Transcript: An audit is the independent examination of the financial report of an organisation Weaknesses Why ? 4 gold mines require a large audit team Flexibility Threats WANT TO AUDIT LARGER FIRMS Opportunities Career Progression Career development "Without BDO we couldn’t have fulfilled our legal obligations" Audit SWOT Analysis Has experience in medium and large firms - Won Auditor of the Year 2012 - Offers various services within audit - 2000 applicants for about 120 audit places each year Size of audit teams allocated to Randgold Resources - Teamwork - Communication Tim Fullwood, Financial Director, Law Debenture Audit Partner interview with Gary Hanson When examining the financial report, auditors must follow auditing standards which are set by a government body. - Mark Bristow, CEO of Randgold Resources - Two types of audit - Different objectives and responsibilities - BDO provides external auditing services Transferable skills "We appointed BDO as our auditor in late 2008. The firm quickly grasped the complexities of our diverse and international businesses. BDO's hands-on approach - with the support of its offices in NY, HK, Jersey and the Cayman Islands delivered a timely, effective and efficient audit." Strengths Network is large enough Investment into quality & expertise Market capitalisation does not correspond to audit complexity Significant global reach Audit at Internal/External Audit African-focused gold mining and exploration company Largest BDO audit client - FTSE 100 Specialised -> complex audits Change from PWC Important to “choose your firm carefully” Award-winning firm Everyday is different with new challenges February 2012 Only firm outside of the 'Big 4' to have a FTSE 100 client Currently pitching to high street names such as M&S New audit guidelines by CC Change Limitations FTSE 350 Diversity Daniel Marino, Jessica Boase, Amy Herbertson & Shamima Manzoor - Achievable entry requirements - Corporate culture - Networking opportunities Audit Partner interview with David Campbell Change "Audit is a great grounding for the learning and understanding of business" What is external audit? Repetition Variety Case Studies The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organisation
Transcript: Audit of e-learning skills Presented by Abdul Mazid my digital identity my digital identity introduction Welcome. A short presentation to identify and showcase my grasp of technology, implementation and realisation of what is available to me within the institute and industry. Lastly an evaluation of my areas for developement. my knowledgeof my knowledgeof i personally do not believe in catagorising people. According to Prensky 2001, people can be divided into two catagories- Digital Natives & Digital Immigrants. Which one am I? Inbetween I'd say. Or would I? what do i mean? what do i mean? im confused Technology in recent times has become the backbone to learning. Something "we" are so reliant upon, lessons would not be a success without. When i say we, do I mean the learner or the provider? Every time I go to school, I have to power down(Prensky 2001). A sentiment of one learner at a secondary school. It seems according to Prensky, learners fall into one catagory and providers another based on age. this would suggest there is a schism that needs to be bridged. legacy content vs future content Learning, can it really be divided into into these catagories? Does this concept work today? Isn't the use of technology to learn a natural part of learning or are we still bridging gaps? It‟s not actually clear to me which is harder – “learning new stuff” or- “learning new ways to do old stuff.” Prensky 2001 new forms of learning call for new classification Given the new ways we learn with technology at its heart. Writings also suggest, new theories have to be formulated and applied to help us justify our practices as teachers, Wheeler 2008. Some of these are- Heautagogy Paragogy Connectivism Rhizomatic learning in digital enviroments Postmodernistic perpective new forms of learning call for new classification what does any of this mean? why is it important? how does it tie into me? ideas have changed, times have changed, have we? ideas have changed, times have changed, have we? more recent writings suggest that these titles are obsolete. Tall blog 2012. The all new categorisation is Digital Residents and Digital Visitors. BUT WHAT DOES THAT MEAN? Conclusion It is not based on gender or age. identity based on needs. Where does that leave me? Digital resident have an online presence. are always linked in. regularly maintain their online persona. professionally, for study and for recreation. crucial aspect of how they present themselves Digital Visitor Uses the web as a tool in an organised manner. Whenever the need arises. Appropriate and focused need to use the web but don’t ‘reside’ there. EVOLUTION OF CONCEPT EVOLUTION OF CONCEPT Digital Natives, Digital Immigrants Evaluating digital services: a visitors and residents approach Not ‘Natives’ & ‘Immigrants’ but ‘Visitors’ & ‘Residents’ 2001 2012 2014 our focus for e learning our focus for e learning technology i use personally+in my taught subject technology i use personally+in my taught subject I find teaching ESOL to be an amazing experience. as the video suggests, asides from the comedy, some aspects of ESOL require a traditional approach i.e. writing practice, punctuation and speaking etc. But that doesnt mean to say i do not use technology. Uses- Smartboard(MULTIPLE USES) Powerpoint Short videos- Youtube Quizlet Kahoot Moodle/VLE Personally I am very confident in the use of technology Android based tech- whatsapp, facebook, gmail. IOS platform CAD Windows since Win95 Apple Vehicle diagnostics Wireless CCTV PC maintenance Web design Steve Wheeler,2008 Steve Wheeler,2008 Tech available in college and in the industry Tech available in college and in the industry what does the college offer? computer rooms theatres smartboards tv dvd online support VLE/Moodle IT support IT courses laptops online material tech support in the industry/broader sense- FELTAG est 2013 by Matthew Hancock group of BIS ministers offering practical reccomendations of practical and effective use of tech in learning for Further Education Its focus- Horizon Scanning Investment+capital inferstucture Regulation+funding Workforce capacity Employers Learners lets break it down- keep up with change Investing correctly and keeping up with tech regulation must not limit progress teachers need for continuous professional developement should be met work actively with employers to make apprenticeships better BYOD. push learners to use tech more, especially their own devices in the process The Feltag report 2014 has bought about massive change and awareness and the Government has responded positively to their suggestions showing many sectors taking on board this ideal of ensuring more effective use of technology. Feltag progress report 2015. evaluation of requried developement evaluation of requried developement When evaluating and reviewing ones self, its hard to be kind. This leads to some questions coming to mind- How can I become better? How do I upgrade? What can I upgrade to have a better more
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Transcript: Expand the set of information, standardize that information and ensure its reliability through assurance process. Enable parties outside of audit committee to better judge how well each audit firm is managing its financial and human resource and addressing long-term sustainability concerns Facilitate the competitive process INPUT What is audit quality??? PROCESS THE END THANK YOU Introduction Transparency report What your audit committee needs to know in order to choose and oversee an independent auditor. Doing it right can keep you out of count. Why choose a suitable independent auditor is so important?? By Ed Smith, Jean C.Bedard and Karla M.Jonstone Prepared by: Chua Poh Yan OUTPUT FRC Audit Quality Framework key elements effect on the level of audit quality: Directorship June 26,2009 An public company ‘s Audit committee shares the responsibility for audit quality, through its responsibilities to select, compensate, oversee, and evaluate the company’s independent auditor. On October 2008 – report issued by US. Treasury Department’s Advisory Committee, co-chaired by former Securities and Exchange Commission chairman Arthur Levitt and former SEC chief accountant, Don Nicolaisen, direct the PCAOB-to examine the feasibility of requiring audit firms to periodically report on key indicators of audit quality. The characteristics of and the culture within an audit firm The skills and personal qualities of audit partners and staff The effectiveness of the audit process The reliability and usefulness of audit reports Factors outside the control of auditors that may affect audit quality Input – knowledge and independence of the audit- engagement team - provide resources in training and knowledge support - ensuring that individual engagement teams perform audits according to professional standards Process – the appropriate type and amount of audit tests - statistics on the firm’s partners, managers, and staff, and the average ratios of staff levels employed on engagements According to the Government Accountability Office- audit is conducted in accordance with GAAS to provide reasonable assurance that the audited financial statements and related disclose are: Presented in accordance with generally accepted accounting principle ( GAAP ) Are not materially misstated, whether due to errors or fraud. Output- reliable financial reports and an accurate audit opinion -proposed periodic report by auditing firm -the number of restatements or enforcement actions against the audit firm’s clients in the recent year - report on appropriateness of “ going concern” opinions Audit Quality
Transcript: Parmalat Italian Dairy Manufacturer Revenue= 4,538,000,000 euros 14,000 employees International Company Operate in: Botswana, Canada, Cuba, Mozambique, Paraguay, Russia, Venezuela, and Romania Listed on Italian Stock Exchange since 2005 #1 Stockholder=Sofil SAS (82%) CEO: Yvon Guerin with Parmalat since 1990 Deloitte-->PWC Due to fraud & Bankruptcy in 2002-2003 PWC since 2005 annual report 2011 Annual Report: true & fair view of financial position after being reissued due to closure of pending litigation 1.6 million euros in fees Analytical Procedures Inventory: Weighted Average Cost Method PPE/Intangibles: Straight Line Amortization and Depreciation Recognize foreign transactions using exchange rate at date of transaction for revenue/expenses Estimations: made by directors using subjective evaluations based on historical data Amendment IFRS7: Financial Instruments Disclosures-Transfers of Financial Assets No effect Parmalat Background Audit Committee Welcome to Parmalat Greatest Audit Risk Lactalis bought Parmalat in 2012 for $4.8 billion Worldwide leader in dairy products Prior to purchase: Lactalis was Parmalat's largest shareholder nominated and secured 9 out of 11 seats on Parmalat's boards CONSOB: Auditing Standards Regulation for Companies listed on the Italian Stock Exchange IFRS vs. GAAP Financial Periods required Layout Presentation Classification Disclosures Related Party Transactions Estimates of Depreciation and Allowance for Doubtful Accounts/ Bad Debt Expense Medium Inherent Risk History of fraud Recent merger and public dissatisfaction Low Control Risk Medium Acceptable Audit Risk Tolerable Error: 3,000,000 euros Materiality Levels: 1% of revenue Specialist in currency exchange calculations Traditional audit committee responsibilities are designated to: The Internal Control, Risk Control, and Corporate Governance Committee President: Marco Reboa Assist BOD Approve annual audit plan Communicate with external auditor about accounting policies Lauren Wachi Rachel Horrigan ACCT 4160 Growth in Milk & Milk Derivatives Division Leader in Industry ROA=0.4 NWC=154,500,000 euros Current=3.7 Competitor: Lactalis Lactalis market share: 26% Parmalat market share: 29.5% European Food Safety Administration Questions? U.S. vs. International Reporting Compare prior year to current year content Investments in associates (from 3.3->60.1) Trade Receivables (from 484->529) Compare Parmalat to other firms in the industry Analyze financial and nonfinancial data Compare revenues to square feet of manufacturing plants Confirmations regarding related party transactions Evaluate estimates useful life of PPE for depreciation Parmalat Background cont. Audit Report Financial Accounting Standards Change in Auditors Parmalat & Lactalis Merger Accounting 0 + - = 9 8 7 1 2 3 4 5 6 c
Transcript: Group Members Matt JUstin Karl Khalid 245 Park Avenue 245 Park Avenue, New York, New York Ernst & Young Centre 680 George Street, Sydney, New South Wales Bay Adelaide Centre 333 Bay Street, Toronto, Ontario One New York Plaza 1 New York Plaza , New York , New York Place de Ville I 320 Queen Street, Ottawa, Ontario
Transcript: Equality, Diversity, Inclusion & Belonging Audit Intro Aims The purpose of the EDIB Audit is to review the recruitment journey with an EDIB lens. To ensure the <CLIENT NAME> is attracting and retaining diverse talent. An inclusive journey needs to be created to encourage candidates and colleagues to be their true selves at work Audit Audit Data Capture What systems are being used? Questions Are the questions relevant? Do they add value? Are they appropriate? Are you considering all characteristics, including Social Mobility? When is the data captured? How is the data captured? Data Capture When in the process is it captured? Call to Reason Has a compelling reason been given to the candidate to provide their data? What is the purpose of the data capture? What will the data be used for? Systems Review Systems Review of systems to check for: Accessibility tools Ease of use Potential barriers Candidate experience Angard, NFCC Job Descriptions Job Descriptions and Adverts Review a sample of job Descriptions and adverts Check for at least 5 kinds of unconscious bias Highlight any vague language or use of jargon SEO improvements for high ranking job postings on Google Review the length of adverts Highlight the ratio between "we" and "you" - supports attractiveness Analyse the structure of adverts between bullets and paragraphs Process Review Process Review of the following processes: CV Review Interview arrangement Interview process Offer process Onboarding Reasonable adjustments Communication Comms Review of all communication, to include: Candidate rejection Request for adjustments Interview confirmation Interview preparation guidance Interview feedback Offer confirmation Onboarding communication Reporting Review of reporting: What reporting is required? How is it reported? How to use the data to highlight areas of improvement Reporting Findings Audit Findings Data Capture Data Capture Systems Systems Job Descriptions Job Descriptions and Adverts Process Process Comms Communication Reporting Reporting Recommendations Recommendations Data Data Review Candidate Experience Candidate Experience Factoids 1 Little Known Facts Factoids 2 Little Known Facts Reporting Proposal Idea 1 Idea 2 Idea 3 Success What does success look like? Increase in hires from underpresentend groups More diverse applications being received Higher level of engagment in data capture Next Steps Next steps Step 2 Step 3 Step 4 Step 1
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