SOLUTION: Principals and Types of Auditing Questions

Attached.Running Head: PRINCIPALS OF AUDITINGPRINCIPALS OF AUDITINGInstitutional AffiliationStudent’s NameCourse IDDue Date12PRINCIPALS OF AUDITINGQUESTION ONETypes of auditsExternal auditsOutside entities undertake external audits. They help get rid of assessing the financialrecords of an institution since the outsider assesses the financial records from a neutral point ofview. External audits usually try to identify any overstatement or understatement in anorganization’s financial statements (Arens, Loebbecke, Elder, & Beasley, 2000). Consumers ofthe financial information are confident with evaluating an outsider since they believe it is preciseand correct.Standards followed and adhered to by external auditors are not similar to those followedby the firm hiring them. External audits are honest and candid and generally do not affect day today work relations amongst employees in a company.Internal auditsAuditors employed to carry out an audit in the firm’s financial resources are employees ofthe organization. The resultant audit report is issued directly to the board of directors andmanagement. Auditors use standards of the company they work for, unlike external a…

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Next to these stages, there are four types of loyalty. The first type is no loyalty: this can be seen as the typical action supporter that is giving money to fundraiser friends/family. There is no connection between the action supporter and War Child, non-loyal customers add a small amount to the financial account of the organization. The second type is inertia loyalty: this type can be a potential Friend, the person is giving a donation because they always have done it. This person is not loyal to one charity because there is no deeper connection and is easy with switching from charity to charity. This person is reachable to get a deeper connection with to become a potential Friend. It is needed to give the potential Friend attention and please the person. The third type is latent loyalty: this type is based on situational influences such as time, social life, physical factors, reasons why to support charity and the mood of the person. Latent loyalty means that there are repeated purchases. The last type is premium loyalty: this is the greatest type an organization can get. This type indicates the loyal Friend who is proud to discover more and tell about War Child to everyone. (Griffin, 2010) Using the stages and types of loyalty, War Child will get a better understanding about their potential Friends. Increased loyalty can give benefits to more respects of the company. Increased loyalty will be cost saving because there will be reduced marketing costs, more positive word-of-mouth, satisfied loyal customers whereby the failure costs decrease. (Griffin, 2010) 1.2.4 Customer relationship management Kotler (2014, p. 9) stated in the book ‘’Principles of marketing’’ that customer relationship management (CRM) can be mentioned as delivering superior customer value and satisfaction by building and maintaining profitable customer relationships. (Kotler, 2014) Using a suitable approach for the action supporters will lead to charitable giving. To build and maintain profitable customer relationships, customer relationship management need to be implemented. It is very important to deliver customer value and make the action supporters satisfied. By doing this,>

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