Essay on Case 5.1 - 777 Words

The Fund of Funds: Valuation of Investments 1. Arthur Andersen did not rely on competent and sufficient audit evidence in auditing the valuation assertion related to FOF’s natural resources assets. According to Paragraphs .21 of AU Section 326, to be competent, evidence must be both valid and relevant. Evidential matter obtained from independent sources outside an entity provides greater assurance of reliability for the purposes of an independent audit. However, many aspects of the National Resources Fund Account (NRFA) audit were completed by using the records of KRC instead of the fair market value. The number they used may contain errors or even fraud. Since FOF had no means of valuing the assets proposed for investment by NRFA and†¦show more content†¦Without understanding the allocation method or amount being allocated, it would be hard to determine absolutely that profit was such a high figure. 3. Based on Paragraphs .09-.10 of AU Section 329, the primary purpose of substantive analytical procedures is to provide assurance on certain audit objectives. However, depending on the objective, analytical procedures might not be enough, and tests of details would provide a more desired level of assurance. The auditor should understand the objectives of the audit, and create a plan that best suits his/her objectives by creating a combination of analytical procedures and tests of details. If I was on the audit team for FOF, I would use the â€Å"Consolidated Sales to Industry† information since it is applicable to successfully completing the audit. For FOF, one of my audit objectives would be to provide assurance that the prices FOF was getting from vendors were at reasonable rates. Using the â€Å"Consolidated Sales to Industry† information, I would be able to see that the profits are not aligned and therefore, would need to investigate further. At this point, I coul d plan tests of details to further investigate the nature of these profits. An auditor has the obligation to show professional skepticism and be watchful for fraudulent activities. The heightened percentage of profits could be seen as a red flag. All of these practices fall under theShow MoreRelatedCase Study 5.1 the First Audit Essay728 Words   |  3 PagesBrandy Santiago MGT 410 Quality Improvement and Management Dr. Kislal Case Study 5.1 The First Audit Quality Auditing is a management tool to systematically determine compliance to requirements. Poorly executed audits provide incomplete or inaccurate information upon which to base future decisions. The ISO 9000 and MBNQA standards and criteria are the two most frequently used audit standards in the United States. 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While conventional performance appraisal systems may allow managers to inflate ratings and award Superior ratings to all, a forced ranking system ensures that distribution requirements will be met.Read MoreHelp624 Words   |  3 PagesSeema Begum Short Answer Task B – 2.1/2.2/2.3/4.1/4.2/4.3/4.4/6.1/6.2/6.3 Case Studies Task C – 5.1/5.2/5.3/5.4/5.5 Assignment 207 Understand person centred approaches in adult social care settings. Tasks Task A Information Leaflet Create an information leaflet about person-centred care, aimed at individuals who use the service and their families. The leaflet must include 1) A definition of person-centred values 2) An explanation of it is important for why social care workers toRead MoreGlobal Value Chain : Lincoln University Essay1297 Words   |  6 PagesIntroduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦2 3.0 Global Value Chain Definition†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..2 4.0 GVC Example 1: Adidas†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...3 4.1 Value 1†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.3 4.2 Value 2†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.4 5.0 GVC Example 2: Dell†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.....5 5.1 Value 1†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦5 5.2 Value 2†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦6 6.0 Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...†¦7 2.0 INTRODUCTION: The 21st century has come with big changes to production processes within Global Value Chains (GVC)Read MoreChapter Three . Research Methodology. 4.1 Case Study Protocol.1230 Words   |  5 PagesResearch Methodology 4.1 Case Study Protocol Overview of the Study This case study is primarily aimed at determining the use of public relations in healthcare organization crisis management and the way health care organizations respond to the crisis. This was achieved through the facilitation of procedural data collection from the selected case across the various sources of data available as well as encouraging flexibility throughout the study. 4.2 Research Method The qualitative case study was embracedRead MorePublic Relations Between Healthcare Organization Crisis Management And The Way Health Care Organizations1222 Words   |  5 PagesOverview of the Study This case study is primarily aimed at determining the use of public relations in healthcare organization crisis management and the way health care organizations respond to the crisis. This was achieved through the facilitation of procedural data collection from the selected case across the various sources of data available as well as encouraging flexibility throughout the study. 4.2 Research Method The qualitative case study was embraced as the scientific approach. This studyRead MoreCase Study Approach : Qualitative Research1428 Words   |  6 PagesCASE STUDY APPROACH IN QUALITATIVE RESEARCH Introduction Miles and Huberman (1994) present a graphic meaning of a case study by suggesting that it is like a circle with a heart in the middle (see Figure 5.1). The heart is the focus of the study, while the circle defines the edge or boundary of the case. What is beyond the edge or boundary will not be studied. In other words, to qualify as a case study, you have to state the boundary or delimit what you want to study. For example, you haveRead MoreResearch On The Learning Of An Educational Setup Essay2437 Words   |  10 Pagesthe lines of case studies. Yin (1989), Merriam (1988) and Stake (1994) define case study as a ‘detailed examination of one setting, or a single subject, a single depository of documents, or one particular event’ (as cited in Bogdan Biklen, 2007, p. 59). The aim of my research deals specifically with the difficulties faced by students’ in studying science in middle school years, for which, ‘microethnography’ form of case study would be useful. ‘Microethnography’ most often refers to case studies done