Reporter Norman C. Miller won a Pulitzer Prize in 1964 for his reporting on the De Angelis story.
Tino De Angelis was the ‘brains’ behind ‘The Great Salad Oil Swindle’ (the name of the book).
This case showed quite clearly that attendance at stocktaking by an auditor, will not provide, in itself, sufficient appropriate audit evidence on which to base the audit opinion.
I have always found one of the most interesting ways of studying internal control systems and auditing procedures is by looking at reports on frauds, indicating where things have gone wrong in real life.
Last time I looked on Amazon there were some copies of one of my favourite books available, alternatively perhaps try your local library.
Happy bedtime reading!
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2009-08-05 18:26:332009-08-05 18:26:33Looking for a good bedtime read?
There appears to be a bit of a love/hate relationship between students and the UK tax papers. Students tend to either love them or hate them. There’s seldom any half way position.
It’s also one of those subjects where generally either you know it or you don’t know it. There’s not a lot of scope for guessing or trying to “waffle” to get the correct answer.
One of the most frequently asked questions by students is “Why does the UK tax year start on 6 April instead of say 1 January?” Note that this will not be asked in the actual exam so the answer is for personal use only or to impress your friends!
HM Revenue & Customs are a very helpful lot and explained the reason why the tax year starts on 6 April as follows:
The reason for the tax year running from 6 April to 5 April is primarily historical and has its origin in the switch from the Julian to the Gregorian calendar in 1752.
It had been calculated in the 16th Century that the Julian calendar had lost 9 days since its introduction in 46 BC. Most of Europe changed to the new, more accurate, Gregorian calendar in 1582, but the UK continued with the old one until September 1752 by which time the error had increased to 11 days.
These 11 days were ‘caught up’ by being removed from the calendar altogether – 2 September was followed by 14 September. In order not to lose 11 days’ tax revenue in that tax year, though, the authorities decided to tack the missing days on at the end, which meant moving the beginning of the tax year from the 25 March, Lady Day, (which since the Middle Ages has been regarded as the beginning of the legal year) to 6 April.
The dates were adopted for income tax on its re-imposition in 1842 and have not changed since.
So now you know!
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2009-08-05 18:02:202009-08-05 18:02:20Of course it should be the 6th April!?
I had to recently go into hospital for a minor operation on my knee. The nurses and doctors were fantastic there and thankfully everything is now fine with my knee.
The hospital I was in was a classic not-for-profit (NFP) organization and during my time there it really made me appreciate the challenges that NFPs face when setting objectives.
Hospitals have a significant number of stakeholders with a high level of interest. Patients like me are stakeholders with an obvious high level of interest in matters. Other local individuals who are not patients are also interested in case at some stage they need to use the hospital. The doctors, nurses and admin staff are also stakeholders with a keen interest in the activities and the government is another stakeholder interested in the hospital.
In summary, NFPs are different from most other organizations when it comes to stakeholders in that there tends to be a wider range of stakeholders with a high interest in a NFP organization than compared with other organizations.
Another issue that occurred to me during my stay was that there are a number of objectives that the hospital needs to balance. Two obvious ones are the quality of care given to a patient when he’s in the hospital versus treating more patients.
A final area I thought about was the classic finance term of Cost Benefit Analysis. Costs within hospitals are easy to measure but the benefits can be inherently difficult to measure. For example, how would they measure the benefit of reducing the waiting time for a knee operation by one month or 6 months?
You are not necessarily expected to be able to provide all the answers to the challenges of running a hospital in the exam but it is important to have an understanding of the challenges that a NFP organization faces when running its business.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2009-08-01 18:29:542009-08-01 18:29:54Not-for-profit organisations face several challenges.
If you want details of topical business issues to help you in your professional exams or simply want to keep up to date with relevant business news in an easy to read, fun way then please enjoy our blog. If you’d like a copy of our free study notes and videos for the ACCA and CIMA exams visit ExPand (ExP Advice, News & Discussion).
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Stevehttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve2009-07-31 16:55:132018-05-10 14:30:02Welcome to your business exam success blog.
The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.