Auditing Essays (Examples)
Study Document
Recruitment Of Talented Employees
...Auditing Recruiting and Attracting Talent:
Using HR to Improve Company Performance
A commonly cited cliché is that an organization is as only good as its people; in other words, that talent and organizational performance go hand-in-hand. This is even truer today than it has been in past eras, as companies must strive to differentiate themselves from other organizations with a similar price point. Service is key, which demands recruiting and attracting top talent. It also means retaining such talent with the right balance of extrinsic and intrinsic rewards. According to the McKinsey consulting firm’s senior partners Scott Keller and Mary Meaney, the evidence suggests that the very best people do the majority of the work at most organizations, thus hiring and keeping the right people can result in productivity gains as well as cost savings due to retention. Keller & Meaney (2017) estimate that high performers are 400% more productive than……
References
References
Bajic, E. (2013). The 6 steps for retaining good employees. Forbes. Retrieved from:
https://www.forbes.com/sites/elenabajic/2013/07/15/the-6-steps-for-retaining-good- employees/#63a92aa5721f
Fallon, N. (2016). 6 steps for learning how to recruit the best talent. Business News Daily.
Retrieved from: https://www.businessnewsdaily.com/6252-tips-for-recruiters.html
Keller, S. & Meaney, (2017). Attracting and retaining the right talent. McKinsey. Retrieved
from: https://www.mckinsey.com/business-functions/organization/our-insights/attracting - and-retaining-the-right-talent
Williams, D. & Scott, M. (2012). Five ways to retain employees forever. Harvard Business
Review Retrieved from: https://hbr.org/2012/11/five-ways-to-retain-employees
Study Document
Fiscal Health Of Public Administration
...Auditing 1
Five future trends in Public Administration are 1) global interconnectedness and self-sufficiency; 2) changes to public health policy; 3) incorporation of advanced technology into administration; 4) more grassroots advocacy; and 5) emphasis on sustainability (Florida Tech, 2019). The first trend—the global interconnectedness of public administrations and a focus at the same time on self-sufficiency—may seem like two diametrically opposed trends going in opposite directions, but the reality is that global interconnectedness and self-sufficiency are compatible and public administrators in the future will need to realize how. First off, globalization is a fact of life in the modern world. The China-U.S. trade war is a perfect example of how what is happening on one side of the world can have a tremendous impact on the entire rest of the planet: the reason is that we live in a global economy, and every country’s economic output is integrated with every other……
References
RReferences
Abiad, A. & Khatiwada, S. (2019). 5 ways technology is improving governance, public service delivery in developing Asia. Retrieved from https://blogs.adb.org/blog/5-ways-technology-improving-governance-public-service-delivery-developing-asia
Florida Tech. (2019). Five global trends in public administration. Retrieved from https://www.fit.edu/your-college-decision/trends-in-public-administration/
McDonald, B. (2017). Measuring the fiscal health of municipalities. Retrieved from https://www.lincolninst.edu/sites/default/files/pubfiles/mcdonald_wp17bm1.pdf
VCU. (2019). Public personnel administration. Retrieved from https://commed.vcu.edu/IntroPH/Management/management/personnel.html
Study Document
Ethics And Issues In Public Administration
...Auditing An occasion in which a public sector leader acted in an unethical manner was when he unquestioningly accepted a potentially damaging organizational culture that he inherited from the previous administration. The leader did not stop to consider that the culture of the government that he was now in charge of was rife with corruption and long time staffers who were engaged in all manner of schemes that served to benefit them, friends, and so on—particularly through the rewarding of contracts to friends, getting money for unnecessary jobs, spying, abuse, harassment, and so on. The leader accepted the culture as just the way the office was run and did not try to fix it, thinking that if this was the way it worked under his predecessor it must be okay.
It turned out to be not okay when a particular grievance was filed by a female staffer against several upper level……
Study Document
Elon Musk And Power At Tesla
...Auditing Tesla is a company that has had at least a 5 year relationship with its CEO Elon Musk. Up until recently Musk was also Chairman of the Board. He was removed from his role as Chairman as part of a settlement with the Securities and Exchange Commission (SEC). The settlement resulted from charges filed by the SEC relating to securities fraud when Musk’s public Tweet on Twitter about taking the company private and that he had “funding secured.” The statement was shown to be a lie (Gaydos, 2018). Musk settled with the SEC and paid a hefty fine and Robyn Denholm replace Musk as Chairman of the Board. Denholm had been a Board member for five years up to that point (Porter, 2018). Thus, up until Musk’s run-in with the SEC in 2018, he had been both CEO and Chairman of the Board—which can serve as a conflict of interest,……
References
References
Abels, P. B., & Martelli, J. T. (2013). CEO duality: how many hats are too many?. Corporate Governance: The international journal of business in society, 13(2), 135-147.
Dickins, D. (2010). CEO and COB duality: Does it matter. Internal Auditing, 25(4), 35-38.
Gaydos, R. (2018). Elon Musk may have violated Tesla’s conduct and ethics code after smoking up in podcast interview: report. Retrieved from https://www.foxnews.com/tech/elon-musk-may-have-violated-teslas-conduct-and-ethics-code-after-smoking-up-in-podcast-interview-report
Porter, J. (2018). Tesla has found a new chairperson to replace Elon Musk. Retrieved from https://www.theverge.com/2018/11/8/18074800/tesla-new-chair-2018-robyn-denholm-elon-musk
Yang, T., & Zhao, S. (2014). CEO duality and firm performance: Evidence from an exogenous shock to the competitive environment. Journal of Banking & Finance, 49, 534-552.
Study Document
Fraud And Abuse In Healthcare
...Auditing Fraud and abuse present significant problems for the healthcare sector, leading to both financial losses and reduced quality of care. The outcomes of fraud and abuse are similar; but fraud and abuse are legally differentiated based on motive. According to Magellan Healthcare (2019), fraud is committed with clear intent, whereas abuse “involves actions that are inconsistent with sound fiscal, business or accepted behavioral healthcare practices,” (p. 1). Determining intent to differentiate between fraud and abuse can be challenging, which is why healthcare leaders need to treat all forms of waste and deception with equal severity.
Healthcare fraud is alarmingly common, with major cases resulting in FBI investigations. Just yesterday, ten retired NFL players have been charged in a case involving “alleged nationwide fraud” on a healthcare benefit program designed specifically for NFL players (FBI, 2019). Cases like these illustrate the high stakes involved in healthcare fraud, showing that the lure……
References
References
FBI (2019). Healthcare fraud news. Retrieved from https://www.fbi.gov/investigate/white-collar-crime/health-care-fraud/health-care-fraud-news
“Fraud and Abuse: What’s the Difference?” (2007). The Rheumatologist. 1 Nov, 2007. Retrieved from https://www.the-rheumatologist.org/article/fraud-and-abuse-whats-the-difference/
Magellan Healthcare (2019). Fraud, waste, and abuse. Retrieved from https://www.magellanprovider.com/education/fraud-waste-and-abuse/fraud-waste-abuse-faqs.aspx
Study Document
Net Worth Theory And Corporate Fraud
...Auditing Danske Bank's Money Laundering Scandal
Madinger (2006) points out that the net worth method is among the most common used in accounting forensics when it comes to detecting illegal income, such as by way of money laundering. The case of Danske Bank and its money laundering escapades from 2007 to 2015 through an Estonian branch where a quarter of a trillion dollars flowed is a prime example of a situation in which the net worth method could be applied to investigate this corporate fraud.
As Schwab (1961) states, the net worth theory rests upon the idea that if one’s net increase exceeds the income reported, the corporation has understated its income; additionally, “if there is no increase in net worth but if the taxpayer has expended larger amounts than his reported income on nondeductible items, there has been an understatement of income” (p. 78). With Danske Bank, billions were passing……
References
References
IRS. (2017). Retrieved from https://www.irs.gov/irm/part9/irm_09-005-009
Madlinger, J. (2006). Money laundering: A guide for criminal investigators. CRC Press.
Milne, R. & Winter, D. (2018). Danske: anatomy of a money laundering scandal. Retrieved from https://www.ft.com/content/519ad6ae-bcd8-11e8-94b2-17176fbf93f5
Schwab, R. D. (1961). The Civil Aspects of the Net Worth Method. Wm. & Mary L. Rev., 3, 65.
Study Document
Capital Structure Analysis
...Auditing Introduction
Corporate finance focuses on financial decisions made by financial managers. Financial decisions is broadly categorized into two: financing decisions and investment decisions (Renzetti, 2001). Investment decisions determines the composition of assets held by a firm while financing decisions focuses on the optimal mix of debts and equity (capital structure). An optimal capital structure can be defined as a combination of equity and debt that maximizes shareholders’ wealth or value of a firm. The value of a firm “is the present value of expected future cash flows to be generated by the assets, discounted at the company’s weighted average cost of capital (WACC). Generally, the determination of optimal capital structure is a complex decision process involving calculations of various debt-equity ratio. In this paper, the capital structure of Afterpay Touch Group Limited (ATP), FlexiGroup Limited (FXL), and Zip Co Limited (Z1P) will be calculated, theories of optimal capital structure will……
References
References
Estimating a synthetic rating and cost of debt. (n.d.). Retrieved from http://pages.stern.nyu.edu/~adamodar/New_Home_Page/valquestions/syntrating.htm
Fenebris.com. (2019, August 18). AU. Retrieved from http://www.market-risk-premia.com/au.htmlm
Intelligent Investor. (n.d.). FlexiGroup Limited. Retrieved from https://www.intelligentinvestor.com.au/shares/asx-fxl/flexigroup-limited/financials IntelligentInvestor.com. (n.d.). Afterpay Touch Group Limited. Retrieved from https://www.intelligentinvestor.com.au/shares/asx-apt/afterpay-touch-group-limited/financials
Yahoo Finance. (n.d.). FLEXIGROUP FPO (FXL.AX) Balance Sheet. Retrieved from https://finance.yahoo.com/quote/FXL.AX/balance-sheet?p=FXL.AXhttps://finance.yahoo.com/quote/FXL.AX/balance-sheet?p=FXL.AX
Study Document
Impact Of Agency Theory
...Auditing Agency Theory
Agency theory refers to the relationship with the principle and the agent, where the principle delegates its financial decision making to the agent. In most cases, the agent is the owner/executive of the company while the principle is the shareholder. Challenging scenario arises as there are two distinct sets of interest which cause decision making problems. Due to this complex and intricate relationship, conflicts of interest arises sometimes where the agent puts his interest before the principle’s causing problems to the principle sometimes. This is known as Principle-Agency Problem. It has long affected the key decisions related to the firm where the agent and principle both have asymmetric interest, causing any one party to suffer at an extreme case.
To remove the problem, the theory states that the goals of managers and the shareholders should be aligned and certain frameworks and practices should be adopted to overlook the……
References
References
Demsetz, R. S. (1997). Agency Problems and Risk Taking at Banks.
Heath, J. (n.d.). Uses and Abuses of Agency Theory. Business Ethics Quarterly.
Kuypers, A. (2011). How is dealt with the agency problem and what is the role of the board of directors in it?
Lumen. (n.d.). Agency and Conflicts of Interests. Lumen. Retrieved from https://courses.lumenlearning.com/boundless-finance/chapter/agency-and-conflicts-of-interest/
Murray, I. (2016, September ). Wells Fargo and the Principle Agent Problem. Competitive Enterprise Institute.
Palia, D. (2007). “Agency Theory in Banking: An Empirical Analysis of Moral Hazard and the Agency Costs of Equity. Banks and Banks System.
Pennsylvania, W. U. (2017, August 08). Wells Fargo: What It Will Take to Clean Up the Mess. Wharton University of Pensylvannia.
Study Document
Understanding The Factors Affecting The Success Of Credit Risk In
...Auditing Introduction
The banking business sector is enormously impacted by the perceptive and imperceptive factors in an intensely competitive environment. In recent times, this competition has stiffened all the more with the advancement of globalization. In each regard of their business operations, banks ought to take effective measures in order to diminish risk by pinpointing the prospective causes based on real-world circumstances. Imperatively, the banking sector is deemed to be a significant source of financing for several companies and entrepreneurs. In the past decade, there have been dramatic changes concerning the management of risk in the banking industry. Progressively more financial institutions and managers have augmented the focus on the significance of risk management. In delineation, risk management encompasses the practice of identifying, assessing and listing of risks followed by organized and cost-effective application of resources to curtail, supervise and control the probability and influence of disastrous events or to capitalize……
References
References
Bhattarai, Y. R. (2016). Effect of credit risk on the performance of Nepalese commercial banks. NRB Economic Review, 28(1), 41-64.
Das, A. and Ghosh, S. (2007). Determinants of Credit Risk in Indian State-owned Banks: An Empirical Investigation. Economic Issues, 12(2): 48-66.
Derelio?lu, G., & Gürgen, F. (2011). Knowledge discovery using neural approach for SME’s credit risk analysis problem in Turkey. Expert Systems with Applications, 38(8), 9313-9318
Garr, D. K. (2013). Determinants of credit risk in the banking industry of Ghana. Developing Country Studies, 3(11), 64-77.
Gizaw, M., Kebede, M., & Selvaraj, S. (2015). The impact of credit risk on profitability performance of commercial banks in Ethiopia. African Journal of Business Management, 9(2), 59-66.
Johnson, B., & Christensen, L. (2008). Educational research: Quantitative, qualitative, and mixed approaches. New York: Sage.
Kithinji, A. M. (2010). Credit risk management and profitability of commercial banks in Kenya. (Doctoral dissertation, University of Nairobi).
Limam, I. (2001). Measuring technical efficiency of Kuwaiti banks. Kuwait: Arab Planning Institute.
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