In this chapter, the learning objectives are: Discuss inherent risks related to the revenue and collection cycle with a focus on improper revenue recognition describe the revenue and collection cycle, including typical source documents and control procedures; give examples of tests of controls over customer credit approval, delivery, and accounts receivable accounting;...
The main goals of this chapter are to: Discuss inherent risks related to the revenue and collection cycle with a focus on improper revenue recognition describe the revenue and collection cycle, including typical source documents and control procedures; give examples of tests of controls over customer credit approval, delivery, and accounts receivable accounting.
It would not be exaggerating to argue that financial risk analysis is one of the most important and most difficult components of project appraisal. Such analysis is especially important because the financial viability of a project may be critical for its long-term sustainability and survivability. Its particular difficulty is due to the inherent challenge of pricing risk with market
In this paper, we formulate extractive summarization as a risk minimization problem and propose a unified probabilistic framework that naturally combines supervised and unsupervised summarization models to inherit their individual merits as well as to overcome their inherent limitations. In addition, the introduction of various loss functions also provides the summarization framework with a flexible but systematic way to render the redundancy and coherence relationships among sentences and between sentences and the whole document, respectively. ...
Chapter 6 - Planning the audit; linking audit procedures to risk. This chapter explained the manner in which auditors plan an audit and design audit programs. In this chapter, the learning objectives are: Identify the factors considered by auditors in accepting new clients, explain a CPA's responsibilities when planning an audit, explain how the auditors assess a client's business risk and use these risks to determine inherent risks.
Today’s industrial products, and many public sponsored projects,
show a strong increase in functionality and complexity. Think of automobiles,
mobile phones, personal computers, airplanes, or a space
mission. To ensure success and cope with inherent risks of modern
products, project management and systems engineering have become
indispensable skills for forward-looking enterprises.
The global trading system is undergoing a period of transition. Shifting economic
circumstances, major advances in technology and the emergence of
new players on the global scene, all underscore that we are on the cusp of
big changes. Persistent imbalances, driven largely by macro-economic
factors continue to be a cause of concern in some major economies.
When stakeholders seek value protection and internal control assurance,
internal audit’s skill sets must reflect best-in-class capabilities in core financial
and compliance auditing. As stakeholder needs evolve, internal audit is often
called upon to do more to create value through operational improvement.
Delivering operational improvement typically requires a portfolio of skill sets
that build on core internal audit competencies to include risk management
and consultative capabilities.
In the Commonwealth of Pennsylvania, the authority also develops programs to
educate the public about reducing the risk of becoming a victim of auto theft. In
cooperation with the Philadelphia Eagles National Football League team, the
authority launched a print, radio and online campaign that educates the public
about auto theft prevention.
Uniform Crime Report Data from the Pennsylvania State Police showed that, since
the authority’s inception in 1995, annual auto theft rates have declined by nearly 50
Some beautiful and famous countryside sites are at risk of being over-used for large-scale walks. This
kind of activity brings hundreds of tramping feet and a hubbub of noise and bustle which can destroy
the very beauty and atmosphere for which the place is famous. Other sites and routes are much more
robust and lend themselves happily to throngs of people all enjoying themselves at the same place at
the same time. Choose your event site wisely.
The FSA financial capability survey measured different types of financial behaviour and
attitudes in five key areas: making ends meet, keeping track of money, planning ahead,
choosing products, and staying informed across the UK population. This survey is due to
be repeated in 2010 and every four to five years thereafter.
Improvements in the level of financial capability require a long-term change in attitudes,
habits and behaviour towards money. The National Audit Office has recognised that
measuring those changes is inherently difficult.
With a solid understanding of the company, its objectives and inherent risks,
the auditor must consider the possible impact of the various risks on the
achievement of business objectives and the likelihood of their occurrence. By
considering both the impact of key risks and the likelihood of occurrence, a
risk profile of the organisation can be developed. The risk profile is presented
to management and the audit committee using a colour-coded heat map that
identifies high, moderate and low risk areas.
In the first year of an internal audit start-up, companies typically do not have
a formal baseline from which to evaluate the effectiveness of control activities.
As such, the initial risk assessment and audit plan are developed primarily at
inherent risk level. Inherent risks are those present in the normal course of
conducting business activities. These include external risks such as changes to
global, national and economic climates, as well as technological, legal and
We do not unlawfully discriminate on the basis of any status or condition
protected by applicable federal or state law. Consistent with our affiliation with
the Churches of Christ and our faith heritage, we do seek to hire and promote
persons who support the goals and mission of the University, including, but not
limited to, those who are members of the Churches of Christ.
We respect the inherent worth of each member of the community. We do not
engage in any forms of harassment of others.
hemical and industrial
manufacturing processes often require temperature, humid-
ity, and other environmental parameters to remain in a
small, fixed range that varies over time . Should the
temperature fall outside this range, manufacturers risk
costly failures that must be avoided. Thus, they currently
employ a range of wired sensing to avoid such problems
[25,13]. Interestingly, companies in this area (e.g.
To begin, at the left of the figure, trends in risk factors or biological markers
such as cholesterol and other lipids, weight, and indicators of insulin regulation are
separate markers of underlying health and population propensity to disease. At the
population level, the age of onset of these factors generally precedes the onset of
related diseases like cardiovascular disease and diabetes. The second box includes
diseases, conditions, and impairments.
Alterations in chromatin packing are not the only
physical manifestations of cancer. A cluster of tumour
cells will also usually display gross structural changes
that pathologists use for diagnosis: cells look visibly
deformed and are often enlarged, with swollen and
misshapen nuclei; and the chromosomes are distri-
buted eccentrically. In an attempt to study these chan-
ges more accurately, researchers at ASU’s Biodesign
Institute have developed an optical computerized
tomography (CT) scan for individual cells.
Community management of patients with organic brain damage can be difficult. They often do
not attend appointments. The community nursing team may be able to offer advice and support
to the patient. A community care assessment by the social work department may be needed. If
drinking continues to be problematic, sometimes patients will agree to an arrangement with
their family or their social worker such that, at any one time, they only have access to small
amounts of their money.
Oral health professionals play a significant role in counseling patients concerning the harmful effects of tobacco, alcohol and recreational drugs. During the pregnancy, the consequences of these behaviors are profound. Multiple studies have demonstrated a clear association between maternal smoking and perinatal morbidity and mortality (6-10). Women who smoke are at increased risk for low birth weight babies, bleeding during pregnancy, premature labor and preterm rupture of membranes.