In your opining and understanding related with Insurance Accounting where risk plays a very important factor....

In your opining and understanding related with Insurance Accounting where risk plays a very important factor.

What are the five steps when carrying out to work place Risk Assessment? How do you assess the risk assessment related with the health and safety point of view?

Expert Solution

The five steps for work place risk assessment:

1. Identification of potential risk

2. Estimation of potential risk- Possibility and the degree of risk.

3. Plan to take action against that risk

4. Records the analysis of risk to be used in future of required

5. Review the corrective measures and take corrective actions if required

Risk assessment related to the health and safety is based on the employees related issues and the planning to avoid those issues and to take proper reactive actions if required.

ekkarill92 answered 2 years ago

Understanding the management assertions related to a specific control is an important factor in preparing the...

Understanding the management assertions related to a specific control is an important factor in preparing the tests of controls. Using the assertions provided below, select the management assertion(s) that relates to the purpose of the controls in the table. (A management assertion may be selected once, more than once, or not at all.) Management Assertions (a) Existence or occurrence (b) Completeness (c) Rights and obligations (d) Valuation or allocation (e) Presentation and disclosure (f) Authorization (g) Cutoff Purpose of Control...

Why is understanding the financial risk involved with a payment method important to providers? To insurance...

Why is understanding the financial risk involved with a payment method important to providers? To insurance companies?

2. Understanding what maturity risk means for bonds is very important. Complete the following table by...

2. Understanding what maturity risk means for bonds is very important. Complete the following table by calculating the new bond prices and then the % price change that results for the two bonds given. For example, in the table if interest rates go up 1% on the short term bond, that means that the YTM would go from 4% to 5%. Then calculate the new price at a YTM of 5% and then calculate the % change in price from...

(1) Related parties are a major factor in assessing inherent risk. Why? (2) Fair value accounting...

(1) Related parties are a major factor in assessing inherent risk. Why? (2) Fair value accounting may be a major factor in assessing both inherent risk and even control risk. Discuss how the extensive use of fair value accounting could affect both inherent risk and control risk.

Write a one page essay on how Starbucks Financial Statement Risk Factor enhance your understanding of...

Write a one page essay on how Starbucks Financial Statement Risk Factor enhance your understanding of accounting?

Discuss the role that insurance plays in the financial planning process. Why is it important to...

Discuss the role that insurance plays in the financial planning process. Why is it important to have enough life insurance? Using this statement and this question and other details easily found in the textbook, and your own experience to participate with your response using at least 150 words.

Which of the following is not a risk factor related to incentives and pressures for fraud?

Which of the following is not a risk factor related to incentives and pressures for fraud?a.Heavy gambling problems of one of the board membersb.Lucrative bonus plans executives and managers based solely on firm’s financial performancec.Understating earnings for tax reporting purposes

Describe your understanding of a) a growing economy and the role the bank plays b) The...

Describe your understanding of a) a growing economy and the role the bank plays b) The importance of consumption in relationship to employment c) a shrinking economy and how it impacts everyone in the society d) What typically drives the economy?

The conceptual framework for Financial accounting and reporting plays an important role in the decisions of...

The conceptual framework for Financial accounting and reporting plays an important role in the decisions of parties responsible for preparing General Purpose Financial Reports (GPFR) and in the development of financial reporting and accounting generally. To some extent this question asks about the difference between US GAAP and IFRS. US GAAP is more heavily based on rules and tends to have more requirements spelled out in standards, with less reliance on the conceptual framework. However, all accounting systems combine rules...

It is important for you to demonstrate your understanding of the accounting rules and resulting journal entries that surround these concepts

It is important for you to demonstrate your understanding of the accounting rules and resulting journal entries that surround these concepts, as especially for multinational corporations, each must determine on an almost a daily basis the impact on their financial statements of these types of foreign currency-related transactions. Create your own specific and detailed example of either one of these types of foreign exchange options from the beginning of the use of an option to the end of the use...

Question