Apollo Audit Auditing Apollo Shoes Inventory and Warehousing: Test of Controls Testing the controls that exist in the inventorying and warehousing processes at Apollo Shoes consists of the auditor ensuring that the existing controls actually measure what they set out to measure, and that these measurements reflect that actual movement of goods and materials through the various parts of the business (Arens et al
Other statistics that measure not simply the performance of the company but the physical amounts of resource consumption, time between deliveries, and a variety of other quantitative measures should all be utilized in analyzing the current recorded operational levels of Apollo Shoes and ensuring that they reflect the reality of the business. Cash Cycle: Tests of Controls System, personnel, and direct accounting controls should all be in place at Apollo Shoes in order to ensure that cash is not being mishandled, misappropriated, or inadequately tracked (Coyle 2000)
There are few challenges that can be realized within the corporation is evaluation mechanisms have been put in place and are working as planned. After evaluation, remedial measures will be realized in order to cater for the immediate future challenges that will be realized by the corporation (Jreisat, 1999)
The channels of communication shall be assessed and evaluated in accordance to the available trends of performance and effectiveness at work. The auditing process will comprise of several avenues of management where all the stakeholder channels are brought under a similar basement from where the comparison will lead to assessment and evaluation of the effectiveness within the avenues of communication (Sengupta, 2006)
There range of risks for the internal auditors to look out for includes the following occurrences. Strategic risks include those caused by the absence of standards that provide the directions for the financial institution in engaging social media (Esola, 2010, p
They should also review the policies related to social media, for consistency to the objectives of the social media. The audit evaluates the process of assessing and documenting the social media risks (Ogola, 2012, p
Internal audit identifying mitigating social media risk In auditing the social media for the institution, the following are procedures that the audit may use to identify the risks and mitigate them. The audit should evaluate the means in which the institution assigns accountability for the social media activities (Scott & Jacka, 2011, p
Additionally, review the involvement of technological tools and software solutions in managing the engagements of the institution over the social media. Lastly, in identifying the reputational risks, the auditors evaluate the level of conflict handling from the management via the social media (Thankachan & George, 2012, p
Therefore, the audits should focus on such areas. The other risk is operational risk, which entails cases where the institution interacts with customers via multiple social media platforms (Trottier, 2012, p
Lastly is the issue of reputational risks to the financial institution. The social media outlets encompass frequent and broad exchanges with consumers and customers (Yasin & Nelson, 2012, p
As a result of this case, auditors are allowed to destroy evidence under almost all conditions -- though not once a specific investigation has been initiated. This significantly increases the risk of auditor fraud the likes of which we saw at Enron, the underlying situation of the case (Hasnas, 2005)
The purpose of these two positions is not for the sake of efficiency or consistency within a business, but rather for whistle blowing. With more and more publicly-held companies failing right under the noses of their investors, the government has seen fit to infiltrate the private sector and force accountants to release otherwise private business strategy information (McKenna, 2011)
Along side the top executives of a company are auditors whose role is to inspect and sort out the good from the bad company policies. Additionally, financial company policies are measured against legislation from agencies such as the Internal Revenue Service to make certain that the policies are within the confines of current law (Vrettos, 2010)
However, "evidence is inconclusive as to why some local governments include citizen participation in the budget process while others do not." In fact, "little generalizable empirical knowledge" exists or is readily available "about the use of participation in budgeting" (Zhang, Yang 2009)
In fact, it can be recognized, in the majority of elemental arenas, as the most important implement to be used within these disciplines. The statistical approach in representing the relationship between a scalar variable ("Y," dependent variable or regressand) and one or more variables denoted ("X," independent variable or regressor) constitutes the concept of Linear Regression (Tibshirani, 1996)
Each of these makes the use of linear regression inappropriate and signifies the need for an alternative approach. The discussion that follows emphasizes the central argument surrounding the use of logistic regression" (Yang, Miller, 2008)
"Minimizing the sum of squared vertical distances between the observed responses in the data set, and the responses predicted by the linear approximation. The resulting estimator can be expressed by a simple formula, especially in the case of a single regressor on the right-hand side" (Lai, Robbins, Wei, 1978)
When you put these different elements together, it will provide the loan officer with enough information to objectively analyze the business. (Siegle, 2008) (Beasley, 2008) The desired outcomes of the Torpus audit are: to address any kind of transparency issues and identify areas that could have an impact upon the profitability of the company
When you put these different elements together, it will provide the loan officer with enough information to objectively analyze the business. (Siegle, 2008) (Beasley, 2008) The desired outcomes of the Torpus audit are: to address any kind of transparency issues and identify areas that could have an impact upon the profitability of the company
It is also regarded as an action tool for corporations. It is recommended to map overall direction of the corporation (Hitt, Ireland, & Hoskisson, 2012)