Make sure the research memo is reviewed by a co-worker or peer. Listen to the feedback that is given, and if more work is needed fine tune the research memo before submission. Part III 1. When creating an accounting research memo, what are some important factors that go into writing the memo? An accounting research memo is written clearly, is concise, and is a one-stop shop for referencing an accounting solution to an issue or problem.
Comparing IFRS to GAAP IFRS stands for International Financial Reporting Standards and is a set of accounting standards developed by and independent, not for Profit organization called the International Accounting Board. GAAP are the standard framework of guidelines for financial accounting used in any given area or jurisdiction. They are known as standard accounting practices. I will touch on some of the areas where these are similar and different to help define each. The given information will help you decide which standard is the best practice for a company.
In reference to Marks and Spencer, it is essential for organisation before making use of best-in-class benchmarking to measure organisational performance by analysing internal as well as external competition. It can be an integral part for improvement of organisation, however it is a fact that Marks and Spencer could not able to employ all the relevant strategies patented by competitors. But it can help in making appropriate business decisions as management will be aware of all the advantages as well as difficulties that lies in incorporating specific changes. It depicts that role of best-in-class benchmarking data play efficient role in decision making process which is dependent on the business requirements of Marks and Spencer (Shao L. P.,
Norman has to take on several different approaches, in order to realize change within the organization. First, in the short run, he had to improve the immediate financial status of the organization as they were almost in breach of their loan covenants. The best approach to solve this is implementing a, turnaround method so he can focus on the income statement and balance sheet in order to reduce cost, or better manage their assets (Spector, 2013, p. 5). This could be removing items, tasks or people that are not directly necessary in the overall process. Another face of change focus for the organization is techniques and tools.
To determine the importance of contextual intelligence for employees in Banking Sector 2. To identify the factors which influence the contextual intelligence in Banking Sector 3. To identify the reasons how contextual intelligence plays an important role in banking sector. 7. RESEARCH METHODOLOGY: The validity of any research depends on the systematic method of collecting the data and analyzing the same in a logical and sequential order.
This type of influence especially those that come from an electoral perspective could lead to variations in oversight depending on agency as the public has different relationships with executive agencies the same way that Congress does. If these feelings are not contrary or not high on the public priority list Congress may have more freedom in how they treat certain agencies. This part of the literature answers the question of when congress decides to engage in oversight. The factors discussed here that contribute to their decision-making should also apply to any differences in their oversight between certain agencies, programs
When this arises, there are specific guidelines provided by the respective bodies and authorities for handling misunderstanding between the auditor and the client. Conflict situations tend to differ from one situation to another some of which might be caused by external influences making it difficult to negotiate between the involved parties. Amidst these conflicts, it is advised that the auditor terminates the contract of engagement entered with the client stating that the nature of their relationship is making it difficult for the auditor to provide a true and fair view of the financial statements (Emby & Davidson, 1998). Besides conflict, other threats to independence are self-interest threat, self-review threat, advocacy threat, familiarity or trust threat and intimidation threat. Self-interest threats are mostly of financial nature where the auditor has a financial interest in the company that they are auditing and fear that providing bad opinion on the statements might hinder them from attaining this interest.
Additionally, unity of command should be clearly established so that the subordinates are able to locate the authority and be obedient by a single person. Simon argued, “Analysis of this “principle” requires a clear understanding of what is meant by the term “authority”” (p.104). In regards to the span of control, should better clarify why three, five and seven are appropriate numbers for limiting the number of subordinates. Simon made a point in which he describes that the development of these concepts were not clearly defined and have problems in the description to be scientifically useful. Simon argued, “Administrative description suffers currently from superficiality, oversimplification, lack of realism” (p.111).
Whether professional standards should be principles-based rather than rules-based is an unresolved issue. The general belief is that, by relying on bright-line and quantifiable evidence, rules-based standards often provides a vehicle for circumventing the intention of the standard (SEC, 2003). However, others have argued that, by relying on auditors' professional judgment, principles-based standards require auditors to be competent and independent. For example, Robert Herz, former chairman of the Financial Accounting Standards Board (FASB), has cited the recent events in the U.S. as evidence that preparers and auditors cannot be trusted to properly exercise professional judgment with objectivity and courage" (Herz, 2003). Furthermore, principles-based
Most likely, people make decisions through identifying and comparing circumstances in order to determine which one produces the most favorable resolution. However, reality tells otherwise. In practice, people use "mental shortcuts" as they make decisions in order to expedite the process of decision making based on common or previous experience and common sense (Vasilescu, 2011). This should not be. Although the use of common sense and previous experience may have positive effects, a person or organization faced with the problem must create a mental matrix as to what should be done in order to fully resolve the issue at hand.