347 Essay Example | Topics and Well Written Essays - 750 words

347 - Essay Example A component of the program is to train staff in the implementation of the Program. This requires an understanding of various risks and techniques for identification of warning signs. Training is the most effective method for acquisition of skills, knowledge, and competencies. A training program (see Attachments) has been envisaged to fill the void created by the federal requirement. We appreciate the Arizona Department of Commerce taking an interest in helping businesses combat identity-theft through our new training program. Please feel free to call me at 12345 for any further information or have any questions about this proposal. Businesses and organizations are required by the Red Flags Rule to implement a written Identity Theft Prevention Program for detecting â€Å"red flags† or warning signs of identity theft for their day-to-day operations. The Rule applies to â€Å"financial institutions† and â€Å"creditors.† Financial institutions and creditors with covered accounts need to develop and implement a Program, which should be designed to detect and respond to red flags of identity theft based on the nature of businesses and the associated risks. The program should include four basic elements that create a framework to address threats from identity theft. Red flags are patterns of practices or specific activities that are suspicious and indicate the possibilities of identity theft. The Program should include reasonable policies and procedures for identification of red flags. The Program should be designed for detection of red flags that are identified. Appropriate action should be laid out when red flags are detected. The Program should address how the Program would be re-evaluated periodically to reflect ever-changing risks from this crime. The first written program should be approved by the board of directors or the

Accounting principles impact Case Study Example | Topics and Well Written Essays - 1500 words

Accounting principles impact - Case Study Example While this is considered to be critical to effective financial reporting, these principles are also a significant part of the financial control within organisations. The principles have different impacts upon the organisation as discussed below. This could be termed as the most significant accounting principle among all the available accounting principles. The concept of revenue recognition remains critical to financial reporting because it seeks to determine the sources of finance and expenses, in order to determine profitability of the organisation. This principle remains critical to business operations because it seeks to ensure that all the revenue generated becomes recognised through the various records used by the organisation (Kothari, Ramanna, and Skinner 252). Organisations within different industries must ensure the development of appropriate and standardised approaches through which the revenue recognition will be effected. This principle results in the development of an approach for making comparison of different accounting concepts to determine effectiveness of the organisation. Sainsbury which is a retailing outlet for household good would effectively adopt an approach for recognising revenue based on cash basis. This would be mainly because most of the transactions are undertaken instantly and the days is received upon the exchange of the product. Once the cash has been received it become recognised as a sale and revenue. UNIQOL, which is involved in a different level of retailing would have to combine the accrual and cash basis of revenue recognition in its processes. This would be mainly because of the various products which are sometimes shipped and cash is received later. Harmonisation of these transactions remains essential as the organisation seeks to ensure there is accuracy in the process of revenue