We also used several court documents containing actuarial testimonies about policy rates, and proper returns on investments. These documents were very useful, as all the information was very accurate given the legal process required and the extensive background checks and research that went into
I agree with your comments. You brought up a great point in your discussion. I only focused on the numbers, but you also talked about accountants keeping a record of nonfinancial information. After I read through the book, I learned that the nonfinancial information included “work schedules, store hours, and customer service policies” (Edmonds, Olds, & Tsay, 2008, pg. 4).
“The Sarbanes-Oxley Act of 2002 is legislation passed by the U.S. Congress to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise, as well as improve the accuracy of corporate disclosures”(Rouse, n.d.). This act was implemented by the government to avoid financial disgraces which occurred due to lack of proper storage of business records including electronic records and electronic messages. This act requires financial institutions to store audit trail of log files and other financial documentation either paper or electronic versions for five years. It is very important the IT department of any organization to securely store data for audit purpose to avoid huge penalties and even imprisonment. Backup is also an important aspect as this act requires financial institution to have data available for past five years.
With Chase Home Finance, I was part of the Records Management and Document Control teams. I was responsible for receiving, tracking, imaging, and shipping of various types of loan documents. Documents were scanned and indexed by type for access through the ICON image retrieval system. For post-closing loan documents, I was used an AS/400 based application for document and file tracking purposes. I processed internal requests for documents, while ensuring that all non-public personal information was kept confidential.
Each customer should have a file which includes their credit application and all correspondence that you send to the customer about anything. This, added to the invoices and payment history in the accounting system, will give you a comprehensive picture of the customer, their payment history, and creditworthiness.
(1) Clients.TheylooktotheFamilyOfficetoprovideappropriateinvestmentand/orfinancialreporting, tax and administrative services. They are concerned about return on investment, timeliness, accuracy, compliance, privacy, and risk management. Clients want to make sure that the cost of delivering these services is reasonable and fairly allocated among the various
Files will be assigned to modification staff for review and evaluation of all loss mitigation options according to and current active status.
To put it simply, our team aimed to start strong, investing in training and high benefits, with goals of continuing a strong initial quarter by reacting to each week as a new “start”. This turned out to be counterproductive, as our relatively massive spending in the first quarter of the first year had an adverse effect on our budget, effectively hamstringing us for the rest of the fiscal year. The business results were initially positive. Morale and productivity were high after the first quarter of year one, and we placed among the top three groups. This was the result of having put high focus and the majority of our funds towards benefits and training in the beginning. We were emboldened by these results and focused on mitigating future consequences of having to cut back on spending. As such, we decided to strategically under-hire, not realizing this would adversely affect absenteeism and product quality, as well as grievances. Since there were never enough workers to cover all the shifts workers became overworked which contributed to missing days of work, and also explains why they would be putting in less effort to ensure or double check the quality of all products (Steen, Noe, Hollenbeck, Gerhart, & Wright, 2016). We believed that our initial massive boost in benefits would compensate for not being able to afford a raise in wages. Our