Development of Entrepreneurship in Ghana the Way Forward

DEVELOPMENT OF ENTREPRENEURSHIP IN GHANA: THE WAY FORWARD Entrepreneurship is the most powerful economic force known to mankind. The Entrepreneurial Revolution that captured our imagination during the 1990s has now permeated every aspect of business thinking and planning. As exemplified by industry players and era definers like Sam Walton of Wal-Mart, Fred Smith of FedEx, Bill Gates of Microsoft, Mark Zuckerberg of Facebook, Alhaji Asuma Banda of Antrak Group of Companies, Mike Adenuga Jnr of Globacom, and Kofi Amoabeng of UT Financial Services, the applications of creativity, risk taking, innovation, and passion lead the way to economic development far greater than anyone could imagine. Entrepreneurship is the process of creating or†¦show more content†¦Ideas must be matched with basic skills and an understanding of business practices and these are things that can be taught to help burgeoning entrepreneurs create successful businesses. ïÆ'Ëœ Lack of education. Entrepreneurship has not been given much attention both in our various homes as well as our educational institutions. The government has not done any better in this regard. It is too challenging that it is very difficult differentiating a business man from an entrepreneur. The tomato seller at Central Market believes she is an entrepreneur. Our educational system has failed us in this regard. Most schools do not teach on this area and even the few who do teach on this subject, little can be deserved of the knowledge imparted to the student. This challenge has ripple effects on several other challenges. The unawareness created by the lack of education causes the ignorance as spoken of under the financial support challenge The way forward A comprehensive approach to promoting entrepreneurship must work on three levels-individuals, firm and society. To motivate individuals to become entrepreneurs, they should be made aware of the concept of entrepreneurship and this should be made sufficiently attractive option. They should be equipped with the right skills to turn ambitions into successful ventures. For entrepreneurial ventures to developShow MoreRelatedSELF EFFICACY BUSINESS PLAN Essay4753 Words   |  20 PagesKolvereid and Isaksen 2006) 2.2 MEASURING ENTREPENEURIAL SELF-EFFICACY A number of students tend to be from the viewpoint that its not essential to possess a particular entrepreneurial self-efficacy creating, instead of recommending an over-all way of measuring self-efficacy. (Chen, Gully et al .2004).You will find presently in congruencies within exactly how scientists start recording the actual dimensionality from the entrepreneurial self-efficacy creates. 2.3 ENTREPRENEURIAL SELF-EFFICACYRead MoreThe United States1518 Words   |  7 Pagescountries, establishing multinational corporations and emerging new markets to explore international waters to help other nations flourish and gain a competitive advantage. For many years Africa has been floating in the U.S radar. The U.S has looked for ways to cultivate the land, understand the culture; people and strengthens its relationship with the African government. In recent years the continent has grown significantly with the opportunity of U.S market access and the creation of new export tradeRead MoreEffect of Internal Controls on Financial Performance11978 Words   |  48 Pagesowners. SMEs engagements have to become a dynamic and integral part of the market economy. The identification of factors that determine new venture performance such as survival, growth or profitability has been one of the most central fields of entrepreneurship research (Sarasvathy, 2004). A multitude of research papers has focused on exploring various variables and their impact on performance (Bamford et al., 2004). However, in order to be able to analyze and model the performance of new ventures andRead MoreUNV 504 Topic 4 Final1630 Words   |  7 Pagesstudents into our society whom are adept at adopting and implementing change in entrepreneurial initiatives as they progress through their career. Some people are naturally born with the innate ability to have the drive to be risk takers and in some way be willing to step outside the box in terms of creativity; those people are known as Entrepreneurs. For many years there were worries surrounding the idea but until recently, there has been an outbreak of entrepreneurs making money and living a betterRead MoreThe Study of Contributions of the Commercial Banks to the Development of Small-Scale Firms13196 Words   |  53 Pagesthrough restless, direction and guidance, constructive criticism, tolerance and unique encouragement, all of which combined to make the project work effective and successful. Other thanks go to all the Lecturers in the Accountancy Department who in one way or the other contributed to my success throughout my study. My next gratitude goes to my Mom (Aunt Margaret Nyantakyiwaa Addo, U.K) for her love, advice, and priceless supports throughout my course of study. May God richly bestow an everlasting blessingRead MoreImpacts of Microfinance on Grassroot Development a Case Study Uf the Ketu North District16020 Words   |  65 PagesCHARTED INSTITUTE OF FINANCIAL AND INVESTMENT ANALYST (CIFIA) ASSESSING THE IMPACT OF MICROFINANCE IN GRASSROOT DEVELOPMENT. BY PRAISE DAVIDSON AMU 1 DECLARATION I hereby declare that this piece of work is the outcome of my own research except for the references which served as a source of information which I have acknowledged. This work has therefore never been presented for another certificate, Diploma or Degree. I therefore fully accept all omissions and errors that might appear in this paperRead MoreScramble for Africa1841 Words   |  8 Pagesinterests at the turn of the century, the European powers turned their searchlight to Africa, Asia and the Middle East for new markets by consolidating previously held trading posts and sea route communications and grabbing new territories along the way; hence the scramble for Africa. The partition has been described as one of the most important turning points in the history of the relationships between the â€Å"Haves† which signifies the industrialised European powers versus the â€Å"Have-nots† that representsRead More Crisis of African Agriculture Essay2005 Words   |  9 Pages Resource: If African countries were able to adopt and adapt some of the same practices used in Asia and Latin America, much more food would be available for consumption and sale by African people. ?Africa?s Fertilizer Summit was called to study ways of creating a agricultural breakthrough in Africa - a goal that Annan said was achievable despite environmental degradation, extreme reliance on rainfall rather than irrigation, high transport costs and undercapitalized farmers facing tough globalRead MoreBuilding Social Business8301 Words   |  34 PagesSEMINAR ADMINISTRATION DEVELOPMENT 1 BUILDING SOCIAL BUSINES ‘D’ BY JULIUS KWAKU KATTAH STUDENT ID. NO. 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Diagnosis of Fatal Attraction Essay - 2194 Words

1. What is the name of the movie you watched? For this assignment, I watched â€Å"Fatal Attraction.† 2. Describe the demographics of the character of â€Å"patient† that you are evaluating. Alex Forrest was the patient in this movie. She is a white female in her 40’s. She is single and works as an editor for a publishing company, however she is not shown working after the beginning of the movie. 3. Summarize the plot of the movie. As the movie begins, Dan and his wife, Beth, go to a company party when he meets Alex Forrest for the first time. The next morning Beth and daughter, Ellen, leave for the weekend to look at a house they are considering moving into while Dan stays at home for a business meeting. When he arrives at the†¦show more content†¦When Beth goes out looking for Ellen she gets in an accident and is taken to the hospital. That night Dan goes to Alex’s apartment and attacks her and tries to strangle her, but then stops. While they are catching their breath Alex tries to stab Dan with a kitchen knife, but he gets it from her and leaves. Dan brings Beth home from the hospital and helps take care of her, Dan is downstairs as she starts a bath when Beth discovers Alex in the room with a knife. Alex attacks her and Dan hears the screaming and rushes in to attack Alex. He tries to drown her in the tub, but she comes back alive and is then shot by Beth. 4. Formulate a DSM-IV-TR diagnosis for this character and outline how he or she meets each of the criteria for that disorder. After reviewing the behaviors of Alex Forrest, I have decided that a borderline personality disorder is most appropriate for her. It also seems like Alex may have a mild form of histrionic personality disorder, but does not actually meet all of the criteria to be fully diagnosed and therefore is not a comorbid diagnosis. A list of the diagnostic criteria for borderline personality disorder and a description for how they are met is following, Alex meets six of the criterion and the DSM-IV-TR requires at least five criterion be present. Criterion 1: Frantic efforts to avoid real or imagined abandonment; note: do not include suicidal or self-mutilating behavior covered in criterion 5. AlexShow MoreRelatedDifferential Diagnosis of Alex Forrest of Fatal Attraction1915 Words   |  8 Pagesstudy my group and I chose the movie â€Å"Fatal Attraction†, and we chose Alex Forrest for our case study. For my part I chose to do the diagnosis aspect on Alex Forrest. Throughout this paper I will be diagnosing Alex Forrest. The following key clinical data will be discussed: client demographics, presenting problem, preliminary diagnostic information, symptoms, client characteristics and history, diagnostic impressions, potential disorders, and the DSM diagnosis. Demographics Alex Forrest is a CaucasianRead MoreMovie Analysis : Fatal Attraction 827 Words   |  4 PagesMovie Summary: â€Å"Fatal Attraction The movie stars Dan Gallagher as a well and successful lawyer, who is happily married to Beth for nine years, and has a sic year old daughter Ellen. Dan had a wild passionate affair with Alex Forest client of Dan on a weekend both Beth and Ellen was out of town. Alex is a beautiful, successful and independent editor who works for a publishing company. Because both Alex and Dan had a free time, they spent the one night and part of the next day (weekend) having sexRead MoreEssay on Sexual Masochism746 Words   |  3 PagesMasochism is a general paraphilia, and is an abnormal or unnatural sexual attraction. It is recurring sexually arousing fantasies, urges, or behaviors in which the person is beaten, bound, or humiliated in order to achieve sexual excitement (Sexual Disorders 2001). 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ALT is generally located in the cytosol . Liver disease results in the releasing of the enzyme into the serum. Measurements of this enzyme are used in the diagnosis of certain types of liver diseases such as viral hepatitis and hepatic necrosis, and heart diseases. The ALT level remains elevated for more than a week after hepatic injury (Sodikoff, 1995). Fibrinogen, albumin, and globulins constitute the majorRead MoreA Brief Note On The Refugee Agency Un2619 Words   |  11 Pagespeople so that they can communicate with Ali and Jamila and their community members can introduce the Australian Health care system by which they can obtain their Medicare card if eligible which will be beneficial for them and with their social attractions they can learn to use different health care services and more over social gatherings will help them emotionally to speak their problems to someone in their own language which will eventually decrease their stress level. 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The Avengers Review Free Essays

The Avengers PG-13 Nick Mantegani 5/7/2012 EN121 The Avengers is a Sci-Fi/Action movie directed by Joss Whedon. It is rated PG-13. The movie stars a vast assortment of stars, including Robert Downey Jr. We will write a custom essay sample on The Avengers Review or any similar topic only for you Order Now , Chris Evans, Samuel L. Jackson and more. It was released in May 2012, and is available in a 3D format. The Avengers is the first movie in an ongoing series. The film acts as a sort of sequel to several films made by Marvel Comics, including Iron Man and Iron Man 2 (starring Downey, 2008 and 2010, respectively), The Incredible Hulk (Edward Norton, though the character has been replaced by Mark Ruffalo, 2008), Thor (Chris Hemsworth, 2011), and Captain America: The First Avenger (Evans, 2011). In The Avengers, ancient Norse god Loki (Tom Hiddleston), brother of Thor, gathers an army from an alternate universe to enslave the people of Earth. He acquires a powerful weapon called the Tesseract, capable of destroying nearly anything. Nick Fury (Jackson), director of S. H. I. E. L. D. , an agency protecting the world, enlists the help of a group of superheroes. Iron Man, Captain America, Hulk, and the Black Widow (Scarlett Johansson) join the effort, and are later joined by Thor and Hawkeye (Jeremy Renner). Though at first the big personalities of the heroes clash and they fight each other, Fury eventually teaches them the importance of working together as a team to defeat the enemy. Fighting alongside each other, the Avengers manage to thwart Loki’s evil plan and send him, along with Thor, and Loki’s army, back to where they came from. The Avengers is every comic book lovers dream come true. The individual hero movies leading up to the release of this movie were such a success that fans had been salivating to see these extraordinary beings come together and fight alongside each other. Whedon brought the characters together in a spectacular way. The banter between Iron Man and Bruce Banner (Hulk) shows a meeting of great minds. The relationship between the Black Widow and Hawkeye creates many questions that make these two lesser characters seem much more significant, which is important to the appeal of the movie. The clashing personalities of Iron Man, a self-described â€Å"Playboy billionaire† who questions everything and doesn’t play by the rules and Captain America, a man thrust forward in time from the 1940’s who still has his sense of values and morals from the his time, shows two men who have to work together who couldn’t be any different. All these relationships and more are what makes the fact that all these people coming together is truly a remarkable thing and could potentially have been disappointing if Whedon had downplayed any of the elements that makes each character who they are. Whedon managed to take each character and let them act as they are intended to, such as Stark’s cockiness and Thor’s nobility, and still be able to not glorify or discourage any of them to make the team more significant than the individual heroes. Roger Ebert compares the Avengers to the dogs in the Best in Show category at the Westminster Dog Club. â€Å"You have breeds that seem completely different from one another (Labradors, poodles, boxers, Dalmatians), and yet they’re all champions,† says Ebert. He is right; though the characters differ in many ways, they are all the same in that they have spectacular powers that they use to fight evil. This makes the â€Å"team mentality† work perfectly in this film. Never did one character seem to mean more to the group than any of the others (except for when Hawkeye was brainwashed to fighting for Loki, but once he returned, he was just as much as part of the Avengers as anybody). The Avengers did not start acting like a team at first, but once they did, they managed to defeat Loki with relative ease. The message of the film is that it stresses the importance of teamwork. It shows that no matter how talented the individuals in a group may be, they can’t perform to their best abilities until they all start working together and use each other to bring out the best in themselves. The acting in The Avengers was fantastic all around. Those who were fans of the original Avengers comics (or the individual heroes’ comics) expect their idols to be portrayed accurately, and just about every single one is done so to a great degree. Ruffalo, Renner, and Johansson do great justice to their characters, and are very likeable and portrayed well. Ruffalo does a particularly good job in showing his struggle to keep his cool so as not to transform into the Hulk. Hemsworth shows that apart from his fantastic resemblance to the comic book character and his obvious good looks, he has the right idea as to what Thor is really like. He is a god and a mighty warrior, but he knows he is not above anyone and will protect the earth no matter what. Evans and Downey both fit their characters perfectly, and their attitudes are correct for who they play. Samuel L. Jackson does a great acting job in the movie. You cheer for him at times, and then despise him at others, which is always impressive when a character can get that sort of reaction out of an audience. However, as great as his acting was, it seems as if the creators of the recent Marvel Comics movies wanted to put him in The Avengers somehow, so they stuck him in the role as Nick Fury. To Avengers fans, this could be slightly irritating. Clearly he looks nothing like the original character, and the original character never acted like Samuel L. Jackson, but now Nick Fury will be remembered always by many, many people as a Jackson-like character, which is frowned upon by fans of the comic book. A more accurate portrayal of Fury could’ve been done by George Clooney, who is also a talented actor and, when one compares the two, looks exactly like the character in the comic book. The textbook says, â€Å"There is the ever-present danger that all the [special effects] in action, adventure, and science-fiction films will dazzle us but do little to increase our understanding of the world we live in or the drama of human life. (264). The Avengers relies heavily on the use of special effects and CGI to portray the heroes in action or the world itself, from the giant, levitating headquarters of S. H. I. E. L. D. to monsters only Ebert can describe as â€Å"Loki’s ginormous slithering, undulating snake-lizard-dragon machine, which seems almost to have a mind of its own and is backed up by countless snakelings. † I ndeed, it would be impossible to show the same movie without as much CGI as was used to make it. However, the heavy amount of CGI doesn’t take away from the acting and story of the ovie. If anything, it enhances the characters in not just a visual way, but it shows the viewer who the characters are and what they are truly capable of. In addition, the 3D format of The Avengers is a nice touch. For decades, comic book fans have enjoyed the adventures of the Avengers and have grown up in love with the heroes in the super group. A large scale movie featuring this group is what the fans have always desired. Each superhero received their own movie, building anticipation for the combining of these extraordinary people. Whedon made that combination happen, and the actors involved brought these heroes to life in grand style. Works Cited Barsam, Richard Meran. , and Dave Monahan. Looking at Movies: An Introduction to Film. New York: W. W. Norton, 2010. Print. Ebert, Roger. â€Å"The Avengers. † Roger Ebert. com. 2 May 2012. Web. 07 May 2012. http://rogerebert. suntimes. com/apps/pbcs. dll/article? AID=/20120502/REVIEWS/120509997/1001. IMDb. â€Å"The Avengers. † Internet Movie Database. Web. 07 May 2012. http://www. imdb. com/title/tt0848228/. How to cite The Avengers Review, Essay examples

Business European Journal Of And Management -Myassignmenthelp.Com

Question: Discuss About The Business European Journal Of And Management? Answer: Introducation Medibank Private Limited is the largest private health insurance provider in Australia. It operates in the health insurance industry. It insures and sells its policies under the brand names: Medibank and AHM. It has around 3.8 Million members and covers 29.1% of the market share. It operates as a public listed company on ASX. It also deals in assisting the health insurance business, thereby earning income from its Complimentary Services. Resources are also retained to compensate its regulatory reserves, which generates monetary benefits from its portfolio of investment assets. Regulatory Authority of the private health insurance sector in Australia The private health insurance sector is regulated by Australian Prudential Regulation Authority (APRA) in Australia (APRA, 2018). The organizations operating in the private health insurance sector in Australia have to comply with the APRA rules and Prudential Standards . Also it is mandatory for the private health insurers to provide information under the Financial Sector (Collection of Data) Act, 2001 and its reporting standard to APRA. The organizations have to submit certain forms and follow directions of APRA in this regard (Kokobe Gemechu, 2016). Applicable Financial Framework on Medibank Private Limited The applicable laws and legislations on the Medibank Private Limited are: Auditing and Assurance Standards Board Australian Accounting Standards Board Australian Prudential Regulation Authority Australian Securities and Investment Commission Financial Reporting Council Financial System Inquiry Standard Business Reporting Nature of Companys Operations, its governance structures and its investments The company operates in the private health insurance sector in which it provides health insurance to the people. Along with this, it also provides consultancies for health management and telehealth services for the government and corporate consumers. It also trades in the travel, life and pet insurance products and services. The health insurance business granted 91.6 % of the groups revenue and 95.4 % of the segment operating profit in 2016 (Medibank, 2016). The amount of revenue amounted to 91.9 % whereas the segment operating profit decreased to 93.3 % in 2017 (Medibank, 2017). From the overall income earned by the group in 2016 and 2017, the resident health insurance policies sold to the retail and corporate consumers contributed to 97.8 %. In 2016 and 2017, the investment portfolio was $2.5 Billion comprising of cash and other investments. It provides sufficient cash to cover the insurance obligations and the mandatory reserves to meet claims related to the Health Insurance business (Medibank, 2017). The governance structure of Medibank Private Limited is as follows: Audit committee- It supervises the financial reporting Risk Management Committee- It assesses the organizations present and future risk management. Investment and Capital Committee- It controls the investments and capital management events. People and Remuneration Committee- It supervise the policies related to remuneration and people. Nomination Committee- It controls the overall board and committee membership and hierarchy of the organization. Apart from the committees, the Chief Executive Officer and Executive Leadership Team are accountable for the performance of the company. According to the Medibank (2016) the net income after tax in 2016 amounted to $417 Million while in 2017 it was $ 452 Million. The total assets amounted to $ 3266.2 Million in 2016, while in 2017 it was $ 3462.5 Million (Medibank, 2017).The total liabilities amounted to $ 1578.7 Million in 2016 while in 2017, it was $ 1742.7 Million. The total equity which comprises of Contributed Equity, Reserves and Retained Earnings amounted to $1578.7 Million in 2016 while in 2017; it amounted to $ 1719.8 Million. The organizations investment portfolio comprises of 25 % /75% for growth and defensive assets respectively. The company invests in listed and unlisted securities which are quoted at their fair value. Application of Accounting Policies in Medibank Private Limited The financial statements of the entity are authorized to be issued according to the resolution of the directors. They are prepared for the consolidated entity (Group) comprising of Medibank and its subsidiaries. The statement of accounts has been prepared according to the Historical Cost Convention except the financial assets, land and building and liabilities quoted at their fair value or market price. Also it follows different accounting policies according to its various segments. Entitys Objectives The organization has set the following objectives for achieving better health for the human community as a whole: It aims to diversify the Medibank and AHM products to distribute the best services and consultancy to its consumers. It focuses on developing and offering the leading services to its customers. Also as a part of its corporate social responsibility, it invests $ 4 Million towards childhood obesity. The Medibank Better Health Foundation focuses to develop health awareness in the society. It has evolved ecofriendly policies as it believes that a healthy environment can create healthy humans. It has endeavored to develop the green space in urban areas up to 20% by 2020(Medibank, 2018). Assessment of related Business and Financial Risks The substantial business risk which could influence Medibanks business activities are as follows (Auditing and Assurance Standards Board, 2013): Competition and retaining of consumers: The emergence of new firms, with their partnership with the existing firms can pose a threat to companys existence in the market. The private health insurers and assessment websites compete to retain the consumers regarding price, products, service and channels which results in the diversion of the customers. Health care prices and utilization: The increase in the health care costs can have an impact on product margins. This can lead to reduction in the value of products. Change in the legislations: The change in the government policy and legislations may affect the regulatory incentives, resulting in the decrease in the number of members. Product pricing and design: The products design and prices are subject to governments approval. So, if there is a change in the governments policies, it can pose a threat to the products value. Inappropriate claims: Inappropriate claims may arise due to frauds or errors resulting in the entitys outflow. Capital Management and Investment Returns: The portfolio is subject to market risks which can influence the value of the investment and income volatility. Loss of Healthcare Agreements: Non-fulfillment of the health care agreements may result in poor consumer experiences, loss of brand value and market share. Loss of data: There may be loss of data, procedures and mechanisms in the organization. Also, it may be influenced by cyber-attack (Ridha Alnaji ,2015) The Financial Risk comprises of the following risks: Market rate risk: It comprises of the risk resulting from the variations of fair value or future cash flows of the financial instruments, resulting from the variations in the market prices. It has the following parts: Interest rate risk: The fluctuations in the market interest rates resulting in the variations in the future cash flows is the risk of interest rates. The company is facing the risk of variations in the interest rates in the cash and cash equivalents and fixed income investments. In 2016, $1883.5 Million of the financial assets were exposed to Australian variable interest rate risks (Medibank, 2016). In 2017, the number increased to $ 2167.1 Million (Medibank, 2017). Foreign currency risk: The risk influencing the variations in the foreign exchange rates results in the foreign currency risk. The companys is facing transaction currency exposures, emerging from the purchase in foreign currencies. They comprise of dealings from operational cost within the business and purchase of foreign currency denominated instruments .In 2016, the financial instruments exposed to foreign currency risk amounted to $ 91.6 Million (Medibank, 2016). In 2017, the number decreased to $ 76.4 Million (Medibank, 2017). Price Risk: The risk resulting from the variations of the market prices of the fair value of future cash flows of financial instruments is price risk. The entity is subjected to equity price risk comprising of investments in the infrastructure, property and Australian and international equities (Otieno Nyangechi , 2013). Credit risk: The risk arising from the possible defaults of counterparty is termed as credit risk. The company is facing the credit risk to the amounts equal to its financial assets consisting of cash and cash equivalents and the financial assets at a fair value. Liquidity Risk: The risk faced by the company where it confronts the problems in arranging funds to fulfill its commitments associated with financial instruments. It may result from incapability to sell the financial assets at their fair value, failure of the counter party to repay its contractual liabilities or the company is unable to arrange the funds or an unexpected insurance liability due for payment (Deloitte, 2017). In the overall liquidity risk, the financial assets consist of property, plant and machinery and investments in working capital (OECD, 2014). Identification of Account Balances Subjected to Risk of Material Misstatement Specific account balance (i) (ii) (iii) Name of the account balance Liquidity Risk Credit Risk Price Risk (a) Explain why the account balance is at significant risk of material misstatement. The firm is facing the risk of raising funds to fulfil the obligations concerned with financial instruments. So, it may manipulate the accounts receivables by liquidating them and thereby increasing the amounts of cash and cash equivalents (PWC, 2016). The firm is facing the risk of possible defaults by counterparty, thus it is subjected to the risk of material misstatements. The firm does not have any financial mechanisms to lessen the credit risk .Also all the instruments are unsecured. The management can alter the amounts of the financial assets and project false accounts in the financial reports to show that it applies certain measures to mitigate the risk. The firm is facing the risk of fluctuations in the fair value of the financial instruments .It occurs due to variations in the market prices. As the firm is subjected to price risk in the fixed income investments due to changes in its credit spreads. The management can falsify the value of the investments which are influenced by the price risk. It can manipulate the value of equities in the financial statements (Flynn, 2016). (b) Explain the key assertion at risk of not being valid. Existence - The auditors believe that the amounts of the resources and financial obligations do not exist as stated in the books of accounts. Completeness- The financial events have not been recorded and the revelations are not made in the books of accounts. Accuracy- The auditors have a doubt on the valuations of the assets and liabilities (ACCA, 2016). (c) Detail one (1) relevant substantive audit procedure to address the assertion at risk as identified in b) above. Planning: According to KPMG (2015),the auditors shall analyse the possible risks and frauds by contrasting the various amounts related to accounts receivables. Testing Controls and transactions: The auditors shall evaluate the internal controls and examine the appropriateness of the dealings. Testing Balance: The auditors shall examine the companys performance by using the financial ratios and statistical sampling (ICPAK , 2017). (d) Detail one (1) relevant practical internal control that would mitigate the risk in relation to the assertion at risk as identified in b) above. Reconciliations: Sudden accounting reconciliations can guarantee that the balances in the companys books can match with those of the other entities (KPMG, 2018). Trial Balances: With the help of double entry book keeping system, the reliability regarding the balancing of books of accounts can be ensured. Approval Authority: Specified managers should be allocated the various responsibilities regarding the authenticity of transactions (AICPA, 2014). Conclusion To, conclude, the auditors PricewaterhouseCoopers have conducted an analysis of the financial statements of Medibank Private Limited regarding the assessment of its environment and business risks. It has evaluated its various account balances and stated the results pertaining to its study. They have identified the various risks of substantial mismanagement which can be minimized with the help of key audit procedures (PWC, 2017). The auditors have reviewed various audit policies and procedures complied by the firm with respect to the rules and regulations of the APRA and other legislations as mentioned in the above paragraphs. Also the firm follows the Corporate Governance Principles and has formed various committees for better administration and accomplishment of its strategies and objectives. Also, the environment in which the organization operates is full of vulnerabilities and market fluctuations. So, the auditors have observed all the accounting policies of the organization and with the help of various audit procedures and assertions; they tried to regulate the risks of material misstatements. References ACCA(2016). The Audit of Financial Statement Assertions. 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