Friday, February 21, 2020

Auditing Essay Example | Topics and Well Written Essays - 750 words - 1

Auditing - Essay Example 9). He has the right to use such information for completing his duties rather than using it for its own purpose. However, any information used by him should first be approved by the concerned parties. It is necessary to maintain and follow professional standards while carrying out these kinds of duties. (ii) In this case, there is a breach of duty, which can be seen when Wendy performs the duty of a company secretary. As an engagement partner of the firm, Wendy has the responsibility of decision-making on significant auditing and accounting functions. The task of an engagement partner is complex and performing the company’s secretarial duties for even a little while will cause distractions in her duties and she would not be able to fulfill these duties effectively. â€Å"Generally, employees should not perform duties outside their job description† (Business Management: Internal Controls for Small Business, 2008, pg.23). It is evident that Wendy is responsible for perfor ming the accounting duties only. So in order to solve this issue, the auditor must provide suggestions to the top level management for the appointment of a new employee who would carry out the duties of the company secretary. ... 17) refers to the risk that arises in the methods adopted by the auditor to decrease audit risk. Whereas, material misstatement risk refers to the risk that occur when financial records are materially misstated prior to audit. It involves â€Å"inherent and control risk† (Christopher, 2012, slide. 17). In the first case, the company faces cost cutting and margin falling issues. â€Å"Cost cutting and pricing pressures are key risks to the business agenda† (Turn Risk and Opportunities into results 2013 The CFO Perspective- at a Glance, n.d, para. 3). Stress to cutting the costs comes not only from internal forces that function to protect margins but also from outside sources. The company pursues cost cutting plans and they expect rising competence from their partners and suppliers. In this situation, the company faces inherent risk in doing the business as nobody is aware of the occurrence of this risk.   (ii)   In the second situation, Getaway Pty Ltd faces the audi t risk in not carrying out the conservative business strategies effectively. The company faces inherent risk while reducing audit risk to a certain level. â€Å"The auditor will spend quite a bit of time at the early planning stages obtaining information to assess these risks so that â€Å"the engagement is performed in an effective manner† (Burke, n.d, pg. 1). The managers can make a decision, regarding business risks that occur due to poor information management, by determining if the time that they themselves and their assistants spend in gathering data is already available or not. Another method of measuring these risks is by observing performance data regularly and checking if reports are late or missing. 3. (a)  Ã‚  Ã‚  Ã‚  For the successful

Wednesday, February 5, 2020

Why The Lahad Datu Crisis In Sabah (Malaysia) Happened Research Paper

Why The Lahad Datu Crisis In Sabah (Malaysia) Happened - Research Paper Example Sabah has been a quota of the Malaysian alliance ever since the early1960s1. However, the Sulu Sultanate, which is situated in southern Philippines, has persistently asserted its historical and exclusive privileges over the zone. Furthermore, the Philippines have nevertheless to publicly descent its assertion that Sabah is a portion of its region. The government of Malaysia had requested the armed Filipinos in Lahad Datu to admit defeat for three weeks now without a success. Unfortunately, on March 5th, the army confronted the group and terminated the livelihood. The clash and subsequent military operations reportedly resulted into the killing of more than fifty people, inclusive of eight associates of the Malaysian police. The Malaysian ministry of welfare was fast to name the armed Filipinos as bombers. The government of the Philippines, which is presently accomplishing a peace treaty with Muslim separaties in the southern portion of the nation, also condemned the livelihood. Remar kably, the prime minister of Malaysia has yet to let go the notion that Malaysian opposition politicians have collaborated with the Sulu sultan in order to undermine the nation and bring down the presiding alliance ahead of the year`s universal polls. This research aims at analyzing the reasons why Lahad Datu crisis in Sabah (Malaysia )happened.... Thus, because of such restriction, the Lahad Datu crisis in Sabah was inevitable. This is because such limitations on travel will likely cause shortages on foodstuffs for the people, which is a dangerous action for people in such area. However, it is feared that the Sabah crisis is most likely to leave problems for both Malaysia and the Philippines for the coming future. Therefore, in order to avoid such crisis from happening, it is necessary that the officials of Malaysia and the Philippines settle for the last time the issue of Sabah. From research, the Philippines preserves a central regional entitlement to eastern Sabah, initially referred to as north Bomeo, through the custom of the Sultanate of Sulu. This claim is based on the idea that the domain of the sultanate has traditionally traversed from the Sulu archipelago into portions of northern Bomeo4. Therefore, because of such claims, the embassy of Malaysia in Philippines gives out a cheque of some amount to the lawful counsel of the beneficiaries of the Sultan of Sulu in maintain the terms of an pact made in 1878. Malaysia views the amount as a yearly cession payment for the disputed nation; however, the progeny of Sultan views it as a lease imbursement. Nevertheless, Malaysia has categorically canceled any Philippine local entitlement to Sabah as it infers the 1878 pact as that of cession and that it supposes that the inhabitants of Sabah had practiced their rights to independence when they decided to join the Malaysia confederation in 1963. Thus, analytically, it is because of such issues that led to the Lahad Datu crisis in Sabah. In addition, another reason for the Lahad Datu