Audit Strategy Report for Solid Bank Plc Research Proposal

Audit Strategy Report for Solid Bank Plc - Research Proposal Example The objective of this audit is to assess the risks to the Bank given the current economic environment in UK & the performance of the Bank and report to the board of directors. This audit strategy is first hand presentation and may be subject to change/modifications if deemed necessary during the audit process (proposed in accordance with the guidelines of ISA 300). This plan & all subsequent changes shall be documented & shared with all members of the customer charged with governance & management. The focus of the audit shall be on the following: (c) Identification of Bank Account statements, operating expenses & income, profit before & after tax, assets & liabilities held by the bank, share holder's equity, cash flows & equivalents, loans & advances to the customers, Collaterals, non-performing assets, and any other area that may be identified during the audit process. (d) The audit shall be carried out in full on all the accounting statements and balance sheets. Parts of the statements shall be sampled to assess compliance to internal & regulatory procedures. If non-compliances are evident then the sample sizes shall be increased at the relevant areas. (e) The Risk Management System of the Bank shall be assessed and the identified risks shall be analyzed with respect to the threats & vulnerabilities (exposures) and criticality at which the risks are logged. The risk management of material misstatements in the accounting statements shall be a part of this assessment in accordance with ISA 315. Further to this, the mitigation actions (planned as well as accomplished) against identified risks shall be assessed for their effectiveness in reducing the risk values. Wherever the controls & mitigation actions are perceived by auditors to be insufficient, the auditors shall enhance the audit scope & procedures & determine the overall responses to address the risks of material misstatement in accounting statements. The nature, timing & extent of further audit procedures shall be determined & communicated to the board of directors (ISA 330). (f) The underlying technology infrastructure maintaining the samples selected for audit shall be assessed from the perspective of access control, assignment & control of roles & privileges, cryptography or other controls used, activity logging, systems monitoring, data protection procedures (like backups, recovery testing, data consistency tests,

Health Care Economics Essay Example | Topics and Well Written Essays - 1250 words

Health Care Economics - Essay Example However, with advances in technology scientists came out with the discovery of solar panels. Solar panels are just a one-time investment and once set up they’ll provide free electricity for their entire life. What simply happens is that the solar panels take up energy from sun rays and convert that energy to provide electrical power. This simple example goes on to show how technology has brought down the cost of various products. Health care has been one of the most important issues of the current time. With the ever increasing health care costs, people from all walks of life have been complaining they cannot afford proper treatment. Workers in America have so hardly been hit by the high health insurance premium payments that they often forego getting a recommended checkup rather than paying huge sums of out of pocket money. So why it is that business technology saves a lot on costs but when it comes to healthcare, new technology drives up costs? There are a lot of reasons to this and we’ll look at each in turn. Firstly, we’ll focus on simple demand and supply factors. The demand for health care has increased over the years as worldwide population increases exponentially. However the supply side hasn’t moved at the same pace as there are a limited number of medical technology producers. The demand supply gap is one of the main reasons why healthcare costs have gone up. Another important reason why health care technology has increased health care costs is that medicinal technology is different than other forms of technological improvements. When a new medicinal technology is launched in the hospital market, a new progress towards diagnosis of a disease or its treatment is made. However in other fields, technological innovation is just a continuation of a previous product to make it better. Such an innovation’s primary objective generally is to achieve an increase in the product’s efficiency and therefore reduce its overa ll cost. However when it comes to medicinal technology, a new purpose is accomplished every time a technological advancement is made and so the investment and the return (payback) process starts from the beginning every time. To recover such investments, patients have to be charged high so at least the hospitals breakup if they don’t make a profit. This is one of the main reason why patients end up paying high medicine bills as the recovery cost of technological improvements is ultimately passed on to the final consumers. Health care technology requires a lot of research. The major chunk of expenditure that’s made by pharmaceutical and health care equipment companies is on research and development of new products and technologies. These figures are often so significant that they take up to seventy percent of a company’s annual budget! It’s pretty obvious now that when such companies will develop their products, they’ll have real high costs attached to them. The latest machines for chemo therapy and drugs to contain cancer have very high costs associated with them. These high costs simply reflect the amount spent on research and development towards the innovation of these drugs and machineries. Whether a particular technology will reduce or increase the amount spent on healthcare will depend upon several critical factors. One of such