Eyeglasses for the Poor’s Internal Controls

Eyeglasses for the Poor’s Internal Controls

Eyeglasses for the Poor’s Internal Controls   It is mandatory for every serious organization to have internal control policies and procedures written down to safeguard the organizations interest. Internal controls are well-stated financial management practices which organizations use to prevent misuse and misappropriation of its assets which may occur through theft or embezzlement. Eyeglasses for the poor should put in place a policy that requires more than one person to sign for the receivables from the donors; this will make it very difficult to steal from the organization because if a loss occurs then the signatories will be held accountable. It is also essential to conduct fixed asset inventory annually so as to reconcile the assets on the ground and those in the books which is a good way to keep track of the inventory moving in and those moving out (Finkler et al., 2013). Read also: Economic Order Quantity Management should encourage reporting of any suspected wrongdoing by ensuring that they protect whistleblowers...
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Economic Order Quantity

Economic Order Quantity

Economic Order Quantity If the cans were all ordered at the beginning of the year, the total inventory cost would be higher. Total inventory cost for cans ordered periodically adds up to $12, 0774.6 while the total cost of total inventory ordered at the beginning of the year is $15,020. There are certain benefits as well as drawbacks in using the Economic Order Quantity concept to determine optimal stock levels. One of the benefits of EOQ is that it reduces inventory levels and consequently stock holding costs. EOQ analysis provides business owners with information about the most economical quantity of stock they should purchase. Another benefit of the model is that it is specific to the business and hence of great use to the business. EOQ encourages businesses to purchase stock in large quantities which enables them to obtain large quantity discounts. Lastly, it encourages more efficient production planning since orders follow a similar sequence (Finkler et al., 2013). On the flip side,...
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Investment Decision Analysis   scenario for Duncombe Village Golf Course

Investment Decision Analysis   scenario for Duncombe Village Golf Course

Investment Decision Analysis   scenario for Duncombe Village Golf Course   Table 1.1 Excel table showing the NPV and IRR   The net present value expected from the investment amounts to $161,816.27. The net present value gives the projected difference in present value of cash inflows, and the expected present value of cash outflows (Maher, Stickney, & Weil, 2012). If the figure of the net present value obtained is positive, then this is an indication that projected earnings associated with a project exceed the projected costs of the same. The net present value concept dictates that firms should only invest in those projects that give positive net present values. From the analysis, Duncombe Village Course should purchase the new equipment since there will be positive returns from the investment. From the analysis, it is possible to determine the profitability index. The profitability index of the investment can be obtained by dividing the obtained figure of the present value of inflows by the initial cost of...
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Allocation of Costs analysis for Jump Hospital

Allocation of Costs analysis for Jump Hospital

Allocation of Costs analysis for Jump Hospital PUBLIC ADMINISTRATION PAPER According to Isai, V. et al. (2014), cost allocation refers to the assignment of a shared cost to numerous cost objects. The cost allocation or spreading the cost can range from departmental rates to plant-wide rates, from machine hours to direct labor hours. Lastly, the allocation of costs can use activity based costing as a method of spreading the costs. According to Finkler, S. A. et al. (2013), The Activity Based Approach (ABC) allocates manufacturing overheads in a more logical manner compared to the traditional approach. The main objective of the cost allocation is to assign the costs based on the root causes of the mutual costs instead of simply disseminating the costs. Jump Hospital presently apportions all maintenance department costs on the basis of departmental square feet.  However, there is a suggestion by the manager of the pharmacy department to use the ABC approach for the apportionment of the maintenance department costs...
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Comprehensive Audit Plan : ACC 574 Assignment 5

Comprehensive Audit Plan : ACC 574 Assignment 5

Comprehensive Audit Plan :  ACC 574 Assignment 5 Make recommendations on the requirements for the feasibility study and discuss the Pros and cons for the design of SDLC with a recommendation for an optimal time frame for each stage. A feasibility study is a basic audit procedure that helps the organization in compliance and preparation of a final audit. A feasibility study answers the basic question; can it be accomplished given the current resources? The feasibility study enables the management to determine all the resources necessary for the accomplishment of the tasks and the viability of the project (Kendall, & Julia, 2005). The following are the basic requirements for a feasibility study. Analysis of the existing information system For an organization to develop a new and advanced system, the existing system must be analyzed in detail in order to identify its weaknesses in detecting and averting fraud. The crucial thing in this step is for the team to comprehensively review the interactions of...
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Assignment: 4 Emerging Auditing Issues

Assignment: 4 Emerging Auditing Issues

Assignment: 4 Emerging Auditing Issues The Public Company Accounting Oversight Board The role of PCAOB in improving reliability of audited financial statements The Public Company Accounting Oversight Board (PCAOB) is a non-profit private corporation formed under the Sarbanes-Oxley Act (SOX-2002) to conduct supervisory roles to all accountants or auditors involved in producing audit reports for public companies (Palmiter, 2008). The board’s core mandate is to ensure that the independent auditors observe due procedures while auditing public companies. In addition to this, the body registers, conducts investigations and issues disciplinary measures to public accounting firms found guilty of auditing malpractices (Palmiter, 2008). The board also ensures that public accounting firms observe the SOX Act to the latter. The establishment of PCAOB has greatly enhanced reliability of audited financial statements for the public users of information. The following section provides a detailed analysis of the important role played by PCAOB. PCAOB routinely conducts inspections upon public accounting firms to ensure that they adhere to all the...
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