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Running a business is a challenging endeavor. Audits are often understood to be examinations of a company’s records, procedures, and software to ensure their accuracy, authenticity, and completeness. We still have the most pressing issue here. Some people hear “audit” and immediately think of a financial audit. However, there are several audit types, each of which serves a specific purpose.
Management audits, cost audits, internal audits, and efficiency audits are all instances of this type of audit. The processes by which they are carried out, and the results that are expected from them are different for each of these.
What is Financial Audit?This type of audit is defined by an emphasis on inquiry and confirmation of the organization’s financial activities, and it is performed by examining the financial records of the organization over a certain time period. Financial audits provide useful information for several parties, including shareholders, employees, investors, and the government (for tax purposes in particular).
A financial audit not only reveals the truth about the organization’s financial performance but also helps uncover fraud and other errors in the accounting records. Furthermore, it guarantees that a company’s accounting practices are in line with industry norms. Financial audits ensure that shareholders and investors make prudent choices that are good for the economy as a whole. Financial audits must also be conducted by a CPA, as this is mandated by law. It is important to note that limited businesses are mandated by law to conduct annual financial audits.
What is Management Audit?Management audits cover a wide range of checks, including checks on procedures, employees, marketing, performance, systems, and audit deals. Audits in the areas of marketing and audit are two more types of audits. Management inside the company is responsible for carrying it through. Even though it is crucial for any business, a management audit is not required by law.
Differences − Financial Audit and Management AuditBoth focus on dissecting the workings of a company to find the weak spots and address them. The following table highlights how a Financial Audit is different from a Management Audit −
Characteristics Financial Audit Management Audit
Definition
The purpose of a financial audit is to examine and verify a company’s financial affairs by reviewing its financial records over a certain time period. A financial audit is a name given to this specific type of audit.
The purpose of a management audit is to determine whether or not a company’s or other organization’s day-to-day operations are efficient and ethical.
Statutory/non statutory
An audit of financial records is required by law.
Management audits are not mandated by law.
Importance
In order to ensure that an organization’s accounting principles are consistent with the established standards, to report the actual performance with regard to financial performance, and to provide an accurate picture of the organization’s current economic position, a financial audit must be conducted.
A management audit is an assessment of the processes, procedures, and policies of an organization with the goals of finding areas for improvement, providing recommendations for moving forward, and gaining insight into the current state of affairs.
Party conducting the audit
To conduct an audit, businesses often hire independent chartered accountants to go through their books.
Every business has its own management team, and that team is generally responsible for conducting management audits.
Interval
An audit of the business’s financial records is performed after the end of each fiscal year.
The business maintains a schedule for conducting management audits, and those audits are completed on time.
ConclusionManagement audits and finance audits serve separate but interdependent purposes for each business. Comparatively, financial audits focus on the investigation and confirmation of an organization’s financial affairs through the analysis of financial records accumulated over a set time period, whereas management audits look at the efficiency and appropriateness of an organization’s activities.
These audits are essential for a company to do in order to avoid any unethical actions or operations and to lessen the possibility of the organization making unethical business decisions.
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The Race Digital Marketing Audit Checklist
Examples of essential questions to ask when structuring a digital marketing audit
Auditing your digital marketing activities is an essential technique to start a digital marketing strategy. But they’re also useful for finding opportunities to improve your digital marketing by identifying priorities you need to act on to get better results.
Knowing where to start and what to include can be difficult since although you may have your own area of expertise such as search, social media or business, you may not know about other topics. In this article, we’ll provide a comprehensive checklist you can use for your business based on the Smart Insights RACE Digital marketing framework. Each of the five parts of RACE is broken down into five to give a comprehensive evaluation of digital marketing for which I outline questions in this post.
I developed this framework nearly 15 years ago based on my experience of consulting and training in digital marketing for businesses in a range of sectors and in companies of different sizes from small to large. Our auditing approach is a data-driven audit using tools to compare to your competitors and using your Google Analytics to assess the effectiveness of your marketing communications.
1. Plan – Auditing your resources and strategy processHow you manage digital marketing is often forgotten in a digital marketing audit that often focuses on channels, but it’s important to consider your overall process, strategy and resources, so you should start here, whether reviewing with a small business owner or the person responsible for digital marketing in a larger business. Issues to consider are:
Performance – Do you have a dashboard to report performance? Can you break down performance by channel standardised using Analytics UTM tracking to track email marketing for example?
Marketplace analysis – Who are your target customers? Have you defined personas? What is your success in reaching and converting them? Benchmarking visits and where possible conversions against competitors?
Capabilities – these include your team – who is responsible for digital marketing – internal staff and agencies? What are their strengths and weaknesses? Are there any training gaps? This also includes marketing technology and tools which we cover in our essential marketing tools download.
Strategies – Is there a strategy in place? How does your brand positioning compare to competitors? What is our defined target audience. Is there a 90-day planning or quarterly business review process?
2. Reach – The Media auditThis review should compare your techniques for using Paid, Owned and Earned media (POEM) for acquiring traffic. Start by reviewing measurement of media and conclude by creating and digital acquisition plan with priorities.
Organic search sources – What is the split of brand vs non-brand search terms? Are International, Local and Mobile vs Desktop as expected?
Organic search checklist – Domain authority based on backlink profile of unique-linking domains. Use of on-page ranking factors. Our SEO Learning Path explains the details on these and references our organic search audit template
Paid search – What is the split of brand vs non-brand ad traffic for different sources, what is the Return on Advertising Spend (ROAS) for each? How does the quality score vary across campaigns?
Earned media – How are we using digital PR and influencer marketing? Is it a structured or ad hoc approach?
Social media – How does traffic volume and quality compare for paid and organic social for each of the main social platforms you use?
3. Act – Auditing website customer journeys and content for lead generationAfter reviewing the success of your media channels in driving traffic, the logical next step is to audit the effectiveness of the customer journeys on the site in supporting content engagement and lead generation. This is the main aim of the Act stage. Key factors to assess are:
Content marketing strategy. Is there a defined content marketing strategy to serve relevant content throughout the customer journey to meet your objectives?
This is a vital activity since Content Marketing is at the heart of digital marketing and impacts not only customer journeys and conversion and is based on audience needs, but also media techniques for content distribution like organic search, paid search, social media and email marketing automation.
A content marketing strategy defines:
Your goals for CM
Your audience personas
Content selection mapped against customer journeys and lifecycle
Editorial calendar for content publication
Content distribution plan including POE media and influencer outreach
Tracking to achieve ROI
Landing Page effectiveness – First impressions are important, we don’t want our visitors to leave immediately, so the audit should review whether landing pages optimized in line with best practices using a structured improvement approach?
Lead capture and audience profiling – Are we following best practices for lead capture and profiling, scoring and working to improve them in a structured way? This is covered in our e-learning topic on this activity.
Campaign and Content Planning – Do we have a clear campaign planning and improvement approach so that digital campaigns are integrated with marketing campaigns. Access our toolkit which has templates to help you plan and manage campaigns better to improve results: Marketing Campaign planning
4. Convert – Auditing conversion efficiencySuccess factors to review within the RACE framework for conversion are based on these questions:
Retargeting. Are you using on and off-site retargeting to convert your audience to sale?
It’s a common situation that a visitor will only interact with a website or brand once, even after subscribing. This makes retargeting or reminders which are powerful and cost-effective technique to encourage people to return and ultimately buy.
Web Personalization. Are personalized containers used on the site with recommended product, content or offers?
On-site personalisation is also a technique that is commonly used on retail and e-commerce sites, but under-utilised on other sites. The options and some of the technologies are covered in our e-learning.
Mobile experience. Are the techniques used for interaction and conversion effective on mobile?
This question applies across all the previous ACT and CONVERT sections, but are referencedhere since conversion is a specific problem on mobile.
Multichannel selling. Are offline interactions prompted to encourage visitors to convert?
Direct interactions with real people, your employees, almost always have higher conversion rates than unassisted on-page website conversion. This is why options like Livechat have increased in popularity.
Conversion Rate Optimization (CRO). Is there a programme of structured testing and improvement for conversion?
Using a test-learn-refine approach across the best practice techniques discussed above WILL produce uplift if the programme is sustained since not every AB test will produce a positive result.
5. Engage – Customer Engagement‘Engage’ is aimed at achieving long-term customer engagement. In digital marketing, there is a tendency to focus too much on the short-term engagement, but it’s the long-term engagement that matters to results.
Customer Onboarding and growth. What is the quality of the online customer onboarding?
These are similar to the welcome sequence for retargeting, but within a different goal – to develop brand preference, gain feedback, e.g. through reviews and ratings and encourage repeat purchase.
Customer Digital Experiences. What are the processes and tools you use to review and improve the customer experience?
These are activities that tend to be better setup in larger organisations, but they are equally important in smaller businesses!
Customer Service and Success. How are customer service processes and quality of support content assessed?
How can people, process, tools and measurement be used to improve quality of experience?
Customer Email marketing. How is the quality of email marketing improved across the customer lifecycle?
This is a major activity which is impacted by many of the other activities in this audit.
We have a separate Email marketing audit we recommend you review as part of this activity.
Given the importance of email marketing, we have a separate toolkit covering how to create an email marketing strategy and practical templates to improve your email marketing:
Improve social media marketing. How is the quality of social media marketing improved across the customer lifecycle?
Like email marketing. This is a major activity which is impacted by many of the other activities in this audit.
We have separate Social media audits we recommend you review as part of this.
Given the importance of social media marketing across each part of RACE, we have a separate toolkit covering how to create a social media strategy and practical ‘Smarter’ guides for each of the main social media platforms.
SummaryWhen completing the digital marketing audit, make sure that you cover both strategy, customer acquisition and retention. The most important aspects to consider are Reach and Act since success in these is essential to power your digital marketing.
Difference Between Information And Data
What is Data?
Data is a raw and unorganized fact that required to be processed to make it meaningful. Data can be simple at the same time unorganized unless it is organized. Generally, data comprises facts, observations, perceptions numbers, characters, symbols, image, etc.
Data is always interpreted, by a human or machine, to derive meaning. So, data is meaningless. Data contains numbers, statements, and characters in a raw form.
What is Information?Information is a set of data which is processed in a meaningful way according to the given requirement. Information is processed, structured, or presented in a given context to make it meaningful and useful.
It is processed data which includes data that possess context, relevance, and purpose. It also involves manipulation of raw data.
Information assigns meaning and improves the reliability of the data. It helps to ensure undesirability and reduces uncertainty. So, when the data is transformed into information, it never has any useless details.
KEY DIFFERENCE
Data is a raw and unorganized fact that is required to be processed to make it meaningful whereas Information is a set of data that is processed in a meaningful way according to the given requirement.
Data does not have any specific purpose whereas Information carries a meaning that has been assigned by interpreting data.
Data alone has no significance while Information is significant by itself.
Data never depends on Information while Information is dependent on Data.
Data measured in bits and bytes, on the other hand, Information is measured in meaningful units like time, quantity, etc.
Data can be structured, tabular data, graph, data tree whereas Information is language, ideas, and thoughts based on the given data.
Data Vs. InformationParameters Data Information
Description Qualitative Or QuantitativeVariables which helps to develop ideas or conclusions. It is a group of data which carries news and meaning.
Etymology Data comes from a Latin word, datum, which means “To give something.” Over a time “data” has become the plural of datum. Information word has old French and middle English origins. It has referred to the “act of informing.”. It is mostly used for education or other known communication.
Format Data is in the form of numbers, letters, or a set of characters. Ideas and inferences
Represented in It can be structured, tabular data, graph, data tree, etc. Language, ideas, andthoughts based on the given data.
Meaning Data does not have any specific purpose. It carries meaning that has been assigned by interpreting data.
Interrelation Information that is collected Information that is processed.
Feature Data is a single unit and is raw. It alone doesn’t have any meaning. Information is the product and group of data which jointly carry a logical meaning.
Dependence It never depends on Information It depended on Data.
Measuring unit Measured in bits and bytes. Measured in meaningful units like time, quantity, etc.
Support for Decision making It can’t be used for decision making It is widely used for decision making.
Contains Unprocessed raw factors Processed in a meaningful way
Knowledge level It is low-level knowledge. It is the second level of knowledge.
Characteristic Data is the property of an organization and is not available for sale to the public. Information is available for sale to the public.
Dependency Data depends upon the sources for collecting data. Information depends upon data.
Example Ticket sales on a band on tour. Sales report by region and venue. It gives information which venue is profitable for that business.
Significance Data alone has no signifiance. Information is significant by itself.
Meaning Data is based on records and observations and, which are stored in computers or remembered by a person. Information is considered more reliable than data. It helps the researcher to conduct a proper analysis.
Usefulness The data collected by the researcher, may or may not be useful. Information is useful and valuable as it is readily available to the researcher for use.
Dependency Data is never designed to the specific need of the user. Information is always specific to the requirements and expectations because all the irrelevant facts and figures are removed, during the transformation process.
DIKW (Data Information Knowledge Wisdom)DIKW is the model used for discussion of data, information, knowledge, wisdom and their interrelationships. It represents structural or functional relationships between data, information, knowledge, and wisdom.
Example:
Difference Between Bacon And Ham
One key distinction between bacon and ham is the source of the meat. Many cultures rely heavily on pig farming as a primary means of animal protein production. Many people are thrown off by the fact that it is referred to as “pig flesh” in several distinct contexts. You can get ham and bacon. Pork is also available. Both gammon and muscle are present. In reality, there are dozens of distinct names for various pieces of meat from the same animal, and as bacon and ham tend to be the most perplexing, we’ll focus on those here.
To begin, pork is the most used term worldwide for pig flesh. But how exactly does pork end up as bacon or ham? Well, let’s find out.
What is Bacon?Bacon originates from the side of the pig that remains after the head and feet have been removed. But it doesn’t happen until after the meat has been cured for quite some time. The cut of flesh from the hog loin is also used to produce bacon. Bacon is commonly made from pig bellies in the United States. Because of this, bacon from the United States and Canada is commonly referred to as “American style” “fatty” or “streaky” bacon outside of these countries. This is because pig belly is solely used in the United States and Canada to make bacon.
Green bacon is the name given to the hog leg after it has been salted and left out for a long time. In the south of England, this cured beef is smoked at low heat using oak wood. The leg−wrapped version of this bacon is known as gammon, whereas pork loin is used to make traditional back bacon.
To prepare bacon for consumption, it is often fried. They crisp up well, and bacon is a popular snack. They are a staple of the Western morning. Bacon can be prepared in a variety of ways, including boiling, smoking, and grilling.
What is Ham?Ham is cut from the upper thigh, buttock, or the area where the thigh meets the knee. According to etymologists, the term “ham” originates from the verb “hom,” which means “to bend the knee.” Ham can be wet−cured or dry−cured. Cured refers to the several methods used to prolong the shelf life of foods such as meat, fish, and produce. Ham can be wet−cured or dry−cured. Meat is “dry cured” by rubbing it with a mixture including salt and several additional substances. After that, the meat is dried and aged for some time. Wet−cured beef is either submerged in brine or given an injection of the brine mixture.
Ham is commonly used to make sandwiches and other snacks. There’s no way you haven’t heard of a ham sandwich before. Ham slices are used to fill the space between the bread in these. Ham is also a popular topping for pizza and other pies.
Differences: Bacon and HamThe following table highlights how Bacon is different from Ham −
Characteristics Bacon Ham
Cut of the meat Bacon is cured pork flesh, often cut from the ribs or rear of the pig. The pig belly is also used to create bacon in the United States. Ham is cut from the upper thigh, buttock, or the area where the thigh meets the knee.
Preparation Bacon is often smoked after being cured. Ham can be dry cured or wet cured, depending on the method used.
Eating Some common methods of eating bacon include frying, smoking, boiling, and grilling. The typical method of consuming ham is slicing it.
Taste The bacon’s crispiness is what makes it so delicious. Comparatively, ham has more moisture than bacon.
Shape Bacon is available in paper−thin slices. You may also eat ham by slicing it very thinly.
ConclusionBacon and ham are both generic terms for pig flesh, and the designation “bacon” or “ham” depends on which portion of the pig the meat was originally taken. Bacon and ham are two of the most popular cuts of pork among meat eaters. In addition, bacon from both is commonly consumed with toast and eggs for breakfast. Ham is a popular sandwich filler and pizza topping substitute. Many people enjoy eating both of them because of their high quality and popularity.
Difference Between Anonymity And Confidentiality
Humans go through different stages in their personal and professional lives during which they undergo situations or experiences after which privacy and information security becomes a vital requirement for them. For example, a person approaching someone from the medical profession would much appreciate his medical data remain protected from others so that he/she doesn’t face discrimination at home or work.
Similarly, a company tasked with conducting surveys and running research activities is obliged to maintain strong anonymity and confidentiality measures in regard to their survey pool. In some sectors– such as medicine, religion, and politics, to mention a few—many participants deciding to participate in studies, experiments, or public outreach initiatives may choose to remain anonymous for various reasons.
Confidentiality, anonymity, and other forms of privacy protection can help with this concern. However, before we move on, there’s a need to know the difference between these two terms, “confidentiality” and “anonymity”, because these two are some of the most widely confused terms in the world of data privacy. As a student or user of data privacy, it’s important for readers to build a clear understanding of difference between these two terms before you participate in any such surveys or employ such services.
What is Anonymity?This is a situation in which the researchers do not collect personally identifying information about the participants. When the statistics are aggregated, they should not include any personal information that may be used to reveal anyone’s identity. Although a person’s age is not a unique identifier on its own, it may be combined with other information to help pinpoint their location and identify the sort of research they participated in.
What is Confidentiality?Confidentiality occurs when the collected data is kept secret from anybody other than the researchers or investigators who gathered it. Data are not supplied in a form that would permit respondents to be recognized, and unique identifiers are not made public. Data such as names, ages, addresses, and phone numbers can be collected from participants. Therefore, the researcher should take measures to protect the confidentiality of the material, including the use of passwords and encryption, as well as the secure locking of any physical copies.
Differences − Anonymity and ConfidentialityBoth of these concepts are extremely significant in research and data collecting. The following table highlights how Anonymity is different from Confidentiality −
Characteristics Anonymity Confidentiality
Definition The term “anonymity” is used to describe situations in which participants’ names, addresses, phone numbers, identification numbers, emails, images, and other personally identifying characteristics are not collected by the researchers. “Confidentiality” describes a circumstance in which the collected data is kept secret from anybody other than the researchers and investigators involved in the study.
Participants identity Researchers maintain participant anonymity if they do not collect any information that might be used to identify them, such as names, addresses, phone numbers, identification numbers, email addresses, photographs, or any other information that may be used to identify them. Researchers and investigators are the only people who are privy to the information gathered from participants in a covert study. In addition, the information is not made public or presented in a way that may be used to track down the individuals who provided their responses.
Type of research studies Identity concealment is standard procedure in quantitative research. The notion of confidentiality is often used in both qualitative and quantitative research.
Common use The anonymity feature is widely utilized in a variety of research settings, including interviews, content analysis, and online surveys. Confidentiality is commonly preserved when carrying out public activities, including conducting surveys, interviews, medical research, or even just talking to the general public.
ConclusionResearchers must ensure that participants understand the importance of maintaining their anonymity and the confidentiality of their data. When participants are assured of their anonymity, researchers do not record any information that may be used to identify them, including their names, addresses, phone numbers, email addresses, or other identifying characteristics.
The term “confidentiality” is used to describe when the obtained data is shielded from view by any other parties other than the researchers who gathered it. Separate from the idea of anonymity is the idea of confidentiality.
Difference Between Kw And Kva
In any electric circuit (AC or DC), the electric power is one of the major electrical quantity. The electrical power is broadly classified into three types namely active power, reactive power and apparent power.
These three types of electric powers are measured in different units. Where, the active power is measured in Watts (W), the reactive power is measured in Volt Ampere Reactive (VAR) and the apparent power is measured in Volt Ampere (VA). But in practice, these powers are measured in larger units, i.e., kW (kilo-Watt), kVAR (kilo Volt Ampere Reactive), and kVA (kilo Volt Ampere).
Read through this article to understand how kW is different from kVA. Let’s start with some basics of kW and kVA, the relation between kW and kVA, so that it becomes easier to understand the differences between them.
What is kW?kW is short for kilo Watt. It is the unit of measurement of active power or real power or true power. kW gives the measure of how much average power an electrical device consumes. 1 kW of electric power is equivalent to 1000 watts. Thus, kW can be converted into Watt simply by multiplying the numerical value in kW by 1000, i.e.
$$mathrm{1:kW:=:1:times:1000:W:=:1000:W}$$
In DC circuit, the Watt or kW is used to measure the average DC power, whereas in an AC circuit, it is used to measure the active or real part of the total AC electric power.
kW is the unit of power which is used to define the load type electrical devices such as motors, lamps, irons, heaters, etc.
What is kVA?kVA stands for kilo Volt Ampere. kVA is the unit of measurement of apparent electric power in the AC circuit. kVA is a large unit of apparent power, its base unit is VA (Volt Ampere). kVA is the term which is related to AC circuit only. There is no such thing in a DC circuit, because in a DC circuit, the total power is measured in watts or kW.
Just like kW, kVA may also be converted into VA by multiplying it by 1000, i.e.
$$mathrm{1:kVA:=:1:times:1000:VA:= :1000:VA}$$
Generally, kVA is used to represent the rating of such electrical devices that act as source such as alternators, generators, transformers, inverters, etc.
Difference between kW and KVABoth kW and kVA are the units of measurement of electrical power, but they are different from each other. The major differences between kW and kVA are given in the following table −
Basis of Difference kW kVA
kW stands for kilo-Watt. kVA stands for kilo Volt Ampere.
Description The kW is the unit of measurement of average power in DC circuit and active (or real) power in AC circuits. kVA is the unit of apparent power in AC circuits.
Relevant circuit kW is term related to both AC and DC circuits. kVA is only relevant in AC circuits. It is not used in DC circuits.
What it is? kW is the measure of active power consumed by an electrical load. kVA is the measure of total power delivered by a source (ex. generator) to the load.
Dependency on power factor kW is directly proportional to the load power factor. kVA is independent of the power factor of load.
Expression kW is given by the following expression, $$mathrm{kW:=:1000:times:V:times:A:times:pf}$$ kVA is given by the following expression, $$mathrm{kVA:= :1000:times:V:times:A}$$
Uses kW is used to represent the ratings of electrical load devices such as electric motors, electric heaters, iron, lamps, etc. kVA is used to represent the rating of electrical source devices such as generators, alternators, inverters, UPS, etc.
ConclusionThe most significant difference that you should note here is that kW represents the amount of electric power consumed by an electric load, whereas kVA represents the total amount of power supplied by a source to an electrical load.
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