The Concept Of Internal Audit Accounting Essay

The Concept Of Internal Audit Accounting Essay Internal auditing, it is not a new term for the world of organization. The concept of internal audit is old like 5000 years, at that time people of civilized communities which were economically and politically stable used this approach to check effectiveness of their taxes and businesses so they can check errors and safe the state property from dishonest taxpayers. In modern world especially in the United States this approach rise after the Second World War and steadily growing. Internal audit has much similarity with financial auditing and a number of theories are derived from management consulting and public accounting. Definition: Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organizations operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Internal audit is a preventive action of a company and it is done by the professionals or experts of that company. These professionals called internal auditor and they evaluate internal control system of the company. This study or audit report is submitted to management and from this report they can take steps for improvements. In requirement part of ISO 9001:2000 it is found in the monitoring and measurement section which gives idea that it is an activity that measures implementation of quality management system. Scopes and objectives of internal auditing: Objectives: The main objective of an internal audit in the company is to improve quality and reduce risk by evaluating the effectiveness of process. Other than this internal audit is done for checking financial and operating informations reliability, to safe assets from loss, resource management, established process or program me is following its objective and compliance with policies, laws and regulations, identification which area needed improvement, verification of cGMP compliance. Scopes: Internal audits main scope is assuring quality in respected area which is under the audit procedure. Design, approval and evaluation of product should comply with GMP. Ensure quality in GMP implementation, performance of staff, feedbacks. Include documents, instruction and records and covering all parts of GMP. Principles and Requirements of internal audit: As per ISO 9000 standards require maintenance of document evidence for internal audit process. Document evidence must include: who is executing the internal audit, which department is under the audit, describing whole process, supervision after internal audit plan and where the results are documented. These are the some common principles that applied at the time of internal audit implementation. Internal audit is independent and evidence based approach. All activities of internal audit should be reviewed by independent party, have a sampling and tracking line and they are open and constructive. Insure all resources are available before starting audit. Auditor: Auditor is a employee of the company with sufficient experience and background who conduct the internal audit. Though he is an employee of the firm he has to audit his colleagues and their performance and for this he has some abilities that audit results are not affected by his personal relation. For this he has to be ethical, open minded, diplomatic, observer, versatile, persistence, decisive and independent. Patience is needed in auditing and so the auditor must be cool and need to see what the actual situation in the organization. Generally people dont like to be audited and for this he makes lot of effort psychologically to get the real answer and avoid the conflict. In the audit period he has main one objective put the real status of the organization to top management. Internal Audit process: For successful audit it is required effective communication between management and auditor. To obtain effectiveness and in time audit it is necessary that auditor do not go depth in every item and take a quick overview and focus on the parts which do not comply with the company policies. Every audit is unique; the audit process is containing these four stages which are commonly found in every audit: Planning of audit ( review and preliminary phase) Performing an audit ( field work phase) Audit report ( documentation phase) Change implementation ( follow-up phase) 1. Planning of an audit (review and preliminary phase) In the stating of an audit management do a meeting to plan about auditor that who will handle the audit, objectives and scopes of an audit, which area should be cover under the audit, which criteria should be considered, gather information about important processes, prepare paper work and distribution of audit plan. 2. Performing an audit (field work phase) After planning now it is time to implement audit procedure but there is no common way that auditor perform the audit. An auditor should looking what is requirement, which way the process can be improved, gathering and analyzing information and making best conclusion on his effort. Keep in mind that internal audit is not always done for the improvement or find out defects, it also recognize individuals who are putting their outstanding efforts. The following procedure is generally followed in each audit: In starting of audit process the auditor first make a meeting with the head of area which is going to be audited, explaining him scope and objective of this effort and making him relax for the audit. Auditor will study all processes carefully and their outcome, here auditor checking that processes is operating in conformance of companys quality management system. He gathers information by asking open-ended question about process and personal competence. Auditor make notes about data he got during the various point of audit process. Auditor analyzes all the data he found and ask himself that is process running in compliance with companys policy? Or process needs improvement. Before reaching the conclusion he take all the aspects of audit in consideration, is there any failure event appeared, any area needs to be considered improvement? Are there any individuals or departments displayed uncommon behavior? In the end of his fieldwork the auditor, hold the closing meeting with head of the area in presence of plant manager. Explain him positive and negative outcome of his study and corrective actions for that. He tries to resolve any disagreement on his conclusion in this meeting. 3. Audit report (documentation phase) It is most difficult part of the process. An auditor should write brief and clear summery of his finding, which includes both positive and negative outcomes of his study. These positive outcomes may help company for improvement. The data or findings must be truthful, scope and objective oriented, and written in manner that management can easily understand that and can take corrective action from that. Audit report is a official record that should contain: scope, criteria and objective of an audit, Auditors information, time and area where auditing done, outcomes of audit (positive and negative), a closing statement. 4. Change implementation (follow-up phase) During this phase the non compliance is submitted to quality committee. The quality committee studies the report submitted by an Auditor and checking all the non compliances are in fact differ from the companys quality management system. Upon agreement that process or item is none conforming, the quality committee takes action to correct it and gives responsibility for this correction to suitable person with time limit. During correction quality committee observe the process of correction and after change is implemented and process or item working in compliance with companys policy, committee ask the same person for follow up inspection. The Auditor check in same manner as he done before and check the difference in outcome, if it is compliance with quality management system of company than he give the satisfactory report to the management. The whole process is documented that it could be useful for future study. Audit activities Evaluation of an auditor Monitoring and reviewing Identifying correction Preventive action Opportunities for improvement Implementation Scheduling Evaluating Selecting auditor Monitoring audit Planning Scope Objectives Resources Guidelines Start the Audit programme PLAN Improvement actions Act DO CHECK Fig. 1. Process flow diagram of internal auditing Internal controls: Internal control is a major part of an internal auditing and evaluation of internal controls is one of the primaries objectives of internal auditing. In auditing internal controls can be defined as process affected by organizations structure, employee and management information system, authority and work flow, designed to fulfill organizations scope and objectives. These are common objectives for internal control: effective and efficient operations, reliable financial reports, compliance with laws and policies, protecting assets of organization. Internal controls are divided in main two categories preventive controls (designated to prevent errors and irregularities from occurring) and detective controls (designed to find out errors and irregularities after they have occurred). The examples of internal control activities are separation of duties, authorization, proper documentation, control over assets, variance analysis, monitoring operations. A question arise that who take the responsibility for internal controls, its not only a job of internal auditor. Every employee of the organization is responsible for maintenance of internal controls. Internal audit assist management to evaluate and promote internal control system. Risk management: Internal audit play an important role in risk assessment and evaluation of processes which have significant risks. Risk management is process that in which way organizations sets its objectives and then evaluates and analyzes the risks which can produce impact to realize its objective. In regular basis organization applied strategic, marketing or capital planning, budgeting, and hedging to evaluate the risk. Internal audit evaluate all this activities and processes applied by the management to report and monitor potential risk identified. These are some core roles of internal audit in risk management: assuring risk management process, assuring evaluation of risks and evaluation of risk management process, key risks evaluation and reviewing them to the management, assisting management in responding of risks, developing risk management framework and coordinating all activities. Internal audit vs. External audit: External audit: In External audit organization contact person (auditor) outside of the firm who audits organizations financial statement and submit a report to the management. External auditor differs from internal auditor mainly in two ways: (1) internal auditor mainly focuses on risk management and internal control framework, (2) internal auditor do not form an opinion on organizations financial statements. Some similarities also there between internal and external auditor: Both internal and external auditor examines and evaluates many transactions. Both report if the procedures are poor and ignorance in adhering them. They both deeply involved in information system and based on discipline and work with profession standards. Both are concerned for occurrence of errors and they are tied with internal control system of organization. Both give formal report of their activities. factor Internal audit External audit objective

Laura Wingfield

Laura Wingfield is, in many ways, the pivotal character of the play.   She is the central figure upon which the thematic nuances of fragility and misconception play out.   In fact, Laura is the character about which all the characters possess some misconception.   On the whole, this misconception revolves around her perceived weakness, a notion everyone adopts and fails to question even in her moments of will.   Hence, her reputation as weak becomes more a taxing factor than any actual weakness of her own. Throughout the play, Laura comes from symbolize the fragility of the glass menagerie, and yet her character reveals itself to be less of the transparent and delicate (at least in terms of breaking), and more of the fibrous and compassionate.   She cries over her brother’s unhappiness, holds fast to her love for Jim, and walked for hours in the cold to avoid typing class in her younger years. Still, however, characters misjudge her.   Amanda, her mother, thinks she can relive her youth vicariously through Laura.   Tom and Jim maintain a notion of her as some exotic bird, or perhaps the glass unicorn she possesses. Perhaps the most striking detail illustrating misconception of her is apparent in her moniker, â€Å"blue roses†.   Infatuated with Jim in high school, she explains a prolonged absence from class as owing to pleurosis.   He mistakes the name of the disease for â€Å"blue roses†, which becomes his nickname for her. Laura has the least lines of the play, only furthering her image as a selfless and isolate character.   She stands in dramatic contrast to the selfishness of the rest of her family, who seem to play out their psychological imperatives almost entirely unconscious of their effect on other people.   The fact that Laura does not participate in the inequities of the other characters, sets her apart.   She remains the play’s most enigmatical figure.

University of Tampa Acceptance Rate, SAT/ACT Scores, GPA

The University of Tampa is a private university with an acceptance rate of 49%. Located on an attractive 100-acre campus on the waterfront in Tampa, Florida, University of Tampa is a medium-sized masters-level university. The university has a 17-to-1  student/faculty ratio  and an average class size of 21. With a core liberal arts curriculum, students can choose from over 120 areas of study. Popular majors include international business, biology/environmental science, finance, and marketing. In athletics, the University of Tampa Spartans compete in the NCAA Division II Sunshine State Conference (SSC). Considering applying to The University of Tampa? Here are the admissions statistics you should know, including average SAT/ACT scores and GPAs of admitted students. Acceptance Rate During the 2017-18 admissions cycle, University of Tampa had an acceptance rate of 49%. This means that for every 100 students who applied, 49 students were admitted, making UTs admissions process competitive. Admissions Statistics (2017-18) Number of Applicants 22,310 Percent Admitted 49% Percent Admitted Who Enrolled (Yield) 20% SAT Scores and Requirements The University of Tampa requires that all applicants submit either SAT or ACT scores. During the 2017-18 admissions cycle, 73% of admitted students submitted SAT scores. SAT Range (Admitted Students) Section 25th Percentile 75th Percentile ERW 550 630 Math 540 620 ERW=Evidence-Based Reading and Writing This admissions data tells us that most of University of Tampas admitted students fall within the top 35% nationally on the SAT. For the evidence-based reading and writing section, 50% of students admitted to UT scored between 550 and 630, while 25% scored below 550 and 25% scored above 630. On the math section, 50% of admitted students scored between 540 and 620, while 25% scored below 540 and 25% scored above 620. Applicants with a composite SAT score of 1250 or higher will have particularly competitive chances at University of Tampa. Requirements UT does not require the SAT writing section. Note that University of Tampa participates in the scorechoice program, which means that the admissions office will consider your highest score from each individual section across all SAT test dates. ACT Scores and Requirements University of Tampa requires that all applicants submit either SAT or ACT scores. During the 2017-18 admissions cycle, 38% of admitted students submitted ACT scores. ACT Range (Admitted Students) Section 25th Percentile 75th Percentile English 21 27 Math 20 26 Composite 22 27 This admissions data tells us that most of University of Tampas admitted students fall within the top 37% nationally on the ACT. The middle 50% of students admitted to UT received a composite ACT score between 22 and 27, while 25% scored above 27 and 25% scored below 22. Requirements The University of Tampa does not require the ACT writing section. Unlike many universities, UT superscores ACT results; your highest subscores from multiple ACT sittings will be considered. GPA In 2018, the average high school GPA of University of Tampas incoming freshmen class was 3.4. This information suggests that most successful applicants to UT have primarily B grades. Self-Reported GPA/SAT/ACT Graph University of Tampa Applicants Self-Reported GPA/SAT/ACT Graph. Data courtesy of Cappex. The admissions data in the graph is self-reported by applicants to University of Tampa. GPAs are unweighted. Find out how you compare to accepted students, see the real-time graph, and calculate your chances of getting in with a free Cappex account. Admissions Chances The University of Tampa, which accepts approximately half of applicants, has a selective admissions process. If your SAT/ACT scores and GPA fall within the schools average ranges, you have a strong chance of being accepted. However, University of Tampa also has a holistic admissions process involving other factors beyond your grades and test scores. A strong application essay and a glowing letter of recommendation can strengthen your application, as can participation in meaningful extracurricular activities and a rigorous course schedule including AP, IB, Honors, or dual enrollment coursework. Students with particularly compelling stories or achievements can still receive serious consideration even if their grades and test scores are outside of UTs average range. Students applying for degrees in music, performing arts, or theatre will need to audition. The athletic training, education, and nursing programs also have additional requirements. UT has a non-binding Early Action program. At most universities, applying early can improve an applicants chances of being admitted. Early Action helps demonstrate interest in the university, and it has the added benefit of receiving an admissions decision earlier than regular applicants. In the scattergram above, the blue and green dots represent accepted students. Youll see that most students who were admitted had high school averages of B or higher, combined SAT scores of about 1000 or higher (ERWM), and ACT composite scores of 20 or better. Your chances are best your grades and test scores are a little above this lower range. If You Like the University of Tampa, You May also Like these Schools Among private universities that are of interest to University of Tampa applicants, the  University of Miami  is most popular. On the public front, University of Tampa applicants often apply to the  University of South Florida,  University of Central Florida, and  University of Florida. These public institutions obviously have a much lower price tag than a private institution such as the University of Tampa, but for students who qualify for financial aid, the actual cost may not be all that different.   All admissions data has been sourced from the National Center for Education Statistics and The University of Tampa Undergraduate Admissions Office.

Technology Is A Important Component Of The Globalized World

No doubt exists that technology has become an incredibly important component of the globalized world we, as people, live in. Technology of all forms is heavily relied on for almost every aspect of people’s daily lives: transportation, entertainment, and especially communication. Communicating via technology (whether that be phone calls, email, social media platforms, etc.) has become a social norm throughout the world. According to Helen Fisher, a biological anthropologist at Rutgers University who conducted a study on Match.com users, â€Å"39% of communication on a regular day is through technology† (Somaiya). These methods of communication become more complex and advanced each day; one of the biggest technological breakthroughs that have had†¦show more content†¦Shigetaku Kurita created the original set of emojis in Japan in 1990 as a way to â€Å"incorporate feeling and tone into digital messages† (Somaiya). Working at a phone company, Kurita wanted to fix the common problems of miscommunication that were found in text messaging. In the Edo era in Japan, emoji-like concepts such as icons were used to teach prayers to those unable to read or write them—Kurita was inspired by this, pictograms (which stand as the earliest form of writing, consisting of pictures that represent words), Japanese visual imagery, and Japanese pop culture, specifically the show â€Å"Manga†, to create his emojis. Kurita’s two goals with emojis were to communicate information and to â€Å"add to our palate of communication† (Somaiya). Reflecting upon his own work, Kurita discusses how emojis have enriched communication and have become the standard in Japan—which is increasingly becoming the standard world-wide. Many studies have been conducted to understand how emojis impact communication. 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