Companies modes of operation, Auditing

Assignment Help:

Companies Modes of Operation

Some companies (especially small ones) operate without any overtly expressed plan and simply carry out the business as always, responding to market changes as they happen. Such companies are often very adaptable and survive well.

Large companies normally plan their activities in a hierarchal way, as follows:

  • Mission statement
  • Strategic plan
  • Budgets

 

Businesses are at risk if their business objectives are not achieved. It is therefore desirable for the management to identify all business risks and if necessary to amend the plan to accommodate the risks or make contingency plans to survive.

For example, a company which has over reliance on one customer might decide actively to seek new customers or markets, perhaps by acquisition.  Another example would be a company which is totally reliant on is computer system should have backup facilities.


Related Discussions:- Companies modes of operation

Seek out transactions with related parties, Seek Out Transactions with Rela...

Seek Out Transactions with Related Parties  Within the course of the audit, the auditor carries out process that may identify the existence of transactions along with related

Completeness of liabilities, Completeness of Liabilities In distortion...

Completeness of Liabilities In distortion, the directors tend to involve non-existent assets or keep out liabilities. Hence whereas along with assets we are especially concern

Financial institutions and banks - audit situations, Financial Institutions...

Financial Institutions and Banks - Audit Situations Financial Institutions Because of the recent collapse of many financial institutions, this is still a heavily regu

Code of ethics for auditor, Fitri, a sole proprietor in pulic practice, pla...

Fitri, a sole proprietor in pulic practice, plans to establish a separate department that will provide internal audit service to his audit clients.

Relevance of audit evidence, Relevance of Audit Evidence The relevance...

Relevance of Audit Evidence The relevance of audit evidence has to be determining in relation to the overall objective of forming a reporting and opinion on the financial stat

Auditing, State the FIVE threats contained within Auditor''s Code of Ethics...

State the FIVE threats contained within Auditor''s Code of Ethics and Conduct and for each threat list ONE example of a circumstance that may create the threat.

Non current assets or fixed assets, Non Current Assets or Fixed Assets ...

Non Current Assets or Fixed Assets In usual countries, not current assets are commonly classified like: a) Intangible assets Patents Licences Developme

Inter-related components of internal control, Part A: What are the five...

Part A: What are the five inter-related components of internal control? Briefly discuss them. Part B: A file maintained by the Accounts Department for one of Sharp's s

Auditors responsibilities with regard to related parties, Auditors Responsi...

Auditors Responsibilities with regard to related parties ISA 550 Related Parties states which the auditor should perform audit process designed to find sufficient suitable

Audit evidence, the reliabity of audit evidence defers with source is that ...

the reliabity of audit evidence defers with source is that true

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd