Auditing Essay Example | Topics and Well Written Essays - 500 words - 4

Auditing - Essay Example Adverse views are those that auditors believe to bear misleading information and are therefore unreliable. Those that lack sufficient evidence to enable judgement are the disclaimers. The Hawke’s Bay Cultural Trust is one of the firms that received a non-standard audit opinion on the year beginning on April 1st 2004 and ending on March 31st 2005. It got a full adverse opinion on 30th June 2004. The purpose of receiving this stance is the trust failed to recognize the whole value of its compendium of assets. It also had no idea of the concomitant expense in depreciation in its financial records. These misdoings go against the third standard of financial reporting i.e. accounting for plant, equipment and property. It expects business entities to recognize the asset collections not achieved before to be recognized at reasonable value without forgetting to depreciate it (Audit Guidance Statement 14). The Trust is a corporation that specializes in the management of all issues concerning heritage, culture and arts on an assimilated region. Its role is to provide services in the fields of heritage, culture as well as art and related programs to those residing in Hawkes’s Bay. It also provides education and information to the Hastings District community in its areas of specialty among other roles Attached is a copy of the audit report to the readers of the Hasting’s community for the year that ended on thirtieth June two thousand and four. The company received a disclaimer because the liquidity levels were much higher than expected, resulting from an increase in surplus coupled with the degree of labor brought forward to the year 2004/05. Secondly, the present portion of term indebtedness of two million U. S dollars exceeded the long-term financial strategy budget. There were capsizing finances as a consequence of the decision to utilize internal borrowing to avoid the creation of more sinking funds (Audit Guidance Statement

Suggest a Strategy for Nan Fung Group up to 2021 Essay

Suggest a Strategy for Nan Fung Group up to 2021 - Essay Example Strategy formation: Many organizations face pluralism; meaning conflicting objectives from different stakeholders. Usually there is a conflict between share holders, management, employees and customers. However, in NanFung case there is extremely low pluralism..Customers are an active part of the board that governs NanFung along with local authority members. As a result the views and interests of the stakeholders move in the same direction to promote the welfare of the community. When developing strategies, all internal and external factors should be taken into account. NanFung housing has major strengths compared to other smaller associations but when compared to larger associations it lacks consistency in service and customer focus. Although many improvements have been recorded in significant weak areas such as diversity performance and cutting the time taken to let out empty properties there is a lack of initiative on the value for money front. NanFung should focus its strategy on four weak areas; customer focus, diversity and equality, value for money and internal processes. Strategy implementation: NanFung needs to improve customer focus and make sure it is instilled in every aspect of service. Even in strong areas such as gas servicing and repair services, the customer centric approach is lacking as appointments have to be made by customers and routine checks are no longer in place. The customers need to be made aware of the services that the association offers and what level of service to expect. This can be done by implementing routine checks and maintaining a higher standard in customer service. NanFung has already developed specific standards in consultation with its tenants but there needs to be follow through. During new lettings all information must be provided to customers. Customer needs should be anticipated rather than just responded to. Gas servicing reports should be provided to the board on a regular basis. As majority of the tenants are age d and many face disabilities, the association should not wait for requests for adaptation and aid rather provide them from the beginning. As this is the majority segment communities should be focused singularly on their needs and satisfaction. NanFung should comprehensively address the diverse needs of its tenants. Although it has recently started making use of diversity data in it services there is still much progress to be made. NanFung must ensure that all staff is trained and aware of the diverse needs of clients and questions or requests are not required. Satisfaction levels amongst diverse customers must be monitored and assessed. At present there are no measures to assess this factor. There should be recording of calls and of diverse backgrounds on satisfaction surveys to record feedback from diverse clients. NanFung should focus on meeting diversity and equality requirements. These measures will help NanFung provide tailored services. They will also decrease costs as it will enable efficiency and effectiveness of service to diverse customers. The value for money strategy is an imperative part of TSA’s standards. It has been in place for long period and NanFung has failed to fully implement it and reap its benefits. The strategy focuses on economy, efficiency and effectiveness. VFM means attaining the best outcomes with the available resources. NanFung faces high void costs and is focusing on decreasing the time taken to let out empty property. It is succeeding to a certain extent but the focus is not