How is accounting used in business?

It might seem obvious, but in managing a business, it’s important to understand how the business makes a profit. A company needs a good business model and a good profit model. A business sells products or services and earns a certain amount of margin on each unit sold. The number of units sold is the [&hellip

Read More...

Auditing in the real life is totally different from book!

How would I say in the real life of internal audit practice in the  Company?It’s totally different from what you have learn in book and  the one you’d practice in life. I wish I could do my best contribution to the people that i’m holding their trust in me. But who am I to change [&hellip

Read More...

The Principles of Risk Management

Risk Management (RM) A major enhancement to ISO 31000 is the addition of eleven explicit principles to guide Risk Management. These principles are effectively the “essential qualities” needed for RM to be effective. Although they are not “new” per se as many organisations recognise these principles, formal recognition in the Standard is welcomed. The principles [&hellip

Read More...

Warning signs for Internal Investigation !

The warning signs for internal investigation may come from many sources. It may come from a tip from an employee, complains from customers and vendors, and troubling facts that were identified in financial analysis and audit. The purpose of internal investigation is not only to resolve the issues quickly and efficiently but also to make [&hellip

Read More...

Steps of Implementation the Risk Management

Policy of Risk Management Prior to developing a risk management program, develop a policy statement on risk management. This sends a message to staff about the importance of a risk management program. The policy statement should include the following: The mission of the risk management program (i.e., to reduce risks) The linkage between the risk [&hellip

Read More...

Risk Management Framework – Part 1

What is Risk Management? Risk will always exist in an organisation. It describes the possibility of threats occurrences, which consequently would prevent the organisation in achieving their objectives. Risk Management is a logical and systematic method of identifying, assessing, treating, monitoring and communicating the risks with any activity, function or process that will lead an organisation [&hellip

Read More...

Risk Management Framework – Part 2

The article explains the following steps of risk management framework to be implementing. Step 1: Determine Vision, Mission and Objectives The first phase of the risk management process is to determine the short and long term objectives of a company. This is important to understand the objectives before identifying the possible risks, which would disrupt a business [&hellip

Read More...

Internal Audit Process and Report

Written by azitaco in Bukisa The objective of the Internal Audit function is to independently examine and evaluate the activities and assist the management in discharging their responsibilities, as a service to the Audit Committee. The Internal Audit Department will furnish them with analysis, recommendations, advices and reports concerning the activities examined. Planning The internal [&hellip

Read More...

Why We Must Follow the Accounting Rules

Basic Accounting Most people find financial statements identical to a foreign language that they can’t understand. Therefore, to ensure that financial statements are easier to understand, there is a set of rules and practices known as the generally accepted accounting principles (“GAAP”). Development of these rules provides a basic guideline accounting because I think it’s [&hellip

Read More...

What Is Accounting Anyway?

Anyone who’s worked in a company at some point or another has had to go to accounting. They’re the people who pay and send out the bills that keep the business running. They do a lot more than that, though. Sometimes referred to as “bean counters” they also keep their eye on profits, costs and [&hellip

Read More...

Content Protected Using Dynamic Blog Protector By: How To Make Money.
Translate »