MBA 503 Milestone 3 Destiny Mankel

Management oversight on internal controls and communication is a key in successfully implementing the financial strategies of any organization. Management cannot do every single aspect in the company, and must rely on communication and ethical conduct to get business done. Review at least two news articles or publications about current and future trends in the management of internal processes and their impact on companies' performance. How does the specific authorization and management oversight of financial capital processes affect internal controls? Provide examples of failed authorization and successful authorization of internal controls and the financial capital outcomes.

Describe the relevance and reliability of accounting information. How are these two characteristics assessed and why are they important for decision-making by external users of financial statements?

Refer to Wiley GAAP 2020: Interpretation and Application of Generally Accepted Accounting Principles, pages 2-25. Answer and discuss the following: When drafting financial statements, provide what the term "materiality" means and its importance. Include an understanding of the changes to "materiality" made in 2018 by the Financial Accounting Standards Board that makes the term consistent with the United States Supreme Court interpretation.

How can we reduce this risk in financial reporting process? "How does management ensure that information is being accessed only by authorized and relevant employees?” under the risks and control issues of financial reporting process?"

A company had the following accounts and balances as of December 31:  Account Debit Credit Cash $ 20,000  Accounts Receivable 2,000  Supplies 1,500  Prepaid Insurance 1,400  Accounts Payable $ 4,000 Total equity 14,900 Lodging Revenue 7,000 Salaries Expense 500  Utilities Expense 500  Totals $ 25,900 $ 25,900 Using the information in the table, calculate the total assets reported on the balance sheet for the period. Multiple Choice $23,400. $25,400. $25,900. $22,500. $24,900.

Your task is to read the FINTRAC report and prepare a comprehensive analysis of the financial transactions and sanctions evasion techniques of North Korea. Your analysis should include the following: • An explanation of the indicator’s evasion techniques deployed by North Korea to evade sanctions. • An evaluation of the effectiveness of the sanction’s regime against North Korea, with recommendations for improving it. • A critical assessment of the challenges faced by law enforcement agencies in combating North Korea's illicit financial activities.

Discuss the conceptual framework for financial reporting. What are its main objectives, qualitative characteristics, and elements of financial statements? How does the conceptual framework guide the development of accounting standards?

Answer this Question of financial accounting

Read the Wall Street Journal article, "Boeing Board Accused in Lawsuit of Lax Oversight During 737 MAX Crisis." This lawsuit is a great example of "shareholder activism." Boeing's shareholders took action when they felt the management failed to maximize their long-term value, and the board of directors failed to fulfill its fiduciary obligation to protect the interests of the shareholders. Respond to the following questions based on theories and concepts in Chapter 9. Q3-1. What are the role and duties of the broad of directors in corporate governance? Assuming Boeing shareholders' complaints are true in this lawsuit, in what ways did Boeing's board fail to fulfill its fiduciary duties to the shareholders? Q3-2. Assuming the shareholders' complaints are true, what are some likely reasons that Boeing's board failed to effectively fulfill its duties? Q3-3. We learned in Chapter 9 the importance of making sure the management acts in the best interests of shareholders. After reading the…

Discuss the importance of financial statements to a company and its investors and creditors and whymanagement may take steps to improve the appearance of the company in its financial statements.

Discuss and elaborate on the issues related to “Sustainability and the Management Accounting Value Creation” by providing SUMMARY and REVIEW of the related articles .You can ELABORATE your views with relation to the ethics and role of the Management Accountant in sustainability environment. Additional websites that you can refer to is the CIMA websites http://www.cimaglobal.com/Research--Insight

Create a scenario in which at least two types of postretirement health care and life insurance benefits change. Predict the potential impact of these changes on financial accounting and reporting practices.

Effective financial management is integral to the success and sustainability of any organization. Financial managers play a crucial role in overseeing the fiscal health of the company, making strategic decisions to optimize resources, manage budgets, and ensure financial stability. They are responsible for financial planning, forecasting, and risk management to support the organization's short-term and long-term goals. Additionally, financial managers must stay informed about market trends, economic conditions, and regulatory changes that may impact the financial landscape. Through prudent financial management, organizations can allocate resources efficiently, invest in growth opportunities, and navigate economic uncertainties, ultimately contributing to the overall success and resilience of the business.   Question: How do financial managers adapt their strategies to navigate economic uncertainties, and what key considerations should be taken into account when making financial…

Obtain and review a credit policy and procedures document from any selected financial institution. Review the contents and write a critique on the three key areas addressed in the policy. Highlight any one area which you think was not properly addressed, making two recommendations for improvement of the document, the policy and procedures. Note: Any key area identified in the policy and procedure document should be in alignment with key theoretical concepts covered in the course unit material.

What is the main reason lenders pay borrowers' property taxes through a pre-paid escrow account? It prevents a tax lien from being applied to the home. The tax lien would be senior to the mortgage lien. It prevents the borrower from refinancing with another lender because they would lose all of their escrow funds. It allows the lender to earn interest on the pre- paid tax money as itsits in the account. It allows the lender to take advantage of corporate tax deductions.

List the factors that should affect the auditor’s decision whetherto analyze an account balance. Considering these factors, list four expense accounts thatare commonly analyzed in audits.

What risks will arise from this? How does management ensure that the redundant and out-of-date information flows are identified and terminated in the financial reporting process?

When drafting financial statements, provide your understanding of what the term materiality means and its importance. Include an understanding of the changes made in 2018 by the Financial Accounting Standards Board that makes the term consistent with the U. S. Supreme Court interpretation. Be sure to consider and provide an assessment of both the quantitative and qualitative dimensions and include examples.

In the case of Frank and his experiences at HEDB, poor planning emerged as a primary problem that had a cascading effect on various aspects of the organization (Doe and Smith 2021, 355-356). Frank joined the company with high hopes, attracted by its reputation for job security and employee development (Doe and Smith 2021, 347). However, he witnessed significant changes in the financial services industry over time, driven by deregulation and technological advancements, which pressured companies like HEDB to adapt rapidly (Doe and Smith 2021, 348). Poor planning is evident in the abrupt shift from traditional leadership appointments to hiring an external CEO, Richard, to navigate these industry changes (Doe and Smith 2021, 350). The lack of succession planning and internal talent development left long-term employees uncertain and sceptical about the future (Smith 2023, 220). This change in leadership and strategy with a clear execution plan created clarity and resistance within the…

Discuss Controlling. Discuss the importance of two basic types of financial statements.

The purpose of this assignment is to evaluate the impact of a financial analysis on administrative decisions in a health care organization. Review Northwestern Memorial HealthCare's "Consolidated Financial Report" (Years Ended August 31, 2019 and 2018), and answer the following prompts.   Discuss the importance of and need for a financial analysis within a health care organization.   Explain the relationship between a health care organization's financial plan and debt policy to its strategic plan.   Assess the financial position of Northwestern Memorial HealthCare in 2019 as compared to 2018.   Give specific examples of areas where improvement is needed or areas that should be of concern in terms of financial viability.   Based upon these observations, make recommendations that management should consider from a strategic standpoint (i.e., strategic budgeting methods).

Below is a summary of the SEC corporate governance requirements of companies publicly-listed in the stock exchange. For each requirement, state how it is intended to help to address the risk of fraud in publicly traded organizations. a. Boards must have a corporate governance committee composed at least 3 of independent directors. b. The corporate governance committee must have a written charter that addresses the committee's purpose and responsibilities, and there are must be annual performance evaluation of the committee.

Queenstar Company manufactures smartphones and tablets. Its main customers are retailers who then sell to the general public. The company’s manufacturing is spread across five sits and goods are stored in its nine warehouses located across the country. You are an audit supervisor of Akof & Co and in preparation for the forthcoming audit for the year ending 30 June 20X7, you are reviewing the following notes your audit manager has provided you with in relation to the company’s internal controls. Queenstar Company has a small internal audit (IA) department. During the year, the IA started a programme of physically verifying the company’s assets and comparing the results to the non-current assets register, as this type of reconciliation had not occurred for some time. To date only 15% of assets have had their existence confirmed as IA has experienced significant staff shortages and several members of the current IA team are new to Queenstar Company. During the year, Queenstar Company…

What are the advantages and limitations of financial statement analysis? Cite some factors to consider in analyzing the financial statements.

what are ways the external auditor's responsibilities regarding a public company's system of internal controls have changed since SAS 78 became effective in the late 1990s. Were these changes necessary? Do you believe the changes have been effective at reducing risk for the company and the users of the financial statements?  Explain your rationale.

Reported accounting earnings provide valuable information to investors, lenders, and regulators. Reported income is also important for executive bonus. Yet, within the structure of GAAP, managers can use judgment in computing accounting earnings and in structuring transactions. In other words, managers can engage in earnings management. What safeguards can be used to reduce or preventing harmful earnings management intended to mislead investors and the market?

Sale of investments Cash collections from customers Cash purchase of used equipment Depreciation expense $ 5,200 15,700 4,900 2,000 Compute cash flows from investing activities using the above company information. Note: Amounts to be deducted should be indicated by a minus sign. Investing Activities EA $ 0