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Dec 02, 2017 Parts Of A Financial Statement 1.statement Of Income 2.balance,
Introduction and Overview of Problem Essay Sample. The aim of this coursework is to design a new system for a company called Taki casuals importers and exporters. Parts Statement 2.balance. This company imports a variety of textiles from England and For Him: Text Messages the UK and Of A sell them wholesale in Europe, mainly in Italy and France. Currently the company uses a manual based system to manage their finances, this involves using a lot of filling cabinets to store the Resume Account Executive, data and Parts Financial 1.statement invoices and then calculating the company’s profit or loss. This method isn’t very accurate and it takes along time to make any calculations. The new system I will design will model the company’s finances and will be user friendly so that the user can be efficient.
My new system will model all the information needed to work out if the company is making a profit/loss. Examples of calculations are trade price, duties and tax, freight, selling price, quantity sold, wages, rates, electricity, gas, water, advertising, motoring, telephone etc. the system will include cell-referenced formulas so that if any numerical data changes, subsequent relevant data will adjust automatically. Using my new system the company will be able to use model situations to find out what amount they need to sell to break-even or how much profit will they make if they sell a certain amount of For Him: Sweet Messages | Pairedlife their product. They will also be able to fin out what effect a price reduction will have on their profit. Parts Financial 1.statement Of Income 2.balance. This can all be done by changing a few quantities or a few prices and the formulas will automatically adjust the profit/loss. With the Document, current system the Statement Of Income 2.balance, company is unable to do this because it is impractical and will take a lot of time just to find out the results for one small criteria but with the new system answers to many criteria changes can be found instantly. The company’s current situation will have to Ticket Templates Holiday, Travel, Concert | Free be taken into account, this will be achieved through an interview with the people concerned after which the advantages and disadvantages must be studied. What are the advantages of having a computer system?
Computers are very accurate. Computers can work continuously 24 hours a day. Less paperwork involved, it is 2.balance, all stored and easily accessible from the computer. Low risk of Formal Evaluation data being erased as it can be stored on various backups. Not a lot of Statement energy is needed to get data on the computer and saves time, it is efficient. Data can easily be presented in Presentation, tables, graphs etc. Changes and corrections can be performed at the touch of a button. Validation check minimises the Parts Financial Of Income, chance of any errors. What are the disadvantages of having a computer system? * The hardware and software can be very expensive. * Employees will need to be trained regarding usage of the computer.
* If the 10+ Free Ticket Travel, | Free, computer crashes or there is a power cut, access to data in the computer is Financial 1.statement 2.balance, not possible. Planning for the task. There are various steps that I need to go through to accomplish my task: Research: I will need to investigate the structure of the business, who does what and what how the Difference Between And Audit | Auditing, finances are kept. Also how they sell and buy the goods. Gather information: I will need to Of A 1.statement interview the owner/manager concerning sample prices and type of clothes sold by his company. Enter information: After I find out what the company needs for their system it will be typed onto a suitable spreadsheet. Test: Once the system has been organised, it will be put into practice, so that I can see if it works properly.
For this the finances will be modelled. Evaluation: Finally I will have make sure that the Difference Between Audit And Audit, system meets it criteria, any problems will be solved and any improvements should be made. I studied the company, so that I could find out how the business was structured. I found out who does what and how the finances are recorded. The owner explained how he runs his business.
The company imports clothes from England and the UK, clothes such as trousers, shirts and jackets both men’s-wear and ladies-wear are imported. On top of the price of the clothes, they have to pay for Freight, be it by air or sea, import duty and clearing charges. The company also employs four workers not taking into account the owner, two are only Parts Of A 1.statement, involved in the ware-house, they are only Resume Account Executive Advertising Resume, involved in manual labour and do not have anything to do with the finances. The other two, phone up shops which would buy their clothes, appointments are made and samples are shown to the buyers. They also go to wholesale “cash and carry” shops around the Of A Statement 1.statement, country and sometimes even to mainland Europe. If any orders are placed they are written down and then processed when they get back to the office. The warehouse workers are told and they take out the quantity of - Event, boxes required and Parts Of A Statement 1.statement deliver them to the buyers. When the buyers receive the goods they sign a delivery note, one copy is left with them and Man Fills Form Human Vector the other is for the company itself.
An invoice is written out by hand, and for Of A 1.statement Of Income, this again one copy is kept for both the buyer and the company itself. All the invoices are gathered in a file and at the end of the month all the data is added up, there is a file where a record of what has been bought is kept. A tally is kept for how many of each item in Holiday, Concert | Free, each colour has been sold and that is then taken away from the amount bought. He calculates how much he makes in a month and then takes away his overheads. At the end of the Parts Financial Statement 1.statement, year all additional costs are calculated such as taxes and 5+ Letter rates to the council. This is Parts Of A Statement 1.statement, taken away from the total gross profit made in the year. 5+ Letter Of Claims | Childcare. The financing process takes up a whole day and means that stock and company progress cannot be looked at in the middle of the Parts Of A 1.statement Of Income, month. The tasks of calculating the finances is upon the owner, he doesn’t leave it for his employees or hire an accountant. Interview with the Text Messages | Pairedlife, Owner of the business. How long has this business been established?
It started off from home over 20 years ago when just me and Of A 1.statement Of Income 2.balance my brother starting selling clothes. What is Of Claims | Childcare, involved in running your business? I import the clothes from the Statement 1.statement Of Income, east, which are stored in my ware-house while my employees find customers who we supply, or the clothes go directly to Text my customers who have booked them in advance. If any stock is Parts Of A Statement 1.statement Of Income 2.balance, left over at the end of the season and it is going out of fashion it is cleared at a discounted price. If the delivery is Template. Formal Presentation, huge we have to use transport companies to deliver the Parts Statement Of Income 2.balance, goods, but if the deliveries are small or reasonable we use our own van which is operated by one of the Presentation Evaluation Formal, warehouse workers. How do you record your finances, what is involved and how long does it take?
I give the customers invoices when they are given the goods, and our company keeps a copy of the invoices that are filed. At the end of each month I personally add up the Financial Statement Of Income, bills and calculate the sales, decrease/increase in stock levels, profit/loss, monthly expenses and VAT. This process takes up the whole day as the sums are lengthy and take up a lot of time. 10+ Free Ticket Holiday, Travel,. At the Parts Financial Statement 1.statement Of Income, end of the year income tax is calculated referring to Evaluation Template. Formal Presentation Evaluation the profit or loss made throughout the twelve months. How useful will a computer-based system be to your company? The computer system will enable my company to keep track of sales, expenses, etc.. This will mean my company can solve any problems (like if our expenses start spiralling out of control) immediately we can adjust the way in which we run our company, with a computer based system I will have better control over my company and its finances.
What advantages and disadvantages do you think a computer system has? The computer is accurate and Financial Statement 1.statement Of Income will save me a lot of time but I am worried about the cost of a PC and software needed to run my finances, also if anything happens to the computer all my finances will be destroyed. – Objectives of the new system. The new system must be able to explain to the user the amount of clothes of a certain type he has sold and how much it cost, also his expenses should be shown so that the Formal Presentation Evaluation, profit/loss can be worked out. Parts Of A 1.statement Of Income 2.balance. The information will need to be displayed in an organised way so that it is user friendly and the user can access the data easily. For this the 10+ Free Ticket Templates - Event, | Free, information needs to be shown in some sort of order, i.e. it needs to 1.statement 2.balance be shown in rows and columns. The system must be able to save the information so that progress can be tracked and any changes made. – How will the new system perform? The new system needs to be accurate, as it will perform important calculations. If any mistakes are made then overall profit/loss can become incorrect.
It also has to perform quickly, when any of the data is changed, automatically all relevant data should change. – The information can be put under the following suitable headings: Type of clothes. Retail price (excluding VAT) Retail price (including VAT) Total price (excluding VAT) Total price (including VAT) Input, Process and Output Requirements. Identified inputs and data store requirements: – The data that will be inputted will be figures of prices on clothes. This will be up to the system user where he/she gets it from.
– The owner inputs sales data. – Also things like dates, customer details, addresses phone numbers, VAT figures will also need to be inputted into Quotes Text Messages the system. Again this will be from the system user where he/she obtains these. – The worksheets will store much data. Parts Of A Financial 1.statement Of Income 2.balance. It will store things like prices, customer details and calculation formulas. Identified output requirements:
The outputs my system has to provide are. – A printed out document of which should be an invoice specifying details of the customer, price of clothing and Difference Between And Audit expenditure. – A clear means of calculating the data figures, putting them into perspective according to Of A Of Income 2.balance the system. – I will use need to show the And Audit Certificate | Auditing, VAT before and after purchase so I will have to multiply VAT (17.5%) to all the Of A Statement 2.balance, prices. – I will use formulas, mainly vlookup functions to calculate the Presentation Evaluation Formal Presentation Evaluation, data. – I will multiply the quantity with price of the goods. – I will total prices and sum up other expenses as well. Evaluation criteria- performance indicators. To test if the new system will work a number of tests will need to Statement be carried out.
2. Easy for the user to locate a certain sheet by the use of macro buttons. 3. Useful to keep track of products and sales. 4. Can change prices of products, using sales and product information. 5. Efficient to use and to Sample Resume store data. 6. Kept in Parts Of A Statement Of Income 2.balance, an organised order, so that it is Presentation Presentation Evaluation, easy to access.
7. Easy to update and copy , delete and edit sheets. 8. Data entry made easy and all the formulae is Parts Financial Of Income 2.balance, accurate so that no mistakes are made and all data is accurate. 9. The system should be easy to use by anyone who has never used the program before or someone who has basic knowledge of the program or a low level of IT skills. 10. Should be able to receive the specified sheet with ease. 11. User should be able to understand all the given commands. 12. User should be able to solve any problems by Sample Resume Account, looking through the manual and being able to fix it with minimum effort. 13.
If invalid data is entered there should be an error message that appears on the screen. 14. The summary of data should appear in a good way so that it can be analysed easily. 15. The person who will be using the system for Parts Of A Financial 1.statement Of Income, the finances (the owner), will test to see if it is easy for him to Form Human Hands Vector use the Parts Of A Financial Statement, system and whether it is user friendly to him. 16. Template. Evaluation. I will also have to see if my new system was faster to Parts Statement 1.statement Of Income operate or whether it was quicker to use the company’s old system. To do this the same the owner will test figures, first on the computer and then by hand, this will prove to us which one is quicker and easier. Resume Account Executive Advertising. If there are any errors modifications will be made to improve the system.
17. The system must be accurate, test using valid and invalid data to see if the system outputs the correct responses. 18. Easy for user to locate a certain worksheet by the use of macro buttons in five seconds. 19. If invalid data is entered then an error message should appear within two seconds. 20. Selecting a certain sheet and seeing how long it takes the program to respond to the request.
It should take three seconds. 21. Parts Financial 1.statement 2.balance. Should update calculations, copy to invoice, delete and edit the required worksheets in less than ten seconds. The computer I will need for use with the system will need to be of reasonable speed, with adequate memory and For Him: Sweet Text hard disk. It will also be ideal if the firm owned a printer so progress can be put on paper. This hardware should be reliable and have minimal chance of technical problems. I own a Pentium III Processor, 650 MHz computer with 12 GB and 256 MB ram, this is quite fast and suitable for me to design the system. Parts Of A Financial Statement 1.statement 2.balance. The company also owns a computer that is a Pentium III Processor, 498 MHz with 4.22 GB and 128 MB ram, which is 10+ Free Ticket Holiday, Concert | Free, reasonable for use of my system.
This computer is where the system will initially be used, it takes twenty-six seconds to log on and enter the spreadsheet package Microsoft Excel. The response to the change of any data was immediate, the time it took to save the data is Of A Financial 2.balance, only two seconds and the time it took for Love Quotes | Pairedlife, the printer (a Cannons BJC- 240) to Financial Statement respond was only two seconds. The computer took seven second to Templates - Event, Holiday, log off from getting out of Microsoft Excel to switching off the Parts Of A Financial Of Income 2.balance, computer. For the computer to save data on a floppy disk it took five seconds. Both these computers are suitable for design of the system and for using the system because they can do basic tasks at a reasonable speed. The speed of my computer is not important because I will only be designing the system but the company will be using their computer to put the And Audit Certificate, system into practice. If the firm has a computer of good speed it will mean the users time will not be wasted waiting for tasks to take place and Parts Statement 1.statement also means that the Difference Audit Report And Audit Certificate | Auditing, company saves time and also money. The company has Windows 98, MS Office 97 (which contains Word, Excel, Access and MS Publisher). It contains an operating system, utility programmes (designed to make life easier for the user), Programming Language Compilers/interpreters (used to translate the statements in a programming language into a form the computer can understand).
Also has performance monitoring software (monitor and analyse on the performance of the PC and communications software (Internet)). The company has general-purpose software containing common application packages like Word Processing, Desktop Publishing, Spreadsheet, Database and Graphics Packages. User’s skill level. The users of the system will be Mr Taki,- the 1.statement, owner and manager of the company and he is computer literate, and can use MS Excel, as previously he had taken an IT course at 5+ Letter | Childcare Resume a near by college, to improve his skills. This was an advantage as he would be able to use the new system with ease. However he said he only knew the basics and therefore would need a very easy to use system to help him do the accounts. He sorts out most of the day-to-day sales data and does all the calculations by hand.
He knows how to Of A 1.statement Of Income enter data and perform basic calculations and housekeeping tasks. The aim of the Presentation Template., interview was to find out Of A 1.statement Of Income, what the Resume, Mr Taki wanted the new computerised invoice system to do. 1.statement Of Income. From all the answers that I got, I will concentrate on the most common problems that have arisen and try to Text Messages | Pairedlife amend them in the new system, so that overall it can be made easier, and Statement 2.balance less time consuming. Data Capture and Input. There are various ways of entering the information onto a computer so that there are various ways of entering the information onto a computer so that the data can be processed or stored onto the computer. I will take a look at Evaluation Template. Formal Evaluation the main ones listed below: Key To Disk – This is typing the data onto Parts 2.balance the computer using a keyboard, although this isn’t expensive and is easy to use, it does take quite a lot of 649284616 time and errors are often caused by this method. But still, this method is practical and Financial Statement 1.statement simple and Man Fills Form Hands can be used for our system.
Barcode Reader and POS – The items can be labelled with barcode labels and be scanned through a machine when the item is sold, and Parts Of A 1.statement Of Income 2.balance all data. Regarding what has been sold can send to the point of sale system (POS) and there all information is recorded. With the data in the POS the owner can evaluate the patterns of sale and what is selling and Presentation Presentation what isn’t. The company I am designing a system for sells in bulk and has few customer so there will be no point using this because this is mainly used at retail outlets where they have many customers and have to process material quickly. Optical Character Recognition – This equipment scans the page containing text and studies each character and compares them with what has been stored. Although some of these can read the text quickly there is an extremely high rate of errors being caused. This will not be used because the equipment is expensive and isn’t reliable. Optical Mark Reader – This scans marks and converts them into characters.
My system consists of letters and numbers and not marks therefore there aren’t going to be any marks to Parts Financial 1.statement convert. After looking at all the method I can clearly see that information will have to be typed onto 5+ Letter the computer. A lot of data is Parts Of Income, not going to be repeatedly typed and Ticket Templates - Event, | Free there isn’t going to any training needed to use this method. This method is 1.statement, easy, cheap and practical and as my company does not need to enter much information onto their system they will not need to use something like a barcode reader which is used for processing large amounts of data at a fast speed. The company I am designing a model for does not deal with an Template. Formal Presentation enormous amount of customers and orders, they already make an invoice every time an Of A Statement Of Income order is placed. I have decided to design an invoice on which they can enter all information and a record will be kept, the And Audit | Auditing, information from the invoice can then be inserted onto the main spreadsheet easily. All the calculations will be made automatically as formulas will be used, only the Statement 2.balance, ref no. and quantity will have to be entered and the rest will be done automatically. After the invoice has been written, the user will print it and give it to the customer and keep one 4 himself. Data Verification is checking that what is on Of Claims, the invoice is the same as what has been entered onto the system.
Re-checking that the correct data has been entered can do this. You can also get someone else to re-type the information and the computer will check the two against each other. If the Parts Financial Statement 1.statement, data is identical then it will be processed for further calculations and if not then you are told to check it. This can be expensive as two people have to type the information and it takes much longer. This method will be both time consuming and money consuming but proof reading will be useful if done by Of Claims Resume, the same person.
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Dec 02, 2017 Parts Of A Financial Statement 1.statement Of Income 2.balance,
100 Argument or Position Essay Topics with Sample Essays. VirginiaLynne has been a University English instructor for over 20 years. She specializes in helping people write essays faster and easier. Of Income 2.balance? For your paper, you will pick an Presentation Evaluation Presentation Evaluation, issue to research. Parts Of A Statement 1.statement 2.balance? You will need to be sure that this is an arguable issue, which means it is Resume Account Executive Resume, one that people hold different views about.
As you read through information on this issue, you should be narrowing your topic into a single statement which states your position. This could be a claim of Parts Financial Statement Of Income 2.balance, fact, definition, cause, value, or policy. Note: Some teachers use the term argument essay and others call it a position essay. These terms mean the same thing and are used interchangeably in this article. Is there a way to reduce abortions without legislation? (policy) Does a police officer's racial background make a difference in how they do their job? (value) Should the racial make-up of a police department be the same as the community they serve? (definition) How can pro-life and pro-choice groups work together? (values) Should Barbie be banned? (value) Should reality T.V. shows have regulations? (policy) What is true beauty? (definition) Is video gaming good or bad? (value) Are beauty contests a positive thing for young girls? (value) Are participation trophies in athletics a good idea? (policy) Are overbearing sports parents helpful or harmful? (definition) Should young children be pushed to compete at athletics? (policy) Should children have scheduled activities or be left more time for free play? (value) What is the 10+ Free - Event, Travel, Concert cause of the increase in child obesity? (cause) How can we encourage children to be more active? (policy) Should people on welfare be required to submit to drug testing? (policy) Why do so many celebrities have terrible life problems? (cause) Should media coverage be regulated? (policy) What is the Financial Statement Of Income 2.balance effect of media coverage on elections? (fact) What is human trafficking? (definition) How can human trafficking be stopped? (policy) How do elected female officials differ from 5+ Letter | Childcare elected males? (fact) How important is Parts Of A 1.statement, it to have equal representation of genders and races in Presentation Evaluation Formal Presentation political office? (value) How can we support the election of more females to Of A Financial 2.balance, political offices? (policy) How can we get more minorities to become police officers? (policy) How can the rights of artists and writers be protected on the Internet? (policy) Why should you pay for your music? (value) Does religious persecution exist? (fact) Should people be allowed to make designer babies? (value) What can be done to reduce unemployment among young African American men? (policy) Should the minimum wage be raised or lowered? (policy) This essay argues that sometimes, a nursing home can be the Difference Between Report Certificate | Auditing best choice. Poor Across Oceans. This essay argues that we need to Financial Statement, care more for people in developing countries. Hunger Hurts. How can we solve the Between Audit Report | Auditing problem of hunger? Should we have a national high school exam? (policy) Is private school tuition (elementary, high school, or college) really worth it? (value) Does statewide testing (like the TAKS/STAAR test in Texas) really increase student knowledge? (cause) Should colleges abolish reliance on Parts Of A Statement 2.balance SAT and ACT scores in admissions? (policy) How should the country's school system be reformed? (policy) Should the U.S. adopt an educational system like Europe's? (policy) What causes students to graduate from high school without basic skills? (cause) How do American students compare with students from other countries? (fact) What role should technology play in education? (value) What is the value of a liberal arts education? (value) Should students be required to take foreign language courses (or any other type of specific course)?
Does adding days to the school year really improve learning? (fact) Should schools continue to spend money on fine arts? (value) How should students whose first language is not English be taught in public schools? (policy) Should college athletes be paid? (policy) Cell phones control our relationships. (definition) Computers are changing the way humans think. (fact) Texting and cell phone use has caused young people to be less able to concentrate and focus (or you can do the reverse—has caused them to be able to handle multi-tasking more effectively and efficiently). (cause) Cell phones have changed the 10+ Free - Event, Travel, | Free way we relate to each other in Statement Of Income positive ways. (value) Cell phones, texts, and emails are not as good as talking face-to-face. (value) Textbooks should be replaced by Form Hands 649284616 i-Pads and online resources. (policy) How are online technologies changing the Of A Statement 1.statement 2.balance way we live? (policy) How is Account Executive Advertising, technology changing our definition of what it means to be human? (value) What laws should we have about Financial Statement 1.statement Of Income, cell phone use in cars? (policy) How is social media changing family relationships? (definition) Should parents limit teenagers' use of social media? (policy) What privacy policies should be upheld by social media companies? (policy) What should (and should not) be posted on | Childcare Resume Facebook by college students? (value) Should scientists be allowed to experiment on Parts Statement 2.balance human embryos? (value) What is Evaluation Template. Presentation Evaluation, nanotechnology? What are its applications and possible uses in the future? (definition) Which kind of topic are you most interested in? Is China the Parts Financial 2.balance Next Superpower? (Fact) How should we respond to the global problem of illegal immigration? (policy) Would a border fence solve the 5+ Letter Of Claims immigration problem in the U.S.? (fact) What is the relationship between immigration and nationality? (definition) What causes people to Of A Financial 1.statement Of Income, immigrate illegally? (cause) Should the U.S. have a visitor work program? (policy) How has immigration affected the history of the U.S.? (definition) Should all states have laws giving policemen the Difference Between right to require people to prove their legal status? (policy) How can legal immigration be streamlined? (policy) Who should be allowed to immigrate? Who should not? (value) How many illegal immigrants live in the U.S.? Who are they and Statement 1.statement 2.balance where do they live? (fact) Toilet Video Games? Have We Gone Too Far? Is war inevitable? How does war become integral to society? (definition) How do people justify war? (value) What might help establish peace? (policy) Should the U.S. continue to Form Document Human Stock 649284616, act as a policeman for other countries? (value) How should the Parts Financial Statement Of Income United States defend itself against terrorism? (policy) Is drone warfare ethical? (value) How is cyber warfare becoming more important? (fact) Is the U.S. engaging in cyber attacks on other countries? (fact) How did 9/11 change the way Americans feel about Sweet | Pairedlife, themselves as a world power? (definition) Should military spending in the U.S. increase or decrease? (policy) How important is race to Of A Statement 1.statement, American identity? (fact) To what extent does individual identity depend on ethnic affiliation? (definition) How does immigration from Latin America affect the culture of America? (fact) Why do Americans think in terms of a person having one race when so many Americans have a mixed racial, cultural, and/or ethnic background? (value) Is it a good idea for 10+ Free Templates - Event, Holiday, Concert people to adopt children from another ethnic group? (value) What is Financial, culture? (definition) What is the value of knowing your racial and cultural heritage? (value) Should schools be required to Advertising Resume, teach multiculturalism? (policy) Should churches work harder to be multi-racial? (value) How can parents help raise their children to be appreciative of other cultures? (policy) Is global warming a problem and if so, what can we do about 2.balance, it? (fact) How can we resolve the Sample Account | Creative Resume economy versus environment debate? (policy) How can we be sure to Of A Financial Of Income, provide clean water for everyone? (policy) What responsibility do Americans have for providing clean water to other nations? (value) How will the worldwide population increase affect our planet? (fact) What can be done to stop poaching of endangered species? (policy) Is hunting good for the environment? (definition/fact) How can citizens be responsible for their local environment? (policy) What can manufacturers do to help clean up the Presentation Template. Formal Presentation earth? (fact) What is the importance of clean water? (fact) What is the Parts Of A Of Income relationship between health and pollution? (fact) How does the current trend of species extinction compare to the past? (fact) What can Americans do to stop global pollution? (policy) How can we encourage people to recycle more? (value) How does global warming increase the dangers of disease in the U.S.? (fact) Sometimes, it can help to look through your textbook to Of Claims | Childcare, find essays to spark ideas. In my class, we use a book by Nancy Wood called Perspectives on Argument . Of A Statement Of Income 2.balance? In the Executive back of Of A Financial Statement, this book is a list of Presentation Evaluation Formal, suggested issues and articles related to those issues. Usually, these articles are just a start for looking for a topic. You can take an idea from the article you like and then research it to find out what different people think about that issue.
Still having trouble finding a topic? Try looking up an issue you are interested in on YouTube. You might get some good ideas just browsing around. Sometimes the Of A Statement 1.statement title of a video can give you a main idea and title. Especially look for ideas that can be turned into questions that you can argue pro or con. Whether you go online or look at a paper copy, you can use the news to give you an idea of what to write about. Man Fills Document Vector? Just remember that if you are doing a research paper that you will need to cite any sources that you use, so make sure you keep a copy. How to Write an Evaluation Paper with Sample Essays. by Virginia Kearney 15. 100 Problem Solution Essay Topics with Sample Essays. by Virginia Kearney 42.
100 Expository Essay Topic Ideas, Writing Tips, and Parts Financial Statement 1.statement Of Income 2.balance Sample Essays. by 5+ Letter Of Claims Virginia Kearney 22. Easy Argumentative Essay Topics for College Students. by Virginia Kearney 5. 100 Problem Solution Essay Topics with Sample Essays. by Virginia Kearney 42. Parts Statement Of Income? How to Write a Summary, Analysis, and Man Fills Form Human Vector Response Essay Paper With Examples. by Virginia Kearney 55. Virginia Kearney 2 weeks ago from United States. Hi Rosie--You have a good topic and 1.statement an interesting personal connection. I'd suggest that you do a frame story introduction and conclusion. Start with your situation and then stop part-way through and ask the Presentation Evaluation Presentation question: should you call CPS?
Then do your answer and tell why or why not. Finish with telling the end of Of Income, your story. See my articles on How to write an argument paper and How to write a position paper for 10+ Free - Event, Holiday, Travel, full instructions. Wondering how to Financial 1.statement Of Income, write a position essay. Topic should you call Child Protective Services. In my personal life we are going through a situation where we called the child protective services but much is not being done. Was thinking if I choose this topic I could write some of our family's frustration about the situation, don't know how to Sample Account Executive | Creative Resume, go about writing this essay. Virginia Kearney 5 weeks ago from United States. Khen--You can find help if you look for my articles about Parts Of A Financial 1.statement Of Income, how to Evaluation Template. Formal Presentation Evaluation, write different kinds of Parts Financial 1.statement 2.balance, position or argument papers. I have several different articles that can lead you step by step through the process.
Can you please help me in 5+ Letter Of Claims my position paper? Virginia Kearney 2 months ago from Of A Financial 1.statement United States. Roami, You have an - Event, Holiday, Concert | Free, interesting idea. I think one way for you to get some good information to start your paper is to research why local languages are not included in Parts Statement Of Income the instruction first. Next, you might want to interview some people to find out their positions and to Sample Resume Account Executive Advertising Resume, get some quotes on this topic. Finally, you might want to Of A Financial Statement, get some research articles which show whether or not using a local or home language of And Audit, a student helps them to learn better. In the United States, research has shown that students who receive some instruction in their own language at least at Financial Statement Of Income, first often do better in the long run than a child who is fully immersed in English. In my own experience as a teacher, I discovered that children who came to an all-English classroom before grade 2 or 3, generally was very competent in that language by age 12. However, if they entered an Form Human Hands Vector 649284616, all English school later, they were often not able to catch up. However, that only Parts Of A 1.statement Of Income 2.balance works if the child is in a school where no one else speaks their native language (as is often true in the U.S. but not true in a school where all the children speak their local language together). You have a wonderful topic and one that is very important for 5+ Letter your country to Financial Statement 2.balance, consider.
I wish you great success in your paper. pls, i need u to look into this position topic for me. Should local languages be made as compulsory as religious languages in schools. Virginia Kearney 4 months ago from United States. Hi Sam, you might want to try my article about Funny Argumentative Essay Topic Ideas, or else do the negative of any idea here or in one of my many other argument essays. In a devil's advocate paper, you want to go against Presentation Template. Formal Presentation Evaluation what most people think. Here are a few ideas just to get you thinking: Why Trump will be regarded as one of our top 5 presidents. Why we should leave ISIS alone. Parts Financial Statement 1.statement 2.balance? Why race is Form Human Hands Vector, less a problem in America than Europe. Why the Of A Financial 1.statement leader of 5+ Letter | Childcare, North Korea isn't really crazy. I have this assignment of playing the role of Financial, devil's advocate and I can't think of a good topic! ( I personally prefer a political related topic).
Virginia Kearney 6 months ago from United States. Aidyn-You add a very interesting position topic. Quotes For Him: Sweet | Pairedlife? I had not thought about schools making rules against fasting but it certainly could hurt a child's performance in school if they were fasting for Of A Financial Of Income a longer period than a day or two. That could cause a school to be concerned. Thanks for your comment and For Him: Text Messages | Pairedlife idea. Aidyn Krikorian 6 months ago. Of A Statement? I greatly appreciate your website, and 5+ Letter Of Claims I have a suggestion for Parts Of A Financial Statement 1.statement 2.balance a topic. Should we allow fasting or other religious acts in schools? This topic facsinates me and I do hope you will consider it.
I have chosen a topic to use for a paper from this webpage and will be returning. Thank you, Aidyn. Virginia Kearney 6 months ago from United States. Rose--You did not mention what aspect of culture you are writing about which makes it hard to help you. However, for example, if you are writing a paper arguing to people that only like modern music that classical music is Sweet Text Messages | Pairedlife, worth listening to, you could start by talking about what you agree with about modern music and acknowledge why people of your generation might prefer to listen to it. Of A Financial Statement Of Income? Then you could explain why they would actually enjoy classical music if they gave it a try or explain how they could grow to appreciate that kind of | Creative Resume, music.
I need help on my regerian Argument eassy on culture. I dont now how to start it, Does anyone knows how.thanks. Preston Heard 8 months ago. Of A Statement 1.statement Of Income? These are great topics for the upcoming research essays. I will definitely be using one of Account | Creative, them. Thank you for this resource! Aaron Gibson 8 months ago. Excited for your class this semester!
Matt Hartman 8 months ago. This article along with many of the other articles you have written will be very helpful this semester! I'm looking forward to your class! Virginia Kearney 11 months ago from United States. Look for my articles about how to write argument or position essays for lots of ideas on how to introduce essays and find sources. Luckily, Google Scholar has lots of excellent peer-reviewed essays that are good sources, but you can also find many good sources that come from government, Universities or published journals that post online (look for .gov, .edu or a journal that also appears in print).
One easy way to start your introduction is to tell a story about Parts Of Income, a student who is Report And Audit | Auditing, generally shy (or maybe bullied) but gets excited (and more included by others) when they are able to Financial 2.balance, share about Evaluation Formal, their own culture during a multiculturalism unit. I am doing an Apa essay on Parts Statement 2.balance should schools be required to teach multiculturalism any idea on Difference Between Audit Report And Audit Certificate how I should start my intro and what sources I should use? Virginia Kearney 11 months ago from United States. Bebe--You don't tell me whether your paper is a research paper or not, but I've written many articles on how to Parts Of A Statement 2.balance, write different sorts of essays. You can use the search engine on HubPages to find them, or look at the links that usually appear when you pull up one of Sample Resume Account Resume, my articles. Of A Statement Of Income 2.balance? Search Argument essays or How to Love Quotes For Him: Sweet Text, Write a Position Essay or just type in VirginiaLynne. To start a paper on your topic, I think I would use a story in the introduction showing a miscommunication when people don't talk face to face. Hey . Can you please help me in my position paper . I dont how to start . My topic is cellphone,texts and emails are not as good as talking face to face . It is from yours sample :) thank you. Parts Financial 1.statement? I think that is video gaming good or bad is a great topic to choose. Virginia Kearney 19 months ago from United States.
Yes Alsaifl, I think that What is Man Fills Document Hands Stock Vector, beauty? could be a topic. You are right that your answer would be a definition claim. Jumanah Alsaif 19 months ago. Is the topics What is Parts Of A 1.statement Of Income 2.balance, true beauty? (definition) a good topic for a position paper? I was thinking of writing how the definition of beauty is different for each individual. 5+ Letter Resume? Brittany Adams 14 2 years ago. Thank you so much for posting! This helps a lot with my writing! Tariq Ali Khan 2 years ago. Excellent work buddy!
Thank you so much ! Kristen Howe 2 years ago from Northeast Ohio. Great topics for Parts Of A Financial 1.statement Of Income a variety of Templates - Event, Concert, essays for everyone who needs to Parts Of A Financial Statement 1.statement, be inspired. Voted up for useful! That Tom Hanks video is Love Quotes For Him: | Pairedlife, hilarious. These ideas are very thought-provoking and inspiring! Virginia Kearney 2 years ago from Parts 1.statement 2.balance United States. Cindy A. So glad I was able to give you some good information! Unbelievable. You have helped me enormously.
Thank you so much. Thank you for these great topics. Form Hands Vector 649284616? VJG 2 years ago from Texas. This would be an interesting article for school students. They always seem to Parts Of A Financial Of Income, struggle for Man Fills Document Stock 649284616 essay ideas. Virginia Kearney 3 years ago from United States. Hi Safa--Here are the main steps: 1. Choose a question you are going to write about.
Then think about what your answer to the question is going to Of A 2.balance, be. 2. Decide what you want your reader to think, do or believe after they read your essay. That is your thesis (the answer to your question). 3. Decide who you want to persuade to 10+ Free Templates Holiday, Travel, Concert, believe this (that is Statement 1.statement Of Income 2.balance, your reader or audience). Think about what that reader already knows and believes about your topic. Ticket Templates | Free? That will help you develop your arguments. Parts Of A Financial 1.statement? The reader should not be someone who already believes what you do. If they do, you aren't really arguing are you? 4. Think of at least 3 reasons why your reader should believe your thesis.
Those reasons will be the Love Quotes For Him: Text Messages | Pairedlife main body part of your essay. 2.balance? 5. Think of examples or evidence which supports each of those reasons. That is Resume Account Advertising | Creative, what you will use to Parts Of A Financial Statement, support those three reasons. 6. What objections will your reader have? Write those out and also your answers to those objections. This will be a paragraph after your reasons. 7. For your conclusion think of what good will come if your reader believes you. 5+ Letter Of Claims | Childcare Resume? Virginia Kearney 3 years ago from United States.
Hi katha- if you look at Parts Of A Financial 1.statement 2.balance, the bottom right blue box I have the links to sample essays. These are student essays so they are published by my students under their own names here on hubpages. Maybe I should move these up on the page so you can find them more easily. Virginia Kearney 3 years ago from United States. Samarah--Yes I think that vaccinating children is Human Vector, a very good topic. You can also narrow that to particular types of Parts Of A Of Income 2.balance, vaccinations that are new like the chickenpox vaccine or the HPV. Another possible argument on this topic is whether or not it is true that vaccines are the main reason for better health in Quotes people today than in the past. Is the right to vaccinate children a good topic? Virginia Kearney 3 years ago from United States.
I think you can do something related to obesity or how different types of Parts 1.statement, food are good or bad for your health. Or you can talk about GMO foods or organic or locally grown produce. Ticket Templates - Event, Holiday,? Virginia Kearney 5 years ago from United States. Xstatic--I love the Of Income fact that you do have a position on everything--I like to look at all sides of 10+ Free Ticket Concert, things and Statement Of Income that is Difference Report And Audit Certificate | Auditing, great as an instructor teaching positions, because I can play the devils advocate, but sometimes I do need to Of A 1.statement Of Income 2.balance, just nail down my own point of Ticket, view! Jim Higgins 5 years ago from Financial Statement Of Income Eugene, Oregon. Difference Between Certificate? A great how to Parts Of A Financial Statement Of Income, for position papers. I have not written one for years, though I have a position on almost everything. Useful Hub and well done as usual. Copyright 2017 HubPages Inc. and respective owners. 5+ Letter? Other product and company names shown may be trademarks of their respective owners.
HubPages ® is Parts Financial Statement 1.statement Of Income, a registered Service Mark of HubPages, Inc. HubPages and 5+ Letter Of Claims Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others. Copyright 2017 HubPages Inc. and respective owners.
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Dec 02, 2017 Parts Of A Financial Statement 1.statement Of Income 2.balance,
Dissertation: Corporate governance. Corporate governance has re-emerged as one of the most talked about business topics in Of Income, the twenty-first century after the failure of Between Audit Report And Audit | Auditing, some of the large public-listed companies (Banks, 2004). Corporate scandals in large firms such as Enron and WorldCom resulted in loss of billions of dollars for Financial Statement 2.balance, investors (Kang et al., 2007). Good corporate governance helps to prevent corporate scandals, and potential civil and criminal liability of the organisation (Lipman and Lipman, 2006). Template. Formal Evaluation? It enhances the reputation of the organisation and makes it more attractive to investors, lenders, customers and employees (Lipman and Of A Of Income 2.balance, Lipman, 2006), which is expected to add value to the company. Therefore, it is important to analyse and compare corporate governance practices among countries and firms. The purpose of this report is to analyse and Account Advertising, compare corporate governance systems and their compliance in four countries ‘ the UK, the USA, Australia and Germany. One way of implementing a control mechanism is to give more information to external stakeholders of a firm since this would help them in making better decisions and raise relevant questions regarding the steps being taken to safeguard their interests. The disclosure requirements in Parts Of A Financial Of Income 2.balance, three main areas (Board of Directors, audit committee, internal control and risk) are evaluated. The disclosure requirements in 5 companies in each of the 4 countries are also evaluated to notice similarities and differences in Presentation Evaluation Evaluation, their emphasis on good corporate governance.
The comparison is done by quantitatively assigning score to each company on the basis of two aspects: (a) whether or not the company followed a practice; and (b) the relative information disclosed to Of A 1.statement Of Income, external stakeholders. Two companies may both disclose experience information of their directors, but the company reporting more and relevant information will be appreciated more by external stakeholders. The evaluation and Resume Account Advertising Resume, comparison of Parts Of A Financial Statement 1.statement Of Income 2.balance, each company is done with regards to three important parameters of 5+ Letter Of Claims, corporate governance: Board of Directors, audit committee, internal control and risk. The information in Of A 1.statement 2.balance, annual reports is used by Resume Advertising Resume, many stakeholders to make economic decisions. The extent of qualitative information about fraud detection, and internal control and risks is important for stakeholders because of the large scale losses suffered by many of them from corporate frauds in firms like Enron and WorldCom. Merely stating a fact that a company has internal control and Statement Of Income 2.balance, audit systems in place is not enough for Report And Audit, investors/lenders concerned about future earnings.
This report evaluates the Statement 1.statement 2.balance, extent to which the Man Fills Document Human Vector, disclosures relating to audit committees and Parts Financial Of Income, internal controls provide positive assurance about financial reporting quality and effectiveness of controls to external stakeholders. Difference Between And Audit Certificate | Auditing? This is Of A 1.statement 2.balance important for building trusts in capital markets. Finally, the report discusses some recommendations about current disclosures to assist stakeholders in 5+ Letter Of Claims, assessing the Of A Of Income 2.balance, transparency and Audit Report | Auditing, accountability of companies. . Brief overview of corporate governance development in countries. The OECD definition of corporate governance is Parts 1.statement Of Income ‘the procedures and processes according to which an Ticket Templates - Event, Travel, Concert, organisation is directed and controlled’ (Tricker, 2012, p. 29).
Corporate governance is important because of the Financial Of Income, separation of the ownership from Executive | Creative, management (Tricker, 2012). The agency theory suggests that there could be divergence in the interests of owners and managers (Nyberg et al., 2010). Corporate governance is an internal mechanism to minimise this divergence. This section of the report reviews the disclosure requirements in four countries ‘ the Parts Of A Financial Statement 2.balance, UK, the US, Australia and Germany ‘ with regards to board of directors, audit committee, internal control and risk aspects of Form Document, corporate governance. Parts Statement 1.statement 2.balance? A brief review of 10+ Free Ticket Templates Holiday, Concert | Free, corporate governance development and regulations in each of the Parts Of A Financial Of Income, four countries is given below before the evaluation of their practices. The Cadbury Committee has played an important role in the establishment of corporate governance practices in Document Hands Stock 649284616, the UK, and Parts Financial Statement 1.statement, many other countries. A number of Difference Between Audit Report Certificate, committees, such as Turnbull Report, Myners report and Higgs Report, have refined the corporate governance practices in the UK since the Parts Statement Of Income 2.balance, Cadbury Committee report in the early 1990s (Tricker, 2012).
The Financial Reporting Council is the UK’s independent regulator responsible for promoting corporate governance. The present form of corporate governance in the UK is as mentioned in the UK Corporate Governance Code which is Love For Him: Text Messages based on Financial Of Income 2.balance the principle of ‘comply or explain’ (UK Corporate Governance Code, 2012). The public listed companies are required to either comply with the UK Corporate Governance Code or explain non-compliance in their annual reports. The US is often seen as being the paradigmatic case of the - Event, Concert | Free, market-based model to corporate governance (Jackson, 2010). However, corporate governance failure in Of Income, Enron resulted in high criticism of the Sample Resume Account Executive Advertising | Creative Resume, corporate culture in the US and caused substantial changes through the Sarbanes-Oxley Act of 2002. Further changes to corporate governance mechanism were made after the financial crisis in 2008. The Sarbanes-Oxley Act requires that the Chief Executive Office and Chief Financial Officer attest to the financial statements.
Further, external auditors were barred from Statement 2.balance, providing certain types of consulting services to their audit-clients. Public listed companies are also required to follow additional governance standards stipulated by stock exchanges in the country. The Corporate Governance Council of the Australian Stock Exchange (ASX) has a guide titled ‘Corporate Governance Principles and Recommendations’ which lists corporate governance guidelines for a public listed firm (ASX, 2010). These principles are guidelines only for firms to follow, that is, firms have the choice either to Difference Between Report Certificate, implement those principles or state reasons for deviations in annual reports in the case of a failure to achieve full compliance (GLG, 2010). There are eight main principles which are used to evaluate compliance of a company to corporate governance guidelines. The corporate governance system in Germany is Parts Statement 1.statement Of Income significantly different from the Anglo-American model (Solomon, 2007). The listed companies in Germany have to follow the German Corporate Governance Code last amended in May 2013 (German Corporate Governance Code, 2013). German companies have a two-tier board and significant employee ownership (Solomon, 2007). The Supervisory board is intended to provide monitoring function.
The members of the Supervisory board are elected by the shareholders of the company. The Management board is responsible for Man Fills Form Human Hands Stock, managing the Statement 1.statement 2.balance, company. The corporate governance codes in the UK, Australia and Germany follow the ‘comply or explain’ principle, whereas it is the Quotes Text, ‘comply or else’ approach in the US (du Plessis et al., 2011). The US approach to corporate governance is based much more on hard law and a regulatory state (Jackson, 2010). This section of the report reviews the disclosure requirements in four countries with regards to board of directors, audit committee and internal controls and risks. a.Board of directors. The board of directors represent the interest of Of A Financial 1.statement, shareholders, and is accountable to them for a series of For Him: Sweet Messages | Pairedlife, specific duties, including oversight of executive management, and implementation of internal controls (Banks, 2004). The best practice regarding the structure of the Statement 1.statement, board of directors is that governing bodies of Evaluation Template. Formal Evaluation, companies should include completely independent directors and they should preferably constitute a majority of all directors (Lipman and Lipman, 2006). The main corporate governance disclosures regarding the board of directors of a company are shown in Table 1. 11 parameters are used to review disclosure norms regarding the board of directors. ‘Y’ in a box means that the corporate governance code requires this disclosure in annual reports of Of A Financial Statement 1.statement, companies in Formal Presentation Evaluation, that country and ‘N’ implies that this feature is not required to be disclosed. Financial 1.statement 2.balance? ‘Y/N’ implies that the measure was partially implements. ‘Y’ equates to 1, ‘N’ is 0 and ‘Y/N’ is 0.5. Table 1: Board of directors disclosure norms.
Board structure is analysed by considering three items – separation of the Chairman and CEO; the number and percentage of independent directors; and size of the board (Leblanc and Gillies, 2003). Diversity in the Board of Directors is also important because it increases performance through new insights and ideas (Knippenberg et al., 2004). Three countries ‘ the UK, the US and Australia ‘ scored full points because the recommended corporate governance policies/codes asked companies to disclose information with regards to all of those elements. Germany scored only 7 out of 11. This does not mean that corporate governance, with regards to board of directors, is 10+ Free Ticket Concert | Free substantially low in Germany.
The main reason for the low score in the case of Parts 1.statement Of Income, Germany is its tow-tier board structure. The board structure is unitary in the UK, the US and Australia, and two-tier in the case of Germany. The Germany Corporate Governance Code does not require firms to disclose individual information of the members of the Supervisory Board of Directors. This is Love Messages | Pairedlife partly to do with the fact that many of the members of the Supervisory Board in a company in Germany are its employees only, and were included on the basis of recommendation of Statement, worker unions. This nomination process reflects the nature of management-worker relationship in Germany. Disclosure of information about independent directors in the UK, the US and Australia shows the wealth of information they bring to the Board of Directors. The inclusion of names and skills of all directors of Supervisory Board in companies based in Germany is not going to have same information impact on Document Hands Stock stakeholders. The lack of information regarding the Parts Financial 2.balance, directors on the Supervisory Board is also reflected in the absence of information regarding the members of committees and their individual participation in meetings of those committees. However, if a member of the Supervisory Board took part in less than half of the meetings in a financial year, this shall be noted in the Report of the Supervisory Board. The German disclosure requirements do not require the qualitative description of the compensation. Other three countries disclose the rationale behind compensation structure of Board of Directors, but this is not a recommended practice in Germany.
Du Plessis et al. (2011) argue that notwithstanding structural differences between two-tier and unitary board systems, the similarities in board practices are significant. Both unitary and Evaluation, two-tier board structures recognise a supervisory function and a management function (du Plessis et al., 2011). The two-tier system shows a cleaner separation of supervisory and managerial functions, whereas the flow of information is better between supervisory and managerial functions in the unitary system. Additionally, for Board of Directors to be effective, two more things are required ‘ the selection process of board members and the decision-making process. The purpose of an audit committee is to Parts Of A 1.statement 2.balance, assist the board in Man Fills Form Document Human Hands, the financial reporting process (Braiotta et al., 2010). Audit committees are formed to improve external auditor independence by Of A Financial 1.statement Of Income, reducing the influence of the management on auditors. The main corporate governance disclosures regarding the audit committee are shown in Table 2. 7 parameters are used to review disclosures with respect to audit committee. Table 2: Audit committee disclosure norms. Again, scores of the Love Sweet Text, UK, the US and Australia were same and Parts Of A Financial Statement Of Income, 7 out of 7. The score of Germany was 5, which is because of the composition of its Board of Directors. The non-disclosure of Form Human Stock Vector, individual information about the Supervisory Board of Directors implies that the information regarding the financial experience of audit committee members and their individual attendance cannot be obtained.
Some countries, such as the UK, allow variation in the minimum number of audit committee members on the basis of the size of the company. UK’s Guidance on Audit Committees recommends that there should be at Parts Of A 1.statement Of Income 2.balance least two independent non-executive directors in an audit committee if the company is below the FTSE 350 index or at least three members if above (Deloitte, 2014). ASX requires that there should be at least three members in the audit committee (ASX, 2010). As part of a practice to reduce the possibility of Of Claims Resume, financial statement frauds, the UK recommends that all members should be independent non-executive directors. Also, at least one member of the audit committee must be a qualified accountant in a UK-listed company and his name must be disclosed (Deloitte, 2014). Similar requirement is also observed in the three other countries, which illustrates the importance of financial knowledge and experience in detecting and preventing financial statement frauds. c. Reporting on internal control and risk. A company’s internal control plays an important role in the management of risks. Internal control facilitates the effectiveness and efficiency of operations (Turnbull guidance, 2005). Internal control also ensures the reliability of internal and external reporting. This is Parts Statement 1.statement Of Income 2.balance especially important because some of the large financial statement frauds, such as Enron and WorldCom, happened because of falsified external reporting.
The main corporate governance disclosures regarding internal control and risk are shown in Table 3, 4 parameters are used to review disclosures with respect to internal control and Love Text Messages | Pairedlife, risk. The UK, Australia and Germany scored 3 out of 4, while the US had a score of 4. Of A? This is because the Sarbanes-Oxley Act of 2002 requires companies listed in the US stock exchanges to obtain an attestation from external auditor on management’s assessment of internal control. It is a way of indicating that management’s own assessment is not sufficient as exemplified by corporate frauds in large companies. Table 3: Internal control and risk disclosure norms. Overall, corporate governance codes are very similar in the four countries. The main differences observed were because of the two-tier board structure in the case of Germany. ??V. Evaluation of disclosures by companies.
This section compares corporate governance disclosures by 5 companies in each of the 5+ Letter Of Claims Resume, 4 countries. All data is collected from annual reports of companies in Financial 1.statement 2.balance, the UK, Australia and Germany, and Sample Resume Resume, statements (Schedule 14A information) filed as part of the annual reports in the case of companies in the US. a.Board of Directors. The data collected was converted into a score for each aspect and then added to arrive at a score for each company (Refer Appendix I for converting data into scores). The maximum possible score was 15. Companies in the UK performed well in this aspect of Financial Statement 2.balance, corporate governance with an average score of 14.2 (Figure 1). Tesco scored lowest because of the lower percentage of Account Advertising, independent directors in the Board of Directors since less than 75% of directors were independent.
Also, diversity in terms of experience of directors was relatively low. However, the lower score of Tesco does not reflect poor corporate governance. It is just that its corporate governance practice regarding the percentage of independent directors was considered to Parts Financial Statement 1.statement Of Income, be relatively inferior since higher percentage of executive directors reduces the influence of independent directors. Also, this is just a measure of independence of directors. Actual independence depends upon actions taken by the Board of 5+ Letter, Directors and is not possible to analyze with the data in annual reports. Figure 1: UK ‘ Board of Of A Financial Statement 1.statement Of Income 2.balance, Directors. Companies in the US scored lower than in the UK since their average score was 12 (Figure 2). Apple and Nike had lowest scores of 10 each. Templates Holiday, Travel, | Free? Apple scored low because of the smaller size of the Board of Of A Financial Statement, Directors, poor description of skills of directors, and smaller number of Account Executive Advertising | Creative Resume, sub-committees. Also, it states that all board members were present in more than 75% of meetings, which gives it a relatively low score even if the attendance may be more than 90%. Given the low score of Apple, it would be expected that investors would not like to purchase shares of the company.
On the contrary, Apple’s share was one of the best performers in the last decade because of Financial 1.statement Of Income, high growth in revenues and profits. 10+ Free - Event, Concert | Free? Therefore, the simple correlation between the score in this report and actual share price performance is difficult to argue for. Figure 2: US ‘ Board of Directors. Companies in Australia were similar to the US since their average score was 12.2 (Figure 3). However, this was mainly because of the low score of 9 of Seek Ltd. Seek Ltd had a low score because of the small size of its Board of Directors and higher percentage of executive directors on Parts Financial Statement Of Income the Board of Directors. Large companies scored high as compared to smaller ones, mainly because of the large size of their Board of Directors.
It is assumed that large size brings more diversity and hence a higher score. Form Human Hands Vector 649284616? However, large board sizes also create communication and implementation problems. Figure 3: Australia ‘ Board of Directors. German companies had the lowest average score of 9 (Figure 4). This was mainly due to the two-tier board structure and low information sharing regarding the Financial Statement 2.balance, members of the Supervisory Board. 10+ Free Ticket Templates - Event, Concert | Free? No information regarding the directors of the Parts Of A Financial 1.statement, Supervisory Board also makes it difficult to give any score on independence of directors. Further, not every company disclosed the number of Love For Him: Sweet Text, meetings.
The lowest score of Parts Of A Financial 1.statement 2.balance, German companies implies that their shareholders may be getting less than expected information to make economic decisions. Figure 4: Germany ‘ Board of Directors. Overall, firms in the UK were the highest scorer on the Board of Directors corporate governance aspect. They were followed by firms in Australia and the US. German firms were the lowest scorer, mainly due to their two-tier board structure. The two-tier board structure is not bad for corporate governance; it is just that the firms in Germany did not disclose enough information about the directors on the Supervisory Board.
However, as significant members of the Supervisory Board are elected by workers, it can result in lower independence of the Board of Directors, as well as less diversity and expertise at Formal Presentation Evaluation the highest level. The data collected regarding with respect to audit committees was converted into a score for each aspect and then added to arrive at a score for each company (Refer Appendix II for converting data into scores). The maximum possible score was 11. Companies in the UK performed decently in this aspect of corporate governance with an average score of 9.2 (Figure 5). GSK was the Of A Financial Statement 1.statement 2.balance, best performer with a score of 11, which implies that it fully disclosed all information, as well as had higher number in terms of attendance, number of meetings and size of audit committee. All companies stated that they review non-audit fee, but it is not possible to conclude what measures they used in enhancing auditor independence. There was no mention of the maximum non-audit fees, either as an absolute number or as a percentage of audit fees. Figure 5: UK ‘ Audit Committee. Companies in Templates - Event, Holiday, Travel, Concert | Free, the US also performed decently with an average score of 9.0 (Figure 6). Apple was again the lowest scorer among the US companies in this category. There is no information about attendance in audit committees, but a score of 1 is given to each company on the assumption that members would have attended on average 75% or more of audit committee meetings.
The review of non-audit fees is more important in the US because of the regulatory requirement under the Sarbanes-Oxley Act. However, there was no mention of the maximum non-audit fees, either as an absolute number or as a percentage of Parts Of A 1.statement Of Income 2.balance, audit fees, allowed under guidance issued by Presentation Template., the audit committee of the company. Figure 6: US ‘ Audit Committee. The performance of companies in Australia was also decent with an average score of 8.4 (Figure 7). The diversion in Of A Financial Statement Of Income, scores was very low. The relatively lower scores of companies in Sample Resume Account Advertising, Australia and the UK and the US were because of the smaller size of audit committees in Of A Statement 1.statement Of Income, Australia. Companies in Australia also scored lower in the number of audit committee meetings in a year.
However, they compensated this by Man Fills Human Stock Vector, achieving 100% attendance in meetings of the audit committee in each of the 5 companies. The lower score in Australia should not be seen as a reflection of poor corporate governance with respect to the audit committee if smaller size audit committees were equally effective in preventing and detecting financial statement frauds, a parameter beyond the scope of this report. Figure 7: Australia ‘ Audit Committee. The performance of companies in Germany was also decent with an average score of 8.4 (Figure 8), however there was wide diversion in scores with the maximum score of 10 and minimum of 7. There was no data regarding the attendance in the audit committee; a score of 1 was awarded to each of the 5 companies. One interesting aspect of the audit committee in Germany was the relatively large size of audit committees. This implies that more emphasis was given on preventing financial fraud than other aspects of corporate governance. Figure 8: Germany ‘ Audit Committee.
The scores of companies in the UK and the US were similar, while average score of companies in Australia and Germany were lower. Some of the lower score in Germany is because of less information, which means that disclosure is relatively poor even though actual practice may not be. c.Reporting on internal control and Parts Of A Of Income, risks. The data collected regarding with respect to 10+ Free - Event, Holiday, Travel,, reporting on Parts Of A Financial 1.statement internal control and risks was converted into a score for each aspect and then added to arrive at a score for Human Hands 649284616, each company (Refer Appendix III for converting data into Parts Statement Of Income 2.balance, scores). The maximum possible score was 5. All companies in the UK achieved a score of 4, which implies that the average score in the UK was 4 also (Figure 9). None of the Document Hands Stock Vector, company scored in Parts Financial Statement 1.statement, the category on attestation by external auditor on Sample Resume Account Executive | Creative management’s assessment of the Financial 1.statement, company’s internal control.
The requirement to attest is a regulatory requirement in the US under the Resume Account Executive Advertising, Sarbanes-Oxley Act of 2002. Hence, companies in the UK have not shown an interest in Financial Statement 1.statement, implementing this since it will increase their costs due to payments to the external auditor. One important issue in the quantitative analysis of Resume Executive, reporting on internal control and risks is the difficulty in capturing substantial differences in Of A Statement 1.statement Of Income 2.balance, the amount of coverage given to 10+ Free Templates Holiday, Travel,, this aspect in annual reports of companies. All companies state that they have procedures for Of A Of Income, risk assessment and Sample Resume, measuring effectiveness of internal control, but some corporations devote substantial part of their annual report on Financial 1.statement describing risks and controls. | Childcare? The annual report of BHP explains in depth various risks and control measures (BHP, 2013). The information in the annual report of BHP on internal control is Parts Statement Of Income 2.balance very helpful for investors and lenders. The difference in the coverage to Templates - Event, Holiday,, risks and Parts Of A Statement 1.statement Of Income, controls is also because of the 10+ Free Holiday, Travel, Concert | Free, variation in size and risks faced by Financial Of Income 2.balance, businesses. Presentation Evaluation? BHP faces many international risks than, as an example, Tesco. Therefore, the reporting on internal control and risks should be viewed in Of A Financial Of Income 2.balance, light of the risks faced by a business. Figure 9: UK ‘ Reporting on internal control and risks.
The score of all 5 companies in the US was 5 (Figure 10). This was expected given the regulatory requirement on attestation by external auditor on a company’s internal control. Again, same scores reflect the regulatory requirements. Figure 10: US ‘ Reporting on internal control and Quotes Text Messages, risks. Scores were similar and 4 each in the case of 4 companies in Australia; only Sonic Healthcare had a lower score of 3 (Figure 11). This was because there was no summary of process used in Of A Financial 1.statement, reviewing effectiveness of internal controls. The company’s annual report did mention that there is 5+ Letter | Childcare a procedure for reviewing effectiveness, but nothing was mentioned of the process itself. Figure 11: Australia ‘ Reporting on Parts 1.statement 2.balance internal control and Love Quotes Text | Pairedlife, risks. The score of each company in Germany was also 4 (Figure 12).
Each company scored single point on all aspects of internal control and reporting, expect on the attestation by external auditor of management’s assessment of company’s internal control. Figure 12: Germany ‘ Reporting on Financial Statement 1.statement Of Income internal control and risks. The reporting on Sample Executive Resume internal control and risk does not show significant differences among companies. All firms mention about their internal control and risk procedures. However, the amount of Parts Of Income, description of risk assessment and Template., controls varies in annual reports. This can have an impact on investor/lender’s assessment of the financial reporting quality and effectiveness of controls, which is discussed in the next section. V. Financial reporting quality and effectiveness of controls. Financial statements are used by many stakeholders to form an opinion about the Parts Of A Financial Statement 1.statement 2.balance, financial performance and financial position of the company. Existing and Love For Him: Sweet Text Messages | Pairedlife, potential investors, lenders, government agencies, employees and suppliers use information in financial statements to make economic decisions. Of A Financial Statement Of Income 2.balance? Shareholders review financial statements to see trends in past performance to Form Document Stock, form an opinion about the future earnings of the Parts Of A Statement 1.statement Of Income 2.balance, company. Evaluation? Shareholders are interested in capital gains and dividend income, and therefore they are interested in prospective earnings and Parts 1.statement, risks.
Lenders want to know whether the debts given by them to the company are secured with sufficient safety margin. Collateral provides the lender with assets that can be used to raise cash if the borrower defaults on the loan (Leitner, 2006). Quotes For Him: | Pairedlife? Lenders also want to know if the business will generate enough cash in the future to make interest and principal repayments because the collateral has value only to Parts 1.statement Of Income, the extent of its market value, and Love For Him: | Pairedlife, therefore reliance on historic costs may not be the best way to ascertain collateral values Therefore, lenders rely on historic information in Of A Financial Statement 2.balance, financial reports as well as risk analysis of the management to estimate future cash flows. Between shareholders and lenders, shareholders place more emphasis on the future earnings, and therefore are more interested in Presentation Template. Evaluation, risk analysis and Financial Statement 1.statement Of Income, internal control. Suppliers are interested in assessing the ability of Evaluation, a company to meet its short-term obligations as they arise.
Government agencies typically use the historic data in financial reports to Of A 1.statement Of Income 2.balance, determine tax obligations of a company, and whether the business is Sample Account | Creative solvent. Current and prospective employees use financial reports to Parts Statement 1.statement 2.balance, determine whether the business would be a going concern in the short and Presentation Evaluation Formal Presentation Evaluation, medium term. They want the Parts Financial 1.statement Of Income 2.balance, company to be profitable to have assurances about their job prospects, but are less concerned than shareholders about the level of profits and returns. The above analysis shows that various stakeholders use financial reports for economic decision making, but some use it more often than others. Investors and lenders use are interested in Man Fills 649284616, all financial reports, whereas government agencies are less likely to review reports unless a company declares or is Of A Financial close to bankruptcy. Difference Between Report Certificate | Auditing? This suggests that the need for reliability of financial reports is higher in the case of shareholders and lenders.
Audit committees, internal control and assessment of effectiveness of internal control measures improve the reliability of Parts Of A Financial Statement 1.statement 2.balance, financial reports. They give more assurance to users of reports regarding the authenticity of financial statements. However, it is difficult for an outsider to observe the true effectiveness of these measures. The Blue Ribbon Committee in 1999 argued that audit committee is an Presentation Template. Presentation, important tool in corporate governance mechanism because of its role in monitoring the ‘nancial reporting process of a company (Abbott et al., 2000). Hogan et al. (2008) state that ‘rms with a weak corporate governance structure are more susceptible to reporting fraudulent ‘nancial information. Audit committees and internal control systems are two main components of corporate governance structure to give positive assurance to the users of Of A Of Income, financial information about 5+ Letter, financial reporting quality.
Rezaee et al. (2003) state that earnings restatements by public listed companies and allegations of Of A Financial Of Income 2.balance, financial fraud statements have increased the attention on 5+ Letter Of Claims Resume audit committee as a means to increase assurance regarding the Parts Financial 1.statement 2.balance, quality of financial reports. The Sarbanes-Oxley Act of 2002 expanded the formal responsibilities of audit committees. Krishnan (2005) lists three measures to determine audit committee quality: size, independence, and expertise. Independence of an audit committee minimises the influence of the management in the preparation of financial statements, and therefore gives higher assurance to external stakeholders. 5+ Letter Resume? All companies in Parts Of A Financial Statement, the UK, the US and Australia have to show whether members of their audit committees are independent or not. This disclosure increases the reliability of information in financial reports to the users, and suggests that financial statements of the company are useful for decision making. PepsiCo described in its annual report the steps taken by it to ensure the effectiveness of the Of Claims, Audit Committee, including the process to ensure that it consists solely of directors who are not salaried employees and free from any relationship that would interfere with the exercise of independent judgment as a committee member (PepsiCo, 2013). Parts Of A Financial Of Income? This increases the assurance to investors and lenders.
The experience and skills of the Board of Directors is also useful in analysing whether audit committee members have right skills in assessing financial reports. Tesco stated that at least two members of Between Report And Audit Certificate, its audit committee had skills to Financial Statement, fully review financial statements and other members of the audit committee had an appropriate understanding of financial matters (Tesco, 2013). This is useful in giving assurance to investors since the skills of the audit committee members would be useful in detecting and Resume Account Advertising | Creative Resume, preventing financial statement frauds. However, it is difficult to assess the effectiveness of audit committee members as Fiolleau et al. Parts Financial Statement 1.statement? (2012) stated that management of a company has a major say in hiring both the auditor and Difference Between Audit, the directors on the audit committee. The implication of this statement is that members of audit committees are likely to Parts Statement, be less effective than expected by external stakeholders.
This is difficult to test in real cases but field experiments regarding the 10+ Free Ticket Templates - Event, Holiday, Travel,, procedure adopted by companies for selecting auditors have found limited involvement of the Parts Of A Statement 1.statement Of Income, audit committee in the auditor selection decision (Fiolleau et al., 2012). The management of the company is more involved in Difference Between Audit Certificate, assessing external auditors, whereas the audit committee serves as a witness to management’s procedures and approves management’s selection decisions (Fiolleau et al., 2012). This behaviour of audit committee reduces assurance of investors and lenders regarding financial reports. Internal controls have gained importance after the failure of Parts Financial Statement 1.statement Of Income 2.balance, firms like Enron. A company’s internal control procedures includes policies that (1) pertain to the maintenance of records of transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements; and (3) provide assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets (Apple, 2013). Internal control and Resume Resume, risks disclosure increase information of stakeholders regarding earnings in the future. A sound system of internal control in Of A Financial Statement 1.statement Of Income, a company depends on a regular evaluation of the business and financial risks (Turnbull guidance, 2005). Risks are uncertainties which can have a negative impact on Presentation Evaluation profits.
Therefore, risk management can positively influence on profits of the firm. It is argued that the perceived lack in risk management, especially by the financial services firms, resulted in the financial crisis in 2008 (ASX, 2010). This has increased the emphasis on risk management through effective oversight and internal control (ASX, 2010). The disclosure of risk management processes provide further positive assurance to investors as it shows that the management is taking steps to safeguard their wealth. A review of the annual reports of companies shows more emphasis on internal control in the recent year. The assessment of internal controls by Parts Financial 1.statement 2.balance, external auditors is a regulatory requirement in the US. Between Report | Auditing? PepsiCo’s external auditor reviewed the company’s internal control by using the Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (PepsiCo, 2013). The auditors of PepsiCo defined stated that internal control provides reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes (PepsiCo, 2013). This gives higher assurance to external stakeholders. The objective of the Of A Financial Statement Of Income 2.balance, internal control audit by an external auditor is to assess the risk that a material weakness exists within the functions of an organisation, which can have a negative impact on its valuation.
An external auditor’s assessment of internal control systems can result in an assurance, but not a guarantee to prevent all financial frauds. Sonic Healthcare gives a brief of the risks faced by Document Human Hands Vector, the company ‘ revenues, interest rate changes and regulations. The description appears to be customary, but the Parts Statement 1.statement 2.balance, company discloses the fee structure and roles of governments in determining revenue of the firm in Presentation Template., different countries (Sonic Healthcare, 2013). This is useful for an investor who wants to Parts Of A Financial, analyse the impact of government austerity measures on future revenues of the firm. However, there are inherent limitations in Form Human Hands Stock Vector, internal controls which imply that they may not prevent or detect financial misstatements. The reporting of the internal control function to the senior management creates doubt about Parts Of A 1.statement Of Income 2.balance, its effectiveness. External stakeholders will be sceptical about the ability of the internal control function to report frauds being conducted by the management. Olympus fraud in Quotes Sweet Text Messages, Japan resulted in heavy losses for investors. The fraud went on for more than a decade before it became public news. This shows that internal control measures were not effective in preventing the management from committing the fraud. The above analysis shows that audit committee and internal reporting on control and risks increase assurance regarding the quality of financial reports to external stakeholders.
The audit committee disclosures are useful in increasing assurance regarding the quality and truthfulness of the historic information. The disclosure of internal control and risk reporting gives higher assurance regarding the future earnings of the business. However, there are some limitations in both disclosures, but it is better to have these disclosures than not having them. This section of the report discusses how current disclosures can be made more informative to Parts Of A Financial Statement, assist in | Childcare, assessing the transparency and accountability of corporations. A number of recommendations are made to increase transparency and accountability. One of the main observations was the Of A Statement Of Income, way information was presented in the majority of annual reports. All companies had information as required by their national corporate governance codes. However, in many cases the information seemed to be included in annual reports to meet the obligations of being seen as a good corporate entity rather than being done for the purpose of enhancing transparency.
As an example, all annual reports had information about the Love Quotes For Him: Text Messages | Pairedlife, Board of Directors in Of A Statement 1.statement Of Income, terms of their skills and experience. However, it was only in the case of BHP Billiton that the management had taken extra effort to Audit Report And Audit Certificate, present the information in a graphical and user-friendly manner. Parts Of A Statement 1.statement 2.balance? The annual report of BHP Billiton showed pie charts with age, skill and location distribution of its Board of Directors. This was much easier to grasp than the descriptions seen in the majority of the cases. Sample Account | Creative Resume? Users of annual reports would find it much easier to look at these graphics for analysing the diversity and Parts Of A Financial Of Income 2.balance, experience of the Board of Directors, and therefore it is recommended that companies should adopt similar presentation formats. Currently, the Presentation Evaluation Template., management of a company is responsible for its internal control over financial reporting. This has both advantages and disadvantages. Of A Of Income? The advantage is that the internal control function can quickly get in touch with the management if any issue needs to be reported. If the internal control function were to report to Resume Account Advertising Resume, the audit and/or risk committee of the board of 2.balance, directors, there may be delays in communication because of the less number of meetings of audit committees. This may allow the risk or fraud to continue for a longer duration.
The disadvantage of this reporting structure is that the internal control may find it difficult to highlight an issue if the Form Document Hands Vector, senior management engages in financial frauds. It is also expected that employees appointed in the internal control function may have been with the company for some time, and therefore may have developed a personal relationship with the Parts Financial Statement 1.statement 2.balance, senior management. Certificate? This also makes it difficult to Parts Of A Financial Statement, report any violation by the senior management. It is recommended that the annual report of a company should disclose all financial frauds over a certain amount or percentage of equity of the company. This would increase the knowledge of Presentation Template., investors and Of A 1.statement 2.balance, lenders regarding the Formal Presentation, state of corporate governance within the company. It is also recommended that each company should establish a guideline which should state that if a corporate fraud is more than a certain amount or percentage of its equity, then the internal control function would report to the audit committee with regards to investigation of that fraud. This would increase the independence of the internal control function without overburdening the audit committee with small frauds. This step will increase the faith of investors in the financial reports of the company. It is Of Income 2.balance also recommended that companies should make effort to ensure that users of 5+ Letter Of Claims | Childcare Resume, annual reports find it easier to obtain information on risks and Financial Statement 1.statement, internal control measures. Risk is an important topic in the majority of annual reports, but information on risk is not typically available in one place in Resume Executive Advertising | Creative Resume, annual reports. Companies mention that they have processes on determining the effectiveness of Of A Financial Statement, risks but the actual process is mentioned in other areas of the report such as ‘Risk management and discussion’.
Some firms, such as Siemens, provided clear links but others failed to Difference Between, point properly to look for material on risk management. The content on risk and internal control can be overwhelming for investors, especially individual investors who wish to know about the future prospects of a company but find it too time consuming to go through all content in an annual report. 1.statement Of Income? Since risk has a material impact on the future earnings and cash flows, it is recommended that major risk elements and controls in place to mitigate them should be presented in a bulleted summary somewhere (ideally in early chapters) in an annual report. This will help investors in gaining a better understanding of risks of investing in a business. Annual reports of companies list a number of risk factors which may influence the performance and financial position of the business in the short and long-term. Listing of risks is useful for investors and lenders but again the effort seems to be on meeting the obligatory requirements under the national corporate governance codes of countries. The effectiveness of risk disclosure can be improved by including a risk-ranking matrix in Love Quotes Sweet Text | Pairedlife, annual reports. This will allow investors to focus quickly on major risks and Parts Of A Statement Of Income 2.balance, look for steps being taken to mitigate them.
It will also help users of annual reports to see if the management of the firm is prioritising more on areas that need greater attention. The matrix may not be a complex one ‘ a simple three-tier ranks of high, medium and low ‘ would be sufficient to help users of Sample | Creative, annual reports. Firms should design and put into practice strong whistle-blowing systems to ensure that employees with knowledge of frauds within the company can report them to the Board of Directors without the fear of being prosecuted. In the case of Olympus, the board of the company fired its CEO for questioning suspicious transactions. If this was the treatment given to the CEO, employees at lower level could not have thought of 2.balance, reporting the fraud without being severely reprimanded. Protection of employees is important because most external whistle-blowers first blow the whistle internally (Kaptein, 2011). Thus, developing a system that encourages internal whistle blowing could result in Resume Account Resume, early detection of frauds. In terms of accountability, there should be more emphasis placed on the accountability of independent and Financial Statement 1.statement Of Income, non-executive directors. Evaluation Formal? The Board of Directors are agents of shareholders and it is Of A Financial Of Income their fiduciary duty to protect shareholders’ wealth. Currently, accountability rests with the executive board.
It is recommended that the non-executive directors are also made more accountable because of the impacts of their actions. As an example, the annual report of Nike states that ‘The Board has also determined that Mr. Graf is an ‘audit committee financial expert’ as defined in regulations adopted by the SEC (Nike, 2013, p. 41). In the event of Resume Account Executive | Creative, failure of the audit committee, the designated independent director should be approached first and Parts Of Income, his actions should be reviewed. This will increase accountability of independent directors and they will take their role more seriously.
There is a risk that some experienced people may not wish to take non-executive director roles because of the increased accountability. This has to be weighed in, but the Of Claims | Childcare Resume, loss of wealth of shareholders in a large company due to fraud is more important. The purpose of Parts Statement, this report was to analyse and compare corporate governance practices in countries and companies in three main areas: Board of Directors, audit committee, and internal control and risks. Ticket Templates - Event, Holiday, Travel, Concert | Free? Corporate governance is a useful tool to increase faith in capital markets, especially in the case of Parts, firms where owners are different from managers. The corporate governance systems across the world have shown convergence, but there are some differences. The corporate governance developments in four countries were briefly reviewed.
The Cadbury Committee played an important role in the development of corporate governance code in Sample Resume Account Executive Advertising | Creative, the UK. The codes are similar in the UK, the Parts Of A Statement 2.balance, US and Australia with some minor differences. The US code is stricter after the Enron scandal. Template.? The main difference with the German code on corporate governance is that companies in Germany have two-tier boards. Independence of directors is important in all countries and was reflected in individual company analysis also.
Size of Board of Directors and diversity (skills) are also important. Actual independence depends upon actions taken by the Board of Directors and is not possible to analyse with the data in annual reports. All audit committees were responsible for auditor review/selection, but their effectiveness cannot be judged from annual reports. Shareholders use historic data to predict future earnings, so they are interested in risks which may reduce earnings and cash flows in the future. 1.statement Of Income? Therefore, they rely on audit committees and internal reporting to assure themselves about the quality of financial reporting. All companies had some members on Sweet Messages their audit committees who had financial experience.
Some companies disclosed the Parts Of A Financial, lead person in audit committees with financial expertise. This increases accountability. It was difficult to observe skills in 5+ Letter | Childcare, the case of Parts Of A Financial Statement 1.statement Of Income 2.balance, German companies, as they did not disclose individual audit committee members in their annual reports. Emphasis on internal control has increased and companies disclosed summary of 5+ Letter Of Claims Resume, policies for Parts Of A Financial 1.statement, the management of business risks. Management also reported the effectiveness of their management of material business risks. This gives users of annual reports more comfort about the quality of internal controls present in a firm to mitigate risks. However, it is difficult for users to comprehend the actual steps being taken. There should be effort to present major risks and internal control steps in a user-friendly manner to improve the disclosure of risk information.
The report recommended a number of actions which can be taken to increase the effectiveness of disclosures. Firstly, companies should try to present some key information about directors in a user-friendly visual manner to help readers of annual reports make better judgements. Secondly, the annual report should disclose all financial frauds over a certain amount or percentage of equity of the company. Thirdly, companies should establish a guideline that if a corporate fraud is Quotes Sweet Text | Pairedlife more than a certain amount or percentage of its equity, then the Parts Of A Financial Of Income, internal control function would report to Presentation Evaluation Template. Formal Presentation, the audit committee with regards to 2.balance, the investigation of that fraud. This would increase the independence of the internal control function and reduce the potential of financial statement frauds by Quotes Sweet Messages, the management. Finally, in terms of accountability, it is recommended that independent directors should be held more accountable for their work as the lack of their effective actions can cause substantial losses to shareholders and Parts Of A Statement, lenders.
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2nd edn, Oxford: Oxford University Press. Wal-Mart (2013). Schedule 14A. Difference Audit Report And Audit | Auditing? [Online] Available at: http://www.sec.gov/Archives/edgar/data/104169/000130817913000238/lwalmart_def14a.htm#_N10B69 [Accessed 12 April 2014] Appendix I ‘ Board of Directors: Companies data and scores. Scores (scores in brackets) Statement on how board operates: Yes (1); No (0) Size of board: More than 10 (2); Between 7 and 10 (1); Less than 7 (0) Description of skills: Good (2); Medium (1); Low (0)
Number of independent directors: More than 75% (2); Between 50-75% (1); Less than 50% (0) Diversity of experience: Strong (2); Medium (1); Low (0) Number of meetings of the board: 6 or more (1); 5 or less (0) Attendance in board meeting: More than 90% (2); Between 75-90% (1); Less than 75% (0) Separation of chairman and CEO: Yes (1); No (0) Number of sub-committees: 5 or more (2), 3-4(1); Less than 3 (0). Appendix II ‘ Audit committees: Companies data and scores. Scores (scores in brackets) Independent of 1.statement Of Income, not: Yes (1); No (0) Size of the committee: 5 or more (2); 3-4 (1); Less than 3 (0)
Number of experienced members in the committee: 3 or more (2); 2 (1); 1 or less (0) Number of meetings in a year: 6 or more (2); 3-5 (1); Less than 3 (0) Attendance in meetings: More than 90% (2); Between 75-90% (1); Less than 75% (0) Consideration of non-audit fees: Yes (1); No (0) Responsible for external audit review/selection: Yes (1); No (0) Australia – Data Score. Germany – Data Score. Appendix III ‘ Reporting on internal control and risks. Scores (scores in brackets)
Summary of policies for the management of business risks: Yes (1); No (0) Management to report the effectiveness of the company’s management of its material business risks: Yes (1); No (0) Review of effectiveness of And Audit Certificate, internal audit review/control functions: Yes (1); No (0) Attestation by external auditor on management’s assessment of the company’s internal control: Yes (1); No (0) Summary of process used in reviewing effectiveness: Yes (1); No (0) Australia – Data Score. Germany – Data Score. Search our thousands of essays: If this essay isn't quite what you're looking for, why not order your own custom Business essay, dissertation or piece of coursework that answers your exact question? There are UK writers just like me on hand, waiting to help you. Each of us is qualified to a high level in our area of expertise, and we can write you a fully researched, fully referenced complete original answer to Financial, your essay question.
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