DIS4, 6, 8 - Essay Example

Only on StudentShare

Extract of sample
DIS4, 6, 8

Be prepared to discuss. From the first e-Activity, note that the GAO could not issue an opinion on the financial statements of the US government. Evaluate how this could occur considering the requirements of OMB Circular A-123. What steps would you take to alleviate the internal control problems? Differentiate between the requirements for internal controls in government agencies and those in public companies.    As per the requirement of OMB Circular A-123, we can understand the changes took places created much vulnerability in financial reporting system. This emphasized more on the term on “Internal Control” from the term “Management Control”. This may exclude many facts which should have reported earlier with obligations. In new requirements “Defines materiality for the purposes of assessing and documenting internal control over financial reporting”, this option can create loop for many important facts and figure than clearly presenting it in the financial reporting. It has created ambiguity for three different processes, they are: a) security across the government, b) improper payments and c) tax collection activities. To alleviate the internal control, the expense item I would prefer the bring in clear consideration withdrawing the category as reportable status. ...
Download paper

Summary

DISCUSSION 1: "Government Financial Statements" Please respond to the following: Go to the White House’s Website to read the article titled “OMB Circular A-123—Management’s Responsibility for Internal Control,” dated December 21, 2004, located at http:/www.whitehouse.gov/omb/circulars_a123_rev…
Author : wbartoletti

Related Essays

finance 6
Thus from the given data, Kd = (8.5%) (1-0.30) = 5.95% ...
12 pages (3012 words) Essay
The May 6, 2010 Flash Crash
On the contrary, the contemporary market is characterized with higher demand as compared to the supply. Financial innovations enable changes in the financial market by introducing new ways of trading assets. One of the newest financial innovations entails trading from computer to computer through use of complex mathematical algorithms that are hard for humans to comprehend. The recent financial crisis resulted in increased unemployment, which is an indicator of the increased inefficiency of the stock market. This paper agrees with Stiglitz opinion that that Flash Crash will lead to less...
5 pages (1255 words) Essay
Contemporary issues review
Human capital cannot be owed by an organization because it is inherent in people, hence when people leave organizations, human capital leaves too. It encompasses how organization utilizes its people resources effectively as measured by innovation and creativity; structural capital, this is the supportive processes, infrastructure and organization’s databases which enhances the functionality of human capital. Structural capital may include hardware, buildings, software, patents, processes, information system, organization’s image, proprietary databases, and trademarks. Structural capital...
3 pages (753 words) Essay
Management accounting and control (5-8)
In this context we can comfortably say that knowledge and insights from budgeting are helpful in designing budgetary systems and setting of budgets for organizations (Wildavsky & Swedlow 2001). The ability to effectively formulate budgetary systems and set budgets through insights from budgets is very important for any given form of organization. This is because such tools can be used in the setting of standards of performance, motivating the stakeholders of the organization and providing the tools used for the measurement of results which are direly needed in the fulfillment of the...
15 pages (3765 words) Coursework
Management accounting and control (s-12 -5-8))
Organisations have to undertake number of decisions in order to stay in the business and among different decisions; the name of financial decision is one of them, in fact the most ones as well. Financial competitiveness is the thing on which the entire productivity of an entity depends upon. There are number of decisions that come under the ambit of financial management and managing the things accordingly is important for the companies. Decision making is one of the most important provisions for the entity as a whole and there are certain methods that could be used for the decision making...
15 pages (3765 words) Coursework
DB 6
Deposits refer to clients’ money that are kept with the bank while borrowings are cash and cash equivalents that a banking institution may borrow from other sources such as other commercial banks and the Federal Bank (Union Bank, 2011). Liabilities of a magazine publisher, like those of a newspaper publisher, are however diverse and can be explored in terms of current liabilities and long term liabilities. Current liabilities of the form of business organization are creditors, accrued payroll, prepaid subscriptions, accrued expenses, and outstanding taxes. Portions of long term debts and...
3 pages (753 words) Research Paper
DB 8
Slight improvements were realized from the year ended 2008 to the year ended 2009 as compared to the percentage improvements in values from the year ended 2009 to the year ended 2010 that were greater. Net sales and cost of sales increased by one percent from the year ended 2008 and by five percent and six percent respectively from the year ended 2009 to the year ended 2010. The change in gross profit from 2008 to 2009 was therefore a result of increased number of sold units because the changes in sales and cost of the sales were the same. Cost of sales however increased by a larger margin...
4 pages (1004 words) Research Paper
Got a tricky question? Receive an answer from students like you! Try us!