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To: John Clarks; President of LJB Company
From: Certified Public Accountant
Re: LJB Internal Control Analysis
In regards of your company going public, you must be informed that under the Sarbanes Oxley Act all publicly traded U.S. corporations are required to maintain an adequate system of internal control. These internal controls are reliable and effective and if your company fails to comply, it will be a subject to fines, and company officers can be imprisoned.
There are five primary components of internal control which must be applied when going public:
• A control environment. This will be the responsibility of top management including your
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January 8, 2011
Internal Controls are certain procedures that are put into place to help control the money in a business and keep track of all of the accounting, assigning different people within the workplace to keep track of things so everything turns out right in the end. The two primary goals to primary controls are to protect a company's assests and to keep all records within the business accurate and reliable. By following particular procedures wih the Sabarnes-Oxley Act this helps create a formalized standard list for all companies to follow to make sure that internal controls are being watched over closely. By contiunually making sure
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In recent decades, there has been a rising focus on management corporate behaviour, ethical responsibilities, and internal controls due to the increasing number of corporate fiascos. The Arthur Andersen scandal was one of many conducted worldwide and an example of how things can go wrong in the public sector. This report will briefly describe the Arthur Andersen scandal, analyze the major failure elements that led to the scandal, and finally provide recommendations that could have been implemented to prevent these issues.
Overview, Issues, and Recommendations:
The Arthur Anderson Scandal was mainly related to Enron’s scandal and fallout. The accounting firm was responsible
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WEEK 4 –INDIVIDUAL ASSIGNMENT
5.3 What are the primary and secondary reasons for conducting an evaluation of an audit client’s internal control?
A. The auditor has two primary reasons for conducting an evaluation of a company’s internal control.
1) First, Sarbanes-Oxley (SOX) requires an audit of management’s assessment of internal
controls for publicly traded companies. This type of audit is an integrated part of the financial statement audit. In some substances, the auditor issues three opinions: one on the company’s financial statements, one on management’s evaluation of their internal controls over financial reporting, and one on the effectiveness of a company’s internal
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To : Mr. XYZ
From : M F Annigeri,
T.E.L & Company, PA
Date : 01-Oct-2011
Subject : Results of TEL Review of LJB Company Internal Controls
This memorandum transmits the review results for LJB Internal Controls requirement for the upcoming public issue of LJB. Further it also provides the details of current practices of Internal Controls and future recommendation as per the Federal Standards.
Results & Recommendations:
Based on our review we identified certain deficiencies that prevent LJB Company from fully satisfying the standards for Internal Control in the Federal Government. For your
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Checklist for Evaluating Internal Controls
Internal control evaluation checklists are meant to help a company assess the structure within the organization. An effective internal control guarantees the integrity of financial reporting. There are five components of an internal control system, which include: control environment, risk assessment, control activities, information and communication, and monitoring. Not only are there five components, but there are three phases, understanding, assessment, and testing. This checklist helps to assure that control objectives are achieved with cost-benefit consideration. Auditors will need to consider the five components within the three phases of
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BILTRITE BICYCLES INC. CASE STUDY 2
1. Biltrite’s strengths and weaknesses in the internal control Assertion
Sale Processing Flowchart:
A. The office was uninformed about the credit approval - Valuation
B. Missing customer information and product validation - Valuation
C. Invoices were mailed before shipping the goods - Existence
And does not matched with bill of lading
D. Bill of ladings are not pre numbered - Completeness
Good internal control for receivables aging analysis and Follow up of delinquent accounts.
Cash Receipts Processing Flowchart:
E. Unrestricted customer check endorsement
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Internal controls are a certain system that includes actions and methods with emphasizing organization’s security and intention to protect its assets and keep the accounting process trustworthy and precise (Weygandt, Kimmel, Kieso, 2008). Protecting a company’s assets is necessary because of the danger resulting from robberies or even employee theft. Improving or keeping the accounting process and records correct is an important factor also because of the risk of unintentional mistakes and intentional inaccuracy.
Prior to 2002, companies were determining their own systems of internal control that could vary in intensiveness and sufficiency. However, after a few wide
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a change in corporate culture. The FCPA law recognised this by requiring US companies to maintain an adequate system of internal accounting control. A key theme underlying the law was that sound internal control should provide in effective deterrent to illegal payments. Internal auditors play a vital role in monitoring the internal control process. Ongoing Prevention, Detection, and Remediation
Corporate governance is a vital component of a company's ethical compass. In the U.S. the board of directors establishes the organisation's governance process through written policy statements which define the roles to the board, senior management, internal audit, and others. The role of the board
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FI504 – Accounting and Finance
Case Study #2
Evaluation of Internal Controls
Attention Mr. President,
The Sarbanes-Oxley Act of 2002 is a United States federal law which sets new or enhanced standards for all U.S. public companies. The reason that this Sarbanes-Oxley Act of 2002 bill was created was because of a number of major corporate and accounting scandals. When these scandals occurred they cost investors billions in losses because the share prices fell it shook public confidence in our securities markets. That is why it is important to comply with the Sarbanes-Oxley Act of 2002 requirements. This means that LJB would be required to maintain a system of internal control. The
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BTN 8-8 HITTING THE ROAD
Internal control is an action plan that includes policies, procedures and method that are created and used by the business to monitor and control business activities. Internal controls do not provide guarantees, but they lower the company’s risk of loss. An effective internal control helps a department to protect assets, ensure reliable accounting, promote efficient operations and urge adherence to company policies.
Binary Cafe also access internal control to minimize the risk of fraud and theft. One of the principles of internal control that used by the company is establish responsibilities. Proper internal control means that responsibility for a task
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asked for money, no due diligence test was done
* Blindly follow the document given by Barings Bank, without checking
Security exchange commission
* They failed to conduct investigation
* Receive alert but negligence of external goalkeeper
Although is a one-man-show, everyone has compromised their duties
* Lack of Internal Control
* Lack of supervision
* Lack of proper communication
* Lack of accountability
* Lack of transparency
* Greed of management, deviation from original goal of organisation
* Irresponsibility of internal auditor
* Poor monitoring posed by the gate keeper
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Case Study 2
Due by Sunday of Week 5, 11:59 p.m., Mountain time
(Learning Objectives 2, 4: Explain the objectives of internal control; evaluate internal controls) Each of the following situations reveals an internal control weakness:
Situation a. In evaluating the internal control over inventory for the Williams Oil Services Company, an auditor learns that the warehouse receiving clerk is responsible for ordering parts for supply inventory use in drilling services, counts the inventory when received at the dock, records the receipts into the inventory ledger, and takes the annual inventory, No supervisor reviews the receiving clerk’s work.
Situation b. Nicole Lopez handles employee
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Fraud Examination Report
To: Chief Executive Officer of Vortex
From: Kaibin Wang
Re: Examination of Potential Misappropriation
Vortex is a small manufacture company which makes office furniture. It has $300,000 of over-budget annual payroll. I have been retained by Vortex to be a Certified Fraud Examiner to help them detect if there is any fraud in this company.
A. What items would you discuss in your brainstorming sessions to prepare for this audit?
Where the $300,000 go?
Where these cost come from?
Who can touch this money?
Is there any loophole in the internal control process?
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1. (Points: 0.5) |
| According to The Sarbanes-Oxley Act of 2002, the audit committee of the board of directors is directly responsible fora. hiring and firing the external auditors.b. performing tests of the company's internal control structure.c. certifying the accuracy of the company's financial reporting process.d. overseeing day-to-day operations of the internal audit department. |
| Save Answer |
2. (Points: 0.5) |
| Which of the following duties could be performed by the same individual without violating segregation of duties controls?a. Programming new code for accounting software and testing accounting software upgradesb. Approving accounting software
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- New Directions in Preventing Crime:
.Crime Prevention: any action designed to reduce the actual level of crime and or the perceived fear of crime.
I would not recommend that the sisters increase advertising expenses. If they were to increase it the sales to breakeve would increase by $1,262,478 and the breakeven volume would increase by 813 tickets.
SMS: measures Internal Validity that could easily be understood by others
Level 5: Randomized Control Experiment
Level 4: Before- After, Comparable Controls (2x), controls other variables
Level 3: Before- After, comparable conditions, control group
Level2: Before- After, non-comparable conditions
Level 1: correlation
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The function and importance of the four external and six internal considerations for developing an integrated information management system for a Human Service Organization.
When designing an information management system, it is important to use enough data and information that is needed, yet be able to control how much of the information is too much, and retrieve unnecessary data, which can result in information overload. Subsystems were put in place in order to better organize the different components of the organization, both external and internal. There is the centerpiece of the system that is the overall organizational performance guidance system that aids in determining whether
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Learning Team A Accounting Firm
Re: New SAS 115 Rules
New SAS 115 Rules
The purpose of this memo is to inform you of the new auditing rules described by SAS 115.
The Accounting Standards Board issued Statement on Accounting Standards (SAS) 115. This regulation is an amendment to and replaces SAS 112. The new regulation kept the same name as the previous regulation. The name of the regulation is Communicating Internal Control Related Matters Identified in an Audit.
Per the American Institute of CPAs website, “SAS 115 requires the auditor to make communications, in writing, to management and those charged with governance regarding
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ACC/400 Self-Assessment Questions
Week One: Assets and Internal Controls
Note: Answers to questions appear on the last page of this document.
All the following are principles of internal control except:
Having a yearly audit by an independent auditing firm
Segregation of duties
Establishment of responsibility
Physical, mechanical and electronic controls
Control is the least effective when one person is responsible for a given task.
A company should not estimate uncollectible accounts receivable but rather write off the bad debt when sales prove uncollectible.
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to achieve its mission and objectives.
Implement Strategies – Management Issues
The strategic-management process does not end when the firm decides what strategy or strategies to pursue. There must be a translation of strategic thought into strategic actions.
Implement Strategies – Marketing, Finance, Accounting, R&D and MIS Issues
Successful strategy implementation depends on cooperation among all functional and divisional managers in an organization.
Measure and Evaluate Performance
The best-formulated and best-implemented strategies become obsolete as a firm’s external and internal environments change. It is essential, therefore, that strategies systematically review, evaluate, and control the execution of strategies.
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structure, work and authority flows, people and management information systems which is designed to help the organization accomplish specific goals or objectives.
If LJB Company decides to go public, the components of the Internal Control would be based upon the procedures of a controlled environment, risk assessment, control activities, information and communication and monitoring. LJB has had a great retention rate that allows us to identify on a business and personal level with the employees. The employees here at LJB, have shown consistent work ethic as they have also proven to have a shared investment with the company. Our controlled environment is tightly knitted together with the
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tools. The final section discusses the emerging issues in computer crimes, computer ethics and concept of internal controls in organization. Application of internal controls concept into transaction cycles is later discussed.
2. COURSE OBJECTIVES
Upon completion of the course, students are expected to
1. Understand the concepts of data processing technology, documentation techniques, infrastructure for e-business, security and control measures in computer based information system
2. Acquire knowledge and skill on internal control structure
3. Acquire knowledge of accounting software
3. LEARNING OUTCOMES
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controls through the sophisticated use of journal entries, other financial reporting choices and through material and unusual transactions. Due to the unique nature of this type of fraud, large dollars are involved and the damage can be devastating.
1. Discuss the internal control weaknesses that existed at MCI that contributed to the commission of this fraud.
When complex fraud and financial crimes are involved, as in the case of MCI, the first thing that comes to mind is the internal control structure. This is the primary concern –that the internal controls are generally ineffective in preventing fraud and other financial crimes. MCI is not an exception. The internal control weaknesses
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will justify other activities than financial statement audit that can be performed by a public accountant like performance/operational audit, internal audit and compliance audit.
2. COURSE OBJECTIVES
This course intends the student:
1. To comprehend applicable regulations, legal responsibilities and ethical standards and current issues facing the audit profession.
2. To appreciate the concepts of internal control system and the use of computer assisted audit techniques in auditing a computerised environment.
3. To understand and apply audit risk, materiality, and statistical and non statistical audit sampling techniques.
4. To be familiar with related
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sphere of interests of important stakeholders (eg, rule of law, control of environmental safety ) , efforts to achieve conciliation, advertising and communications firm with the public , etc.
Internal stakeholders include managers , employees, owners and the board of directors or board of directors , which represents managers and owners . One of the most significant internal stakeholders - the sole executive body (CEO ( English)) .
The general interaction with internal stakeholders is that their interests are often systematically contradict each other (the desire for greater autonomy of management - the need for shareholders more control , greater willingness of staff salaries - the need
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the crisis? What might be the potential benefits and risks to the company’s reputation?
Yes, the corporate communications team should’ve let the CEO appear on the national television because there was a lack of information for internal and external audiences. This way they could’ve efficiently communicated its employees, clients, and shareholders that the breakdown was beyond the companies control. Even though this was beyond the companies control he could’ve also give some insight of what is being done to resolve the issue presented. The fact that he had plans for compensation and working on new policies would’ve helped to guarantee that the airline would go the extra mile for its clients
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The next part of your risk assessment is to review your information inventory and evaluate how that information could be compromised through an internal or external threat.
A. INTERNAL THREATS
The potential for internal threats is influenced by a financial institutions business practices. For example, the more employees with access to customer data, the greater the internal threat potential. Similarly, multiple data gathering or data storage practices also increase the internal threat potential. Therefore, in review for internal threats, you should:
Identify the internal staff that have access to personal data identified in the inventory and determine if any of those individuals
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gambles, drinking or something special. Company should pay more attention to them.
The greatest control company should take is the ability to minimize the opportunity to commit a fraud. If they give opportunity to those people, they will loss a lot. In order to reduce those opportunities, company should arrange more people in control process. Every one in their own positions and takes care of their jobs and responsibility carefully. Therefore, each side can watch the other. Control procedures should ensure that transactions are properly authorized. Also, company should have adequate documents and records and maintain physical control over those internal controls. They also can hire third
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alignment and integration within the value chain and (3) lack of synchronization between production and procurement affecting customer satisfaction levels. The issues listed above have caused SKS Manufacturing to produce inefficient amounts of products and not meet delivery dates due to the weak internal alignment and poor control systems in place (A1).
SKS Manufacturing needs to resolve its current cash flow issue immediately as poor industry analysis and lack of information for adequate forecasting has led them to having high inventory levels. Additionally there is a second warehouse location that is not efficient and is taking up cash reserves, thus decisions need to be
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component in a company’s production internal control structure. The inventory department documents include receiving documents, shipping documents and intercompany transfer documents (Kathy Adams McIntosh, 2002-2012). The production department should use these documents to locate and use only documented inventory. When the inventory department follows proper controls, the documentation provides a paperwork trail that allows any employee or manager to locate the inventory within the facility, whether the inventory is in the warehouse or on the production line. Production should only accept documents that are sequentially numbered. Any missing numbers should be documented and immediately
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accounting information in order to make important decisions. Using the information manager created and used primarily by decision makers inside the organization for all planning and control decisions. Because the goal of creating and using internal accounting information differs from reasons for producing externally reported financial information.
In order to plan for and control ongoing business process in timely manager need financial information. A company manager constantly needs financial information to run and control business operation. Financial information is the primary role of accounting information is to provide useful information for decision making purpose. It is sometimes
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with regulatory standards and industry practices.An internal auditor evaluates a firm's processes, "controls" and mechanisms to ensure that they are "adequate" and "functional". A control is a group of instructions that top management puts into place to avoid losses due to human error, technology breakdowns or fraud. A "functional" control provides corrections to internal problems. A control is "adequate" when it clarifies instructions for job performance and problem reporting. An auditor also ensures that a firm's activities and controls abide by government mandates or industry regulations. (Codjia, 2013)
Moreover the role and responsibility of an external auditor is to provide assurance
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A couple of month after Gary Foster resigned, an internal audit of the department revealed huge irregularities including the fraudulent wire transfers. Not long after, the facts were communicated to the Federal Bureau of Investigation who soon after issued a warrant for arresting the former vice president and formally charged him for bank fraud and the embezzlement of about 20 million dollars.
Citigroup officials have been reluctant in providing details of the case, but in many statements have informed that the institution was seriously outraged. Every analyst blames the amazing weakness of internal control procedures. Authentication processes were not correctly granted
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Based on the information which was relayed to me I wanted to formally address your concerns with internal control and acceptable usage guidelines at LBC company. As I am sure you are well aware, your intension on taking the company public will demand very tight internal controls and the highest standards for your employees. I have prepared a few remarks, and suggestions which I recommend you implement before your company goes public.
Internal controls comprises the enterprise of systems established in an organization to provide reasonable assurances that organizational objectives will be achieved. More specifically, internal controls objectives can be achieved based on
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system. This includes security procedures, system design, implementation, or internal controls that could be exploited to violate system security policy. Implement Strong access Control Measures: Access control allows Corp Tech to permit or deny the use of physical or technical means to access Corp Techs data. Access will be granted on a business need to know basis.
Antivirus software is also needed to make sure the computers and servers aren’t infected with malicious programs that could cause major losses. The WIFI needs to have a password to keep unauthorized users from getting on the company’s network. The password should be complex enough so that no one can guess it. It would probably be best to not allow workers to take laptops home with them as they probably contain vital information. If this is a factor, then make sure a VPN is set up to that workers can securely connect to the company network without packet sniffers or other programs intercepting the data transferred between the laptop and network.
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rationalizations. The pressure factor grew when NextCard wanted to improve growth as rapidly as possible. They tried to extend a $1 Billion dollars of credit to customers, while knowing they were making no profit. The Internet bubble, giving the huge demand of public accounting firms, created the opportunity factor. The internal control was poor as well giving the opportunity for fraud. The third risk factor or rationalizations is related to Lent and the executives of NextCard. When the selling price rose from $20 per share to $40 per share, they saw the opportunity to become instant millionaires. Which didnâ€™t make some of there decisions seem so bad at the time. Also that eventually from
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an increased degree of JIT involvement leads to a more positive effect on managerial performance for internal locus of control managers than for external locus of control managers. Keywords – just-in-time (JIT); locus of control; degree of JIT involvement; managerial performance
The adoption of Just-in-time (JIT) systems for many firms has been the result of the manufacturing function being elevated to a position of strategic importance and a source of competitive advantage (Kalagnanam & Lindsay 1998). The apparent benefits of JIT stem from the reduction/elimination of many non-value adding activities. However the adoption of JIT does not automatically increase profits due
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. Stock Control Be responsible for the economical ordering and checking of stock deliveries, as per the delivery docket. Ensure all incoming orders are monitored as per the Food Safety Program that stock is stored and rotated appropriately. Undertake a stocktake of goods at designated intervals. Organisation Skills Establish effective procedures for the canteen’s operation. Maintain accurate and complete records. Provide reports to the Business Manager as required. Finance Ensure that the collection counting and receiving of monies is undertaken within established internal control guidelines. Prepare monies for banking. Liase closely with the College’s Business Manager
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Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Internal auditing is a catalyst for improving an organization's effectiveness and efficiency by providing insight and recommendations based on analyses and assessments of data and business processes
there are 3 types of Audit :
1. Internal audit ( first party audit),to ensure implementing, maintaining and improvement of the system audited
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5. Cycle of Strategic planning and development, is coming up this certain targets set in a way that facilitates growth and development of an organization.
6. Collecting and analyzing information from various sources to facilitate setting of goals and target that are achievable. Prevailing society conditions may affect the prevailing the outcome of the business if not looked into. Certain issues like government regulation, taxes, and rate of inflation is considered.
7. Identifying critical issues and to what extent do they affect the business, this factors should be looked in both external and internal.
8. Coming up with a development vision statement that the organization
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a public network to a remote server or service provider. Maintain a Vulnerability Management Program: Vulnerability management is the process of systematically and continuously finding weaknesses in the Corp Techs IT infrastructure system. This includes security procedures, system design, implementation, or internal controls that could be exploited to violate system security policy. Implement Strong access Control Measures: Access control allows Corp Tech to permit or deny the use of physical or technical means to access Corp Techs data. Access will be granted on a business need to know basis. Antivirus software is also needed to make sure the computers and servers aren’t infected with
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Accounting of Managerial
There are thousands of jobs in our society, but I choose accounting of managerial to be my job. Because my major is business manage, and I am studying accounting very well, I think the job of managerial is very suitable for me. Therefore, I would like to talk something about my future job, accounting of managerial.
By the influence of the trend of globalization, the foundation of the enterprise business operation happened great change, enterprise management environment uncertainties in the increase, the competition between enterprises as hot as ever, the enterprise had to its business decision and management control system adjustment. To strengthen internal
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challenges are important for human resources managers to deal with effectively before they become major problems. Environmental challenges are external forces beyond management control that pose threats on the organization performance. These forces may include natural disasters, skill shortages, or workforce diversity. Organizational challenges are internal concerns that can be managed with knowledgeable managers. These internal concerns may include outsourcing, technology, or downsizing. The individual challenges include brain drain, productivity, or ethical dilemmas. These challenges will require development of innovative ideas as the health care industry face rapid change in numerous areas.
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alteration of the internal and external environment
- The environment could be altered in such a manner as to improve conditions to allow patient healing
- Observing and collecting data linked to the patient’s health status
- The environment is BOTH internal and external to the patient
Metaparadigm #3: Health
Nightingale states that “health is not only to be well, but to be able to use well every power we have.” She had 6 D’s of disease. These included dirt (general hygiene and cleanliness), drink (clean drinking water), diet, damp, drafts, and drains (proper drainage and sewage systems).Nightingale believed the goal of nursing is to foster health within the patient
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formulation strategy implementation evaluation and control, Why does Riordan need a strategic plan?
Erly: What role should ethical and social responsibility considerations have in Riordan’s strategic management plan?
Jose: What competitive advantages does Riordan have, and which competitive strategies should Riordan utilize to improve innovation and sustainability in both domestic and international applications? What measurement guidelines should be used to verify strategy effectiveness?
Celina: What internal dynamics along with cultural and structural leadership considerations should be used in implementing business strategy for Riordan? How do they influence business continuity?
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Kudler Fine Foods SR-kf-013
Team C Sharon Gaines and Kenneth Williams
March 19, 2015
Kudler Fine Foods SR-kf-013
1.2 Define stakeholders
Kudler Fine Foods 2003 strategic plan states that the company defines stakeholders as those individuals internal or external who could affect or be affected by their organization. Additionally, the company is aware that there are many stakeholders who are valuable contributors; however, the individuals and organizations that the company monitors are: staff, customers, wholesale suppliers, banks, competition, and Kathy Kudler who produce the vision for the company. Kathy Kudler’s new vision is to
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to many model to help centralize operations, standardize computing, control costs and deliver more reliable service to all users. Example – internal SSO, partnered SSO, and outsourcing. E.g O&G companies converting IT support organization as stand alone business turning users into customers. Business managers act as interface between IT and business owners and responsibility for all IT delivery and support. Moving to a fully Shared service org. means outsourcing. Example – Talisman outsourced its back office select finance and accounting processes to Accenture`s delivery center in Bangalore, india,
10. Increased wireless networking: It adds business value by improving process
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engineering and Construction Company used balanced scorecard to respond to their changing industry. The CEO & senior management of Rock water developed a vision and strategy then transformed them into balanced scorecards four perspectives.
The measures used by Rock water are
Financial 1. Return on cash employed 2. Cash flow 3. Project profitability 4. Reliably of performance | Customer 1. Value for money Tier I 2. Competitive price Tier II 3. Hassle free relationship 4. High performance professional 5. Innovation |
Internal 1. Shape customer requirement 2. Tender effectiveness 3. Quality service 4. Safety/loss control 5. Superior project management | Growth 1
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Lab #4 – Assessment Worksheet
Implement Organizational-Wide Network and WLAN Access Controls
Lab 4 Assessment Questions & Answers
1. What risk exposure are you subjecting your Microsoft Windows systems to by opening up ports on your internal firewall?
Buy opening ports in your firewall it is allowing people access to you network and if anybody that trys to get in figures out the port they can potentially gain access to your system.
2. Using the VM’s on your student workstation, how can you test if your Windows internal firewall is configured properly?
By going to start -> control Panel -> Select firewall there it gives you the options that are on Windows
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statements most accurately describes SysTrust services?
b a. SysTrust services provide assurance on business processes, transaction integrity and information processes.
b. SysTrust services provide assurance on system reliability in critical areas such as security and data integrity.
c. ysTrust services provide assurance on internal control over financial reporting.
d. SysTrust services provide assurance as to whether accounting personnel are following procedures prescribed by the company controller.
easy Discuss the three primary requirements for becoming a CPA.
The three primary requirements for becoming a CPA are: