Internal Auditing Concepts for Small and Medium Enterprises

Internal Auditing Concepts for Small and Medium Enterprises INTRODUCTION 1.0 Background Internal auditing is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes (IIA, 2007). It delivers greater value to an organization by championing good governance, supporting enterprise risk management rollout, consolidating compliance processes, and potentially coordinating various other corporate monitoring functions (Rick Todd, 2008). Corporate governance is a set of processes, controls, and structures generally performed within the organization by, or on behalf of, stakeholders (including the board or other body directly appointed by stakeholders, to ensure that their interests are protected and their goals are achieved (Norman, 2007). Over the past years, there has been a loud call for â€Å"good governance† of organizations (Zeleke, 2007). In the wake of corporate scandals, widespread unethical behavior, and illegal activity in some of the most respected organizations, corporate governance has become important in both public and private organizations (Tumuheki, 2007). These accounting scandals and legislation highlight the critical role the internal audit function plays in corporate governance (Deborah et al, 2008). It is therefore not surprising that the Institute of Internal Auditors (IIA) puts a lot of effort in guiding its members to become corporate governance specialists, capable to assist both management and the board (Jan, 2005). Uganda, like other transition economies, now increasingly recognizes that corporate governance is an essential tool for prosperity and economic growth. (Tumuheki, 2007). For Small and Medium Enterprises, especially those with a serious desire to grow and perhaps someday get stock exchange listings of their own, they should consider adopting key elements of corporate governance as this will help them gain access to information and resources for growth. The presence of proper accounting and bookkeeping practices increases confidence in SMEs and makes them less risky to invest or finance. According to Wee Teck (2003), there has been a recent growing call for the application of corporate governance to SMEs. They argue that, corporate governance has similar benefits to SMEs as to listed companies and therefore similar guidelines that apply to listed companies should also be applicable to SMEs. 2.0 Statement of the Problem Small and Medium Enterprises (SMEs) are critical for Uganda because of their role in economic growth and poverty reduction. A dynamic and vibrant SME sector will provide sustainable growth, generate jobs and therefore reduce poverty levels .As companies globally face issues relating to transparency, accountability and timely disclosure of material information, the concept of corporate governance and business ethics in SMEs has gained significant importance (Shahnawaz, 2003). In Uganda, SMEs which form 90% of the private sector, lack organised in-house procedures to manage and supervise internal controls, risk management, business performance and cash flows. This has caused a high collapse rate, with 40 % failing within one year and 80 % within five years (Kasule, 2008) despite the high formation rate. This has prompted me to look at the relationship between internal audit proficiency and corporate governance in the small and medium scale enterprises in Uganda. 3.0 Purpose of the Study The purpose of the study seeks to evaluate the relationships between internal audit proficiency and internal controls; internal controls and corporate governance; internal audit proficiency and risk management; internal controls and risk management; and risk management and corporate governance in Ugandas SMEs. 4.0 Objectives of the Study The specific objectives of the study are stated below: i To establish the relationship between internal audit proficiency and internal controls in SMEs ii To establish the relationship between internal control systems and corporate governance in SMEs iii To establish the relationship between internal audit proficiency and risk management in SMEs iv To establish the relationship between internal controls and risk management in SMEs v To establish the relationship between risk management and corporate governance in SMEs. 5.0 Research Questions i) What are the causes of lack of internal audit proficiency in Ugandas SMEs? ii) What role can internal audit proficiency play to promote good corporate governance in Ugandas SMEs? 6.0 Scope of the Study The study will focus on internal audit proficiency, internal controls, risk management and corporate governance practices in Ugandas SMEs. It will be conducted within Kampala District since Kampala area has the largest number of SMEs in Uganda. The SMEs will be studied under the following categories; trade and commerce, service and manufacturing. 7.0 Significance of the Study The study will benefit the SME sector since it will highlight areas of emphasis that they should take advantage of. Scholars and academicians may be inspired to carry out further studies based on these findings. The study is expected to boost the literature gap on internal audit and corporate governance in the SME sector. Policy makers and other stakeholders will benefit from the findings of this research since they will be able to draw conclusions based on the findings. 8.0 Conceptual Framework The conceptual frame work draws upon the works of Faudziah et al, (2005), Laura Michael, (2002) and Tushabomwe (2006) with adjustments made to fit SMEs in Uganda. It explores the relationship between two variables; internal audit proficiency and corporate governance in Ugandas SMEs. According to Gerrit Ignace (2006), internal controls more specifically and risk management have been considered fundamental elements of organizational governance and that, it is the job of internal auditors to help organisations accomplish their objectives by bringing systematic and disciplined approaches to evaluate and improve the effectiveness of risk management, control and governance processes. Internal auditors have an important role in the corporate governance process (Jan, 2007) and therefore need to be out in front, leading organisations with regards to the internal control systems and also focusing on strategic business objectives. They also need to establish themselves as vital cogs in their organizations, rather than as observers who watch from the periphery and wait for events to impact them (Sawyer Vinten, 1996). Therefore their experience and skill in carrying out audit work is of great importance since constructive advice to the Board and management adds value to organizations. The following conceptual frame work will be used to guide the study.

Albert the frog :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Albert   Ã‚  Ã‚  Ã‚  Ã‚  Albert lived in a can. He was a frog that lived in a large coffee can. You may say to yourself, coffee cans are rather minute, but you must know one thing to answer this pondering, Albert is simply a small frog that doesn’t need a large home. One day he stopped sleeping and realized that he was In a puddle of water. Albert doesn’t like water even though he is a frog. He screamed and yelled a lot. He then woke up and realized it was a dream but there was a cat standing above his can that was about to pounce. With a lightning fast thought, Albert grabbed his water jug and hopped as fast as he could into a thicket. Albert did not know what a thicket was or why he jumped into one but he started to walk like a frog, due to him being a frog. On his daily walk towards the little creek were he fills his water jug he saw a curious-looking spotted object and concluded that he should hop over to it so he did. Once he got closer he realized it was a 1 foot tall mushroom. Albert’s favorite kind too! The ones with orange spots and blue stems. Since Albert did not have time to eat some flies for breakfast due to the cat trying to kill him, he decided to treat himself to a mushroom pie. Albert did know how to make wonderful mushroom pies. He sat upon a log and started a small little campfire on which to cook the mushroom. He went and grabbed a huge chunk off of the mushroom and plopped it on the on the pan as he nibbled on a smaller chunk. Albert became upset when his mushroom pie melted instead of turning into bread, which mushrooms tend to do this time of year. Albert drank the soupy slime from the pan and was on his way. Due to Albert being tired from all of the excitement he sat atop of a huge bed he found in the forest. When he woke up it was dark out. Albert was very worried due to his need to fill his water jug so he continued looking for the creek. Even though his luck was down Albert was happy due to the fact that his favorite song was being played by the trees.

Business Advertising Affect on Society Essay -- essays research papers

Business and society Today, big companies and corporations are trying to make us buy their products by using more and more advertising techniques. TV commercials, posters on the walls, newspaper ads and a variety of different flyers are just some examples of the massive propaganda used by businesses. Some critics say that the number of this adds is so extensive that, they can change our views of life. After everyone have seen the same actor chewing the same gum while sitting in the club with three hot girls, over and aver again, people might really start thinking that chewing that gum will make them more attractive. This is the way that the creators of that ad will want us to think. The ads are not just promoting the products, but also a lifestyle. To live that life style, you need to get the products. This sounds like an evil plan, used by the commercial world. But is the public really so simple minded to just follow everything they see and hear? It is a fact that the life presented on the TV as well as in the number of magazines, is much different from the life of an average person. Majority of as are not like that and never will be. Society is getting more diverse. People are listening to so many different kings music that others never heard of. As the models on the fashion magazine covers are getting thinner and thinner, the majority of Americans are actually gaining weight. Businesses are still following the will of the consumers, even though they became so big and powerful. Most of the people want to become in a way better then who they are right now. No one can really change their personality or completely become a different person in one day. But there are things that we want to make different about ourselves. Thi... ...ace, will get so depressed when he is going to see his favorite NBA player wearing the Adidas shoes that he does not have. This is the society, not the business might make us uncomfortable with who we are. An advertisement is the way businesses fight each other on the market, truing to get better then the others. And in the society, people want to show that they are better then others, often by changing themselves. The businesses will not change who we are, but the society can. Very often, the society dictates us what to wear and what music should we to listen to. We would always choose what store to go to. But we can not the society we were born into. Some people might blame media and big business for making them unhappy with themselves. But if they were really happy and confident in the first place, they would not even think of changing themselves, that much. Business Advertising Affect on Society Essay -- essays research papers Business and society Today, big companies and corporations are trying to make us buy their products by using more and more advertising techniques. TV commercials, posters on the walls, newspaper ads and a variety of different flyers are just some examples of the massive propaganda used by businesses. Some critics say that the number of this adds is so extensive that, they can change our views of life. After everyone have seen the same actor chewing the same gum while sitting in the club with three hot girls, over and aver again, people might really start thinking that chewing that gum will make them more attractive. This is the way that the creators of that ad will want us to think. The ads are not just promoting the products, but also a lifestyle. To live that life style, you need to get the products. This sounds like an evil plan, used by the commercial world. But is the public really so simple minded to just follow everything they see and hear? It is a fact that the life presented on the TV as well as in the number of magazines, is much different from the life of an average person. Majority of as are not like that and never will be. Society is getting more diverse. People are listening to so many different kings music that others never heard of. As the models on the fashion magazine covers are getting thinner and thinner, the majority of Americans are actually gaining weight. Businesses are still following the will of the consumers, even though they became so big and powerful. Most of the people want to become in a way better then who they are right now. No one can really change their personality or completely become a different person in one day. But there are things that we want to make different about ourselves. Thi... ...ace, will get so depressed when he is going to see his favorite NBA player wearing the Adidas shoes that he does not have. This is the society, not the business might make us uncomfortable with who we are. An advertisement is the way businesses fight each other on the market, truing to get better then the others. And in the society, people want to show that they are better then others, often by changing themselves. The businesses will not change who we are, but the society can. Very often, the society dictates us what to wear and what music should we to listen to. We would always choose what store to go to. But we can not the society we were born into. Some people might blame media and big business for making them unhappy with themselves. But if they were really happy and confident in the first place, they would not even think of changing themselves, that much.

Tears of a Tiger

Justin Evans Goodbye to love This song goes along with the mood of the story because it is a sad song about losing a loved one. In the story after Rob and Andy pass away their families were very sad about losing them. This was a major plot point in the story. Eye of a Tiger Eye of a tiger relates to the story because Andy tells his brother multiple times in the story â€Å"it’s ok to put dragons in the jungle and tears on a tiger† the title of the story comes from this quote.Basketball The Theme of Tears of a tiger is basketball. This rising action of the story is when Andy, Rob, and 20B. J were celebrating after a huge win. Basketball by Lil Bow Wow I could imagine that this song is Robert Washington’s favorite song. The song talks about playing basketball. Rob always wanted to be on the court, or practicing his shot. That is why I think this song was Roberts’s favorite song.Heaven wasn’t so far away. After Andy and Rob died, their families wished they could see them again. In this song it talks about going to heaven for a day which is what they wanted to do Wish you were here In the climax of this story Rob Washington dies. The song wish you were here fits the mood of the story because everybody wishes Rob was there. Robs girlfriend wishes Roberts was back several times in the story. Tears of a Tiger

Book report sample Essay

INTRODUCTION On-the-job training (OJT) is one of the best training methods because it is planned, organized and conducted. OJT is generally the primary method used to broaden skills and increase productivity. OJT is dependent upon the trainer having sufficient knowledge and experience to impart to the trainees. OJT is important and the quality of OJT can be considerably improved through effective design. OJT has its advantages, first, trainees will have an opportunity to practice their selected fields. Second, they can practice their punctuality. Next, they can improve their skills and have an additional knowledge in the real world and lastly the trainees can have their immediate feedback. Trainings can be an eye opening because it will really help us to think for a better future. Morale, productivity and professionalism will be trained on the organization during our OJT. Those characteristics must be developed on our OJT to be a high world citizen that is creating and building our future careers . ACKNOWLEDGEMENT The trainees would like to acknowledge the people who helped them to make this On-the-Job Training to be possible. They are very thankful to the Lord for giving them strength, good health and courage to finish this training. They want to express their sincerest gratitude to their family for supporting them financially, emotionally and spiritually. For their friends  and classmates who cheer them up to fulfill this training. Also to their co-OJT’s who helped them to finish their duties. They would also like to thank the staffs of Wide Vision Tours for giving them a chance to be a part of the company and for giving them additional knowledge on their field. We are gratefully thankful to our professors for always being there for us to make us an effective World Citizen. To our Dean, Ms. Rhodora Lintot, we thank you for being kind and you let us experience what we are likely to face in real life. To our professor, Ms. Edwina Paz Perez RND, for supporting us in every step we take, for giving us importance and for awakening us in real world. Company Profile History of the Company Wide Vision Tours is a DOT accredited tour agency and one of the leading travel agency of group package tours in the Philippines for over thirteen years. Our tour packages cater to the following: College tours and exposure trip, educational tours for preschool to high school, adventure packages which include eco-adventure and surf camp, company outings and team building seminars. We also do airline bookings and ticketing. Mission Statement Wide Vision Tours aims to provide the top quality services while keeping the cost in control. We aim to provide high quality services and totally safe trips at best possible price. As our company motto says, â€Å"Enjoy ka na, Safe ka pa†. We have huge plans to progress within Philippines as one of the leading travel service provider and destination management company. Organizational Chart Owner/CEO Tour Consultant Tour Facilitator Ticketing Officer Tour Counselor Location Wide Vision Tours is located at Unit 2- 2nd floor L. Bldg. Barangay Mayamot, Sumulong highway Antipolo City. Features and Services Wide Vision Tours offers a fun and excitement tour packages that fits to every person who wants enjoyment. Wide Vision Tours packages cater to the following: College tours and exposure trip Educational tours for preschool to high school Adventure packages which include eco-adventure and surf camp Company outings and team building seminars They also do airline bookings and ticketing Summary Conclusion Recommendation Personal Experience As a Tourism student, I am thankful that I already finished my first On-the-Job-Training. Being in a Travel Agency is not that easy for me, we are the one who makes itineraries whenever we have a customer who is asking for a tour package. There are times that the clients are demanding, but we have to explain them what we have to. We are also the one who will ask for the rates of some places in Manila so that we can make a package for the high school students. We get brochures from the Department of Tourism (DOT) that we knew that they were located near Luneta Park but then when we got there, people said that DOT was transferred at Makita. It was a productive day, but was a tiring day. We also depart our clients to the Airport, they are 32 persons that booked at Wide Vision Tours but they are divided into  two because there are no availability on the same time of travel to Malaysia. There are times that we need to attend a awarding, the first was at Star City, Wide Vision Tours is t he 7th placer, the company brings a lot of students at Star City this is because of Sir Jun’s hard work. The second awarding was held at Kidzworld, Dasmarià ±as, City. Wide Vision Tours is the 13th placer in the Lucky Me! Happy House Plant. We are proud that we have given a chance to attend those awarding, and we are thankful that no matter what, Wide Vision Tours is always the one who makes our tours. To be in a Travel Agency is happy, we can learn a lot, we can do things that we didn’t think that we can. Like waking up at 1:00 A.M because we are one of the tour guides. Yes, we have experienced to be a real tour guide. We went in Bataan to have their Visita Iglesia. It was a long trip, I’ve experienced to sit in the stairs of the bus because there are no sits available, it was all occupied by our passengers. It is nice for me that I have experienced that thing. We have learned a lot from this company, and it is like we have faced the real world. They let us experience what the real work is. They touch us how to be responsible, they train us well and give us enough knowle dge that we can apply on our future careers.

Destroy Othello Essay

Iago feels that he was passed over for a promotion to lieutenant and resents Cassio, the new lieutenant. He also harbors a potential grudge against Othello, who promoted Cassio. Iago explains to Roderigo that Cassio was appointed despite the fact that three important Venetians had asked Othello to promote Iago. Iago states â€Å"I know my price, I am worth no worse a place† (1. 1. 11), which shows that he felt that he deserved the promotion. He resents that he has fought alongside Othello several times in battle, yet Cassio a mere â€Å"counter-caster†(1. 1. 31), who has never served in battle, was made lieutenant. He holds Othello responsible for his being passed over, and mocks Othello’s race and character. Iago’s conduct reveals his malicious nature. His statement â€Å"I am not what I am† (1. 1. 65) summarizes the deceitfulness of his character. Iago suggests to the heartbroken Roderigo that he â€Å"Call up her father, / Rouse him: make after him, poison his delight, / Proclaim him in the streets† (1. 1. 67-69). This shows Iago’s vindictive nature. He suggests that Roderigo not only disturb Barbantio in the middle of the night, but that he publicly announce that Desdemona has eloped, thus subjecting Barbantio and his family to shame. While calling out to Barbantio, Iago remains in the dark and does not reveal his identity. Here, as in the rest of the play, Iago acts an instigator, hidden in the shadows, yet still managing to manipulate those around him. In speaking to Barbantio, Iago insults him, and describes the relationship of Desdemona in derogatory and pornographic terms. After doing his best to make Barbantio panic, Iago returns to Othello and pretends to be loyal. However, he instructs Roderigo to tell Barbantio exactly where Desdemona and Othello can be found. Iago’s conduct reveals his ability to control others, while they remain unaware of his influence. This is shown by the fact that he uses Roderigo to anger Barbantio, whom he uses to destroy Othello. At this point, Barbantio and Othello are oblivious to Iago’s devious nature. Iago callously betrays Othello but pretends to be loyal to him.

Competitive positioning strategy and generic recommendations for Essay - 1

Competitive positioning strategy and generic recommendations for management 1042 - Essay Example This is because the Bowman’s strategy close helps companies to identify their unique competitive positioning based on their products or service and the pricing model they want to use with these. In a more practice term, companies are found to gain the best form of advantage with their competitive positioning when they are able to have a tangible competitive positioning action plan. This action plan may be composed of several practical tasks to be performed, including market profiling, customer segments, competitive analysis, among others. The world can now be referred to as a global village for several reasons. One of the most reasons is the fact that businesses can now move very easily from one point to another in attempt to expanding their market presence. But as companies move from one point to the other to do business, it is always important that they will appreciate the fact that there is competition within the places they go, a reason of which they must strategically place themselves in a way that makes them take all needed advantage on the market. Brown (2008) indicated that in any competitive market, the only guarantee for individual companies to succeed is for them to have a competitive advantage that is lasting. But for such an enviable competitive advantage to be developed, it is very important that a company will know what it has within its means and how it is positioned in the larger market that serves as an opportunity for improving its value (Porter, 1996). Baumeister and Leary (2005) noted that customers today are highly enlightened about value creation, a reason for which they would select value as the best force factor for doing business with one company and not the other. This is where competitive positioning becomes an important phenomenon for the companies. This is because competitive positioning has been explained to be the process of identifying a company’s value