1. What are the different types of audits that retailers use. Why is auditing necessary? What benefits can be gained to offset the costs associated with them?
2. What are five ways a retailer can determine performance. Why is it important for retailers to attempt to measure and compare their performance with competitors and internal objectives?© BrainMass Inc. brainmass.com October 17, 2018, 11:16 am ad1c9bdddf
1. What are the different types of audits that retailers use? Why is auditing necessary? What benefits can be gained to offset the costs associated with them?
The types of audits are financial, operational and shrink. The financial audit is the most common audit. This type of audit is used to review the financial accounting of the company's processes and measures the company's recording and reporting of financial information to internal and external stakeholders. Auditors will test the company's financial information against standardized accounting principles, (i.e. Generally Accepted Accounting Principles (GAAP). An operational audit ensures a company's individual business departments are functioning at specific business standards. A company can use internal and/or external auditors to perform an operational audit. When a company uses its employees to conduct an audit, the audit is called an internal audit, which is used for management review (The ...
The solution discusses financial, operational and shrink auditing.
Strategic Audit for American Express: IFAS, EFAS and SFAS
For your project, consider American Express (http://home3.americanexpress.com/corp/?source=cmhp_inav-aboutus). Using the guidelines in the attached document produce Strategic Audit for American Express in those areas I have outlined in the attachment.
IFAS, EFAS, and SFAS tables are to be presented in Excel format.
You will be graded on your knowledge of the software in building the MS Excel tables, and on your ability to communicate in writing and present your arguments. You will also be graded on your ability to analyze socio-cultural, political-legal, technological, and financial data to justify your available strategies and the one(s) you recommend, and finally on your critical thinking and problem solving abilities in justifying your set of strategies.View Full Posting Details