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Research about the scandal then prepare a poster to explain the following:
My scandal called Mobily (2014) in KSA
EFFICIENT CAPITAL MARKETS AND CAPITAL STRUCTURE
The CFO of Baldwin Corporation, Gregg Williams is meeting with the company’s board of directors to discuss the possible effect of the company’s capital budgeting project on the stock price. Gregg believes that when the NPV of $159,624 is released in conjunction with existing information on the company, the stock price will increase by $0.15 given that the company has 1,000,000 shares outstanding. Gregg believes that all investors are rational and will make investment decisions after analyzing all available information. Gregg’s belief is consistent with the theory of efficient capital markets, which he studied at the graduate school.
The theory of efficient capital markets holds that stock prices reflect all available information. Gregg gave the implications of the theory as follows:
A board member, Jon Milosvoski has drawn Gregg’s attention to three forms of market efficiency namely weak form efficiency, semi-strong efficiency, and strong form efficiency. Mr. Milosvoski explains that under each form, different types of information are assumed to reflect in stock prices.
Another board member, David Jefferson, says that new research studies are emerging in behavioral finance that question the rationality of investors. Mr. Jefferson explains that investors do not act rationally all the time in the investment decision making process so the market cannot be efficient. The results of the studies indicate that investors are prone to heuristics-driven biases such as overconfidence, decision regret, familiarity, conservatism, representativeness and house-money effect.
The meeting was postponed to next week when the board will meet to finish the discussion on the efficient markets and consider capital structure of Baldwin Inc.
The board chairman wants you to address the following questions before the next meeting.
1. What different types of information are assumed to reflect in the company’s stock price? Explain the different types of information under each form of market efficiency.
2. An individual investor, Ms. Jones wants to invest in Baldwin Inc. She has gathered data on the company from the current issue of the company’s annual financial report, newspapers and press release of the capital investment project. Assuming the market is semi-strong efficient, can Ms. Jones earn above-average returns using this material public information?
3. Ms. Jones is consulting with her financial advisor, Robert Carl. Robert believes that stock prices move in trends. He also believes that new information does not quickly get to all investors and that it takes time to analyze and act on the new information. He tells Ms. Jones that if investors take time to analyze the information and react, and possibly overreact to it, prices may always deviate from fair market values. Does Robert Carl believe in market efficiency? Explain why.
4. Determine whether the following statements by Gregg are correct or incorrect about efficient market hypothesis:
a. it implies perfect forecasting ability (correct or incorrect)
b. it implies that prices reflect all available information (correct or incorrect)
c. it implies an irrational market (correct or incorrect)
d. it implies prices do not change (correct or incorrect)
e. it results from keen competition among investors (correct or incorrect)
f. investors can reap abnormal profit consistently (correct or incorrect)
5. Explain how behavioral biases of overconfidence, regret, representativeness, and familiarity can affect investment behavior of investors of Baldwin Inc.
6. Given the board meeting next week on capital structure of the company, what are some of the agenda to be discussed at the meeting?
7. Baldwin Inc. wants to determine the optimal capital structure that will maximize the value of the company. Various capital structures have been analyzed as follows:
| Debt | Equity | WACC | ROE |
| 0% | 100% | 15.80% | 4.60% |
| 20% | 80% | 12.50% | 4.80% |
| 30% | 70% | 10.50% | 5.80% |
| 40% | 60% | 9.20% | 6.10% |
| 50% | 50% | 12.30% | 8.20% |
| 60% | 40% | 8.50% | 15.30% |
| 70% | 30% | 12.85% | 10.10% |
| 80% | 20% | 13.50% | 12.00% |
| 100% | 0% | 14.00% | 13.60% |
What optimal capital structure do you recommend for Baldwin Inc. and why?
MACQUARIE BUSINESS SCHOOL Department of Accounting and Corporate Governance ACCG3040 AUDITING AND ASSURANCE SERVICES CASE STUDY ASSIGNMENT -Group Component 10% (Part 1) -Individual Component 10% (Part 2) Case Study Assignment 20% of the Total Assessment This assignment consists of two (2) separate components consisting of a group component (10%) (Part 1) and an individual component (10%) (Part 2). Groups of six (6) are to be formed for the group component of this assignment task. Only one submission per group for Part 1 and is to be made electronically on iLearn by the due date and time i.e. you should nominate one member to submit Part 1. You are required to submit your Part 2 individually. The group component consists of a report to be submitted as Part 1. The objective of the group report is to develop your communications skills and capacity for collaborative learning and to test your ability to integrate skills learnt in this unit of study, i.e. to analyse a company’s operations and data from the auditor’s perspective. Each Group must select an Australian Company from the below list – this may require some negotiation between group members to ensure there is agreement on the chosen company. Each Group MUST CHOOSE 1 COMPANY from the below list to focus their report on: Company Afterpay Limited Aristocrat Leisure Limited Mirvac Group Ramsey Healthcare Limited Sydney Airport Tabcorp Holdings Limited Seek Limited Westpac Banking Corporation ASX Code APT ALL MGR RHC SYD TAH SEK WBC Make sure you have met your group members and exchanged contact details by——–Weds 8th December 2021. See iLearn “Private Group forum”. Unit Convenor cannot chase your team members for you. The individual component (Part 2) is an individual research component that extends your work in Part 1. Each student must make an individual submission of Part 2 electronically on iLearn by the due date and time. The objectives of this component are to consolidate your research skills and to develop your written analytical skills in critically evaluating a recent academic journal article and developing responses to synthesize how emerging technologies such as Big Data, Data Analytics, Blockchain, Artificial Intelligence are transforming external audits. Page 2 Session 3 2021 ACCG3040 Case Study Assignment Case Study Assignment Requirements Part 1 and Part 2 GROUP REPORT PART 1 – 20 MARKS WORTH 10% OF THE TOTAL ASSESSMENT Your group has been appointed as the new auditors for the 2022 audit of your selected company. As part of planning the 2022 audit (yes pretend), your group is required to prepare a planning report that will be viewed by the Lead Engagement Partner on the audit. Your report may utilise various resources including the company’s 2020 or 2021 Annual Report, corporate website, media releases or coverage. All sources should be appropriately referenced where used. Question 1 Understanding the Entity and Its Environment Prepare a summary of your Selected Company’s business, its operations and the industry in which it operates, incorporating financial information from its latest Annual Report (either year ending 31 Dec 2020/21 OR 30 Jun 2020/21 as applicable). The summary as a minimum, must include details on: ▪ Its operations e.g. revenue generation; ▪ Ownership and governance structures; ▪ Impacts of COVID-19 pandemic on the selected company operations. Refer to ASA315 (2015) para 11-31 for guidance. Your analysis of Revenue Generation (only) should include details of a potential risk of misstatements, including identifying relevant key assertion/s and justification/explanation for your identification of your key risk (1 risk only). Your response to this question should demonstrate the extent to which you have understood the Selected Company’s business and the key areas the auditor would be concerned with in their analysis and understanding of this audit client. You may also include an Executive Summary upfront (optional). Maximum 2 pages length. Question 2 (8 marks) Materiality and Media Release Research and provide a summary of one (1) recent (i.e. 2020 or 2021 only) Media News article related to your Selected Company AND explain how this issue/s outlined in the article would affect your audit plan. Your answer should include an inserted extract picture of the media article in addition to analysis on impact on materiality, staffing and testing requirements as a minimum. The full article should be attached as an appendix to your Part 1 submission (this does not count towards your page limit). Page 3 Session 3 2021 ACCG3040 Case Study Assignment Maximum 1 page (3 marks) Question 3 Fraud Risk Assessment Provide a Fraud Risk Assessment analysis for your Selected Company. How you display and write up your analysis is up to your group BUT as a minimum you must include the below elements within your analysis: ▪ Clear identification of at least one (1) potential inherent fraud risk including key account(s) and assertion(s) — and apply the fraud risk triangle factors with explanations of the potential incentives, pressures, and opportunities to commit fraud specific to the organisation. ▪ Assessment of the likelihood and significance of inherent fraud risk (e.g. remote, probable, reasonably possible) — with narrative and analysis to support your assessment which may include but not limited to: fraud risks based on historical information, known fraud schemes, and suggested interviews and questions that could potentially be used with staff. ▪ Outline at least one (1) proposed response to address the identified fraud risk (internal control and/or specific fraud detection procedures that could be implemented). Your analysis as a minimum should include at least 1 account and 1 relevant assertion. Maximum 1.5 pages (5 marks) Question 4 Key Audit Matters In accordance with the requirements in ASA 701 – Communicating key audit matters in the independent auditor’s report, identify two (2) additional key audit matters not already disclosed in your Selected Company’s Auditor’s Report, that could also be included in the Auditor’s Report. For each key audit matter identified, prepare the relevant key audit matters section wording for inclusion in your audit report. Specific substantive audit procedures that need to be performed should be included in your key audit matters section. Maximum 1.5 pages Page 4 (4 marks) Session 3 2021 ACCG3040 Case Study Assignment Member Contribution Statement Requirement Each student group must submit a Member Contribution Statement using the template on the following page. Only one submission per group will be accepted and the Member Contribution Statement should be the last page of your Part 1 submission. The Summary Member Contribution Statement outlines the processes undertaken to complete the assessment tasks and provide adequate checks to achieve a group result. The member contribution statement must not exceed 1 page in length and must be completed using the template provided. Note: No mark will be awarded for this statement, however a 10% penalty will apply if it is not submitted with the group component. In the event that this is not included as part of the group submission outlining each members’ contribution-a deduction of 10% of the total available marks will apply to the group component submission. SUBMISSION AND DUE DATE – Only one submission per group should be made for Part 1 by one (1) nominated group member to Turnitin on iLearn by 4pm on Friday 7 January 2022. The submitting group member should be listed first on the group coversheet. The person submitting the assignment must send the Turnitin Originality report to each group member. This is because each member of the group will be held accountable for any plagiarism. Plagiarism is treated very seriously by the University and students are advised to familiarise themselves with the University’s Academic Integrity Policy. If you are a group member and have not received the Turnitin Originality report within 24 hours of assignment submission from your nominated group submitter, you need to contact us at accg3040@mq.edu.au. Please note that Turnitin scores are not considered in isolation and are not the only indicator used in assessing originality and academic integrity issues. Penalties for Part 1 – Please note the following: • Late submissions will receive a deduction of 10% of the total available marks made from the total awarded mark for each 24 hour period or part thereof that the submission is late (for example, 25 hours late in submission – 20% penalty). • Incorrect submissions (e.g. submitting the wrong file/version/assignment for a different unit, etc.) will be awarded a mark of zero (0). It is your responsibility to ensure that you submit the correct file. You may resubmit until the due date and time. Any submission on the due date and time will be taken to be final. No further resubmission will be allowed. • Failure to adhere to length requirements will result in any content beyond the page limits not being marked. • Failure to adhere to formatting instructions will result in a deduction of 25% of the total awarded mark for this component of the assessment task. • Failure to complete the assignment in a group will result in a deduction of 25% of the total awarded mark for the group component of the case study assignment. It is your responsibility to ensure that you remain in contact with your group members and work with them. No complaints in relation to non-performing/absent group members will be considered just before/on/after the due date and time. You should attempt to resolve any disagreements within your group in the first instance. Bring the matter to the Unit Convenor’s attention early in the semester if these remain unresolved. The Unit Convenor may direct students who do not contribute or participate in the group component to complete this component individually with this penalty applicable. This penalty will not be waived under any circumstances. Page 5 Session 3 2021 ACCG3040 Case Study Assignment DEPARTMENT OF ACCOUNTING AND corporate governance Macquarie Business School Group Number: GROUP ASSESSMENT PART 1 Member Contribution Statement UNIT CODE ACCG3040 Auditing and Assurance Services Student SID only Percentage (%) of assignment completed by group member For example: 10% 123 456 789 DUE DATE Brief description of role or responsibility of group member Contributed to group, discussed risks with client and wrote them up {delete this row when you have read it} Student 1: Student 2: Student 3: Student 4: Student 5: Student 6: Page 6 Session 3 2021 ACCG3040 Case Study Assignment 4pm Friday 7 January 2022 Explanation if you believe contribution is a material departure from a fair contribution * * If applicable – this is where students would address an issue of freeloading (where a group member did not contribute sufficiently to the group). For example “Student 123 456 789 didn’t prepare his work on time as he claimed he was always too busy… Case Study Assignment Part 2 REQUIREMENTS INDIVIDUAL REPORT PART 2 – 20 MARKS WORTH 10% OF THE TOTAL ASSESSMENT You are required to write a Critical Report on one (1) selected academic journal article related to emerging audit technologies such as Data Analytics, Big Data, Blockchain, Artificial Intelligence. Your selected academic article must meet the following criteria for selection: ▪ Article selected must be published between the years 2015-2021/forthcoming ▪ Article selected must be from a highly ranked journal – A*, A or B ranked only from the ABDC List. Please refer to the 2019 Australian Business Deans Council (ABDC) Journal Quality List which is available at the following link: https://abdc.edu.au/research/abdc-journal-list/ Hint: you can also search for journal articles in Google Scholar for topics related to your selected audit technology. Your Critical Report must address the following criteria: 1. Evaluation of the journal article’s main contributions, including its strengths, weaknesses and recommendation/s for improvement. [6 marks] 2. Outline how the emerging technology in your selected journal article (e.g. Data Analytics, Artificial Intelligence etc.) can be used in the Financial Report Audit. Your answer here should discuss two specific areas (within your Company context from Part 1) of the audit engagement that can be improved (for the auditor and audit client). [7 marks] 3. What challenges do auditors face in adopting emerging technology on audit engagements? What opportunities are there for the audit profession and audit education to enhance the use and success of the emerging technology in auditing? 4. Critical writing style, and convincing evaluation Page 7 Session 3 2021 ACCG3040 Case Study Assignment [6 marks] [1 mark] REPORT STYLE – Part 2 Students have some freedom here in terms of structure – it can be in essay form or in a report style with headings that guide the reader into the critical review of the academic article. Some suggestions are as follows: Introduction The length of an introduction is usually one paragraph for a journal article review and two or three paragraphs for a longer book review. Include a few opening sentences that outline the author(s) and the title, and briefly explain the topic of the text. Present the aim of the text and summarise the main finding or key argument. Conclude the introduction with a brief statement of your evaluation of the text. This can be a positive or negative evaluation or, as is usually the case, a mixed response. Summary Present a summary of the key points along with a limited number of examples. You can also briefly explain the author’s purpose/intentions throughout their study and perhaps even your own judgment of the authors’ intentions. Critique The critique should be a balanced discussion and evaluation of the strengths, weakness, and notable features of the journal article, and often needs an overall judgment about what you think? You may even have ideas on how the article and research can be improved? Conclusion This is usually a very short paragraph where you can restate your overall opinion of the journal article, briefly present recommendations and if necessary, some further explanation of your judgement can be included. This can help your critique sound fair and reasonable. References If you have used other sources in your review you should also include a list of references at the end of the review. Summarising and paraphrasing are essential skills for academic writing and in particular, the critical review. Remember that “paraphrasing” means putting it into your own words, so it is essential that you summarise when reading the journal article. Your Selected Journal Article must be referenced; please do not waste huge amounts of your 3 page maximum limit of too many quotes, journal extracts as the objective of the critical report is to use your skills in critiquing and writing in your own words. If your article focusing on several emerging technologies, when addressing the required questions-perhaps focus on one technology for depth of answer. Your summary of the journal article may however still make reference to all the technologies if applicable. If you use any other resources to re-enforce your critique please reference them accordingly. Also see: https://libguides.mq.edu.au/English/topic Page 8 Session 3 2021 ACCG3040 Case Study Assignment SUBMISSION AND DUE DATE – Submission of Part 2 must be made individually to Turnitin on iLearn by 4pm on Friday 7 January 2022. Note that all students must complete this component of the assessment task by themselves. Being in the same group is not acceptable justification for a high similarity score between two students’ individual submissions. Plagiarism is treated very seriously by the University and students are advised to familiarise themselves with the University’s Academic Integrity Policy (see Assessment Guide on iLearn). Please note that Turnitin scores are not considered in isolation and are not the only indicator used in assessing originality and academic integrity issues. LENGTH AND FORMATTING – Part 2: Maximum 3 pages in .pdf format submitted to separate submission link. This excludes any bibliography and appendices where applicable (note that appendices, where attached, will not be marked). Font size must be at least 11 with no less than 1.15 line spacing with a minimum of 2.5cm margins on all sides. Preferred Font is ARIAL or Times New Roman and Harvard Referencing style. See https://libguides.mq.edu.au/referencing for guidance. PENALTIES FOR PART 2 – Please note the following: • Late submissions will receive a deduction of 10% of the total available marks made from the total awarded mark for each 24 hour period or part thereof that the submission is late (for example, 25 hours late in submission – 20% penalty). • Incorrect submissions (e.g. submitting the wrong file/old version/assignment for a different unit, etc.) will be awarded a mark of zero (0). It is your responsibility to ensure that you submit the correct file. You may resubmit until the due date and time. Any submission on the due date and time will be taken to be final. No further resubmission will be allowed. • Failure to adhere to length requirements will result in any content beyond the 3 pages limit not being marked. • Failure to adhere to formatting instructions will result in a deduction of 25% of the total available marks made from the total awarded mark for this component of the assessment task. Page 9 Session 3 2021 ACCG3040 Case Study Assignment INDIVIDUAL REPORT PART 2 – 20 MARKS WORTH 10% OF THE TOTAL ASSESSMENT You are required to write a Critical Report on one (1) selected academic journal article related to emerging audit technologies such as Data Analytics, Big Data, Blockchain, Artificial Intelligence. Your selected academic article must meet the following criteria for selection: Article selected must be published between the years 2015-2021/forthcoming Article selected must be from a highly ranked journal – A*, A or B ranked only from the ABDC List. Please refer to the 2019 Australian Business Deans Council (ABDC) Journal Quality List which is available at the following link: https://abdc.edu.au/research/abdc-journal-list/ Hint: you can also search for journal articles technology. Google Scholar for top related to your selected audit Your Critical Report must address the following criteria: 1. Evaluation of the journal article’s main contributions, including its strengths, weaknesses and recommendation/s for improvement. [6 marks] 2. Outline how the emerging technology in your selected journal article (e.g. Data Analytics, Artificial Intelligence etc.) can be used in the Financial Report Audit. Your answer here should discuss two specific areas (within your company context from Part 1) of the audit engagement that can be improved (for the auditor and audit client). [7 marks] 3. What challenges do auditors face in adopting emerging technology on audit engagements? What opportunities are there for the audit profession and audit education to enhance the use and success of the emerging technology in auditing? [6 marks] 4. Critical writing style, and convincing evaluation [1 mark] LENGTH AND FORMATTING Part 2: Maximum 3 pages in .pdf format submitted to separate submission link. This excludes any bibliography and appendices where applicable (note that appendices, where attached, will not be marked). Font size must be at least 11 with no less than 1.15 line spacing with a minimum of 2.5cm margins on all sides. Preferred Font is ARIAL or Times New Roman and Harvard Referencing style. See Case study assignment Case Study Assignment Brief-Part 1 and Part 2 538.1KB Word 2007 document Submission coversheets w Case Study Group Part1 CoverSheet 232.5KB Word 2007 document Case Study Individual CoverSheet Part 2 232.5KB Word 2007 document Submission links ACCG3040 Case study groups MID TEST PRACTICE – Have a Go at Practicing 159KB PDF document By Practice MID TEST Guidance HERE 231.7KB Powerpoint 2007 presentation 2 Groups Case Study Group Selection Group self-selection Open: 9am, Thursday 2 December 2021 Close: 9pm, Wednesday 8 December 2021 Minimum: 4 members in a group Maximum: 6 members in a group *Please email accg3040@mq.edu.au immediately to close off a group if desired number of members have been reached. Please specify the group number and include all group members (with MQ student email) in the same email. *Please note that students will be randomly allocated into groups if they are not registered or there’s insufficient members in groups etc. ACCG3040 Auditing and Assurance Services My home / My units / ACCG3040_53_2021_ALL_U / Groups / Group discussion forum Search forums Group discussion forum Exchange contacts with your group here Separate groups: Group 3 Add a new discussion topic Replies Discussion Group Started by Last post ☆ Facebook Group 3 Alec Ma 10 Dec 2021 Zefeng Zhang 14 Dec 2021 5
Assignment Question(s): Q1A company wants to implement good internal control. What are the policies and procedures you can suggest to minimize human frauds and errors? Q2Assume that you have a company. And the management team estimates that 3% of sales will be uncollectible. Give any amount of sales and prepare the journal entry using the percent of sales method. Q3A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory. January 1: Purchased 30 units at SAR11 per unit February 5: Purchased 30 units at SAR 13 per unit March 16: Sold 50 Units for SAR 15 per unit A. Prepare general journal entries to record the March 16 sale using the 1. FIFO inventory valuation method. 2. LIFO inventory valuation method. 3. Weighted average valuation method. B. What is the cost of goods sold and the gross margin for each method? Q4. What is the bank reconciliation? why is it important for companies to prepare bank reconciliation periodically?
HCM 213-ASSIGNMENT-1 COVER SHEET Course name: Financial Management for Healthcare Course number: HCM 213 CRN 11194 In a Word document, answer the following questions: Questions: Assignment title or task: (You can write a question) Q1. Balance sheet. The following are account balances as of September 30, 2020, for Ray Hospital. Prepare a balance sheet at September 30, 2020. (Hint net assets will also need to be calculated.) (3 Marks) Also Find out the Current Ratio (1 Mark) and Net Working Capital (1 Mark) Givens Gross plant, property, and equipment Accrued expenses Cash Net accounts receivable Accounts payable Long-term debt Supplies Accumulated depreciation $70,000,000 $6,000,000 $8,000,000 $15,500,000 $7,000,000 $45,000,000 $3,000,000 $5,000,000 Student Name: Student ID: Submission Date: Instructor name: Mr. Firoz Khan Grade: …. Out of 5
Chapter 8: Controlling Information Systems: Introduction to Pervasive Controls ACCOUNTING INFORMATION SYSTEMS 11e Gelinas ►Dull ► Wheeler ► HILL © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Learning Objectives 1. Describe the major pervasive controls that organizations employ as part of their internal control structure. 2. Explain how pervasive controls help ensure continuous, reliable operational and IT processes. 3. Recognize how an organization uses internal control resources to ensure achievement of its strategic vision. 4. Evaluate the appropriate segregation of duties within a transaction process. © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Learning Objectives 5. Comprehend the internal control implications inherent in company employment policies. 6. Recognize the integral part played by the monitoring function in ensuring the overall effectiveness of a system of internal controls. 7. Learn the major controls used to manage the design and implementation of new processes, especially new IT processes. 8. Understand the COBIT 5 framework and its impact on the governance of enterprise IT. © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. SYNPOSIS This chapter: Describes four important pervasive controls that comprise a major element in organizational governance and IT governance initiatives: Organizational design with a focus on segregation of duties. Corporate policies with a focus on personnel policies. Monitoring controls. IT general controls. © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Introduction The second highest level of control plans are pervasive control plans. Pervasive controls are particularly important because they relate to a multitude of control goals and processes, not just one. Pervasive control plans influence the effectiveness of the control plans at lower levels of the control hierarchy: business process control plans and application control plans. © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Organizational Design Control Plans Organizational design: Involves the creation of roles, processes, and formal reporting relationships in an organization. Includes establishing departmental relationships, including the degree of centralization in the organization. Involves personnel reporting structures, such as chain of command and approval levels. © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. The segregation of duties Control Plan Segregation of duties: Separates the four basic functions of event processing: Function 1: Authorizing events. Function 2: Executing events. Function 3: Recording events. Function 4: Safeguarding resources resulting from consummating events. © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. The segregation of duties Control Plan © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. The segregation of duties Control Plan •Segregation of duties control prevents unauthorized execution of events and helps prevent fraud by ensuring that only valid events are recorded. •Ideal segregation of duties requires that different units (departments) carry out each of the four phases of event processing. •In this way, collusion would need to occur between one or more persons (or departments) to exploit the system and conceal abuse. © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. The segregation of duties Control Plan •An organization must be large enough to support at least four independent units to implement segregation of duties effectively. •Alternative control plans are commonly called compensatory controls. •To increase internal control, authorization, execution, and record-keeping functions within a software program are consolidated. © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. The segregation of duties Control Plan •Large companies can install segregation of duties (SOD) software, e.g.: •Symantec Corp.’s Security Information Manager (SSIM) and Control Compliance. •Suite and Approva’s Authorization Insight. •Software: •Works with major ERP systems (e.g. SAP, Oracle, PeopleSoft). •Monitors user access levels across the system to prevent, detect, and correct SOD conflicts and inappropriate access to sensitive transactions. © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. The segregation of duties Control Plan © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Segregation of Duties Activity © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Personnel policy Control Plans •A policy is a plan or process put in place to guide actions and achieve goals. •Unlike laws which can compel behaviors and enforce penalties, policies guide behavior towards actions that achieve desired goals. •Personnel control plans help protect an organization against certain types of risks (Figure 8.2). © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Personnel policy Control Plans © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Selection and Hiring Control Plans •Selection and hiring policies: Job candidates should be carefully screened, selected, and hired. •Many control plans exist for selection and hiring. •Companies choose which plans to employ based on the salary level and job duties for the position for which the candidate is applying. © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Retention Control Plans •Retention plans: Aimed at keeping qualified personnel. •Once an appropriate employee has been hired, organizations want to retain them. •Companies develop policies to provide creative and challenging work opportunities and, when possible, to offer open channels to management-level positions. •Salary and benefit techniques are also used extensively to retain employees. © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Personnel Development Control Plans •Personnel development plans: Training and evaluation. •Training must be adequate so that employees have the appropriate skills to perform their work functions. •Evaluation of current performance to determine where training is needed. •Two types of performance evaluation: •Informal day-to-day comments by supervisors. •Formal performance review. © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Personnel Management Control Plans •Personnel management control plans: •Personnel planning control plans: Identify the skill requirements needed in employees to accomplish the firm’s goals. •Management controls plans: Forecast the number of employees needed in each position, take turnover into consideration, and develop a strategy for filling necessary positions. © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Personnel Management Control Plans •Personnel security control plans: Help prevent the organization’s own personnel from committing acts of fraud or theft of assets. •Rotation of duties: Requires an employee to alternate jobs periodically. •Forced vacations: Requires an employee to take leave from the job and substitutes another employee in his or her place. •Fidelity bond: Indemnifies a company in case it suffers losses from misappropriation of funds committed by its employees. © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Personnel Termination Control Plans •Personnel termination control plans: Address the policies in place when an employee leaves the organization either voluntarily or involuntarily. •Voluntary termination: When an employee retires or leaves to pursue other opportunities. •Involuntary termination: When an employee is laid off or fired for cause. •Important because employees fired for cause might do damage to the organization. © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Monitoring Control Plans Monitoring: Management assessment to determine whether control plans are functioning appropriately. Monitoring consists of: 1. Putting controls in place to periodically follow up on the operation of control plans. Determine a baseline to know when a control is operating effectively, to identify if there is a change in a process or a control plan, and to periodically test that a control is operating. 2. Ensuring that appropriate communications of control weaknesses occur. Differs from normal control plans in that they verify the operation of the normal control plans. © 2018 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
College of Administrative and Financial Sciences Assignment 1 Deadline: 10/10/2020 @ 23:59 Course Name: Principles of Accounting Student’s Name: Course Code: ACCT101 Student’s ID Number: Semester: I CRN: Academic Year: 1441/1442 H For Instructor’s Use only Instructor’s Name: Students’ Grade: Marks Obtained/Out of 5 Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page. • Students must mention question number clearly in their answer. • Late submission will NOT be accepted. • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. • All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). • Submissions without this cover page will NOT be accepted. Assignment Question(s): (5 Marks) Q1- Provide an example of each title here and then record the journal entries (2 Marks). Following is the first given answer. 1-Purchasing Equipment for cash Given answer: ABC company purchased equipment for SAR20,000 cash . Cash 20,000 Consulting Revenue. 20,000 2-Issuing common stocks receiving cash. 3-Providing service receiving cash. 4-Purchasing supplies on credit. 5-Borrowing money from a bank. 6-Paying employees their salaries. Q2- What is the accrual basis of accounting? When should revenue and expense be recognized in the accrual basis? Provide an example. (1 Mark). Q3- On your own words, explain the purpose and the importance of the income statement, and prepare the income statement for ABC company based on the following information taken from the trial balance in 2019 (2 Marks) Consulting revenue SAR70,000 Rental revenue Supplies expense 30,000 5,000 Rent expense 20,000 Wages expense 30,000
College of Administrative and Financial Sciences Assignment 1 Deadline: (End of Week 6) 10 /10/ 2020 @ 23:59 Course Name: Accounting Information System Student’s Name: Course Code: ACCT 402 Student’s ID Number: Semester: I CRN: Academic Year: 1441/1442 H For Instructor’s Use only Instructor’s Name: Dr. Shahid Husain Students’ Grade: …… /5 Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page. • Students must mention question number clearly in their answer. • Late submission will NOT be accepted. • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. • All answered must be typed using Times New Roman (Size 12, Double-Spaced) font. No pictures containing text will be accepted and will be considered plagiarism). • Submissions without this cover page will NOT be accepted. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 1. Data is raw, unorganized fact that need to be process. Whereas Information is the processed data. Keeping this fact in view provide at least two examples of Data and Information. (1.5 Marks) 2. The Quality of information that assures that information is reasonably from error and bias and faithfully represents what is purports to represent. How can you make the information free from errors? (1.5 Marks) 3. Explain the four basic elements of ‘Data Flow Diagram’ in your own words. (1 Mark) 4. What are the various types of Flow Chart? Explain them in your own words.(1 Mark)
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