Internal Control and Audit Risk
Department of Internal Control Structure
The structure of an entity’s internal control consists of policies and procedures established to provide reasonable assurance that specific entity objectives will be achieved. Policies and procedures relevant to an audit refer to the entity’s ability to record, process, summarize, and report financial data consistent with the financial statements.
Elements of Internal Control Structure
For purposes of an audit of financial statements, an entity’s internal control
Read MoreMechatronics Design and Prototyping
Mechatronics
Mechatronics is an interdisciplinary approach based on open communication systems and practices for achieving the best product design engineering.
Product Architecture
Product architecture is a scheme by which the functional elements of a product are arranged and interact in physical blocks.
Functional Elements
Operations and transformations contribute to the overall performance of the product. These are described as schemas before being implemented with specific technologies, components,
Read MoreEffective Assessment Strategies: Formative vs. Summative
A. Summative Assessment
Summative assessment is conducted at the end of the teaching-learning process to verify student learning outcomes. It measures results against terminal objectives, assigning a grade or placement on a quantitative scale to rank and certify student learning.
B. Formative Assessment
Formative assessment occurs during the teaching and learning process to monitor progress, identify student difficulties and successes, and inform stakeholders to regulate the educational process. Its
Read MoreEffective Promotion Strategies for Businesses
Promotion – It is a form of communication through which the seller transmits information to a potential buyer about a product or the company that manufactures or sells it. However, promotion does not end there. Once informed, the potential buyer must be convinced about the benefits of using the product and, finally, remember to buy from that company and not others. The main forms of promotion are:
- Advertising: Transmission components of a message through the media.
- Sales Promotion: Commercial actions
Pharmaceutical Marketing: Strategy and Consumer Behavior
Marketing Definition
Marketing is a set of activities designed to create exchanges that meet customer needs and generate business benefits through product and service sales.
There are 5 basic marketing concepts:
- Need
- Want: A desire conditioned by available resources and marketing encouragement.
- Market: A group of people with the desire, resources, and needs to fulfill their wants.
- Product: Physical goods, services, or ideas that satisfy consumer needs.
Strategic Marketing
Strategic Marketing guides a company
Read MoreEffective Management: Functions, Skills, and Leadership
Management
Important factors that caused change: global competition and the introduction of new information technology.
Management is the achievement of organizational objectives through adequate and effective planning, organizing, directing, and controlling resources.
This definition contains two important ideas:
- integrates the four functions of management: planning, organizing, directing and controlling
- requires the achievement of organizational goals adequately and efficiently.
Management Functions
A
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