Therefore, they contribute significantly to the overall costs of packaging. Any firm that adopts lean packaging has the net effect of driving the costs down. This means that a change in packaging results in a considerable reduction in overall costs. Companies gain competitive advantage by eliminating wastes. The new competitors enter the market as low cost providers. Since lean is the elimination of all waste in order to develop an operation that is faster, more dependable, produces higher quality products and services, lean packaging ensures that waste is eliminated by coming up reusable packaging materials. Using the reusable materials for packaging enhances the flow of products along the supply chain, thus reducing costs. World-class firms, such as Tyson, Coca-Cola, Wal-Mart, Ford, John Deere, Unilever, Gregg’s, and Amcor among others have already recognised the significance of reusable packaging in moving their products better, faster, and in a more cost effective manner (ORBIS Corporation, 2004, p. 6). Proceeding further, reusable packaging fits perfectly into the lean environment. The packaging is designed in a way that it fits specifically

Criminal Investigative Report Research Paper Example | Topics and Well Written Essays - 750 words

Criminal Investigative Report - Research Paper Example It appeared that the murder was taken place due to some monetary issues. Detailed investigation that supplemented by the required reports would be helpful to arrive at a conclusion as crime scene investigation is a tedious job with much documentation of the scene and collection of evidences (Layton, 2011). Indicators of potential criminal act(s) On further investigation from the neighborhood, it was revealed that the man who was living lonely in a small apartment, developed strained relationship with his business partners named Tom, Dick and Alfred over money matters. On his refusal to pay off the money due on him, his business partners threatened him of dire consequences. James did not pay heed to their threatening calls and took soft attitude towards payment of the money, which he borrowed from them in his personal capacity to meet some domestic urgency. It is not necessary that the murder was committed by the same business partners. It might be done by some hired killer on payment from business partners or it may be the attempts of dacoits or a dacoit to deprive James from his valuables. We have to look into it with different angles to sort out the motives of the crime and the criminals behind it. Potential evidence I have collected the material evidences from the crime scene, which could be helpful to trace out the criminals involved in the murder case under reference. The collected evidences are a) Corpse b) Mobile Phone c) Short gun. The body was sent for an autopsy to find out the causes of murder however, the shotgun was sent to forensic department to find out the fingerprints on it that led to the criminal or the criminals who were involved in the referred ghastly murder. The mobile phone that has taken into custody in order to check out the history of incoming and outgoing calls of the murdered person as this sort of investigation aims at to book the real culprits by the law enforcers. The interesting thing is that the household items shown in the ima ges where murder took place were found in the same place and in the same direction as it was presumed to be. Initial Follow up Investigative Steps The steps that are to be taken by me as initial investigative steps are: a) to take photographs of the crime scene where murder took place b) to take into custody the corpse to conduct postmortem in order to have a detailed body description report from medico legal officer or the medical board specifically constituted for the purpose that identifies a) the cause of death b) whether the death was occurred due to the bullet of that gun which are in our custody or the bullet of some other gun c) to analyze the depth of wound in the skull since the culprits may have fired point blank at the murdered c) to take into custody the weapons which is used as an object to murder James d) to have finger prints on the mentioned gun e) to take possession of the mobile phone to ascertain the callers frequency of incoming calls and the subsequent outgoing calls in response to incoming calls in order to have voice recordings of incoming and outgoing calls on the day of murder or before as the case may be from mobile companies which would provide great help to

Research methods Assignment Example | Topics and Well Written Essays - 3500 words

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Hilton Hotel Corporations Strategies Essay Example | Topics and Well Written Essays - 750 words

Hilton Hotel Corporations Strategies - Essay Example Hilton Hotel lays a major focus on the local growth in the lodging sector through expansion of operations into casinos and holiday ownership. In the year 2000, the hotel acquired Promus Hotel Company adding the statistical summation of their properties to 1700. The hotel as a brand management corporation devotes to offering excellent care of its guests accounting for more than 100 million room nights in America yearly. The corporation carters to the needs of both the customers and the owners accounting for approximately billions of dollars of real estate investments in its brands. The corporation earns more profits through other people’s monetary input into the corporation. The corporation has information technology (OnQ) intertwined with its brands. The company’s approximate cost of OnQ is 93 million dollars,40 dollars accounting for application development. The remaining portion of the 93 million estimate accounts for hardware and infrastructure realization. In 2007, the corporation registered 102 dollars growth through investment in OnQ. Maintenance of the OnQ infrastructure accounted for 60 million dollars annually. The corporation earned 750 million dollars through the cross-selling of the branded products. The corporation strives to satisfy the goal of each of its diversified brands. Through the Customer Really Matter (CRM) initiative, the corporation incorporates technology to enhance its relationship with the customers. The company established CRM in 2002, and it has ensured that its employees offer excellent and high-quality service to their clients. The high-quality service in terms of hospitality offered by the hotel employees ensures that it is sort after by a broader extension of clients. In the estimation of CRM’s performance involves calculations as an ROI for the most corporations’ project. An ROI value of the venture is the product of the total number of calls, increase conversion ratio and net revenue per call deducted by OnQ.  

Logical Fallacies Essay Example | Topics and Well Written Essays - 250 words

Logical Fallacies - Essay Example She convinced me to go to school the next day. But I did not listen to her, instead, I stayed in my room and kept away from other people. I believed that if my family are going to see me and make an eye contact, they will catch sore eyes from me. What my mother did was to search the internet about my condition and look for information on how to treat sore eyes. After few hours, she knocked on my door and told me to go out fast. I was avoiding her gaze when she said that it’s not true. I did not understand what she meant by that. She told me that people don’t get sore eyes by making eye contact with people suffering from sore eyes. She directly looked at me and explained that sore eyes can only spread by contact of dirty and contaminated hands with the eyes. Hands can get infected if they get in contact with contaminated or infectious objects and surfaces. Therefore, sore eyes are brought about by viral infection and not by looking at someone with sore eyes. The popularity of something does not make it true. It is very popular among children and even in house hold that people get sore eyes by making eye contact with someone suffering from the same infection. It is therefore a common and popular misconception among the people not only in the United States but also in other countries. If not because of my mom and her eagerness to help and convince me to go to school, I will not find out that everything my friends and I believed in about sore eyes were not true. Thus, the very next day I attended school. But it took a lot of my day to explain to my friends and classmates that they will not catch sore eyes by just looking at