Reflection as a Project Manage for Gibbs Reflective- MyAssignmenthelp

Question: Talk about theReflection as a Project Manage for Gibbs Reflective. Answer: Gibbs intelligent cycle for the most part comprises of six significant advances. The initial step is known as the portrayal stage. In this stage, the fundamental occurrence is depicted. It was seen that albeit tremendous number of preparing programs were led, anyway the medical attendants were not having the option to give the best consideration to the patients (Nicoloni et al., 2014). At the point when one individual medical caretaker kept up legitimate cleanliness with the upkeep of healthy skin of the face, she flopped in the errand of appropriate picking of the covers. The other medical caretaker had a precisely inverse issue. The other issue looked by another medical caretaker is with the correct method of dressing. It was hard to comprehend that regardless of a plan of preparing issues, the issue couldn't be fathomed altogether. The subsequent advance is basically the depiction of the inclination that the individual created after the rate (Boroughs, 2017). Regardless of making a decent attempt to arrive at the fundamental explanation, I totally fizzled and couldn't comprehend where the primary issue lay inside the medical caretakers. In addition, I additionally felt baffled as such an arranged undertaking was not bringing adequate outcomes. The third step was assessment stage. After the experience, I comprehended that the venture I had arranged was deficient with regards to some significant angles which I was not having the option to comprehend. I understood that the act of the medical attendants needs to create so as to achieve the best consideration. I likewise assessed that I was passing up a significant angle which should be consolidated to make the task fruitful. Examination part is the fourth step. In this progression, while investigating the issue I got that in spite of the fact that I had actualized a preparation program yet I never asked the individual issues looked by a specific medical attendant. The preparation program just gave a talk to the medical caretakers however neglected to direct viable instructional meetings under experienced attendants who might control them in down to earth in the genuine circumstance. Down to earth meetings have significant commitments in the advancement of the working styles just as the aptitudes and information about the various strategies that the medical caretaker ought to follow. Despite the fact that talk classes gives a whole point by point thought regarding how to create abilities so as to relieve the issues looked during treatment of the weight however it can never find out the trouble level that might be looked by medical caretakers. It is just during the down to earth meetings, that the attendan t can understand their own frail focuses and attempt to recoup them with advancement of compelling abilities. As I had excluded the part, the medical attendant didn't understand their shortcomings. In this way when they went to the genuine circumstance, they began confronting issues of different sorts and along these lines regardless of such huge numbers of activities the task couldn't make full progress. In addition, I likewise comprehended that my venture ought to have incorporated a legitimate assessment program for the first there months after execution so as to comprehend the primary issues looked by medical attendants. Execution plan ought to consistently be trailed by a legitimate assessment plan that ought to have a distinct structure. A legitimate board ought to consistently be set up who have the aptitude to comprehend the negative perspectives that are coming about because of the execution systems that have been delivered. Every single individual from the assessment board ought to review every one of the points and goals that have been set up toward the start of the undertaking. An associate or an agenda ought to be kept up for every one of the medicinal services experts so the specialists can comprehend that whether each working individual are effective in finishing the objectives of the venture. On the off chance that the assessment board would have been set up, the diverse negative impacts would have been effectively distinguished by the specialists at the execution level as it were. Promptly revisions would have been done in the exercises of the medical attendant which would have helped in accomplishing the outcome considerably more rapidly than it occurred after a few issues were recognized when medical caretakers hit the work floor in the wake of preparing. The following stage is the end part. In the wake of examining the fundamental issue, I arrived at a resolution that I have not appropriately had the option to incorporate all the significant perspectives that were vital for the task (Crimi et al., 2016). I ought to have asked the medical caretakers about the various issues they face in the respiratory ward and afterward plan the mediations likewise. In addition, the instructional course that has been led was without handy meetings and didn't cover the any assessment of the attendants execution. Accordingly all the properties ought to be remembered for request to make the task fruitful. This gave me that I despite everything come up short on specific abilities in compelling arranging of an undertaking. While arranging an undertaking, I neglect to acclimatize the right techniques for assessment that is an unquestionable requirement to guarantee whether the execution procedures are effective or not. Thus, it tends to be finished up, tha t of legitimate functional classes were directed for the medical attendants and if appropriate assessment of the methodologies actualized would have thought of, the task would have been significantly more fruitful without having any negative perspectives. The last and last advance is where the activity plan is readied, with the goal that the issue which was not comprehended can be taken care of in a superior manner. The main arrangement that ought to be readied is to ask the various attendants with an appropriate study so as to perceive the absence of aptitude and capacity of the medical caretaker instead of arranging a typical preparing for all. As indicated by that, they ought to be assigned to explicit groups of senior attendants to work under their direction (Olivieri et al., 2015). Furthermore, I ought to likewise build up an observing body that will assess the presentation and report in like manner for adjustment. Appropriate reasonable meetings would be led so as to cause the medical caretakers to build up their aptitude which they need and make them practice time and addition with the goal that they never become answerable for the demise of any patient. The observing body will be made out of famous experts who are well outfitt ed with the frameworks and the procedure and have exacting checking over each part of the task. They will screen the exhibitions and scribble down both the negative just as the positive parts of the medical attendants and different staffs. I will organize an open conversation meetings, where both the positive just as the negative viewpoints will be talked about for development just as to pick up certainty by everybody. I have neglected to give an appropriate execution plan by fusing all the colleagues. In spite of the fact that I incorporated the nursing chief, venture heads and the senior medical attendants, I neglected to join the enlisted just as selected medical attendants. I ought to have incorporated all the colleagues giving them the extent of giving criticism and furthermore asking about their issues. Criticism getting aptitudes ought to be consolidated in my cooperation the board qualities which will at last improve me as a group chief or the leader of an undertaking. Besides, while building up an arrangement of the venture, I ought to consistently follow an appropriate system that would comprise look into, observing, plan improvement, cross checking of assets, request about the issues, usage plan and afterward legitimate assessment of the actualized arrangement. Assessment part is significant so as to comprehend whether the arrangement that has been directed is fruitful or not. Accordingl y, basic breaking down ability to build up a thought regarding what significant elements should be consolidated and what variables ought to be disregarded is significant all together for right distribution of assets (Sorenson et al., 2013). In this manner, right investigating aptitude is likewise critical to go about as an effective undertaking director in the medicinal services parts. I understood that I need to build up my relational abilities and be a decent audience. Cutting them while an associate or a lesser is examining a point ought to be halted by me and I ought to permit them to totally open up their feelings and criticisms without making a decision about them heretofore. I should work over my non verbal correspondence moved toward like structure of appropriate non-verbal communication, eye to eye connection, hand motions and others with the goal that my methodology doesn't appear to be discourteous or rude. Keeping up clearness and concision is significant alongside being amicable with my partners just as my youngsters. I as of now feel for my laborers for which they regard me a great deal. In any case, I should attempt to be increasingly liberal while imparting with the goal that the contrary people feel loose and talk about issues in subtleties. From the ineffective consequences of the venture that I channeled, I understood that I need to build up my authoritative abilities to make 100% progress. I need to build up my insight when all is said in done arranging of the activities, appropriate arranging, time the board, planning, organizing assets and complying with of various time constraints. I as of now have picked up experiences into the referenced abilities; be that as it may, I need to grow more information in usage and assessment aptitudes so as to guarantee accomplishment of the tasks. I saw that I have various blemishes in my authority abilities. The clench hand defect is that I don't have relational abilities required to speak with youngsters and the laborers. I likewise neglected to propel them as I couldn't comprehend the principle issues looked by the medical caretakers. Anyway as a decent pioneer, I attempted to keep up energy and concordance inside the gatherings and a s an outcome, no interior clashes emerged. I attempted to be inventive in my methodology and would in general consolidate simpler preparing techniques. In any case despite the fact that I kept up all the basic obligations with duty as a pioneer, I neglected to look for input from my laborers which affected on the aftereffect of the undertaking. From the treatment of the venture, I understood that I practice sympathy with my laborers and because of my all around applied passionate insight in my workplace; the laborers are

Medical School Scholarships Essay Examples

Medical School Scholarships Essay ExamplesMedical school scholarships are some of the most sought after scholarships that students apply for. There are thousands of scholarships available, and these are distributed fairly evenly, just as any other kind of scholarship would be. The difference with scholarships in this category is that the number of scholarships available is generally much lower than the number of applicants to these programs.Because of this, essay samples that deal with specific scholarships are needed. Essay samples that are based on general scholarship requirements are much more rare. This makes it necessary to determine the type of scholarship requirements that you need to meet to be eligible for a specific scholarship.Some of the best essay samples to use when reviewing specific scholarships include government and nonprofit organizations. These types of organizations always have their hands full of scholarship grants, so they have special writing resources that al low them to deal with the many varied styles of scholarship applications. The types of questions that they ask and the way that they request specific information can help your essay to shine in any situation.Another type of scholarship that can be searched for when looking for essay samples is medical school scholarships. Most schools will offer one or more medical school scholarships for their student body to apply for. If you find a scholarship that you are interested in that is not advertised in your area, make sure to take a look on the web to see if it is still being offered, since this can give you the best chance of being able to get in on this great opportunity.The best writers to use for this type of assignment would be those who specialize in researching specific government organizations. These individuals have been in the healthcare industry for a while and can actually get very specific about medical schools and scholarship grants. Other writers who are able to do this m ay not be as dedicated as these writers, but are just as good at what they do.Many government agencies do not have their own writing centers. Instead, they have a group of very talented writers on their staff who are professionals in their field. With this kind of resource, you have the best of both worlds, because the person you will work with will also be dedicated to getting you the best essay sample possible.All of the best essay samples can be found on the web. For every type of scholarship that you are looking for, you can simply type in the words 'medical school scholarships' and the words 'medical writing' in any search engine and have the best resources that you need to write for you. There are websites that will provide you with free essays, and others that will charge you a fee for the services that they provide.There are several of these online research companies that you can choose from. Most will allow you to edit your essay before they publish it, and they will be abl e to integrate research that you have done into the essay that you write. They can also provide you with tutorials on how to properly draft a great medical school essay, which is an extremely valuable service.

Comcast Corporation Case Analysis - 1190 Words

Trident University MGT499?Strategic Management Case One Comcast Corporation Dante Cummings May 22, 2015 Comcast Corporation is Pennsylvania-based organization, which was established in 1963 and operates in the cable communication industry. The company is considered to be one of ?the largest providers of video, high-speed internet and voice services to residential and business customers in the United States? (Clients1.ibisworld.com, 2015). Currently, the company provides services to 22.4 million video customers, 22 million high-speed internet customers and 11.2 million voice customers with the primary company?s services to consumers and businesses in the range of video, high-speed internet and voice over internet protocol†¦show more content†¦The values? of the company are presented in four main directions, where community investment, diversity inclusion, environment and integrity play one of the most valuable components that dictate how organization tends to serve its main shareholders and members of the communities that they serve. According to the Corporate Social Responsibility Report of 2013, Comcast and NBCUniversal take a unique positioning to ?inform, empower, and inspire?, which are used as the foundations to embrace the opportunities that would be directed on creating conversation and action mobilization in order to address the most critical issues of the nation. Thus, Comcast along with NBCUniversal are not only motivated with moving their business forward, but also concerned with moving people forward?(Corporate.comcast.com, 2015). The Community Investment is implemented through investments injected into local organizations, certain programs and partnerships, which contribute towards connecting people and inspiring positive and substantial changes. The Diversity and Inclusion is achieved through cultivating a diverse and inclusive workforce, which is based on the principle of Ralph Robert?s goal, whereShow MoreRelatedPorter s Five Forces Of Comcast Corporation1570 Words   |  7 Pages Porter’s Five Forces in Comcast Corporation Sunilkumar Patel Wilmington University Background Comcast Corporation, based in Philadelphia, PA, with its bundling services operates as a media and technology with its two primary business, Comcast Cable and NBCUniversal. 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Why Dont We Call Them Cro-Magnon Any More

The Outbreak Engulfing Three Countries - 1155 Words

D. Response to Ebola The outbreak engulfing three countries in West Africa began in Guinea when a toddler contracted the virus from eating an infected bat in an impoverished village where bushmeat is a dietary staple – again highlighting the disparity in living standards and socio-economic status between core and peripheral nations. Infectious disease like Ebola have mostly been exorcised from developed countries because a basic level of health is ensured through the government, private sector, or social agency. Unfortunately, the poor in Guinea avoid seeking aid because they cannot afford to, as discussed above. Also, fear of and lack of trust in authority prevents individuals from seeking medical attention – this distrust has stemmed†¦show more content†¦800 vials were also donated to WHO along with mobile laboratories (Government of Canada 2014). Canada has also pledged to help her compatriots in Guinea by working with international partners like the WHO, CDC and by working with domestic agencies like the Canadian Red Cross and PHAC. The UN has created a Mission for Emergency Ebola Response (UNMEER), and Canada has been an active participant, providing healthcare workers. Financially, Canada has contributed over $20 million to WHO, $10 million to UNICEF, and over $25 million to other international social agencies to help combat the Ebola outbreak in West Africa – through improved medical response, logistics of humanitarian aid, health education, immediate food needs, and protection measures (Government of Canada 2014). Halfway around the world, in Guinea we look back to see that the origins of the epidemic may have been flushed out of the forest by multinational timber and mining operations clear-cutting the Guinea Forest Region, where environmental degradation have forced animals from their homes (Wilson Center 2014). Patient zero was from an area affected by the lumber industry, and the disease-carrying bat was likely flushed out by loggers. A contradiction lies in peripheral countries pursuing capitalism and the quintessential â€Å"American Dream†: there is a paradox where

Why so Many People Eat Junk Food free essay sample

People may be wondering why sometimes they eat a little bit of junk food; suddenly they want a little bit more. They cannot control their hands from putting food in their mouth. Such things are not because people feel that food is good, but because of a series of unconscious actions that happen in human bodies. People like to eat junk food as a result of genes that they inherited from ancestors. Back 10,000 years ago, when the ancestors ruled these lands, they were living totally different from now. The primitive man could go for days or weeks without eating anything, they were always hungry and starving the majority of the time. The only way they could survive was to eat lots of food at one time with plenty of sugar and fat, also meats. To be sure that they would be alive until the next time of eating, which craving is made by natural selection where those who did not crave it died. We will write a custom essay sample on Why so Many People Eat Junk Food or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Undoubtedly, Junk food is often high in sugar, salt, white flour, and fat, particularly saturated fat. It is often heavily processed and prepackaged, making it easy to prepare and consume. A few examples of foods often considered to be junk food include fast food, sweets such as ice cream, candy, donuts, and prepackaged treats, soda, and potato chips, among many others. Most people have no trouble identifying junk food; it is when they want to stop eating junk food that the trouble starts. (the ingredients from KFC and McDonald’s official website) According to YouDao encyclopedia, scientists found that when people eat enough food, the excess sugar and fat from that food will turn the biological receptor off in the human brain, the receptor is used to receive the signal from the stomach and tells the brain whether it is hungry or full. That is, when people eat extra sugar from junk food, they will not feel full mentally even though they are actually full. Thus all of these processes are going in people’s subconscious. In other words, people enjoy eating junk food not only because it tastes good, but also because there are certain genes in human blood that urge people to choose that junk food. When junk food goes through the mouth into the stomach, plenty of sugar and fat will be absorbed; hence the full-feeling signal will be cut off. Eventually, as a consequence, people enjoy lots of junk food or even become a troubleaddicted.

Chapter 7 Notes Auditing and Assurance Services Essay Example

Chapter 7 Notes: Auditing and Assurance Services Essay Chapter 7 Overall Audit Approach for the Revenue and Collection Cycle * Audit risk- the risk that auditors will issue and unqualified opinion on financial statements that contain a material misstatement * Inherent risk and control risk * 3 step approach for audit risk model * Set audit risk at desired levels * Assess risk of material misstatement Determine detection risk based on the level of audit risk and risk of material misstatement * The components of the audit risk model are assessed on an assertion-by-assertion basis * This assessment recognizes that certain assertions assume an increased level of importance and are of more interest to auditors than others * Existence assertions is important in the audit or A/R and the occurrence is important for sales * If the audit team estimates that control risk is below maximum they need to perform test of controls to confirm that the control activities are operating effectively and that the auditors initial strategy is sound LO1: Inheren t Risk in the Revenue and Collection Cycle Revenue Recognition Revenue Recognition- recording revenues in the entities To be recognized revenues must be realized or realizable or earned * Revenue earning activities involve delivering or producing goods, rendering services, or performing other activities that constitute its ongoing major or central operations, and revenues are considered to have been earned when the entity has substantially accomplished what it must do to be entitled to the benefits represented by the revenues * All criteria must be met for revenue to be realizes, realizable, or earned: * Persuasive evidence of an arrangement exists * Delivery has occurred or services have been rendered * The seller’s price to the buyer is fixed or determinable * Collectability is reasonably ensured Collectability of A/R In most companies, a portion of accounts receivable will not be paid. GAAP requires clients to provide and estimation of uncollectable amounts and provide and allowance for it. Estimation of allowance for doubtful accounts can be subjective and difficult for the client and the auditor. A reason for difficulty can be changing economic conditions. Customer Returns and Allowances Sometime customers have the right to return unused or unsold merchandise. An appropriate evaluation of revenue can be performed when these agreements are in the purchase contract and disclosed to the auditor. Clients may enter into informal right of return agreements with customers unknown to the auditors. Liabilities for known return, warranties, and other potential obligations are often very difficult to estimate. Companies with new products or technologies have an even higher inherent risk in these areas. We will write a custom essay sample on Chapter 7 Notes: Auditing and Assurance Services specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Chapter 7 Notes: Auditing and Assurance Services specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Chapter 7 Notes: Auditing and Assurance Services specifically for you FOR ONLY $16.38 $13.9/page Hire Writer LO2: Revenue and Collection Cycle: Typical Activities Basic activities in the revenue and collection cycle are 1. Receiving and processing customer orders 2. Delivering goods and services to customers 3. Billing customers and accounting for A/R 4. Collecting and depositing cash received from customers Entity Level Control It is important that auditors consider the entity-level controls in all processes and procedures. In the revenue process, management should have a process for continually reviewing revenue and comparing it to the budgets and forecasts. Management should constantly scrutinize total write-offs of A/R, merchandise returns, and the timeliness of collections. Physical control over inventory and warehouses must include entity level control such as id badges and restricting access to facilities. Receiving and Processing Customer Orders, Including Credit Granting * Customers can initiate sales by mailing P/O’s, call or fax , emails, websites or go to the phycial locations. * It is important that credit sales are authorized to ensure that the customer will be able to pay for the good or services * Access to master file for additions, deletions, and other changes must be limited to responsible people * If these controls fail, orders might be processed for fictitious customers, credit might be approves for bad credit risks, and shipping documents might be created for goods that do not exists in the inventory. Customer orders, shipping documents, and invoices should be in prenumbered sequence so the system can check the sequence and determine whether any transaction have not be recorded or have been duplicated Delivering Goods and Service s to Customers Physical custody of inventory - storeroom or warehouse - transferred to shipping department upon authorizations of the shipping order that permits the inventory clerk to release good to the shipping department. Proper authorization is important. Employees that perform each step to should transfer documents making them accountable. This prevents employees from misappropriating the goods or shipping product to friends without billing them. A bill of lading is a form that the carried signs to verify the goods shipped. A packing slip describes the good being shipped is often included with the shipment Billing customers and Accounting for A/R When delivery or shipment is complete, the system finishes the transaction by filing a shipment record and preparing a final invoice for the customer. A sales invoice is the bill sent to the customer that indicates the amount due. People who have the power to enter or alter these transactions or change the invoice before it is mailed to the customer should not have any authorization, custody, or recording responsibilities. There should also be physical protection of the files. Files that are lost or destroyed are unlikely accounts to be collected. With that said the records are assets. Audit Evidence in Management Reports and Data File Computerized processing of revenue and cash receipts transaction enables management to generate several reports that can provide important audit evidence. Pending Order Master File- sales transactions that were initiated but not yet completed or recorded as sales. May represent shipments that were made but not recorded in the sales journal or could not be matched to a customer order. Credit Check Files- Computerized system may male automatic credit checks, but up to date maintenance of the credit information is very important. A sample of the credit check file can be tested for current status. Price List Master File- Computers system may produce customer invoices automatically but if the price list master is incorrect the billings will be incorrect Sales Detail (journal) File- the detailed sales entries, including the shipping references and dates, should be in the sales detail (journal) file Sales Analysis Reports- Sales that are classified by product lines provide required information for the business segment disclosures A/R Listing and Aging- The A/R listing of customers’ balances is the actual a/r Cash Receipts Listing- The cash receipts journal contains all the detail entries for cash deposits and credits to various accounts Customer Statements- Probably the best control over whether cash is received and recorded is the customer LO3: Control Risk Assessment Control risk assessment is important because it governs the nature, timing, and extent of substantive procedures that will be applied in the audit of account balances in the revenue and collection cycle. Balances include: Cash in bank, A/R, Allowance for doubtful accounts, Bad Debts, Sales revenue Control Considerations Control for proper separation of responsibilities should be in place and operating. It involves different people and different departments performing the sales and credit authorization; custody of good and cash; and record keeping for sales, receivables, inventory, and cash receipts. The following control activities should be in place to prevent and detect errors: 1. No sale order should be entered w/o a customer order 2. A credit check code or manual signature should be recorded for authorization 3. Pending order flies should be reviewed frequently to avoid failure to bill and record shipments Test of Controls An organization should have control activities in place and operating to prevent, detect, and correct accounting errors. Auditors can perform tests of controls to determine whether company personnel are properly performing controls that are said to be in place. If personnel in the organization are not performing their control activities effectively, auditors need to design substantive procedures to try to detect whether control failures have produced materially misstated account balance. Dual testing involves selecting samples to obtain evidence about control over completeness in one direction and control over occurrence in the other direction. Completeness is whether all transactions that occurred were recorded and the occurrence direction determines whether recorded transactions represent valid economic events. Summary: Control Risk Assessment Auditors must evaluate the evidence obtained from an understanding of internal control and from tests of controls. The initial process of obtaining an understanding of the company’s control and the later process of obtaining evidence from test of controls are two phases of control risk assessment. It control risk is assessed to be very low, the substantive procedures on the account balances can be reduced. It the test of controls reveal weakness, the substantive procedures need to be designed to lower the risk of failing to detect material misstatement in the account balances. LO4 Substantive Procedures in the Revenue and Collection Cycle When considering assertions and obtaining evidence about A/R and other assets, auditors must emphasize the existence assertion. It is important because companies and auditors have found themselves in malpractice lawsuits by issuing unqualified reports on F/S that have overstated assets and revenues. Company asserts existence by putting assets on B/S Analytical Procedures During an audit, a variety of analytical comparisons might be employed, depending on the circumstances and the nature of the business. Comparisons of asset and revenue balances with recent history might help detect overstatements. Account interrelationships can be used in analytical procedures. A/R write-offs should be compared w/ estimates of doubtful accounts Confirmation of Accounts and Notes Receivable The use of confirmations for A/R is considered a required audit procedure by audit standards. If auditors choose not to use them they should document justification. A positive confirmation asks the customers to respond whether the balance is correct or incorrect. A variation of a positive confirmation is a blank form. A blank confirmation doesn’t contain the balance; customers fill it in themselves. Negative confirmation asks for a response only if something is wrong with the balance. Lack of response to negative confirmation is considered evidence that the account is fairly stated. Negative form is used mostly when the risk of material misstatement is considered low. Alternative Procedures Often client’s customers are not willing or able to return the confirmation. They may not be able if, they are on a voucher system that lists payables by invoice instead of by vendor account. If this happens auditors have to perform alternative procedures to ensure existence. This includes examining 1. subsequent cash receipts (this is often performed even when customer has confirmed the account) 2. Sales orders, invoices, shipping documents 3. Correspondence files for past due accounts Review for Collectability Primary evidence gained from the confirmations relates to existence. The audit team must review accounts for collectability and determine the adequacy of the allowance for doubtful accounts in support of the valuation assertion. To do this, auditors review subsequent cash receipts from the customer, discuss unpaid accounts with the credit manager, and examine the credit files. Credit files should contain the customer’s financial statements, credit reports, and correspondence between the client and the customer. Based on this evidence, the audit team estimates the likely amount of the nonpayment for the customer, which is included in the estimate of all allowance for doubtful accounts. Cutoff and Sales Returns Auditors must make sure that sales are recorded in the proper period. The employ sales cutoff test which are test that ensure that sales are recorded in the proper period, generally when they are shipped, and that the cost of the sales is recorded and removed from inventory. Procedures include tracing shipping documents before and after year-end to the sales journal to ensure the sale was recorded in the proper period. Credit memos for returns after year-end are vouched to receiving reports. Any goods returned after year end that were sold during the year being audited should be deducted from sales. Rights and Obligations Companies may sell or factor (the actions to sell A/R to another party, the factor, at a discount from face value) to gain cash immediately. It is difficult to determine whether receivables have been sold b/c customers do not usually know that someone else actually owns their account. The cash goes to the original seller who passes it on to the factor. Inquiring of management and examining support for large cash receipts is the best way to detect these transactions. Presentation and Disclosures The accounts in the revenue cycle require certain disclosures. These disclosures must ensure that the presentation and disclosure assertions of occurrence, rights and obligations, completeness, classification, accuracy and valuation, and understandability have been met. Receipt of confirmation information by email or fax is becoming more common. Auditor may receive an oral response to confirmation. Chapter 7 Notes Auditing and Assurance Services Essay Example Chapter 7 Notes: Auditing and Assurance Services Essay Chapter 7 Overall Audit Approach for the Revenue and Collection Cycle * Audit risk- the risk that auditors will issue and unqualified opinion on financial statements that contain a material misstatement * Inherent risk and control risk * 3 step approach for audit risk model * Set audit risk at desired levels * Assess risk of material misstatement Determine detection risk based on the level of audit risk and risk of material misstatement * The components of the audit risk model are assessed on an assertion-by-assertion basis * This assessment recognizes that certain assertions assume an increased level of importance and are of more interest to auditors than others * Existence assertions is important in the audit or A/R and the occurrence is important for sales * If the audit team estimates that control risk is below maximum they need to perform test of controls to confirm that the control activities are operating effectively and that the auditors initial strategy is sound LO1: Inheren t Risk in the Revenue and Collection Cycle Revenue Recognition Revenue Recognition- recording revenues in the entities To be recognized revenues must be realized or realizable or earned * Revenue earning activities involve delivering or producing goods, rendering services, or performing other activities that constitute its ongoing major or central operations, and revenues are considered to have been earned when the entity has substantially accomplished what it must do to be entitled to the benefits represented by the revenues * All criteria must be met for revenue to be realizes, realizable, or earned: * Persuasive evidence of an arrangement exists * Delivery has occurred or services have been rendered * The seller’s price to the buyer is fixed or determinable * Collectability is reasonably ensured Collectability of A/R In most companies, a portion of accounts receivable will not be paid. GAAP requires clients to provide and estimation of uncollectable amounts and provide and allowance for it. Estimation of allowance for doubtful accounts can be subjective and difficult for the client and the auditor. A reason for difficulty can be changing economic conditions. Customer Returns and Allowances Sometime customers have the right to return unused or unsold merchandise. An appropriate evaluation of revenue can be performed when these agreements are in the purchase contract and disclosed to the auditor. Clients may enter into informal right of return agreements with customers unknown to the auditors. Liabilities for known return, warranties, and other potential obligations are often very difficult to estimate. Companies with new products or technologies have an even higher inherent risk in these areas. 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In the revenue process, management should have a process for continually reviewing revenue and comparing it to the budgets and forecasts. Management should constantly scrutinize total write-offs of A/R, merchandise returns, and the timeliness of collections. Physical control over inventory and warehouses must include entity level control such as id badges and restricting access to facilities. Receiving and Processing Customer Orders, Including Credit Granting * Customers can initiate sales by mailing P/O’s, call or fax , emails, websites or go to the phycial locations. * It is important that credit sales are authorized to ensure that the customer will be able to pay for the good or services * Access to master file for additions, deletions, and other changes must be limited to responsible people * If these controls fail, orders might be processed for fictitious customers, credit might be approves for bad credit risks, and shipping documents might be created for goods that do not exists in the inventory. Customer orders, shipping documents, and invoices should be in prenumbered sequence so the system can check the sequence and determine whether any transaction have not be recorded or have been duplicated Delivering Goods and Service s to Customers Physical custody of inventory - storeroom or warehouse - transferred to shipping department upon authorizations of the shipping order that permits the inventory clerk to release good to the shipping department. Proper authorization is important. Employees that perform each step to should transfer documents making them accountable. This prevents employees from misappropriating the goods or shipping product to friends without billing them. A bill of lading is a form that the carried signs to verify the goods shipped. A packing slip describes the good being shipped is often included with the shipment Billing customers and Accounting for A/R When delivery or shipment is complete, the system finishes the transaction by filing a shipment record and preparing a final invoice for the customer. A sales invoice is the bill sent to the customer that indicates the amount due. People who have the power to enter or alter these transactions or change the invoice before it is mailed to the customer should not have any authorization, custody, or recording responsibilities. There should also be physical protection of the files. Files that are lost or destroyed are unlikely accounts to be collected. With that said the records are assets. Audit Evidence in Management Reports and Data File Computerized processing of revenue and cash receipts transaction enables management to generate several reports that can provide important audit evidence. Pending Order Master File- sales transactions that were initiated but not yet completed or recorded as sales. May represent shipments that were made but not recorded in the sales journal or could not be matched to a customer order. Credit Check Files- Computerized system may male automatic credit checks, but up to date maintenance of the credit information is very important. A sample of the credit check file can be tested for current status. Price List Master File- Computers system may produce customer invoices automatically but if the price list master is incorrect the billings will be incorrect Sales Detail (journal) File- the detailed sales entries, including the shipping references and dates, should be in the sales detail (journal) file Sales Analysis Reports- Sales that are classified by product lines provide required information for the business segment disclosures A/R Listing and Aging- The A/R listing of customers’ balances is the actual a/r Cash Receipts Listing- The cash receipts journal contains all the detail entries for cash deposits and credits to various accounts Customer Statements- Probably the best control over whether cash is received and recorded is the customer LO3: Control Risk Assessment Control risk assessment is important because it governs the nature, timing, and extent of substantive procedures that will be applied in the audit of account balances in the revenue and collection cycle. Balances include: Cash in bank, A/R, Allowance for doubtful accounts, Bad Debts, Sales revenue Control Considerations Control for proper separation of responsibilities should be in place and operating. It involves different people and different departments performing the sales and credit authorization; custody of good and cash; and record keeping for sales, receivables, inventory, and cash receipts. The following control activities should be in place to prevent and detect errors: 1. No sale order should be entered w/o a customer order 2. A credit check code or manual signature should be recorded for authorization 3. Pending order flies should be reviewed frequently to avoid failure to bill and record shipments Test of Controls An organization should have control activities in place and operating to prevent, detect, and correct accounting errors. Auditors can perform tests of controls to determine whether company personnel are properly performing controls that are said to be in place. If personnel in the organization are not performing their control activities effectively, auditors need to design substantive procedures to try to detect whether control failures have produced materially misstated account balance. Dual testing involves selecting samples to obtain evidence about control over completeness in one direction and control over occurrence in the other direction. Completeness is whether all transactions that occurred were recorded and the occurrence direction determines whether recorded transactions represent valid economic events. Summary: Control Risk Assessment Auditors must evaluate the evidence obtained from an understanding of internal control and from tests of controls. The initial process of obtaining an understanding of the company’s control and the later process of obtaining evidence from test of controls are two phases of control risk assessment. It control risk is assessed to be very low, the substantive procedures on the account balances can be reduced. It the test of controls reveal weakness, the substantive procedures need to be designed to lower the risk of failing to detect material misstatement in the account balances. LO4 Substantive Procedures in the Revenue and Collection Cycle When considering assertions and obtaining evidence about A/R and other assets, auditors must emphasize the existence assertion. It is important because companies and auditors have found themselves in malpractice lawsuits by issuing unqualified reports on F/S that have overstated assets and revenues. Company asserts existence by putting assets on B/S Analytical Procedures During an audit, a variety of analytical comparisons might be employed, depending on the circumstances and the nature of the business. Comparisons of asset and revenue balances with recent history might help detect overstatements. Account interrelationships can be used in analytical procedures. A/R write-offs should be compared w/ estimates of doubtful accounts Confirmation of Accounts and Notes Receivable The use of confirmations for A/R is considered a required audit procedure by audit standards. If auditors choose not to use them they should document justification. A positive confirmation asks the customers to respond whether the balance is correct or incorrect. A variation of a positive confirmation is a blank form. A blank confirmation doesn’t contain the balance; customers fill it in themselves. Negative confirmation asks for a response only if something is wrong with the balance. Lack of response to negative confirmation is considered evidence that the account is fairly stated. Negative form is used mostly when the risk of material misstatement is considered low. Alternative Procedures Often client’s customers are not willing or able to return the confirmation. They may not be able if, they are on a voucher system that lists payables by invoice instead of by vendor account. If this happens auditors have to perform alternative procedures to ensure existence. This includes examining 1. subsequent cash receipts (this is often performed even when customer has confirmed the account) 2. Sales orders, invoices, shipping documents 3. Correspondence files for past due accounts Review for Collectability Primary evidence gained from the confirmations relates to existence. The audit team must review accounts for collectability and determine the adequacy of the allowance for doubtful accounts in support of the valuation assertion. To do this, auditors review subsequent cash receipts from the customer, discuss unpaid accounts with the credit manager, and examine the credit files. Credit files should contain the customer’s financial statements, credit reports, and correspondence between the client and the customer. Based on this evidence, the audit team estimates the likely amount of the nonpayment for the customer, which is included in the estimate of all allowance for doubtful accounts. Cutoff and Sales Returns Auditors must make sure that sales are recorded in the proper period. The employ sales cutoff test which are test that ensure that sales are recorded in the proper period, generally when they are shipped, and that the cost of the sales is recorded and removed from inventory. Procedures include tracing shipping documents before and after year-end to the sales journal to ensure the sale was recorded in the proper period. Credit memos for returns after year-end are vouched to receiving reports. Any goods returned after year end that were sold during the year being audited should be deducted from sales. Rights and Obligations Companies may sell or factor (the actions to sell A/R to another party, the factor, at a discount from face value) to gain cash immediately. It is difficult to determine whether receivables have been sold b/c customers do not usually know that someone else actually owns their account. The cash goes to the original seller who passes it on to the factor. Inquiring of management and examining support for large cash receipts is the best way to detect these transactions. Presentation and Disclosures The accounts in the revenue cycle require certain disclosures. These disclosures must ensure that the presentation and disclosure assertions of occurrence, rights and obligations, completeness, classification, accuracy and valuation, and understandability have been met. Receipt of confirmation information by email or fax is becoming more common. Auditor may receive an oral response to confirmation.