Analysis Activities - Essay Example

Who should be involved? How important is each step? Is standardization of approach important? Should findings in each step be fully documented? Why is it important to obtain user and management sign-off during the process?It should be clear that all stakeholders should be involved in this process because analysis and reference is needed from each employee. This creates a sound judgment in the philosophy of folks that are trying to harmonize anomalies. Stakeholders pray a crucial role because collaboration plays a huge role Teams understand that diversity can play a role.

Hence, it is crucial to compromise, accept, and embrace these notions. A good team understands flaws and works together to remedy it. Team effectiveness is based on collaboration and constant team work. Evidence of effectiveness is portrayed by seamless integration of collaboration.Each step is important in analysis to ensure the validity of data. Without qualitative data, analysis can be skewed. It is imperative to understand that data produces results that can be transferred in raw info. In any manner, each step should be carefully analyzed because it holds significance and raw weight to Qualitative measures.

Standardization and normalization of data is truly essential for quality data. Standardization of each approach falls under best business practices. These practices allow the accumulation of best practices that are vital towards harnessing growth. This information and analysis leads to more conclusive evidence of the process itself. For instance, if the executing stage fails to fall under the scope, then it is evident for leadership to interfere and rectify that issue.Yes, it is clear that findings should be fully documented and audited for compliance.

As a matter of fact, the art of auditing is one of the most pivotal elements in the field of accounting and dictates the criteria of embedding controls in an organization. The nature of auditing might seem trivial, but actually contains intricate details that an accountant must embrace. With these ever-growing challenges, the governing bodies that define auditing principles so have become stringent in their regulation. The IRS, SEC, and AICPA all have collaborated within each other to create standards that can serve as a backbone for an alignment of best business practices, which is why documentation becomes a necessity.

Signoffs are essential for leadership to understand what is at stake. The executive management must make important decisions in revenue and sales that can impact bottom-line performance. For instance, many financial discrepancies can be a huge factor. Often times in a project, expectations are not met that are defined in scope and the WBS. Thus, creating contingency strategies is pivotal towards executing a successful project. One of the most pivotal contingency strategy is to have a high incremental cost of resources.

Resources are often less expensive when they are bought in bulk, but expensive if they are purchased incrementally. Understanding the segmentation of financials is hectic because it requires signatures, higher authority decisions and collaboration. In midst of the project, most managers forget that budget discrepancies in the beginning can accumulate to be problematic at the end. This not only creates chaos in the project, but diminishes quality, resources and time. References"Association of Certified Fraud Examiners - Fraud Training Education and Certification.

" Association of Certified Fraud Examiners - Fraud Training Education and Certification. N.p., n.d. Web. 14 Mar. 2013. .