Mid America Health

Archive for July, 2009

Cyprus is a small island in the Mediterranean Sea. It is a flourishing island with beautiful landscapes and wonderful azure sea. It is a very favorable place for a vacation, living and working. Being a small island, Cyprus is a good place for property. If you are interested in an apartment, villa or a small house and you are familiar with some rules of international property then Cyprus is one of the best places for good investments.

It is situated in the eastern part of the Mediterranean Sea. It is in close proximity to Turkey, north of Egypt, southeast of Greece and west from Levant. Cyprus is a rather innovative aim as a place to purchase real estate for property owners from all over the world. It is the perfect place for those who are searching for charming cottages, picturesque villas and spacious apartments by the sea to rent or to purchase. Buying a well-designed villa, apartment or house situated amidst the mountains only for you, represents a wonderful place for your summer vacations and for some moments of solitude.

When buying a villa, apartment or house in Cyprus there are, of course, some rules which are to be followed when you buy an international property. Some rules are universal on all the continents, some are typical for Cyprus only, but generally it is better to know them.

The most important thing one should do before buying international property is to consult a lawyer. A local authorized lawyer is the best consultant who can give you all the necessary information regarding the procedures of buying a property, the country’s legislation, the taxes; he or she will consult with you about the most favorable mortgages for Cyprus property.

The first question would be, why Cyprus? Why is it particularly this island that should attract your attention regarding the purchase of a villa, apartment or house? Will Cyprus property meet all your demands regarding the design, accommodations and infrastructure and turn out to be a good investment as an international property?

On the international property market, Cyprus has acquired, in a way, a privilege in spite of being quite a new member of the EU. This is due to the fact that Cyprus shows a fairly healthy economy and its national currency is stabile. Besides, Cyprus property market is considered one of the fastest growing in the European Union. An apartment or villa in the Cyprus property market in comparison with international property markets is secure enough to guarantee that your investments on this island will not go down the drains.

If you want to buy an apartment, villa or house in Cyprus you have to make many investigations and consultations in this field, because an investor does not know all the ins and outs of the real estate market in one country. For the clients’ convenience, there are many bureaus that realtors possess on the island. The realtors usually offer their services and consultations online as well. They will advise you on the best steps regarding the options you have for investment in Cyprus property and you will have the opportunity to compare Cyprus property with international property.

Cyprus attracted the interest of investors on a large scale due to its attractive regime of rather low income and commercial taxes, relatively low inflation rates and a high level of living that is considered one of the highest in the European Union. This means that when you purchase an apartment, villa or a house in Cyprus you invest in stability and you also can expect a nice income if you offer your home for rent.

Cyprus is a place where you can find everything you need on a small portion of land. If you are looking for a safe investment this is one of the best places for it. If you want to feel isolated from the rest of the world, then Cyprus can offer you this.

You want to get more international clients but don’t know where to start? Here is a simple plan for small businesses, or businesses who are highly motivated to expand internationally, but want to do it on a very small budget. This method also has the advantage of going one step at a time, giving you and your team the time to learn to adapt your products and sales procedures to different cultures.

Start with one targeting one country. If this is the first time you are expanding your business abroad, one country at a time is best. If you cannot decide which country to target first, come up with a short list of countries and go through the steps below for each country.

At this stage, it is a very good idea to break this research into part internet research and part phone call research. Do not by-pass the phone research. Fifteen minutes a day, over Skype, can give you much valuable information. You might even develop your first overseas business relationships.

Most importantly it will help you begin to evaluate the best way to position your products for best international sales results.

Here are some ideas to help you choose which country you would like to expand your business into.

1. Research your own client and prospect data base.

Go back as far as you can, to identify any foreign clients and look for any trends.

Are there any similarities?

Can you determine a specific country or area?

Can you organize a client survey to get more information?

2. Have a brief look online at where you competitors are overseas.

Check out the same information for other companies related to your industry which might not be competitors. You might share a similar target audience.

Is there a country in particular where your competitors are located?

Can you identify a country where you competitors appear to be trying to get into?

Can you see any trends, or angles to position your products?

3. Check which Internet Search Engines are the leaders in target country.

Search for keywords in those countries – use the advanced search options

This will give you a better idea of who your real competitors are in the target country.

Can you see any trends, or angles to position your products?

4. Research industry data

Look for differences in industry standards and regulations on the foreign country

Can you identify a foreign country with many companies in the same industry linked to companies within your industry in your country?

Can you see any trends, or angles to position your products

5. Research press articles, major publications.

Look for publications in your country and in the foreign country. Use the free online instant translation tools to get a good idea of what is in the news.

Can you identify the current key players?

Try to get an up-to-date feel for your industry in the foreign country targeted

Knowledge of recent events will give you something to talk about during your networking by phone.

6. Call any international clients you may have.

Ask them why they bought from you, were they happy, why they chose your company and try to get as much background information as possible about the foreign competition.

7. Keep online research to a minimum.

Simply get the names of the players and any major trends. Then move to the telephone. Start networking on the phone and continue.

Telephone networking will help you adapt your mindset to bring your company to international markets

Telephone conversation can provide you with more background information faster than you can get over the internet

Be sure to aim to speak to people with real insider knowledge of your industry in your foreign country. And look for various sources from different angles to get a broad view.

After a week or so, you should be feeling a direction towards one particular county. Continue your networking a little longer.

After a month or two or even a few weeks, if you methodically did your research through networking, you should feel comfortable in strategizing how you can sell one of your products in one specific foreign country.

You have to recognize that you will need to jump in without all of the information you would want. But you need to feel comfortable and have enough positive feedback to move forward.

This is the half of the second part of 8 Steps To Develop Your International Business. If you would like to get this full report it is yours free when you sign up for the Get International Clients newsletter.

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History of Internal Auditing

Internal auditing is a very respectable profession with many responsibilites.  Internal auditing can be documented and traced as far back as to about 5000 B.C.  A few civilized communites such as the Chaldaean Empire and the Babylonian Empire were the among the first to advance economically and politically and organize themselves into sovereign states.  The two empires imposed many taxes on both individuals and businesses, and therefore they established an intricate system of checks and counterchecks.  They designed internal control systems to help minimize errors and safeguard state property from taxpayers who were dishonest (Gupta). 

In the United States, internal auditing has steadily grown and evolved ever since the end of World War II.  Internal auditing today can be compared to financial auditing because of the many similarities associated with each, and “much of the theory underlying internal auditing is derived from management consulting and public accounting professions” (Internal Audit).

 

Internal Auditing

            The profession of internal auditing helps companies by advising them on how to better achieve there short-term and long-term objectives.  Internal auditors utilizing “systematic methodology for analyzing business processes or organizational problems and recommending solutions” (Internal Audit).  Internal auditors are generally employed by companies to perform their internal auditing activities which may include internal controls such as efficacy of operactions, reliability of financial reporting, deterration and investigation of fraud, safeguarding assets, and compliance with laws and regulations (Internal Audit)

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Internal Controls

            Improving internal controls is one of the main responsibilities of internal auditors.  The management of a company is in charge of internal controls within the organization, but internal auditors test the controls to make sure they are working effectively.  Internal controls can be defined as a process that is affected by the employees of the company as well as the information technology systems that are used to assist the company in achieving its objectives.  Internal controls direct, monitor, and measure a company’s resources and help detect and prevent fraud from occuring within an organization (Internal Control).

           

Risk Management

Another responsibility of internal auditors is the monitoring and evaluation of the effectiveness of the risk management process of a company.  In addition to management’s reponsibility of internal controls, they are also responsible for performing risk management activities as part of their ordinary course of business.  How an organization sets their objectives and responds to the risks associated with their objective is part of the risk management process.  Risk management is a way for companies to manage uncertainty through risk assessment.  Developing strategies to manage risk and mitigating risk by using managerial resources is also involved in risk management.  For companies, risks can usually be categorized into four groups:  strategic risks, operational risks, financial reporting risk, and legal and regulatory risks (Risk).

 

Sarbanes Oxley Act

            The Sarbanes-Oxley Act, also known as the Public Company Accounting Reform and Investor Protection Act, was implemented on July 30, 2002 by the United States Federal Government to help prevent corporate fraud scandals.  All companies, both large and small, must comply with the rules and regulations of the Sarbanes-Oxley Act.  Some cases that prompted the passing of this act were with companies such as Enron, Tyco International, and Adelphia that involved corporate and accounting fraud (Sarbanes).  The Sarbanes-Oxley Act accelerated the growth of internal auditors profession because they possessed “the skills required to help companies meet the requirements of the law” (Internal Audit).

            The Sarbanes-Oxley Act is comprised of eleven different sections for companies to reduce and eliminate fraud.  Section 302 of the act establishes internal procedures that are designed to ensure accurate financial disclosure within organizations.  The officers of companies must sign off on documents stating that they are “responsible for establishing and maintaining internal controls” (Sarbanes).  The officers certifying this also says that the internal controls designed ensure that the material information significant to the company and its subsidiaries is known to the executive officers.  In addition, section 404 of the Sarbanes-Oxley Act requres that management submit a report on the internal controls.  The internal auditor is responsible for making sure that the company follows the guidelines established under the Sarbanes-Oxley Act (Sarbanes).

 

Example

Cases such as the Enron scandal was a reason why the Sarbanes-Oxley Act was put into effect.  In as little as fifteen years, Enron grew from a little company to the seventh largest company in the country.  At its financial peak, Enron employed more than 21,000 in staff and expanded into more than forty countries.  Eventually, the company’s scam became known to the world.  Enron had been lying about profits and was accused of many “shady” dealings including concealing debts, so they didn’t show up in the company’s accounts (Enron).  If the Sarbanes-Oxley Act was being enforced at that time, the scam would never have come to be.

 

Salary

Internal auditing can be as rewarding as one makes it, depending on education and experience.  According to swz.salary.com, the median expected starting salary for an Internal Auditor I in the United states is $46,041 as of February 2008.  One’s salary can be greatly affected by factors such as employer size, industry, employee credentials, and years of experience though (Salary). 

Other Opportunities

            Everyone knows that accounting is a great subject to be knowledgable in.  Charlie Munger, vice-chairman of the diversified investment corporation, Berkshire Hathaway Corporation, once said, “You have to know accounting.  It’s the language of practical business life” (Accounting).  Knowing accounting, especially internal auditing, can be very beneficial in the advancement of one’s career. Internal auditing encompasses many different areas of internal controls and risk management of companies.  Internal auditors evaluate the adequacy and effectiveness of companies’ internal control systems and its overall performance and report back to top management.  Internal auditors are required to solve problems within the company and are constantly perfecting their skills to make sure the company runs appropriately.  Some would consider the internal auditors to be the key to the success of a company.  Because of the broad spectrum of activities internal auditing involves, it gives one the opportunity to gain knowledge in many areas of the company, and therefore gives one enough experience to expand and advance their career.  There are not only opportunities for internal auditors, but with the type of experience and knowledge gained from internal auditing, one can expand their experience to other careers as well.  Some related careers in which internal auditing experience is extremely valuable include budget analysts, cost estimators, loan officers, financial analysts, personal financial adviors, tax examiners, and even computer programmers and such to name a few (Accountants).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Works Cited

 

“Accountants and Auditors.” U.S. Department of Labor. 18 Dec. 2007. 24

Feb. 2008

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“Accounting Quotes.” Woopidoo Quotations. 24 Feb. 2008    .

“Enron Scandal At-a-Glance.” BBC News. 22 Aug. 2002. 24 Feb. 2008 .

Gupta, Parveen P. “Spiraling Upward – History of Internal Auditing and the Institute of Internal

            Auditors.” Bnet. June 1991. 24 Feb. 2008 .

“Internal Audit.” Wikipedia. 24 Feb. 2008 .

“Internal Control.” Wikipedia. 24 Feb. 2008 .

“Risk Management.” Wikipedia. 24 Feb. 2008 .

“Salary Wizard.” Salary.Com. Feb. 2008. 24 Feb. 2008 .

“Sarbanes-Oxley Act.” Wikipedia. 24 Feb. 2008 .