shareholders that the prepared financial statement is correct. That why the auditors conduct an audit on the financial statement of a firm with integrity and independence so that it is free from error and fraud. The research is going to show in regards to Critical analysis of the independence of the internal audit function through its relationship with management and the audit committee and the audit committee create threats to independence. Thus, this assignment focus is on the internal auditors
are allocated based on different Business Group. Each business groups form a clan and have its own sub-cultures in the firm. Clan control can be considered as an important type of management control system in a service organisation such as audit firm. It is able to provide a sense of belonging to the staff, increase staff loyalty, and thus higher staff
understand the major types of activities that the entity uses to monitor internal control over financial reporting, and correct the problems when the entity is applying the internal control. Therefore, the auditor should understand the five components of internal control in order to plan the audit. This knowledge is used to identify types of potential misstatements, consider factors that affect the risk of material misstatement, design tests of control and design substantive procedures. (c) This view
According to Gay &Simnett (2004), an audit is a systematic process of objectivity obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondences between those assertions and established criteria and communicating the result to interested users. Assertions are divided into six different categories. The existence of assets and liabilities at a given date, whether they actually exist and whether the transactions recorded are present
which states that if on an average the sample chosen is the random one, the sample would have the same composition and characteristics as the universe. 3.5.2 Purposive Sampling Purposive sampling was used to select the 28 respondents from Accounts and Audit department who specifically dealing with the application of Activity Based costing method in day to day operations (i.e heads of accounts, finance manager, production managers). Through this, the researcher was able to obtain the information that would
This chapter focuses on integrating and controlling a retail strategy We tie together the material detailed previously show why retailers need coordinated strategies and describe how to assess performance By integrating and regularly monitoring their strategies firms of any size or format can take a proper view of the retailing concept and create a superior total retail experience Consider how Dollar Tree competes with Wal-Mart-which is more than 80 times larger A major goal of Retail Management
Introduction and development of Forensic accounting The term forensic auditing started from the 1940’s and has taken significant Place in this modern economy.” In the late 1940s, forensic auditing proved its worth during World War II; however, formalized procedures were not put in place until the 1980s when major academic studies in the field were published (Rasey 2009). Forensic auditing is the specialty area of the accountancy profession which describes engagements that result from actual or anticipated
damage may include harm to external business relationships, employee morale, firm reputation, and branding (PriceWaterhouseCoopers (PWC), 2003). Thus, firms would try to get rid of the risks of fraud. However, due to the nature of different frauds, each type of fraud needs to be dealt accordingly rather than just implementing what is already present. The failure of internal auditing system to prevent such malpractice has led to the use a more effective system known as the forensic
(strength and weakness), to develop skills that require development and to evaluate progress in line with targeted goals. For PDP to be effective, it must meet personal development cycle: state the purpose for development; perform personal skills audit to identify the areas (skills) that need development; formulate action plan that cover the needed skills; record and monitor all the activities involve; and review and evaluate the progress in line with targeted goals.
Acknowledgement First of all, we would like to express our grateful to Allah SWT for His blessing and ease our journey in completing this Comparison Analysis on Internal Audit Department of Malaysia Airlines Report. Alhamdulillah, we are able to complete this project report within the time frame set. Special thanks to our lecturer, Encik Mohd Zulfikri B Abd Rashid, for the patient guidance, encouragement and advice she provided throughout our time as her student. We have been lucky to have a