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Internal audit failure leads to corporate governance failure

Internal audit failure leads to corporate governance failure: Toshiba – a case of internal audit failure Toshiba, a 140-year-old pillar of Japan Inc, is caught up in the country’s biggest accounting scandal since 2011. In 2011, Olympus Corp was embroiled in a scandal. In July 2015, Toshiba Corp president Hisao Tanaka and his two predecessors […]

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Risk of Internal Controls Failures

Risk of Internal Controls Failures: https://www.gmsisuccess.com Last week’s announcement by the Securities and Exchange Commission (SEC) of the resolution of its outstanding Foreign Corrupt Practices Act (FCPA) enforcement action with Halliburton Company continues to resonate and provide lessons for the compliance practitioner. [Full disclosure – I am a Halliburton shareholder] I wanted to continue to […]

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Accounting Information Systems and Internal Control

Accounting Information Systems and Internal Control: The accounting information systems that company’s use to pull all of this wonderful accounting information together and make it available to internal and external users.  We will also learn about the internal controls that are built into the accounting information system to ensure the reliability of the financial information, […]

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Challenges faced by senior management and the Board in understanding fraud

Challenges faced by senior management and the Board in understanding fraud:   Enhanced focus on the consideration of fraud risks: • Fraud risk is not considered top of the Board’s agenda due to the perceived low cost of losses due to fraud; • Inordinate reliance on internal audit teams to tackle fraud risks; • Limited […]

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Why Management Accountants Can Play Important Role for application of Six Sigma in Industry

The nature of business has changed dramatically since the late 1980s when the United States’ lead in productivity was subjected to increasingly direct foreign competition from Asian and European industries. The American response to these challenges has been twofold. First, industries in the United States have moved production of less-complex standardized goods to foreign plants […]

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Stock Splits

STOCK SPLIT https://www.gmsisuccess.com What is a Stock Split? All publicly traded companies have a certain number of shares outstanding that are issued and purchased by the investors. When a company’s board of directors decides to split its stock, it basically increases the number of shares outstanding by issuing additional shares to current shareholders. During stock […]

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Cambridge University moves all lectures online until summer 2021

Cambridge University moves all lectures online until summer 2021 By Ewan Somerville The university said “given that it is likely that social distancing will continue to be required, the University has decided there will be no face-to-face lectures during the next academic year.” Tutors have been told that lectures will be held virtually, including live-streams. […]

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Coordinating risk management around risks that matter – The value of assurance

Hazards A hazard can be anything – whether work materials, equipment, work methods or practices – that has the potential to cause harm. Risks A risk is the chance, high or low, that somebody may be harmed by the hazard. Risk assessment Risk assessment is the process of evaluating risks to workers’ safety and health […]

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Auditing an organization’s governance and ethics

Auditing an organization’s governance and ethics: We have no universally accepted definition of the word “governance.” The Institute of Internal Auditors (IIA) defines corporate governance as “the combination of processes and structures implemented by the board to inform, direct, manage, and monitor the activities of the organization toward the achievement of its objectives.” While many organizations throughout […]

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Efficiency,Effectiveness,Economy and value for money

As part of their business processes, organisations should aim to: Identify opportunities to achieve efficiencies Identify what good looks like Evidence and inform cost and quality trade-offs Measure impact and track pace of change ‘Best value requires an authority to secure continuous improvement in the way in which its functions are exercised, having regard to […]

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