Guidelines For Written Communication ( Internal And...

Guidelines For Written Communication ( Internal And...
Guidelines for Written Communication (internal and external)
Email is an important form of internal and external communication. Emails are written records that
may be required to be disclosed in legal proceedings or otherwise made public. Text for Thoughts
ethical standards apply to every email you write. An email should never be written or sent if it does
not first pass the scrutiny of the company's ethical standards. All emails should be written in a
professional manner. The same rules apply to written communication, memos, letters, etc. The
transmission of all messages must comply with all policies and be protected from unauthorized
disclosure or access.
Text for thought will use the following guidelines for email
 Use email only ... Show more content on Helpwriting.net ...
 If you are unsure ask your supervisor or the IT department.
The standards for safeguarding information and information security also apply to external email
communications. Because email messages sent outside the Company via public networks, such as
the Internet, may be intercepted or misdirected, you must use the VPN technology set up on
company laptops and never send company emails through and unsecured personal or hot spot
internet connections, unless you are connected to the companies VPN Network. If you must work
from home using you own personal computer you must have approval from management and IT.
According to (Stroebel & Sasseville, 2015)"Take great care not to include information that may be
used to harm the Company, its customers, its employees, or any of its other stakeholders."
It is imperative that you remember when business needs require that you communicate with external
parties using email containing Company Confidential or Customer Confidential information, the
email must be sent using the Company's secure encrypted email servers and if you are using a
hotspot or are at home that you are required to be logged into the VPN.
Tips for Effective Listening and Feedback
In today's world communication is very important. Communication builds relationships, solve
problems, ensure understanding, resolve conflicts, and improve accuracy. At work,
... Get more on HelpWriting.net ...

Questions On The Code Of Ethics
1. The main elements highlighted within the C.I.M.A. code of ethics The C.I.M.A code is includes
three parts. Part A explains which fundamental principles of professional ethics should be
professional accountants complied. Part B is suitable for professional accountants who work in
public practice. And Part C applies to the professional accountants who work in business. Among
these three parts, the main elements highlighted within the C.I.M.A. code of ethics could be grouped
into three. 1.1. Fundamental principles About fundamental principles, there are five major elements
involved. First principle is integrity, which requires professional accountants to be frank and honest
in all professional relationships as well as in all business ... Show more content on Helpwriting.net
...
Finally, C.I.M.A. code of ethics states that all professional accountants have to comply with relevant
regulation and laws and are not allowed any actions that will risk the profession. (CIMA, 2015) 1.2.
Threats To begin with, self–interest threat is that a member has a relationship with the employing
organization, which could let him or her directly or indirectly obtains benefit from the organization.
Secondly, when professional accountants are imposed to evaluate the results, which them judged or
serviced before, self–review threat will occur. Furthermore, there also is an advocacy threat, which
is defined that a member compromises the objectivity in order to bring more interests or position for
an organization. Familiarity threat is a threat that a member has a relationship with a person or an
employing organization and too considered to their interests. Finally, there is intimidation threat that
clients will press or intimidate professional accountants result in they fail to stick with objectivity.
(CIMA, 2015) 1.3. Safeguards The aims of safeguards are eliminate a threat or decrease the
possibility of the influence from a threat. (CIMA, 2015) 2. To use C.I.M.A. code of ethics analyses
WorldCom scandal Lyke and Jickling (2002) illustrated the WorldCom scandal in their report. On
21st July 2002, WorldCom, the US's second largest long distance telecommunications company,
filed for bankruptcy. But on 25th June 2002, the company announced that it

External and Internal Information Sharing: Level of...
Information Sharing and Enterprise 2.0
Introduction
Creating a high level of communication and collaboration both within an enterprise, and between
the many members of an enterprise and external partners, stakeholders and customers requires an
agile, customizable information and knowledge sharing platform. These platforms transcend the
typical Information Technologies (IT) systems that are represented as Enterprise Resource Planning
(ERP) or Customer Relationship Management (CRM) systems so pervasively known today. A
highly collaborative and communication–based knowledge sharing platform provides each member
of an enterprise, their external partners, suppliers, customers and stakeholders with information and
knowedlge of relevance to their specific role. Creating and continually improving a knowledge–
sharing platform can lead to exponential gains in project performance and ultimately positively
contribute to the profitability of an enterprise. It is the intent of this paper to explain how a
knowledge sharing platform, which includes but is not limited to Microsoft SharePoint, can
transform an enterprise.
Creating and Optimizing A Knowledge Sharing Platform First, a knowledge–sharing platform is not
just an enterprise–wide software application, it is the combining of the accumulating knowledge
sources throughout an enterprise strengthened with an effective change management system as well.
Being able to capitalize on the many sources of knowledge in a business, some in

Sarbanes Oxley Act Of 2002
Introduction There were several large scandals in the beginning years of the 2000's. The public had a
lack of trust within the capital markets and investors who had invested their capital would soon find
out that they had lost a substantial amount, as share prices decreased. Senator Paul Sarbanes and
Representative Michael Oxley both came together and were part of creating legislation which would
deter future scandals such as Enron, WorldCom, Tyco amongst other frauds that led the public lose
trust in the markets– to never happen again. Sarbanes–Oxley Act of 2002 is comprised of 11
sections, and one of them is the creation of the (PCAOB) Public Company Accounting Oversight
Board, PCAOB definition "The PCAOB is a nonprofit ... Show more content on Helpwriting.net ...
I will be discussing the IT general controls and application controls of this process. The importance
of IT when evaluating internal controls The world is very different as to what it was many years ago.
As time progresses so does technology. I personally have seen the changes within technology as I
matured in years. I had a beeper and thought I was very cool at the age of 10, then cellular phones
were introduced then I had my first PC later on I would have my very first lap top. Nevertheless,
now I have an Iphone6? Going back to businesses, technology has helped many businesses become
more efficient. When you or I go to a restaurant we see our server input our order into a screen with
their own code facilitating our server with our orders yet tracking, recording, accepting summarizing
the transactions throughout the day. Many business processes are dependent in technology for some
of the reasons I have mentioned above which also makes it relevant to the financial reporting aspect.
The controls of the applications and systems are important because of the impact it has on the
integrity of the processing of the information that will be reported on the financials. Section 404 is
big on internal controls, so to evaluate if there are proper internal controls we have to take into
consideration of the applications and systems and see what controls are programmed into them. This
is necessary for the auditor to see when

Sarbanes Oxley Act : Quality Of Public Company Audit
SArbanes Oxley Act has improved the quality of public company audit
Neil Vita Sarbanes–Oxley Act has improved the quality of public company audit. SOX prohibited
services to try and make auditing more independent. SOX added the role of the audit committee.
SOX created the PCAOB. SOX instituted Sec 404 which gave management the responsibility of
having to evaluate internal controls. SOX prohibited services to try and make auditing more
independent. Prior to the Sarbanes–Oxley Act one, of the biggest questions was whether the
accounting firms should be allowed to provide nonaudit services to their audit clients. Members of
Congress were convinced that the SEC were forced to back off from giving strict limitations because
of the intense lobbying of the accounting firms. The consulting departments had been called by
many as a conflict of interest. SOX bans the large scale, big fee financial information system design
and implementation or information technology work. However, the SEC never intended to ban all
nonaudit services. Many have been around since before audits became required in 1933 by congress.
Many of them are closely related to the audit like statutory audits or reporting on internal controls.
Another reason to keep some of the nonaudit services is because over time it would diminish the
accounting firms overall technical expertise and cause the audits to become less effective. The
companies are allowed to retain their auditor to perform non–audit services

Why Is It Important? How They Can Become More Effective...
Having identified the importance of ACs, and how they have started to change, it is important to
think about how they can become more effective going forward.
When discussing this topic, AP1 said:
"There's too much bad regulation and not enough good regulations at the moment. We should be
giving people more, and better, guidance to help. The typical reaction is to add more regulation, but
history shows this doesn't necessarily change behaviour. Any further regulation needs to be really
good – specific and direct. Regulators are putting more and more requirements into a system that
isn't working; need to fix this before adding more and they need to take a more innovative approach
– a mixture and blending of roles between all external parties."
AP3 spoke similarly on this topic and said,
"I believe there is likely to be more regulation going forward because of unavoidable governance
failings. This has always been the approach and is likely to continue. SOX clearly does not work
regarding ACs but it is still enforced. The EU are looking to the UK suggesting they should be doing
more, and that things are a bit soft currently. I do not believe that regulations are meaningful, they
are often too simple do not take into account contribution to boards. FRC stance of encourage best
practice seems logical. There are suggestions that AC members should have formal qualifications –
more failures makes this more likely to be brought in."
Clearly, from the auditor's point of view,

Global Economic Meltdown Of 2008
To establish effective policies in order to enhance ethics in corporate America and prevent
significant catastrophes such as the global economic meltdown of 2008 we need to propose new
ethical policies and standards in our corporate system. Ethical issues must be on the strategic
agenda! Integrity management should be a priority not only because it is legally required, but
because it is the right thing to do. This memorandum will analyze the proposed ethical policies such
as strengthening auditors' independence and strengthening audit committee to make reforms in
existing corporate sector.
Strengthening business ethics by improving audit quality
One of the most important factors that plays a huge role in the success of a company – is ethics,
which can have long–term impact on the company. It does not matter how high the company's
profitability level is, if there is unethical behavior or a lack of corporate social responsibility it will
eventually damage company's reputation and make it less appealing to stakeholders.
The last global economic crisis that cost the world trillions of dollars, a continued recession,
millions of lost jobs, a huge loss of confidence in financial markets and a reversal in our efforts to
cure global poverty was result of the combination of several leading factors; and the failure of
business ethics was one of these factors that strongly contributed to this global financial turmoil.
It is proven that during economic recession many companies

Internal Vs. External Communication
Introduction
Information Technology Management (ITPM involves leading the implementation of an IT
infrastructure upgrade, migration, or installation. According to their corporate website tdsinc.com,
Telephone & Data Systems, Inc. is the parent company to U.S. Cellular, TDS Telecom (an internet
service provider), and OneNeck IT Solutions (a hosted IT consulting company). IT Project
Managers within this company and others use both common communication methods, as well as
many unique to their profession and colleagues. The purpose of this report is to examine Telephone
& Data Systems Inc. (TDS) and ITPM through an analysis of internal vs. external communication,
in–person vs. "other" (electronic) forms of communication, and the use of official lines of
communication vs. unofficial lines of communication.
Internal vs. External Communication
Internal communication between colleagues at TDS, which takes place through various in–person
and "other" forms of communication, has a heavy reliance on technical diction. Flexibility and
knowledge of the technical language within the field can help in adapting to the work environment.
Even if not familiar with all of the technologies, knowing the technical language can help in putting
the puzzle together.
Collaborative learning among peers is another key aspect of the internal workplace communication
environment. Although many are intimidating as technical professionals, sending a quick message to
a coworker or stopping by their desk to

The New Audit Client Acceptance Decision 1
1.0 Introduction
This assessment required students to take the role of an audit manager that is currently employed
with Deep Breath LCC, a medium sized national accounting firm. This particular firm offers
auditing services as well as tax services. The main purpose of my role as the audit manager is to
decide and justify reasons on a new audit client acceptance. The process of accepting a new client is
not a simple procedure especially during this phase where the public accounting environment is
changing drastically. Intense competitive pressures among audit firms in selecting the best clients
and increased exposures of litigation have driven auditors to be more prudent in the process of
making decisions when accepting a new audit ... Show more content on Helpwriting.net ...
Under the Budget Approval internal control, annual planning and budgeting exercises are dealt
seriously and comprehensively to ensure sufficiency of decision making by the operational
managers. The Operating Procedures and Guidelines of PETRONAS relating to the internal control
are documented in standard operating manuals and established guidelines to make sure the process
is always conducted smoothly. In terms of Procurement, grant of tenders and all procurement
transactions in terms of capital and revenue expenditure items has clearly specified authorization
procedures. PETRONAS have also adopted a Financial Control Framework (FCF) to enhance the
integrity and the quality of the financial reports that takes account of the adequacy of key internal
control system at all times.
4.0 Client Acceptance Process
Various activities and steps are conducted when deciding and considering the acceptance of a new
audit client including these eight. Firstly, financial statements and reports are acquired and reviewed.
These reports include the company's annual reports, management reports and income tax returns.
Next step includes investigating and inquiring of third parties on the particular company. The
opinions of third parties especially the external users such as bank, creditors, suppliers, tax
authorities and even consumers are essential to know more about a company. Besides that,
permission should be gained to communicate with the

Internal and External Communications at the West Miami...
Introduction: In this short essay, the author will discuss the internal and external communications at
the West Miami Middle School in the building and also at the district level. We will also discuss
how the building and district staff communicate with members of the external community who make
up the majority of the district's stakeholders. Finally, based upon the author's research, they will
comment upon the types of communications that they would maintain, add or delete in the process
of this analysis. This will be based upon a comparison of the West Miami Middle School with other
similar schools of their type. Surprisingly, there are many more potential additions than deletions to
this list, given the huge size of the West Miami Middle School and the school district and the great
need for communication, internally and externally. Analysis West Miami Middle School Internal
Communication Systems The West Miami Middle School has two main communication systems: the
internal and external systems. The internal systems are composed of the M–DCPS website and the
BLACKBOARD Connect system. This internal system gives the school the opportunity to
communicate to all the different departments of the Miami–Dade county District simultaneously.
Though this system is widely used by the administration, it is also used by teachers when
communicating to one another or when sending messages to the administration. Additionally, it is
used when they send pertinent emails to the

Enron : The Collapse Of Enron
Abstract The scandal of Enron in 2001 lead the company to the bankruptcy. Enron is the largest
bankruptcy reorganization in American history at that time. Undoubtedly, Enron is the biggest
example of the audit failure. It is ever the most famous company in the world, but it also is one of
companies which fell down too fast. In this paper, it describe the reason why Enron became an
admired company in the world, the story of Enron 's rise and fall, the issues of internal and external
auditing in Enron, the breaches of accounting and ethics that carried by Enron.
Story of Enron In late 1970 's to early 1980 's, the competition in U.S. gas market lead the market
price of gas become unstable. There are three major types of economic units in the gas market, they
are suppliers, customers, pipeline companies. Suppliers and customers enter into a long term
contracts with pipeline company because of the uncertainty in the price of gas. Therefore, U.S.
government trying to control the price of gas by strictly regulation and caused shortage in gas
market. The situation became worse in middle of 1980 's. U.S. government started to deregulate the
gas industry and the demand for gas declined. Pipeline companies face many financial problems
with no customers. The deregulation create a short term volatility in gas price and making gas users
more challenging to do planning and pricing. At that time, Enron provided long term fixed contracts
to their customer and help the customers to

The IIA Code Of Ethics
1. In Refer to The IIA's Code of Ethics. Identify three specific Rules of Conduct relevant to this
case. Using the Rules of Conduct you identify as the context, discuss the ethical issues raised in the
case.
Three of the most important rules of conduct from the Code of Ethics in the internal audit profession
present in this case are; first, internal auditors should perform their work with honesty, diligence,
and responsibility. In the particular situation that Mark is facing he need to do his job with honesty
and the facts regarding the inventory valuation and write–offs needs to be escalated within the
organization, including the audit committee as needed. Although, Mark's responsibilities do not
include issuing an opinion about the fairness of the ... Show more content on Helpwriting.net ...
In order to properly manage possible obsolete inventory and uncollectable account receivables the
company should have well identified the metrics in order to guarantee the proper disclosure of the
information in the financial statements. In addition, the company does not apply a strong tone at the
top promoting the idea of doing the right thing and avoid any types of misstatement in the financial
statements. Also, the company could have stronger policies regarding the level of responsibilities
that the managers have in the different divisions within the organization and how to solve possible
disagreements between the internal auditors and the managers. Finally, the company should have
better communication channels created in order to deal with these types of issues in which the
managers, the internal auditor, and the Chief Auditor Executive CAE can come together and achieve
an unbiased opinion in how the issue should be solved.
3. Clearly indicate what you would do if you found yourself in Mark's position. Briefly explain

The Audit Expectation Gap Analysis
The audit expectation gap
The meaning of the expectation gap involves argument concerning the contradictory meaning of
what an audit is to user of financial statement, the public and the audit profession. Expectation gap
is the difference between what the public assumes to be the role of audit and what the audit
profession claim their role is in carrying out the audit function. . All the theories above describe the
expectations the stakeholders have of the auditors, including protection against fraud, warning of
future insolvency, general re–assurance of financial well–being, safeguards for auditor independence
and understanding of audit reports. Although these expectations seem to be rather natural, however,
an audit expectations gap does exist based mostly on the diversity of views about the audit function.
The gap exists between what the public expects the auditor to do and what the auditor can and
should do. Several suggestions were made to narrow the expectations gap, as well as providing
statutes in order to describe audit functions especially concerning the responsibility to detect and
report errors and fraud.
Component of audit expectation gap
Reporters have credited the expectations gap to mean that users of financial statement are confused,
ignorant or lack education. Porter in his analyses divided the expectation gap into three different
component which includes a) sub–standard performance b) deficient standards and c) unreasonable
expectations. a) The

ZZZZ Best's Story
ZZZZ Best, Inc.
The start of ZZZZ Best:
ZZZZ Best started as a carpet cleaning company. Barry Minkow founded ZZZZ Best in his parents'
garage in 1982 when he was only sixteen years old. Due to high competition in the industry, low
enter barriers, and bad internal control, this young entrepreneur started to have cash flow problems,
and a shortage of working capital.
Pressure Leads to Fraud:
Under financial pressure, Minkow started to commit fraud. He forged credit card applications,
staged theft, used bogus financial statements, and used his networking skills to entice wealthy
investors. The most serious fraud he made was inflating the value of the company's insurance
restoration contracts (Knapp, 2006).
Inflated Insurance ... Show more content on Helpwriting.net ...
2. Opportunity:
The greatest opportunity for Minkow to commit fraud was ZZZZ Best's lack of financial
supervision. Lack of internal control facilitated manipulation of company's assets and transactions.
It gave the CFO the opportunity to falsify the documents and to create fictitious transactions. These
transactions created formidable revenues on the company's books and made it easy to borrow money
from banks. The weak external audit was the other opportunity that allowed Minkow to commit
fraud. The auditor was not familiar with the company and its related parties. In addition, the auditors
placed too much trust in management produced documents and failed to verify key transactions.
These two important reasons gave Minkow an opportunity to commit fraud.
3. Rationalization:
Minkow words, "I started with the best of intentions, really I can say that," show that he started
lying because it was an easy way to start and maintain his business. However, he could not stop after
he borrowed a lot of money, and was forced to create bigger lies to cover the small ones. Minkow's
rationalizing behavior made it easy for him to continue lying in order to support the lifestyle he had
become accustomed to and to keep his fraudulent company afloat.
4. Individual's Capability:
Personal charm, conviction, and good organizational skills helped Minkow to get through many
problems during the fraud period. In particular, he was convincing

Internal and External Pursuasive Communication Essay
Internal and External Persuasive Communication
COM 537
August 19, 2013
Abstract
Organizations both large and small, all share a common feature. This feature is internal and external
stakeholders. An organization can have a wide variety of internal and external stakeholders. It is
vital to make certain that designated managers within the organization keeps both internal and
external stakeholders informed of accolades, potential problems, problems, as well as any other
issue that has transpired that will affect them. By doing so, all stakeholders will remain happy, and
may even be able to offer applicable feedback.
Persuasive Memo to Internal Stakeholder: Employees
To: Best Games ... Show more content on Helpwriting.net ...
Either way: there will be disgruntled customers.
Consider the first choice: rolling the game out with the technical issues still remaining. Yes, we
would more than likely exceed our sales expectation. We are more than certain that the game would
sale, as our sales records show, but if the customers are dissatisfied with our product that be
reflected in future sales. How would this choice change the opinions of our customers? Perhaps they
would think that compared to our previous products, this game is not what they expected, I wasted
my money, this game is not working properly and I would like a refund – and so on. How would we
as an organization recover from this? Would we be able to recover? The potential for loss is very
great in this situation.
Now, consider the second choice: delaying the release of the video game allowing our video game
developers more time to resolve the technical bugs, and bring our product up to spec. This will
however prevent the organization from reaching its projected sales goal. How would this make the
customer feel? Perhaps they would be disappointed for the additional wait, they may be very pleased
with the quality of or product once again, they may feel as is the additional wait was well worth it
because the product is outstanding. What would this mean for future sales? Increased customer
loyalty, increased sales, and we would

hollatecasestudy
Hollate Manufacturing Case Study About this case study: This case study was developed as a joint
effort by the Center for Audit Quality, Financial Executives International, The Institute of Internal
Auditors, and the National Association of Corporate Directors. These four organizations have
formed the Anti–Fraud Collaboration to actively engage in efforts to mitigate the risks of financial
reporting fraud. The Collaboration's goal is to promote the deterrence and detection of financial
reporting fraud through the development of education, programs, tools and other related resources.
For more information about the Anti–Fraud Collaboration and its resources please visit
www.AntiFraudCollaboration.org. © Copyright 2013 Jack Brennahan had ... Show more content
on Helpwriting.net ...
Shortly after becoming CEO, Brennahan conducted a search for a CFO using a respected recruiting
firm. Because Brennahan planned to continue to grow the company, he wanted a top–notch CFO
with skills beyond what Hollate might need at present. In particular, he wanted someone with
significant public company experience, something the other members of the top team lacked.
Brennahan reflected that if he was applying for the CFO position today, he might not make the cut.
In the end, Brennahan hired William Blackburt. Before coming to Hollate, Blackburt had served as
CFO of a manufacturer that had grown through acquisitions, Hollate Manufacturing Case Study 1
but had reached the limits of its growth some years earlier. Because of this, he was looking for a
new opportunity. Overall, Blackburt had 25 years of experience after earning his MBA and he was
also a CPA. A former colleague called him extremely intelligent and hardworking–someone who
was the first to arrive in the morning and the last to leave at the end of the day. The colleague also
noted that Blackburt had "nerves of steel" and kept his cool under the most pressure–filled
circumstances. Blackburt believed that Hollate would not find many candidates with his level of
experience directly aligned with the company's needs. When he was offered the job, he negotiated
hard for a compensation package that included significant bonus opportunities. In particular, his
bonus levels were

The Internal And External And Media Relations...
Business operations and processes are constantly changing and are nowadays an essential element in
any company structure. Business processes are sequences of interrelated activities that are carried
out routinely in organisation (Kock et al, 2008) and exist to manage, understand and coordinate the
activities of the company. The objective of this analysis report is to assess and review the
internal/external and media relations communication business processes within John Holland Pty
Ltd (JH). These support processes will be mapped using cross functioning and relationship mapping.
The report will also analyse the following process measures; Tightness and dependence Bottlenecks
Service blueprinting, Line of visibility Quality and Speed of delivery External communications will
be further analysed to identify key issues with recommendations to correct any inadequacies. The
report will then conclude with suggestion on ways to improve John Holland's communications
processes. JH is one of Australia's leading engineering, contracting and service providers to the
infrastructure, energy, resources and transport services sectors. The business is driven by a
collaborative approach to project delivery in Australia and internationally. One of JH's strategic
goals is to create and foster a high performance environment within its operational process. The
objective is to foster a culture where information is shared and effectively communicated within a
timely manner,

Enron Scandal And The Corporate Financial Frauds
One of the biggest corporate financial frauds in history was Enron scandal, where the relationship
between the company governance and their auditors – Arthur Andersen was one of the factors that
helped the company hide its frauds, which eventually led Enron's bankruptcy. The accounting firm
was accused of not acting independently and misstating Enron 's accounts such as keeping huge
debts off balance sheets. Some believe that the auditors had gone along with Enron's questionable
accounting practices in order to maintain their work. As a result, the shareholders lost $74 billion
further (further depressing the stock market), thousands of employees and investors lost their
retirement accounts, and many employees lost their jobs. In addition, ... Show more content on
Helpwriting.net ...
These statements can serve as an adequate early warning material for the protection of investors and
creditors. Therefore, improving auditors' independence will increase the reliability of corporations'
published ﬁnancial statements and give assurance of that reliability to users of those ﬁnancial
statements. Some of the ways to strengthen auditors independent is rotation of audit firms at regular
intervals.
Currently it is required that the rotation of the lead partner in an audit firm to be conducted every
five years. However, this current law of rotating audit firms doesn't address the real conflict in the
auditor/audited relationship. Recent academic studies in both the U.S. and other countries suggest
serious disadvantages to mandatory audit firm rotation. Key among them is the loss of the current
auditor 's cumulative knowledge of the company 's business, processes, systems, people, and risks
(Pwc.com). In the case of mandatory rotation of an audit firm rotation can be very expensive for
both the audit firm and their client. Indeed, the expenses of this change could outweigh its benefits.
So how can we further strengthen auditors' independence?
I would like to suggest a new policy that would prohibit companies from hiring managers and
internal auditors from their external audit firms. Currently, SEC requires a one–year cooling off
period before a company

The Role of Auditors in a Firm
Audit is determined by a formal examination of a firm's financial records, inspection of its accounts
and other related documents by accountants called auditors. Basically, auditing is a controlled
process which includes professional judgment and requires applying of analytical skills. Also, it
involves appropriate forms of expertise and its approaching. A team with professional skills perform
this task according to the relevant standards, for instance, International Standards on Auditing
(ISAs), International Financial Reporting Standards (IFRS), International Public Sector Accounting
Standards (IPSAS) or International Standards on Quality Control (ISQCs) and other applicable
equivalents.
The role of auditor as a specialist is to review the company's accounts in order to certify the
legitimacy and validity of its financial records. They work in the places like independent certified
organisations or accounting departments. Furthermore, auditors can give an advice and warn about
possible risks and cost savings that company could made. As money going in and out of
organisations, auditors examine the records and check if it is processed correctly. Their obligations
also include visiting factories for checking stocks and companies' equipment.
Actually, there could be internal or external auditors. Considering internal, they work for specialized
firms, large corporations or charities and as a part of a company's accounting team. That is to say,
internal auditors perform in the

Budget Assignment
The purpose of this paper is to explore the various stages of the budgeting process and attempt to
evaluate their effectiveness. I will further evaluate the level and validity of detailed assumptions
used to create budget estimates. I will discuss the role of the budget as an analytic tool and explain
how the budget can be used to evaluate organizational performance, eliminate inefficiencies in an
organization's performance, and explain the budget's role in the business control cycle. I will further
analyze control mechanisms that can be put in place to monitor and evaluate the budget, and
describe how budget can be used in the performance accountability and reward process. Finally, I
will identify a major business initiative in my ... Show more content on Helpwriting.net ...
During this stage, the decision makers begin to see if they will get the return on investment they
initially anticipated.
Following a period of time, perhaps two or three years after approval, projects are reviewed to see
whether they should be continued. This reevaluation is referred to as a postcompletion audit.
Thorough postcompletion audits are typically performed on selected projects, usually the largest
projects in a given year's budget for the firm or for each division. Postcompletion audits show the
firms management how well the cash flows realized correspond with the cash flows forecasted
several years earlier. (Peterson et al, 2002)
The post completion audit serves to thoroughly analyze the initial decision to allocate resources to a
given project. If the project failed to meet established objectives this phase is often reffered to as a
post–mortem analysis. By revisiting the project after an appropriate amount of time has passed,
decision makers can determine a project's success or failure. In the case of failure lessons learned
can be identified to avoid the same outcome in the future.
In creating a budget, decision makers attempt to forecast numbers as accurately as possible. Doing
this requires detailed assumptions regarding future costs and returns on investment. While historical
data can provide insight into future performance, it is by no means a reliable method that should be
expected to provide consistent results.

Introduction. Big Data Is One Of The Most Discussed Concepts
Introduction Big Data is one of the most discussed concepts in the business world today. The
concept of Big Data is one that has been increasingly debated over the past few years by many
different kinds of business industries. One industry where this discussion is prominent is the
accounting profession. Big Data will be defined more in–depth later on, but in shorter terms, Big
Data refers to the exponential sum of data available in our world today. This amount of data is
beyond the traditional analysis that can be computed by human power. When Big Data is converted
and used to its full potential, it could have a material impact on the accounting industry as we know
it. Companies today must stay on top of the Big Data trend if they wish to ... Show more content on
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The massive amount of data available is where the term "big" data comes from. The processing
power of a typical server is not vast enough to store this data; new technologies help to ease this
burden. To put into perspective how much data is out there, six billion people today have cell phones
that are transmitting data. Most United States company currently store a minimum of one–hundred
terabytes. It is estimated that by the year 2020, there will be forty zettabytes of data available. This
is three–hundred times the amount available in twelve years ago. Velocity refers to the speed in
which data is being processed. Often, data can be processed at speeds as fast as a fraction of a
second. With such large quantities of data constantly being transferred, it must be dealt with in a
timely manner. Modern cars today have over one–hundred sensors that are constantly monitoring
aspects such as tire pressure, how much gas is available for use, how many miles per hour the car is
traveling, etc. Projections show that in 2016 each person will have over two billion network
connections. These are all examples of how quickly data is being transmitted constantly. Consider
sending a text message. It is possible to send back and forth several messages within one minute.
That is velocity. Variety refers to the many different formats data can come in. Data can either be
structured or unstructured; it can come from social media sources, financial statements,

The Ethical Dilemma Of Susan Faces
9. (Discussed with Luhua Li, equally contributed)
1) The ethical dilemma Susan faces is that if she accepts the CEO's request, she would violate the
AICPA Code of Professional Conduct and the law so she might eventually lose her license or go to
jail. On the other hand, if she rejects the CEO's request, she might get marginalized or even fired,
losing the ability to supply her kids.
2) By increasing net income in the manner Derek suggested, Derek would benefit in terms of
gaining a substantial bonus and likely a new yacht, Susan and I might benefit in terms of
maintaining our jobs and likely getting promoted. On the other hand, other stakeholders such as
stockholders, employees, vendors and suppliers, creditors, and investors might be harmed as a result
of making wrong decisions by relying on the fraudulent financial statements.
3) There are a few alternatives that are available to Susan: a) accepts the CEO's request and increase
net income as suggested; b) rejects the CEO's request and act in accordance with the rules and law;
c) convinces the CEO that it is in his best interest to act in accordance with the rules and law; d)
reports the conversations to the external auditor, the board of the company, and the audit committee;
or e) resigns from the company and seeks positions at other companies.
4) By complying with Derek's request, Susan could maintain her job, get promoted, and gain
monetary compensations. On the other hand, she violates the AICPA Code of

Actuaries and the Auditing Process
ACTUARIES AND THE AUDITING PROCESS
Risk is an inevitable element of any type of business with the insurance sector being no exception.
Insurance companies accept various forms of risk – each which can affect the ability of a company
to meet its future liabilities.
These risks need to be identified, analysed, and managed/mitigated as far as possible. These
procedures and controls will form part of a company's risk management framework (Chen, 2010).
The aim of an audit is to determine, by investigation and evaluation of unbiased evidence, whether
the adequacy and implementation of established procedures comply with regulatory requirements,
industry standards and company policy (Stamatis, 2002).
One of the main goals of an actuarial audit is to monitor and assess the quality of work done by an
insurance company's internal actuaries and to decide if the concerned financial statements present a
true and fair view of the company's current financial position (International Association of Insurance
Supervisors, 2009).
Definition and Broad Overview
Research was centered on the relationship between Regent Insurance, as the insurer, and Deloitte, as
the independent external audit support group. The 'auditing' actuaries are those which, in
conjunction with external auditors, form the external audit support group (Strydom, 2014).
As explained by J. Strydom, when independent auditors conduct an audit on an insurance company,
unfamiliar concepts/items which are specific to the

Evaluate the External Corporate Communications of an...
Evaluate the external corporate communications of an existing product or service
Types of external corporate communications
Write down the meaning of each and give examples
Related to CWOA * Advertising – Advertising is a way to inform in a way of notice or
announcement to the public or businesses about promotions, services and products. Other can be
information about upcoming events or a massive sale. Advertisement can be informed through TV,
leaflets and Radio. CWOA inform their customers about new events taking place via Television
advertisement as well as posters on public transport vehicles and on their websites. Their recent
service is the Zufari which is a bit like a safari but at the CWOA location. CWOA will inform
families and ... Show more content on Helpwriting.net ...
Missions statements shows customers how passionate a business is for thriving in success and in
favour of the consumer with excellent services that is promised to be provided to each and every
customer. However if CWOA don't reach their goals then this can question CWIA's abilities in
proving the great customer experience they promised. This can affect their brand and its reputation.
* Livery –Livery is a way to distinguish colour and, style and theme to their customers from other
companies. CWOA do this to many of their souvenir products so that customers are reminded of
how much great fun they had from their experience at the attraction. This may 're–awake' their
senses and encourage them to go back to experience the same fun they had on their last visit. The
livery on their products can be of their colour schemes or logo for example a teddy bear would have
a logo on the shirt and a red and yellow colour background of the shirt to represent its home as
CWOA. However a livery can be somewhat of a disadvantage to the business. CWOA may change
their logo style, theme and or colour scheme as well as the whole logo design due to change in
leadership, partnership and or takeover by another firm. This will mean that CWOA may have to
change all their designs on their souvenirs as well as their products. High costs can result of this
action. If logo and design is changed then customers may not be able to recognise the brand as

Evaluating The Internal Control System
The auditor required to providing a reasonable assurance about the financial statements that they are
free of error or fraud by planning and performing audit work in conformity with GAAS (AU–C
240). According to AU–C 240, fraudulent financial reporting and misappropriation of assets are the
two main category of fraud. The auditor should consider the incentive or pressure upon the
employee, evaluating the environment or the opportunities to commit the fraud and looking at the
justifications to committing fraud when he assessing a likelihood of fraud (AU–C 240). However, in
the case they were incentive and pressure by management to meet the Wall Street expectations,
opportunities to acquire companies in the future, and weakness of the internal control. ... Show more
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In addition, the auditor should achieve the understanding of the control environment by evaluating
the management along with honesty level, ethical principles and control environment elements to
determine the risk of misstatement. However, in the internal control evaluation he should consider
the integrity, management level, policies, and responsibilities then planning to obtain sufficient
evidence for supporting his opinion on the internal control (AS 5). CUC had a poor quality in the
internal control system and management put the pressure and incentives to meet Wall Street
expectations. A good example for override of the management on the internal control system was the
revenue recognition. AU–C 240 requires significant procedures to the possible risk in management
override controls, which are testing the journal records, reviewing accounting estimates, and
evaluating unusually

Formal Written Communication
In this booklet I will be: P1– Describing different types of formal written communication used in the
uniformed public services. 'An annual report is a comprehensive report on a company's activities
throughout the preceding year. Annual reports are intended to give shareholders and other interested
people information about the company's activities and financial performance.'
en.wikipedia.org/wiki/Annual_report (22/01/15) Annual reports in the police The Office of the
Police and Crime Commissioner are required to produce an annual report at the end of the financial
year. This report must include an assessment of the extent to which, during that year, proposals have
been implemented, and things done, in accordance with the ... Show more content on
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They must also write a main summary outlining the main findings in the report under the four
healthy establishment areas, which are listed below: Healthy prison area Subject area Safety Courts,
escorts and transfers Early days in custody Bullying and violence reduction (including care of
vulnerable prisoners) Self–harm and suicide prevention Safeguarding (protection of adults at risk)
Security Incentives and earned privileges Discipline Substance misuse Respect Residential units
Staff–prisoner relationships Equality and diversity Faith and religious activity Complaints Legal
rights Health services Catering Purchases Purposeful activity Time out of cell Learning and skills
and work activities Physical education and healthy living Resettlement Strategic management of
resettlement Offender management and planning Reintegration planning Each prison needs to
ensure that each point in the table is being enforced and the prisoners are healthy, happy and well
looked after. In the police: Standard operating procedures combine guidance, information and
instruction for officers and staff, which describe in practical terms the work or activity to be carried
out to ensure a fair, consistent and reliable approach is taken. Whilst Standard operating procedures
set out processes and procedures it is recognised that there will be circumstances requiring action on
the part of officers or

The Sec 's Influence On Auditing A Private Company And The...
Smackey Dog Inc. Project
ACCT555: External Auditing
Doctor Khaled
By Lisa Cimmino Introduction The purpose of this paper is to discuss the SEC's influence on
auditing a private company and the essential activities involved in the initial planning of an audit.
Next the discussion will delve into four stages of the audit and tasks performed by the auditors as
well as internal control findings and various aspects of the audit.
SEC influence on auditing private companies Smackey Dog Foods, Inc. is a privately held
corporation and not required to follow guidelines set forth by the American Institute of Certified
Public Accountants. Keller CPA's follow American Institute of Certified Public Accountants
(AICPA) guidelines for private or public companies. Generally Accepted Auditing Standards
(GAAS) governs audits for privately held companies. Smackey Dog's bank is requesting audited
financial statements to meet loan requirements and Generally Accepted Accounting Practices
(GAAP). It is in Smackey Dog's best interest, despite the fact that they are private, to obtain audited
financials as referenced next "private companies that wish to obtain equity capital infusions beyond
a closely held base must forego this option, because outside investors are unlikely to invest without
the level of assurance that an audit brings" (O'Hara, Paragraph 10).
Essential activities involved in the initial planning of an audit
Study Smackey Dog's industry and business by completing

Heartly House Executive Summary
Heartly House Charity Tree, December 2014, December 2015
Frederick, MD
Initiated and organized holiday fundraiser for two consecutive years at MAXIMUS Federal Services
and raised $1,200 in four weeks from gifts donated by employees. As part of my assignment while
employed with Kearney & Company, P.C. (Kearney), I was assigned the responsibility of acting as a
member on the prime contractor's (MAXIMUS) Social Committee. As an active member of the
committee, my colleagues and I were tasked with promoting collaboration amongst the
subcontractors. While hosting a variety of events successfully boosted morale throughout the office,
the committee agreed that we should do more. As it was the holiday season, we decided to display a
giving tree in the office which had ornaments hanging on it with different items requested by
families in need currently staying at the Heartly House. Located in Frederick, Maryland, the Heartly
House provides comprehensive services for victims and survivors of domestic violence. The tree
was a great success. In just four short weeks, the employees from all of the subcontractors united
and purchased every item on the tree. The families at the Heartly House were able to enjoy the
holiday season because of the efforts of the Social Committee and the collaboration amongst the ...
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While at Kearney, I was responsible for responding accurately and timely to the external audit
teams' requests while managing the database and repository which tracked and stored all audit
evidence. On a regular basis I had to plan and prioritize items. This meant I had to know the details
of every request, determine how quickly the items could be provided, and the amount of effort it
would take the organization to provide the documentation. It was essential for me to allow the
employees enough time to gather the evidence without burdening the system, while prioritizing the
items that needed to be provided

Do Auditors Need to Have in-Depth Knowledge of Information...
Do auditors need to have in–depth knowledge of information technology? Yes, auditors need to have
in–depth knowledge of information technology. Networks and computers deliver the most
information needed for auditing to work. For it to be effective, auditors have to use the computer as
an auditing tool, audit automated systems and data, and understand the business purposes for the
systems and the situation in which the systems operate. The other important uses for networks and
computers by auditors are in audit administration. By pursuing new uses for computers and
communications, auditors can direct their activities more effectively and improve their skill to
review systems information. Automated tools give auditors the chance to increase ... Show more
content on Helpwriting.net ...
This has been stated in internal control over hazardous material where the critical audit 's objective
was to review controls over the procurement, distribution, storage, and disposal of hazardous
materials. But another standpoint, the author gives an example of workforce reduction program
where CAATT used to review the efficiency and effectiveness of this program, personnel
information system, and payroll system, the audit was successfully provides senior management
with an assessment of the effectiveness of the program. Also how auditor inspected the controls over
the closure process of a production plant. In one situation, an audit team helps the organization to
determine whether equipment and inventory items were sold at an appropriate price, and properly
safeguarded to prevent theft or loss. The CAATT developed for this closure were successfully used
and reduced timing of the planning phase generally by more than 50%. And determine the benefits
and effectiveness of CAATT in automating audit functions in the organization and allowed
improvement of efficiency and effectiveness of auditing process be established. But the author has
not provided any research survey and reports to support and justify his statements. The analysis of
how CAATT automating of audit function are only based on survey and suggestion of unverifiable
sources. As audit tools are growing more powerful

Communication in Business in Changing External Environments
1. Describe the three basic characteristics of changing external environments Environmental change
is the rate at which a company's general and specific environments change. If the environment is
stable, this means that the rate of change is slow; if the environment is dynamic, this means that the
rate of change is fast. Environmental complexity is the number of external factors in the
environment that affect organizations. Complex environments have many environmental factors;
simple environments have few. Resource Scarcity is the degree to which an organization's external
environment has an abundance or scarcity of critical organizational resources. 2. How do the
characteristics of changing environments affect ... Show more content on Helpwriting.net ...
Competitors also influence how a company conducts business in a certain market segment, the
company's location, and the overall strategy a company pursues (attack or avoid competitors).
Suppliers influence the cost of the products and services a company offers and therefore affect the
profitability of the firm. Suppliers (who they are and what they can provide) also affect the types of
products that a company is able to put on the market. Industry regulation has the potential to
influence nearly every aspect of a company's operations. For example, a caterer would need to
comply with all the health codes and liquor laws that govern its industry. Advocacy groups affect
businesses through boycotts (or support). For example, advocacy groups were ultimately responsible
for Home Depot changing its policy of buying lumber harvested from old–growth forests. 6.
Describe the three–step process that managers use to make sense of their changing environments.
Environmental scanning: Managers search the environment for important events or issues that might
affect an organization. This allows managers to stay up–to–date on important industry factors and to
reduce uncertainty. Interpreting environmental factors: Managers determine what these
environmental events and issues mean to the organization. These events could present either threats
to or opportunities for the organization. 7. How are organizational cultures created and

The National Health Care Billing Audit Guidelines
Internal and outside auditors have a heavy role and responsibility in performing audits, preventing
major accounting errors, and following (GAAP) guidelines. Several duties comprise the role of
internal and outside auditor to follow specific protocol and ensure ethical standards are priority. The
National Health Care Billing Audit Guidelines are relevant to address as well as why audit failures
happen. Finally, how internal vary from external audit and why audits are overall important to health
care organizations. It's vital for health care organizations to maintain all necessary standards to
conduct proper audits and uphold ethical standards for the financial health of the organization.
Outside Auditor's technique for Accuracy
In the ... Show more content on Helpwriting.net ...
Furthermore, when the internal control is fixed, the outside auditor can rely on the clients system
and less audit testing can be conducted. When everything is improved, the management letter is
given to the organization's top management and not disclosed to the public, (Finkler, S. A., Ward, D.
M., & Calabrese, T. D., 2013). Next, is the auditor's report that entails the opinion letter usually
written in three paragraphs and given to the board of trustees. Then, the opinion paragraph is added
on to state the organizations financial statements are in accordance of the financial position and
followed through with (GAAP). The clean opinion addresses the opinion of the auditor and the
overall exercising of professionalism. Also, the complete opinion of the financial statements is to
give a representation of the organization. All other opinions may be included and can be addressed
by adverse opinions if (GAAP) was not in accordance. A qualified opinion can be added if a specific
area wasn't included in the financial statement when needed. Finally, the management reports are
conducted by the management team and not the auditors. The management report is the annual
report the topics included in the report are the internal control system and the responsibility of the
audit committee.
Audit Failures
Audit failures are unfortunate for any health care organization and failed audits are due to financial
statements falling under lack of

Thompson Prodigious External Communication
Prodigious external memory, easier connections, and the superfluity of communication and
publishing are contingently defined by Thompson as infinite memory, dot connecting, and explosive
publishing. These three concepts highlight the new yet deeply woven habitual actions humans use in
modern day extended by the utilization of new technologies. Thompson attributed prodigious
external memory to recording our ideas and events of our lives in the channels of writing and social
media such as twitter to share our everyday experiences with others. The new channels of social
media foster an emerging collection of dot connecting in which people are more connected than ever
before by the sharing of pictures, news, and other people's lives. Social

Summary: Evaluating External Organizational Communication
Evaluating External Organizational Communication The company chosen to evaluate is New
Belgium Brewery Company (NBBC) headquartered in Fort Collins, Colorado. NBBC was built
upon core values and beliefs of environmental stewardship; social responsibility and a culture that
gives back to the community, Mother Earth and their employees. As stated on the companies
website, NBBC's mission statement is "To manifest our love and talent by crafting our customers'
favorite brands and proving business can be a force for good" ("New Belgium Brewing purpose
statement," 2016, para. 4). Founders, Jeff Lebesch and Kim Jordan created a high involvement
culture through creativity, diversity and innovation. The NBBC culture is a very strong part of the
organization, ... Show more content on Helpwriting.net ...
RAMP, is an industry leader of next–generation search and online, providing a secure environment
to distribute internal employee communications, employee training, and employee knowledge
sharing. NBBC is employee–owned and contribute daily as well as long term–strategy planning of
the organization. Another core component of NBBC is sustainability. NBBC created a state–of–the–
art, green facility, and the only wind powered brewery in the United States along with water and
energy saving techniques. Socially responsible actions generate a range of benefits – monetary as
well as non–monetary and it has paid off for NBBC. The Cultureist referred to NBBC as one of the
7 Eco–Friendly American Craft Breweries (Stuart, 2015, para. 3). Bicycling again plays a factor,
with the NBBC hosting the Tour–de–Fat, which is in several cities nationwide. NBBC is also big on
philanthropy, supporting 150 sustainability–oriented non–profits including 1 Percent back to the
Planet. NBCC has found incredible success in quality over quantity in the spirit of the company,
stakeholders, community, sustainability and employees. Through tremendous growth, including in a
down economy NBBC has not deviated from its original principles; and continues to support
environmental goal setting, innovate and improve efficiency. Social responsibility can be
productively coupled with sound strategies promoting good will, in addition to building sustainable

Evaluation Of The Game Like Learning Systems And The...
Introduction
The study of game–like learning systems to improve the quality of learning of students is a
fascinating field of research. In this paper, I will discuss about the various concepts relating to
constructionism framework for designing game–like learning system which is based on Li, Cheng,
and Liu's (2013) article on the same. The purpose of this article is to describe the approach of the
game–like learning systems and the results achieved after the implementation of this system. This
article is closely related to the game design industry as most of the educational games aim to create
a game–like learning system and it is further explained in this paper.
Specific Findings
Design
The article describes an experiment to determine efficiency of the game–like learning systems,
which was conducted on first year students of an engineering school. Before the experiment the
students were taught about the basic algorithmic skills such as conditions and iterations for 1.5
month in traditional lectures. Later, the students were introduced to a game–like learning system
called Train build and program it. This system was designed to teach the students the use of
algorithmic thinking skills including object–oriented concepts, conditions, iteration and object
communication. Students could either build trains using the drag and drop by using 3D blocks or
they could use the computational code to program the train system to run. The results were analyzed
and compared with the

Role Played by Professional Auditors in Uganda
Role played by professional auditors in Uganda
Auditing is the independent examination of financial statements and the underlying books of
account so as to form an opinion on whether they are prepared in all material aspects in accordance
with the financial reporting framework. Such reporting framework includes International
Accounting Standards (IAS), the Companies Act Cap 110 (for Uganda) and any other relevant
legislation. This is however carried out by a person termed as auditor.
Internal Audit, Internal audit is conducted by the internal auditor who is an employee of an
organization. The main purpose of internal audit is to find out whether the internal control system is
working successfully or not. The report of the internal ... Show more content on Helpwriting.net ...
the provision of the company Act
The statement of financial position shows a true and fair view of the state of the company affairs as
at the end of its financial year
The income statement shows a true and fair view of the company profit or loss for its financial year
However there are two complications with this area
Group accounts have to be prepared for holding company and these also have to be prepared to
comply with the company Act and shows a true and fair view
Certain company (Bank, shipping company, insurance company) are exempt from certain company
Act requirements and the charge to the auditor is to give an opinion on whether or not the accounts
have been properly prepared in accordance with the provision of the company Act
Auditor duty to carry out investigation so that they can form an opinion on;
Whether proper books of accounts have been kept by the company
Whether proper returns adequate for audit purposes have been received from branches not visited by
the auditor
Whether the statement of financial position and the income statement is in agreement with the books
of accounts and returns
If the investigation shows that proper books of accounts have not been kept, proper returns not
received or the accounts are not in agreement with the books and the return, then the auditor must
say so in his report
Every auditor of a company shall have a right of access at all times to the books and accounts and
vouchers of the company and to such

The Accounting Fraud At Worldcom Essay
From the time of WorldCom's inception there always seemed to be a tradition in management as if
the company was only 100 or so employees. There was a "good old boys" mentality among the
limited few running the company and if you were outside that circle then were told only what they
wanted you to hear. An unspoken rule among employees was to do what you were told without
questions or risk the consequences. One example of this situation occurred when senior management
member Gene Morse told an employee "If you show those damn numbers to the f****ing auditors,
I'll throw you out the window" (Kaplan, R.S., & Kiron, D., 2007, p. 3).WorldCom showed no
concern regarding an employee's need and obligation to voice concerns on matters related ... Show
more content on Helpwriting.net ...
P., & Coulter, M. K., 2012, p. 152), although it seems none of WorldCom's executive management
team seemed to feel this way. Many steps could have been taken to prevent the collapse of the
WorldCom empire, but only a few key managers held the power and none were willing to take
action. One control that did not exist in WorldCom's culture was allowing both internal and external
auditors access to all necessary documents and statements. Without full disclosure of these items no
one could see how many risks the company was taking by making fraudulent entries against their
books. Also the external audit team, Arthur Anderson, held WorldCom as one of its best customers
which was a major conflict of interest. This relationship lead to many fundamental mistakes from
Anderson not keeping pressure on WorldCom and getting all vital information that would prove how
poorly the company was being run. Had they been operating transparently, auditors and employees
would have seen the accounting deception and could potentially have stopped it prior to the
company's collapse. In addition, by employing multiple auditing firms many of the mistakes being
made may have been caught and discontinued from the beginning.
Corporate Responsibility The lack of critical information making its way down the chain allowed
WorldCom to continue its clouded disservice to

External Auditors Independence Case Study
Why is it important for external auditor to be independent?
Throughout the years, banks, shareholders, possible investors and creditors always relied on the
financial statements produced by a company. Since the management of a company is producing
these documents it has been assumed that the managers may act dishonestly so that their
performance looks better. To monitor the company's performance better the directors along with the
shareholders employ external auditors to check all these financial statements for both intentional and
unintentional errors. Therefore, external auditors have no motivation to produce dishonest reports,
hence they are regarded as being truly independent. But can they actually be independent when their
... Show more content on Helpwriting.net ...
Deloitte was providing Adelphia with external Audit for more than 15 years, but suddenly (in the
end of 2001) they stopped working, claiming that the information provided by Adelphia was
unreliable. After the criminal investigation conducted by the SEC, Deloitte was accused of
negligence, deception and failure to reveal fraud. According to the SEC (2005), the results are
"Deloitte & Touche LLP has agreed to pay $50 million to settle charges stemming from its audit of
Adelphia Communications Corporation 's fiscal year 2000 financial statements." Although Deloitte
wasn't pronounced guilty, it is obvious that they could have easily detected and disclosed the
omissions and fraud that they could have found. If that had happened, probably the scale of this
catastrophe would have been smaller and Adelphia wouldn't have gone totally bankrupt. This case
inevitably shows us the importance of independent auditing.
Another threat to the independence of the auditors is a phenomenon which took place around 3 or 4
decades ago. During that time the number of firms which required audits stopped expanding, the
codes that prohibited advertising accounting firms were abolished, which enabled all these firms to
steal market from each other. Furthermore, a lot of audit bodies engaged into consulting,
bookkeeping assistance, investigation and tax advices. This trend resulted in

Customer Communications And External Communication
Customer communications involve a company actively engaging with a customer directly. This can
include direct mailings, texts, telemarketing, and other such means. This form of external
communication is also used by Walmart. Sale circulars are sent to many households quite regularly.
Users of the Walmart mobile app get several notifications sent directly to their phone, and users can
also sign up to receive emails from Walmart if they choose. By tailoring these messages to target
recipients, a Walmart is able to keep customers engaged and mold their customer's perception of the
company. Social media has become a very popular form of external communication. Customers now
expect the products they use, the stores they frequent, and the services they receive to be on some
sort of social media whether it is Facebook, Twitter, Pinterest, Snapchat, or the like. While this form
of external communication has its advantages (such as ease of communicating with existing and
potential customers), it also has its drawbacks. First off, the company cannot control all the
comments that come through social media. Negative aspects of the company can leak through
before a company has a chance to do damage control. Moreover, with Twitter, a 140 character limit
can cause a message to be miscommunicated, possibly hurting a company's reputation. Walmart not
only has a social media presence as a corporation, but it also allows its stores to maintain individual
social media accounts. This allows

Cas 610
FINAL PAPER
CAS 610, Using the Work of Internal Auditors
Paper for ACCT 343
Auditing
Wendy Popowich
Carrie Prosser
Bachelor of Applied Business Administration – Accounting
NAIT School of Business
Submitted: October 20, 2010
Due: October 20, 2010
TABLE OF CONTENTS
Executive summary 3
Introduction 4
Limitations in changes to the ISA 610 before implementation..... 5
Format and wording changes within the exposure draft 5
Using direct assistance from internal auditors 6
Using examples in the proposed exposure draft 10
Defining objectivity and competence 11
Alternatives 11
Conclusion 12
References 13

Executive Summary The current Canadian Auditing Standard [CAS] 610 has an exposure draft that
is being reviewed currently to replace ... Show more content on Helpwriting.net ...
Format and wording changes within the exposure draft 610 When the new revised exposure draft
came out for ISA 610, the result was to bring the standard up to reflect the current organizational
structures of companies. With the new revision of the standard there was a lot more detail added to
most of the paragraphs and included examples for some of the subsections to provide more guidance
to the auditors. There were subsections of the standards where just one word was changed but the
one word change makes the difference from a suggestion to a requirement which could result in
more work needed to be done by the external auditor to make sure that they are in compliance with
the standard. When additional work is required it has a direct cost associated with it but it can also
have indirect cost or benefits as well. An example of this is when the new standard changed the
wording from "should" to "must", this results in more work for the external auditor to make sure that
they document that they followed that specific guideline which is a direct cost. But the indirect cost
or benefit can be that the auditor had done this work before and now they have to document their
work to show proof or if it wasn't done before it could have an indirect benefit as it can provide
more documented proof of how they reached their decision on the overall audit.
(International Federation of Accountants, 2010) (International Auditing and Standards

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