|Exam Name||:||Certified Government Auditing Professional(R) (CGAP)|
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|Updated On||:||April 18, 2019|
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CGAP exam Dumps Source : Certified Government Auditing Professional(R) (CGAP)
Test Code : CGAP
Test Name : Certified Government Auditing Professional(R) (CGAP)
Vendor Name : Financial
Q&A : 327 Real Questions
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LONDON (Thomson Reuters Regulatory Intelligence) - As extra massive enterprises go bankrupt in the UK, exterior auditors and the body that oversees them, the financial Reporting Council (FRC), continue to be below a really shiny spotlight.
A inventory broker's fingers feverishly key within the day's proceedings on a pc keyboard, at a brokerage enterprise in Bombay might also 19, 2004.
a couple of initiatives are underway. Auditors, themselves, are beneath evaluate through the FRC. The competitors and Markets Authority (CMA) has proposed reformshere to improve competitors within the audit sector. moreover, the FRC, as an company, is being scrutinised via the uk govt.
The department for enterprise, energy and Industrial approach (BEIS) launched a session in March 2019right here to accept as true with the implementation of innovations proposed in Sir John Kingman's independent review of the FRCright here. The assessment advised that the FRC get replaced altogether with a new regulator, to be called the Audit, Reporting and Governance Authority.
one at a time in December 2018, the BEIS asked Sir Donald Brydon to conduct an independent evaluation of the high-quality and effectiveness of audithere. The findings will be published later in 2019.
With the implementation of the proposed reforms to the field, the audit profession will trade over time. Knock-on affects to internal audit capabilities at corporations (also referred to as the third line of defence) can also turn up. after all, the output from the a number of proposals supply some talents classes for inner audit teams.FRC AUDIT experiences
Following its Audit evaluation in June 2018right here, the FRC observed: "The large 4 audit practices must act swiftly to reverse the decline in this year's audit inspection consequences if they are to obtain the goals for audit best set by the financial Reporting Council (FRC). … throughout the large [Four], the fall in excellent is because of a few elements, together with a failure to problem management and demonstrate appropriate scepticism across their audits, poorer results for audits of banks."
The huge four audit practices comprise Deloitte, EY, KPMG and PwC.
In its October 2018 developments in Audit filehere, the FRC observed it will respond to the inherent challenges in the latest audit mannequin via launching a task on the future of company reporting and through whether audit should go past the economic statements and be greater forward-searching.
In December 2018, the FRC posted the outcomes of its "Audit fine Thematic evaluation of alternative assistance in the Annual report"here. during this record, the FRC pointed out it "observed a number of situations the place insufficient work became performed to help the statement auditors made in respect of other suggestions within the auditor's report". The result become that users of the stories could develop into puzzled and there became a chance that cloth inconsistencies or misstatements may go undetected.
for instance, the FRC talked about that companies did not frequently require audit groups to achieve the business’s chance register and to consider its completeness as part of the auditor’s overview and consideration of the important chance disclosures in strategic studies. This changed into considered as a deficiency.
The findings within the stories signify examples of persistent concerns relating to audit excellent that required rectification. advised improvements included:
- greater prescriptive and focused methods, together with templates and workbooks, to ebook audit groups within the work they operate.
- certain consideration of the different assistance at the strategy planning stage of the audit.
- better emphasis on the assessment of key non-monetary assistance, apart from the economic information.
-improved scepticism and extra consideration to the completeness of the tips, primarily the essential possibility disclosures, and their linkage with the viability assessment/statement.
- constantly requiring boards to prepare, on a timely foundation, separate papers and other documentation to aid their fair balanced and comprehensible (FBU) and viability evaluation/statements.
- guaranteeing team of workers with appropriate experience and potential of the audit are assigned to assessment the different counsel to identify competencies fabric misstatements and inconsistencies.
lessons FOR companies when it comes to interior AUDIT groups: although internal audit groups are more likely to have their own guidelines and procedures, they could examine their programs with suggestions from the FRC for external audit to ensure they meet requisite requisites.CMA idea TO enrich in the AUDIT SECTOR
Following its market look atright here into the statutory audit market in October 2018, the CMA posted an replace paper outlining severe competitors concerns and proposing changes to law to increase the performance of the audit sectorhere.
in the paper, the CMA offered right here explanation why it believed audit pleasant changed into falling brief:
- companies choose their own auditors, and due to this fact, the CMA noticed too tons proof of companies determining these with whom that they had the most effective “cultural fit” or “chemistry” in preference to those that offered the hardest scrutiny.
- choice turned into too restrained, with the big 4 audit enterprises conducting ninety seven p.c of the audits of the largest groups.
- Auditors’ center of attention on quality looked diluted by way of the fact that at the least seventy five p.c of the revenue of the massive 4 comes from different functions reminiscent of consulting.
In its paper, the CMA proposed legislation to:
- Separate audit from consulting capabilities.
- Introduce measures to noticeably boost the accountability of those chairing audit committees in organisations.
- Impose a “joint audit” regime giving corporations outdoor the big four a role in auditing the united kingdom’s greatest corporations.
The consultation on these proposals closed in January 2019 and the CMA will publish its ultimate file and recommendations to the executive later in 2019.
instructions FOR organizations in terms of inside AUDIT teams: companies should still make sure that the “voice” of internal audit is held in high regard and that its function as a 3rd line of defence is still mighty.
For monetary institutions, the FCA’s Senior Managers and Certification Regime (SMCR) Prescribed accountability (j) ensures that there is a senior management responsibility for safeguarding the independence and oversight of the efficiency of the inside audit characteristic, based on the inside audit requirements for SMCR establishments and the Prudential legislation Authority (PRA) requirements.
session ON ideas FROM THE independent overview OF THE FRC
The outcomes of Sir John Kingman's "root and department" evaluation of the FRC, commissioned with the aid of the BEIS, was a documenthere recommending that that the FRC get replaced with an independent statutory regulator. The assessment also set out eighty three strategies on the element of how the new audit regime may still characteristic.
In a letterhere which was separate to the record, Sir John set out his concepts with regard to whether simple adjustments had been required to the manner business auditors have been appointed and the way their costs were set. The BEIS stated it is going to check with on the proposals within the letter one at a time.
The BEIS has issued a consultation on implementing the 83 suggestions in the evaluationright here. The consultation set out which concepts may be implemented by using the FRC and BEIS as soon as possible, which could be applied following consultation and discussion (coated within the session paper or separately within the close future) and which required fundamental legislations or other issues (for instance, competitors-linked findings from the evaluate would have to be regarded alongside the findings from the CMA study on the statutory audit market).
The consultation lined options within the areas set out under.FRC structure AND purpose
among other capabilities, the innovations referred to as for the new regulator to be ahead-searching, searching for to assume and where feasible act on emerging corporate governance, reporting or audit risks, each within the short and the longer term.FRC EFFECTIVENESS OF CORE functions
The ideas called for the availability of improved powers to enrich the effectiveness of the FRC’s current core services: audit legislation, audit best, company reporting, enforcements, accountancy oversight and stewardship.corporate FAILURE
The recommendations noted that the brand new regulator should still have a ahead-looking role in overseeing business reports and should be chance-conscious. the brand new regulator may still be able to fee professional people reviews when required.
In its session, the BEIS mentioned it will consider the case for adopting a bolstered framework for internal controls on a similar basis to the Sarbanes-Oxley regimeright here within the united states.the brand new REGULATOR OVERSIGHT AND ACCOUNTABILITY
The thoughts set out how the new regulator should still engage with the govt and parliament and precise that the oversight of the new regulator may still be corresponding to that of other public bodies.
The session talked about there should still be no future precise or perceived conflicts of pastime between FRC employees and its stakeholders.STAFFING AND elements
The consultation established that the new regulator will require a sturdy statutory funding base and that a statutory levy should be put in vicinity. It additionally said that the new regulator should boost a staffing and resourcing method to fulfill the requirements based through the innovations.different matters AND meantime STEPS
The consultations additionally made suggestions regarding competition, actuarial perception, native audit and the country wide Audit workplace (NAO).
The consultation set out an illustration of the way it would take ahead the concepts in the assessment, and set out which may still be taken forward as promptly as possible.
classes FOR organisations with regards to interior AUDIT groups: inner audit groups might agree with mapping their present operations to one of the vital proposals for the ambitions, tasks and capabilities of the brand new regulator. for example, inner audit teams should still appear at the following new regulator recreation recommendations and investigate that they operate in an analogous method:
- acts in a forward-looking method, in search of to count on and the place possible act on rising company governance, reporting or audit hazards, both in the brief and the long term;
- advances innovation and excellent improvements;
- promotes brevity, comprehensibility and usability in reporting;
- is proportionate, having regard to the dimension and elements required and balancing the fees and merits of recommended actions; and
- prioritises exercise on the groundwork of chance.session cut-off date
The BEIS consultation on imposing the options closes on June 11, 2019.CONCLUDING suggestions
because the electricity of exterior auditors increases following the new proposals, one consideration is whether this could because of this diminish the importance of internal audit groups within organisations.
It is probably going that the function inner audit groups play because the third line of defence will stay as crucial as it at the moment is. The normal reputation of auditors, no matter if exterior or inside, may still enhance with the implementation of latest rules for this sector.
“despite the fact the reforms to external audit may also, in time, have an have an impact on on the magnitude of internal audit services, a strong, independent and positive third line of defence is likely to continue to be extremely crucial and useful for establishments. a superior third line of defence can have myriad benefits, together with when regulators have concerns; they might also decide to rely on the organizations’ personal inside audit function instead of deploying extra costly and intrusive regulatory equipment comparable to visits or s 166 stories”, said Dr Jimi Hinchliffe, chief government of NJ possibility and Regulatory Consulting Ltd.
*To examine extra by means of the Thomson Reuters Regulatory Intelligence group click right here: bit.ly/TR-RegIntel
(Christine Brentani is a member of the Thomson Reuters Regulatory Intelligence group. email@example.com)
this text become produced by using Thomson Reuters Regulatory Intelligence - bit.ly/TR-RegIntel - and at the start posted on Mar. 19. Regulatory Intelligence offers a single source for regulatory information, evaluation, guidelines and traits, with global coverage of more than four hundred regulators and exchanges. follow Regulatory Intelligence compliance news on Twitter: @thomsonreuters
economic auditors investigate cross-check accounting statistics, monetary data and operational elements of a enterprise to check whether its fiscal statements follow often approved accounting principles (GAAP). monetary auditors also consider and check inside controls and governance. They continually analyze chance administration strategies to supply purpose opinions on no matter if the techniques are satisfactory, efficient and useful. moreover, they work to discover, examine and prevent all kinds of fraud within a company.sorts of fiscal Auditors
financial auditors may work in an external or interior skill.exterior Auditors
external auditors provide auditing functions to companies on a short-term contractual basis. the most typical characteristic of an external auditor is to deliver an aim, public opinion concerning the firm's monetary statements and whether they pretty and accurately symbolize the firm's monetary position. exterior auditors are customarily employed by public accounting organizations.internal Auditors
internal auditors are without delay employed via the businesses they are tasked with auditing, including companies, nonprofit corporations and govt agencies. interior auditors work independently inside the company to give aim economic and operational audits relating many aspects of the firm's every day operations.
internal auditors in publicly traded groups commonly record to the audit committee of the business's board of directors. This ensures auditors are free to report on operational problems or cases of fraud no rely who is involved inside the enterprise.career route of a monetary Auditor
A financial auditor can start working in a junior position within the field automatically after obtaining a qualifying diploma and a license or professional certification, if one is required. Some fiscal auditors transition into these positions after working in yet another enterprise container, akin to accounting, finance or desktop tips systems.
With ample journey and a list of first rate performance, each external and inner financial auditors can typically stream into more senior positions with responsibility for advanced audit initiatives. Senior fiscal auditors plan audits and lead audit groups to complete projects. counting on the company, an opportunity for development into better-degree management roles could be feasible.What type of schooling is required?
An exterior auditor who works in a public accounting firm generally requires either a bachelor's diploma or a master's diploma in accounting. This matches the tutorial qualification for a licensed Public Accountant (CPA) license, which is commonly required to work as an exterior auditor.
inner auditors don't usually require this sort of license, so bachelor's diploma subjects such as finance and different enterprise disciplines can also also be applicable if candidates have applicable adventure and advantage.the way to Get CPA Certification and Licensing
Most monetary auditors working for public accounting corporations need to achieve the CPA designation, which is a professional certification awarded by means of the American Institute of licensed Public Accountants. interior monetary auditors are sometimes encouraged to get the CPA designation, nonetheless it is not commonly mandatory.
Eligibility requirements for the CPA designation vary from state to state. Most candidates need to finished educational courses in accounting and show one hundred fifty semester hours of qualifying coursework in accounting, company and normal schooling issues. whereas a grasp's degree isn't required, most college students take as a minimum some graduate classes to meet the coursework ordinary. as soon as the educational requirements are complete, candidates should additionally flow the Uniform CPA Examination to comprehensive the certification.
in addition to the certification, most economic auditors working for public accounting businesses also need to achieve state CPA certification. requirements differ, but most states' licensing specifications require a CPA designation and two years of skilled work adventure in public accounting. economic auditors may additionally work in junior positions below the supervision of a licensed CPA to count number as the acceptable work journey requirement for a license.extra Certifications for an Auditor
the most vital expert certification for inner auditors is the certified inside Auditor (CIA) designation, awarded by way of the Institute of internal Auditors. To qualify for this designation, candidates need a bachelor's degree and two years of qualifying work experience or a master's degree and 365 days of labor adventure. a mixture of publish-secondary schooling and qualifying work adventure amounting to seven years is additionally suitable. Candidates must circulate an examination to complete the certification.
different certifications that can be requested by using some employers include the licensed Fraud Examiner (CFE) designation and the licensed govt Auditing knowledgeable (CGAP) designation.
CAMBRIDGE, Mass.--(enterprise WIRE)--Apr 10, 2019--Imara Inc., a medical-stage biopharmaceutical business focused on sickle mobile disease and other hemoglobinopathies, today announced it has appointed Michael P. grey as Chief financial and Chief working Officer. Mr. grey brings well-nigh two decades of event at both public and private biotechnology businesses, where he developed strong funding neighborhood relationships and an in-depth knowing of capital markets, with a broad history in strategic company finance, enterprise operations, business development and investor members of the family. He most these days served as President, Chief executive Officer and Chief economic Officer at public, international biotechnology enterprise, Arsanis, Inc., leading a strategic manner that consummated with the closing in March 2019 of a merger between Arsanis and X4 prescription drugs (NASDAQ: XFOR) following a futility effect of Arsanis’ lead medical asset. Mr. gray up to now served as Arsanis’ Chief operating and Chief fiscal Officer from March 2016 until November 2018. In that means, he built the company and finance infrastructure of Arsanis’ U.S. international headquarters and effectively raised over $130 million, including finishing two deepest financings and an initial public offering (IPO).
“Mike’s breadth of strategic company and fiscal operations talents in each public and private settings is a infrequent mixture and should be immensely critical as we enter this next phase of growth for Imara,” pointed out Rahul D. Ballal, Ph.D., Chief executive Officer of Imara. “Mike will play a crucial position in growing key partnerships, building an interior infrastructure, and inserting us on secure fiscal footing, as we construct out the scientific software for IMR-687 and different pipeline efforts.”
“Rahul and the existing Imara crew and board of administrators deliver a deep scientific and company acumen to the business and are also able to intimately understand what’s at stake for sufferers lacking beneficial treatments for infrequent diseases comparable to sickle phone disorder,” noted Michael P. gray, Chief fiscal and Chief operating Officer of Imara. “With the lately accomplished $63 million collection B cross-over financing with excellent-tier healthcare investors, promising early records on the continued section 2a scientific trial of IMR-687, and Imara’s standard boom trajectory, here is a thrilling time to be a part of the business and i seem ahead to constructing the enterprise throughout a number of vital useful areas.”
prior to Arsanis, Mr. grey spent over a decade at Curis, Inc. (NASDAQ: CRIS), a publicly-traded oncology enterprise, together with 13 years as its Chief economic Officer, whereas also keeping dual roles as both Chief operating Officer or Chief company Officer all through most of his tenure. at the enterprise, he became responsible for monetary approach and company operations, enterprise development, alliance management, corporate felony as well as all other administrative functions. Mr. gray raised about $200 million in fairness capital via loads of transactions, including public choices, at-the-market (ATM) offerings, registered direct choices, PIPEs and different buildings. He became the company construction and finance lead for a probably transformative collaboration settlement with Aurigene and led the 2012 in-licensing of a scientific-stage compound from Genentech and simultaneous $30 million structured debt transaction. Mr. grey become additionally instrumental in Curis’ entry into and subsequent management of its collaboration with Genentech (Roche) that become focused on the Hedgehog signaling pathway, which resulted in a commercially accredited drug for the remedy of superior basal cellphone carcinoma. in the past, Mr. gray turned into Controller and de Facto Chief monetary Officer at Reprogenesis, Inc., where he participated in a lot of financings and managed all preclinical and clinical development fiscal actions. He begun his profession as an audit knowledgeable with Ernst & young, LLP.
Mr. grey earned his BS in enterprise Administration, Accounting concentration from Bryant college in Smithfield, R.I., and his MBA, Finance and Entrepreneurial management attention, from Babson college in Wellesley, Mass. he's a licensed public accountant and a member of the American Institute of licensed Public Accountants (AICPA) and the affiliation of Biotech monetary Officers (ABFO).
About Sickle phone sickness
Sickle mobilephone ailment is a rare, genetically inherited situation that alters hemoglobin, the protein in purple blood cells that transports oxygen all over the body. The altered hemoglobin distorts red blood cells right into a sickle, or crescent, shape. Painful episodes can turn up when sickled purple blood cells, which are stiff and rigid, get caught in small blood vessels. These episodes deprive tissues and organs of oxygen-prosperous blood and might cause vaso-occlusive crisis (VOC), acute chest syndrome (ACS), and permanent damage to organs together with the liver, spleen, kidney and brain.
IMR-687 became designed to address the underlying pathology of sickle phone ailment. An orally-administered, incredibly powerful and selective phosphodiesterase 9 (PDE9) inhibitor, IMR-687 is a potentially disorder-editing therapeutic for sickle mobile sickness as well as other hemoglobinopathies. Pre-clinical information display IMR-687 reduces both the sickling of crimson blood cells and blood vessel occlusion that trigger debilitating ache, organ hurt, and early mortality in affected patients. A phase 1 medical trial in match volunteers confirmed IMR-687 to be protected and smartly-tolerated.
IMR-687 has been granted each U.S. Orphan Drug Designation and U.S. infrequent Pediatric Designation with the aid of the food and Drug Administration (FDA).
Imara Inc. is dedicated to setting up novel therapeutics for sufferers with sickle mobile disorder and other hemoglobinopathies. Imara is at present setting up IMR-687, a totally selective, strong small molecule inhibitor of PDE9, to deal with patients with sickle mobilephone ailment. IMR-687 became certainly designed to treat patients with sickle phone disease with the aid of each reducing pink blood phone sickling and blockage of blood vessels which are underlying motives of the pathology of sickle telephone disease. IMR-687 successfully completed a phase 1 study in suit volunteers and is presently being evaluated in a multi-national section 2a study in adult sufferers with sickle mobile sickness.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190410005234/en/
CONTACT: Imara Media:
key phrase: united states NORTH the us MASSACHUSETTS
trade keyword: health BIOTECHNOLOGY scientific TRIALS PHARMACEUTICAL research SCIENCE regularly occurring fitness
supply: Imara Inc.
Copyright company Wire 2019.
PUB: 04/10/2019 08:00 AM/DISC: 04/10/2019 08:01 AM
Copyright company Wire 2019.
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Question 1 1. The _____ is a condition or piece of data in an experiment that is controlled or influenced by an outside factor, most often the independent variable?
Question 2 2. If you wanted to gather a large amount of information on how often people in your town go jogging and why, which of the following would be your best approach?
Question 3 3. Which of the following is NOT done by statistical software?
Question 4 4. Why is overt observation NOT unethical?
Question 5 5. How many management principles did Henri Fayol develop?
Question 6 6. Manager Mike offered incentives, allowed his employees to voice their opinions, and communicated positive messages. How do these actions demonstrate good leadership?
Question 7 7. Jessica is a leader in her organization, and as such, she knows communication is important for the success of any organization. Which of the following would you recommend that she do to encourage communication within her organization?
Question 8 8. An employee will follow an effective leader because _____.
Question 9 9. An internal audit is performed to look at the internal _____ and _____ of an agency or government.
Question 10 10. The use of auditors and audits helps government agencies remain _____ and _____.
Question 11 11. External audits are focused on the _____ aspects of an agency
Question 12 12. Which of the following is an example of why audit policies and procedures are important?
Question 13 13. What are two ways the federal government may award a contract?
Question 14 14. What is the name of the court that handles most lawsuits involving federal government contracts?
Question 15 15. If you are awarded a government contract for a 36-month period where the quantity of the service you provide is indefinite, what type of contract is it?CGAP Exam Study Guide - Certified Government Auditing Professional Final Free Practice Test Instructions
Choose your answer to the question and click 'Continue' to see how you did. Then click 'Next Question' to answer the next question. When you have completed the free practice test, click 'View Results' to see your results. Good luck!
Internal auditors are employed by public and private companies, nonprofit organizations and government agencies at all levels. They operate as independent agents within an organization. They are tasked with providing objective evaluations of internal controls, risk management efforts and governance processes.
Many internal auditors look into virtually every corner of an organization, evaluating operational efficiency, the reliability of financial reporting, information security controls and compliance with legal and regulatory standards. Detecting, investigating and deterring all types of fraud within an organization is another key function of the internal auditor.
Most internal auditors have the authority to access and assess all areas of an organization. In a publicly traded company, internal auditors typically report to the audit committee of the company's board of directors, thereby maintaining independence from the company's management structure. This enables free and objective reporting of fraud and operational problems regardless of the parties involved, ensuring the issues are addressed and changes are implemented to improve the company.Internal Auditing Career Path
While many internal auditors begin in entry-level positions immediately after completing their bachelor's degrees, others obtain positions after gaining professional experience working in external audit firms or in accounting. With several years of experience, junior internal auditors can advance to more senior positions, handling complex audit assignments from the planning stages through to the final reporting stages.
Senior internal auditors may supervise and lead audit teams to complete audit projects. Top performers in large internal audit departments can move into managerial roles directing the activities of the department, supervising department performance and communicating audit results to the relevant authorities in the organization.Educational Qualifications
An entry-level internal auditor position generally requires at least a bachelor's degree, preferably in a business discipline such as accounting, finance, management, public administration or computer information systems. Some companies may seek out entry-level job candidates with degrees in engineering or other technical subjects related to the company's operations.
Senior positions in the field typically require bachelor's degrees and substantial professional experience in internal auditing. While a graduate degree is not usually required for advancement in the field, a Master's in Business Administration (MBA) or another relevant subject can provide an important advantage in the job market, especially for leadership positions in internal audit departments.Other Qualifications
There are many professional certifications relevant to internal auditors. Some positions in the field require job candidates to hold one or more certifications, while other jobs list certifications as preferences rather than requirements. The two most important certifications in the field are the Certified Internal Auditor (CIA) designation and the Certified Public Accountant (CPA) designation.
The CIA designation, which is awarded by the Institute of Internal Auditors, is the preeminent professional certification in the field. It is generally considered a qualification for advancement to more senior internal auditor positions. Certification candidates must either have bachelor's degrees and two years of qualifying work experience or a combined seven years of post-secondary education and qualifying work experience. A candidate with a master's degree is eligible for certification with one year of qualifying work experience. Eligible candidates must pass a certification examination.
The CPA designation, which is awarded by the American Institute of Certified Public Accountants, is the most important professional credential in the public accounting field. While certification requirements vary slightly from state to state, candidates must usually complete an academic program in accounting and a total of 150 semester hours of qualifying courses in accounting, business and general education topics. While a master's degree is not required, many candidates take at least some graduate courses to complete the educational requirements. The CPA designation also requires a passing score on the Uniform CPA Examination.
Other professional certifications important to many positions in the field include the Certified Information Systems Auditor (CISA) designation, the Certified Fraud Examiner (CFE) designation and the Certified Government Auditing Professional (CGAP) designation.
TAICHUNG, Taiwan, April 12, 2019 /PRNewswire/ -- After the successful introduction of ISO 14001, OHSAS 18001, and TOSHMS (CNS 15506) certification, Hiwin is now upgrading all of its sites as part of continued improvements to work safety and to incorporate environmental hygiene culture into its corporate decision-making process. On April 9, 2019, the Managing Director of TUV Rheinland Max Lyou presented Mr. Julian Wu, Senior Vice President of Hiwin Technologies, with the ISO 45001 certificate, making Hiwin the first company in Taiwan's precision machinery industry to pass the ISO 45001 certification process.
Hiwin is the leading supplier of critical precision machinery components in Taiwan, as well as the second-largest brand in the world for linear motion control. The company specializes in the manufacture, processing, and sale of precision transmission components, roller ball screws, linear rails, and industrial robots. The new ISO 45001:2018 Occupational Health and Safety Management System standard requires businesses to become certified by the end of March 11, 2021. Certifying all seven Hiwin plants to the new standard represented a major challenge to the company, which chose to begin preparations early. Rigorous audits conducted by TUV Rheinland helped accelerate the implementation of updated management plans, and the certificate was issued after all regulatory requirements were met. At the presentation event, TUV Rheinland's Max Lyou said: "Hiwin has worked actively to build a friendly, safe, and healthy workplace. Its employee understanding of occupational health and safety has been reinforced as well. It takes the lead to pass ISO 45001 certification and it demonstrates the importance attached by Hiwin to friendliness and safety in the work environment."
The manufacturing industry has some of the highest rates of occupational injury and death. The work environment may be very risky for many workers. Many industrial accidents are preventable, however. The involvement of industry leaders in making a healthy and safe environment a top priority is essential to reducing occupational injuries and the risk of occupational diseases among workers. The new ISO 45001:2018 management standard incorporates global trends into labor health and safety. It can be adopted by all small, medium, and large enterprises. When businesses improve their workplace environment it also improves their internal/external organizational efficiency.
Stakeholder requirements were therefore incorporated by Hiwin during the ISO 45001 audit process, including: strengthening of employee education and training on professional safety and health, shareholder and customer expectations on compliance with the law, government agencies' expectations on the reduction of occupational disasters, and contractor expectations on safe worksites. The parameters of a suitable internal occupational safety and health policy were defined in the hope of setting up a mechanism for continuous improvement and protection.
TUV Rheinland assisted Hiwin with assessing job risks during the audit process. Potential risks in routine and non-routine activities were identified by looking at the design of the mechanical equipment so that emergency response methods could be drawn up. The rise of smart manufacturing means an increasing number of businesses are now introducing robotics into their manufacturing process, or are looking for more reliable sensors. Human-machine interaction represents both opportunity and risks, so businesses must pay more attention to refining related safety rules. At the presentation event, Hiwin Technologies' Julian Wu said: "ISO 45001 is but the first step for Hiwin. We will continue to optimize our management mechanism in the future to effectively improve our safety culture. This will ensure the safety and health of our employees at work. It is also in keeping with the Hiwin business philosophy of providing a better way of life and a better working environment for mankind."
Photo - https://photos.prnasia.com/prnh/20190410/2431933-1
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