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25 Cards in this Set
- Front
- Back
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Social Responsibilities - Functions
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Protection of human rights
Protection of consumers interests Protection of natural resources Environmental protection Provision of safety services Provision of security services Provision of charitable contributions |
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Social Responsibilities – Goals
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Enhance social welfare
Endowing corp relationship with govt auths Enhancement of corp image Est and dev of efficient public relations Activating customers patronage and loyalty |
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Social Responsibilities - Importance
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Increase corporate sales volume
Increase corporate profit |
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Social Responsibilities – Auditing Areas (10)
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Selection of priorities
Credibility of activities Risk of manipulations Govt. compliance Impact of public social sectors Impact on govt relations Implementation costs Implementation benefits Implementation difficulties Public awareness |
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Define - Integrated Components Operations
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Operations that aim to increase the productivity and profitability of an enterprise through the addition or deletion of integrated components to its operations and organization structure.
Determines the degree or corporate dependence on external parties for the performance of its activities. Involves the process of taking decisions concerning corporate needs for adding or deleting integrated components. |
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Integrated Components – Functions (5)
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Identify a need for IC’s
Evaluate alternatives Prioritize the need Add IC’s from corporate operations and org structure whenever required Delete IC’s whenever required |
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Integrated Components – Goals (5)
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Reduce the level of dependence on external operations
Improve the operating standards Diversify and increase revenues Reduce operating costs Endow the operating strategy |
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Integrated Components – Importance
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Increase corp productivity
Increase corporate profitability |
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Integrated Components – Auditing (7)
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1 Identify IC needs
2 Pre-implementation evaluation of alternative IC ops 3 Prioritization of the needs for IC’s 4 Selection of IC’s 5 Decision making concerning IC’s 6 Post implementation eval of IC ops 7 Corrective actions concerning IC ops |
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Define Merger
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Business combination involving the acq of all the net assets of one or more enterprises, after which the acquired enterprise or enterprises will be liquidated into the combining enterprise and accordingly will Cease to exist as a legal entity or legal entities.
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Define acquisition (but leave separate)
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Business combination involving a partial or total acquisition of an enterprise by another enterprise, after which the acquired enterprise remains intact as a separate legal entity.
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M&A Operations - Functions (7)
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Determine M&A needs
Identify candidate Investigate interest Negotiate deals Initiate the M&A contracts Implement backup systems Evaluate the results |
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M&A Operations - Goals (5)
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Meet investment and expansion needs
Endow the operating strategies Maximize revenues Minimize costs Avoid financial and legal problems |
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M&A Operations - Importance (3)
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Increase volumes
Increase productivity Increase profit |
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M&A Operations - Auditing
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Validity - Does M or A meet needs/goals
Basis of selection Evaluation of the deals Evaluation of the backup systems Appraisal of the results |
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Business Ethics – Define
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Moral values and behavioral conducts set by professional and business codes of ethics and relevant laws, rules and regulations that depicts the ethical standards that should be well observed by all parties involved in professional and business operations.
-Essential to protect private and public interests -Ethics set ethical standards for each type of professional and business practice. -Used to evaluate the overall performance efficiency of organizational administrators, professionals and personal. |
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Business Ethics – Functions (5)
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Identify sources of ethical standards
Identify implementation of PROFESSIONAL ethics (accouting, auditing, management, engineering, legal) Identify implementation of BUSINESS ethics (safety, antitrust, advertising, security, political, gifts, loans) Training Monitor implementation |
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Business Ethics – Goals (5)
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Inform managers
Train concerned parties Detect Correct Eliminate or reduce litigation |
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Business Ethics – Importance (3)
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Safeguard public and private interests
Protect employees from temptations Protect financial resources |
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Business Ethics – Auditing (7)
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Corporate Code of Ethics
Sources of ethics Compliance of corporate code of ethics |
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Fraud – Define
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Intentional unethical and illegal acts
committed by an individual or an enterprise to deceive, cheat and trick other individuals and enterprises and to defraud them from their properties. Examples – Reporting and disclosing false f/s information Forging, theft, false advertising |
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Fraud – Financial Crime Examples (10)
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-Bogus Sales
-Fake A/R & Rev’s -Kiting -Laping -Padded payroll -Theft of assets -Misuse of CC and petty cash -Charging personal expenses as corporate expenses -Kickbacks -Bribes |
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Fraud – Financial Crime Examples (10 more)
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Foreign disbursement documents
Counterfeiting currency Improper manipulating of EDP operations Money laundering Deceptive advertising and propaganda Mail fraud Loan fraud Overcharging governmental agencies False financial statement disclosures Tax evasion |
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Fraud – Latest areas
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Computer fraud
Insider trading S&L’s Banking Consumer Insurance Medicare Bilking Corporate Electronic tax evasion |
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Fraud – Auditors responsibility (5)
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Be alert to finding fraud at all levels of the company
Must participate in the development and implementation of operating systems that can prevent fraud Assist and cooperate with other organizational administrators in investigating fraud Carry out special assignments related to fraud when requested Detect fraud and report findings to concerned parties. |
