In 1992, Kaplan and Norton first published a paper about the Balanced Scorecard(BSC). It was a huge success and BSC soon became very popular all over the world. Before BSC emerged, organizations usually use traditional methods of performance evaluation focused mainly on financial measures such as ROCE, sales and profits. BSC translates an organization's mission and strategy into a comprehensive set of performance measures that provides the framework for a strategic measurement and managem...
Man is a social animal and down the ages he has strived hard to discover himself through materialism and opulence. In this process he has landed himself and the rest to mind blowing ecological disasters that questioned his pursuits for comforts. Yet man is not ready to learn from his past. I would like to bring forth an incident that, by human error, has led to 7 deaths and many getting affected in the process. Many would not accept the fact that entertainment centres offer a large variety an...
Racial profiling is a practice used by police where they focus on a particular race for scrutiny and intervention. Example of racial profiling is when police stop black men in United States and scrutinize them for drug trafficking. It is an implicit policy; however, it is prescribed protocol in some agencies. It may occur when law enforcement inappropriately considers different races to decide on how to intervene in an enforcement capacity. The aim is to develop an analysis of racial profilin...
Independence is fundamentally an attitude of mind for exercise of professional judgment and defined as an abstract concept that is easily subject to misinterpretation. Quality of integrity, objectivity, honesty, and impartiality are included in the concept to characterize independence. Independence is also a basic element to the reliability of auditor's reports. However, it does not mean that an auditor must be free of all economic, financial, and other relationships to comply with independen...
The paid amount for employees for their services. This transaction goes into the income statement report and it comes from the Human Resources Department. Operating Expense. It is the total amount that is spent to run a firm in a specific period of time. This transaction goes into the income statement report and it comes from the Operational Department. Equipments Are assets that the business will use in several years to produce their products. This transaction could be in the income statemen...
VOIR brand was established in the late 1970s by the Seow family. On 14 April 1988, VOIR Group Executive Chairman and his mother founded Kumpulan Voir Sdn Bhd to undertake the expansion of the VOIR brands business. Its have 6 operating subsidiaries, own brands such as VOIR, Applemints, SODA, South China Sea, G&H, and NOIR. It also holds the exclusive license to distribute 2 international sports, leisure and lifestyle brands, Diadora from Italy and Chiemsee from Germany. VOIR, Applemints and So...
Messie, Glover, Prawitt & Boh, Margaret , 2007 stated that audit risk is the risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated. In simple terms, audit risk is the risk that an auditor will issue an unqualified opinion when the financial statements contain material misstatement. ISA 200 states that auditor should plan and perform the audit to reduce audit risk to an acceptably low level that is consistent with the objective of...
What is the definition of standard costing? Standard costing is the system of using standard costs. Standard costing involves using the predetermined costs/standard costs to compare with the actual to find the difference or variance. Variance can be adverse (actual result is worse than standard) or favorable (actual result is better than standard). An adverse variance tells management that if everything else stays constant the company's actual profit will be less than planned. Whereas, a favo...
This report has been taken from businessweek and is written by David Bogoslaw. He is a graduate form the University of Columbia. His main field of research and reporting includes energy, chemical industry, science and culture. The basic aim of this report is to identify the loopholes in financial reporting and find solutions to improve the transparency in it. In the wake of current crisis the report has much importance as some of the causes of this recent turmoil I context of financial report...
Chapter 7- Net Present Value and Other Investment Question 1 : List the methods that a firm can use to evaluate a potential investment. There are discounted and non-discounted cash-flow capital budgeting criteria to evaluate proposed investments. They are 1) Net present value: NPV is a discounted cash flow technique, which is the difference between an investment's market value and its cost. NPV = Present value of cash inflow- Present value of cash outflow The investment should be accepted if ...