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BSA 32P > ce no. 3 > Flashcards

ce no. 3 Flashcards

1
Q

What are the relevant accounting standards of the hospital industry?

A

IFRS 15: Revenue from Contracts with Customers
IFRS 16: Leases
IAS 20: Accounting for Government Grants and Disclosure of Government Assistance

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2
Q

What are the different elements of hospital operations?

A
  1. Leadership and governance
  2. Health care financing
  3. Health care workforce
  4. Medical products and technologies
  5. Information and research
  6. Service delivery
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3
Q

What are the audit procedures for the audit of accounts of hospitals?

A
  • Examine the scope of responsibilities.
  • Examine the Minutes of the Board or Committees
  • Obtain a list of records maintained by the Hospital.
  • Examine the audit report of last year and should note down qualifications, if any.
  • Examine the internal control system regarding purchase of fixed assets, medicines, stores, consumables, clothing and provisions, etc.
  • Examine the internal control system for recording of purchases, issue and storage of all items and physical verification of them.
  • Obtain the rate structure for fees, medicine and other services, power to do concession or waiver of fees.
  • Calculate and examine the input-output ratios.
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4
Q

What are the four broad characteristics of NPOs?

A
  1. Delivering services for public benefit.
  2. Profit or surpluses are directed for public benefit
  3. Voluntary donations and grant funding may be significant
  4. Assets are held and used for social purposes.
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5
Q

Technique used by some NFPs for purposes of internal recordkeeping and managerial control and to help ensure that the use of resources is in accordance with stipulations imposed by donors and other resource providers and with self-imposed limitations designated by those charged with governance

A

Fund accounting

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6
Q

An accounting entity with a self-balancing set of accounts for recording assets, liabilities, the fund balance, and changes in the fund balance

A

Fund

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7
Q

Mechanism to assist in exercising control over the purpose of particular resources and amounts of those resources available for use

A

Fund accounting

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8
Q

Pressures for Misstatement when Auditing NPOs

A
  1. Contribution allocation formulas tied to NFP’s actual or budgeted revenues
  2. Sluggish economy
  3. Adverse demographics
  4. Shortfall in unrestricted contributions
  5. Obligation to comply with federal regulations
  6. Attempt to appear as efficient as possible.
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9
Q

Characteristics of an NFP’s control environment

A
  1. Role of management and the governing board
  2. Qualifications of management and governing board members
  3. Frequency of governing board meetings
  4. The governing board members’ involvement in the NFP’s operations
  5. The organizational structure
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10
Q

In an NPO, the following unusual relationships may indicate material misstatement due to fraud

A
  1. Unexpected changes in contribution revenue
  2. Revenue does not change in expected direction or magnitude
  3. Earned revenue is inconsistent
  4. A significant amount of expenditures and cost-reimbursement grants are recognized at the tail end of the grant period
  5. Investment return is not reasonable
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11
Q

What are the relevant accounting standards of the e-commerce industry?

A

IFRS 15: Revenue from Contracts with Customers
IAS 2: Inventories
IAS 38: Intangible assets
PAPS 1013

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12
Q

Audit considerations for the e-commerce industry

A
  1. Skills and knowledge
  2. Risk identification
  3. Internal control considerations
  4. Effect of electronic records on audit evidence
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13
Q

What are the business risks related to e-commerce? (4)

A
  1. Loss of transaction integrity
  2. Loss of information privacy
  3. Pervasive e-commerce security risks
  4. System availability risks
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14
Q

Controls addressing e-commerce business risks

A
  • verify identity
  • ensure transaction integrity
  • ensure that information and information systems are available
  • obtain agreement on terms of trade and evaluate non-repudiation procedures
  • obtain payment from/ secure credit facilities for customers
  • establish privacy and information protection protocols
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15
Q

What are some of the internal control considerations of the e-commerce industry?

A
  1. Security
  2. Transaction integrity
  3. Process alignment
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16
Q

Defined as “the delegation of one or more IT-intensive business processes to an external provider”

A

Business Process Outsourcing
(Information Technology Enabled Services)

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17
Q

Provides a number of inbound and outbound services for sales, technical support, directory, etc.

A

Contact center

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18
Q

Analysis, design, customization, etc. of systems software

A

Software development

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19
Q

Process of giving illusion of movement to cinematographic drawings or models thru 2D, 3D, etc.

A

Animation/Creative services

20
Q

Provision of transcription services for interpreting oral dictation of health and legal professionals

A

Data transcription

21
Q

Services related to finance and accounting, and HR administration

A

Back office processing

22
Q

Design for civil works, buildings, electronics, etc.

A

Engineering design

23
Q

Risks faced by BPO Industry (9)

A
  • Business Risk
  • Price Risk
  • Political Risk
  • Process Risk
  • Human Capital Risk
  • Brand/Reputation Risk
  • Systemic Risk
  • Accessibility risk, Business Continuity, Security risks
  • Technology Risk
24
Q

Five BPO industry features to be considered in audit

A
  1. Business Process Related
  2. Employees Related
  3. Client Contract and Billing
  4. Economic Conditions
  5. Electronic environment and data security
25
Q

Major areas of audit significance for BPOs

A
  1. Invoicing
  2. Service Level Agreement (SLA) Adherence
  3. Payroll
  4. Operating costs
  5. Data security
  6. Maintenance of books of accounts and documents
  7. Compliance with regulations
26
Q

Largest medical devices company in the world [Healthcare Equipment and Supplies]

A

Abott

27
Q

One of the major providers of healthcare and services comprising 183 hospitals and 2,3000+ sites of care in 20 states and the United Kingdom.

A

HCA Healthcare

28
Q

One of the major players in the healthcare technology industry. Provides business process outsourcing, applications services, and robotic process automation tools to hospitals, health systems, providers, payers, and related service providers.

A

Access Healthcare

29
Q

One of the major players of the biotechnology industry. Multinational biotech company headquartered in Denmark with production facilities in seven countries and affiliates or offices in 16 countries.

A

Novo Nordisk

30
Q

One of the major players in the pharmaceuticals industry. One of the largest manufacturers of pharmaceuticals and medical devices

A

Johnson & Johnson

31
Q

One of the major players in the life science tools and services industry. Worldwide leader in life sciences, diagnostics and applied chemical markets

A

Agilent Technologies, Inc.

32
Q

5 key players of the pharmaceuticals industry

A
  1. GlaxoSmithKline (GSK)
  2. Pfizer
  3. Boehringer Ingelheim
  4. Astellas Pharma
  5. United Laboratories (Unilab)
33
Q

5 key players of the biotechonology industry

A
  1. Biostadt Philippines, Inc.
  2. Glenwood Technologies International, Inc.
  3. Manila HealthTek Inc
  4. Safeguard DNA Diagnostics,Inc.
  5. Towerbell Nutraceuticals, Inc.
34
Q

5 key players of healthcare equipment industry

A
  1. GEHealthcare
  2. Medtronic
  3. Abbott
  4. BD(BectonDickinson)
  5. BostonScientific
  6. Siemens
  7. Philips
35
Q

5 key players of healthcare facilities industry

A
  1. Philippine Heart Center
  2. St. Luke’s Medical Center Quezon City
  3. Makati Medical Center
  4. Asian Hospital and Medical Centre
  5. Medical City
36
Q

5 key players of the managed healthcare industry

A
  1. Maxicare HealthCare Corporation
  2. Asalus Corporation(Intellicare)
  3. Medicard Philippines, Inc
  4. Philhealth Care, Inc.
  5. Value Care Health System, Inc.
37
Q

Largest not-for-profit organization in the world. It is a private philanthropic foundation that focuses on reducing poverty and eradicating poverty.

A

Bill & Melinda Gates Foundation

38
Q

Not-for-profit entity that serves as the primary medical association in the Philippines.

A

Philippine Medical Association

39
Q

A BPO service company that is based in Ireland (Dublin). It offers services for various industries. It is well known for its digital and security services.

A

Accenture

40
Q

It is a company based in New Jersey that offers consulting, IT, and cloud solutions. Also offers employment to Persons With Disabilities (PWD).

A

Cognizant

41
Q

New-York based IT company that specializes in AI model creation, order management infrastructure. It offers hardware and software solutions for businesses.

A

IBM (International Business Machines Corporation Big Blue

42
Q

Multinational French company and was able to offer job opportunities to 45,000 Filipino workers during 2021. The services it offers involve: Consulting, AI, Digital, and Specialized services.

A

Teleperformance Philippines Inc.

43
Q

A company that is based in the United States that started its operations in the Philippines in the early 2000s. It offers services like data processing and business support for companies

A

Sitel Philippines Corporation

44
Q

Employing about 1,100 people and 1.2 million volunteers, this is the largest humanitarian organization in the Philippines.

A

Red Cross of the Philippines

45
Q

Most valuable e-commerce companies worldwide

A
  1. Amazon.com, Inc.
  2. PDD Holdings, Inc.
  3. Alibaba Group Holdings Limited
46
Q

Top 5 e-commerce sites in the Philippines

A
  1. Lazada
  2. Shopee
  3. Metrodeal
  4. eBay
  5. Carousell

BSA 32P (4 decks)

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