Internal control

Whenever your employees clock in and out of work using the outdated time card system, there's the potential for stolen time. Because anyone can clock in and out of work without real identification taking place, the system has a lot of potential for being abused. In fact, time theft will occur in the workplace at least on some level because of the ease that it takes place. With the fingerprint clock from MinuteHound, buddy punching becomes a problem of the past! Because no one in the world has…

According to the 6th Consumer Bill of Right people have a reasonable right to limit the personal data that companies will collect and retain. Companies should only collect and keep the amount of data needed to complete the transaction the data was given for. There is no reason for a medical insurance company to gather and keep information about someone’s financial situation for long periods of time or at all. There is a large risk of keeping more data than needed for longer than necessary. The…

Financial specialists have customarily relied upon the stone strong notoriety of examining firms. These autonomous companies were — and the companies that until now are with us — accused of fundamentally looking into the records and the accounting books of their customer partnerships and rendering assessments about the dependability of those records. That was not the same any more, notwithstanding, because of Enron and their auditing company, Arthur Andersen. Till the revelation of Arthur…

Auditors determine whether a company’s financial statements are presented fairly and accordance with the financial reporting framework. When providing auditing and other attestation services, an auditor should be independent. Amanda was assigned to audit LAW LLC financial statements. Amanda was faced with an ethical dilemma when LAW LLC’s audit report showed little evidence of the different assets on its balance sheet. Also, LAW LLC violated their loan covenant which due whether it was on the…

Professional indemnity insurance pays for negligence claims. When a professional gives out inaccurate information, he may be responsible for damages. For some careers, professional indemnity insurance is a government requirement. What Does Professional Indemnity Insurance Cover All professionals should purchase professional indemnity insurance. When dealing with the general public, liability insurance is a necessity. Personal injury claims and structural damage can be covered under a general…

AML software is used by financial institutions to detect suspicious transactions and analyze customer data. AML software operates under various categories including currency transaction report, customer identity management, transaction monitoring systems, and compliance software. AML solutions provide real-time alerts and tools for financial enterprises to automatically report suspicious events to maximize security and operational efficiency. It is becoming essential for financial enterprises to…

Industry Analysis Porter’s five analyses are known as industry analysis. It is a framework for understanding the structure of an industry. The purpose of porter’s five analysis is to help to verify an industry’s weaknesses and strengths, position, direction of the company. There are industry rivalry, threat of substitute, bargaining power of buyers, bargaining power of supplies, and treat of new entrants. Industry Rivalry Industry rivalry is usually happens when there is a competitor example,…

Abstract We compare general corporate governance principles, guidelines and existing legislation relative to business, specifically in the financial industry, with Mr. Warren Buffett's corporate governance principles and applications in his company, Berkshire Hathaway. Then we consider best practices about leadership succession and compare them with the approach at Berkshire Hathaway. Business succession of Mr. Buffett being an important issue to which a clear path has not been presented…

Model of Trust and the AICPA Professional Code of Conduct According to Xie and Peng (2009), ability, benevolence and integrity are the core elements that help to build interpersonal trust within organizations. These same core elements are also essential within the accounting profession and are the cornerstone of the American Institute of Certified Public Accountants’ (AICPA) Professional Code of Conduct (the Code). The Code is the primary source of guidance for accountants. The Code is…

Before we know about power quality audit we must know about what is audit. Audit The word audit is derived from a Latin word "audire" which means "to hear". During the medieval times when manual book-keeping was prevalent, auditors in Britain used to hear the accounts read out for them and checked that the organisation's personnel were not negligent or fraudulent. Quality Audit Quality audits are performed to verify conformance to standards through review of objective evidence. A system of…