The existence assertion is to make sure that the client and accounts exist, the completeness is to make sure that all of the balances are recorded, and the valuation is to make sure that the balances are recorded at the correct amount. It is important that the auditor obtains a confirmation from a third party for the information in accounts receivables. After communicating and obtaining the information, the auditor is to evaluate the information (SAS No. 67, AU Section 330.11). The audit objectives auditors use to perform year-end sales cutoff tests are to determine if the information they obtained by the confirmation reduces the audit risk level.
March 26th, 2012 To: President of LJB Company From: Erica Sylvester Topic: Discussion of Internal Controls-New Internal Controls Mandated if Company Goes Public, Current Good Practices and Suggested Improvements 1. New Internal Controls required if company decides to go public: a. If your company decides to become a publicly traded entity, then you will fall under the Sarbanes-Oxley Act (SOX) that requires for all traded U.S. corporations to maintain a system of internal controls that are ensured by executives and the board of directors to be reliable and effective. Independent and outside auditing will be required to check and attests to the adequacy and stringency of the internal control systems (1). Under SOX, your company will also be required to track your employees’ degrees and certifications to ensure that they meet the requirements of their job.
Communication, behavior, and appearance are three are the crucial factors that make a great professional employee, as these are characteristics that can contribute to a company in its goals to be profitable. Most businesses, no matter the industry, sets certain guidelines to which its employees are expected to adhere to, these rules are usually explained in the employee handbook. Professionalism is essentially, the knowledge that an individual conveys about a certain field. At work, professionalism refers to a person doing his or her job with sincerity, and maintaining professional etiquette and ethics in the workplace. Companies specify which behaviors are acceptable, and which are not, when they first start the hiring process for a new employee.
More importantly, the organization should provide training sessions to employees to enhance their comprehension of the ethical code and values within the entity. Reflection of the ethical code is represented by communication from executives and managers and by interaction with employees, patient/family members and other healthcare professionals. Do we just post it on the door? How does an organization reflect ethical standards? Not only do you post the code of ethics on the door but also it is represented by actions and words.
How do you think managers can ensure that their performance behavior meets the requirements of the organization for which they work? It is important for a manager to have experience with and an understanding of the processes and procedures carried out by their team/department. Managers should be familiar with company schedules and deadlines, communicate these deadlines to their team and plan accordingly. They should also have a clear understanding of the company’s goals and objectives. A manger should report on and audit their team/departments overall productivity and outputs to ensure that time and recourses are being spent wisely.
Training Standards and training are very important for the employees to maintain as these are the two things that are essential to ensure that the service is maintained at the necessary level to keep the customers happy. The main aim and goal of customer service is customer satisfaction. Customer satisfaction is a term generally used to measure a customer's perception of a company's products and services. How to set up a customer service programme? 1.
I will be using their annual report from 2011, and explain the main sections of the report, discuss key factors that helped influence the company’s financial performance for the year stated above, the company’s assets, and we will also explain how management characterizes the internal control environment. Annual reports for a company are usually divided into sections to separate different topics or ideas. In the annual report for eBay, the main sections that are spoken about are the business section, legal proceedings, selected financial data, market for related stockholder matters and issuer purchaser equity. The business section of the annual report basically tells exactly what the business is. It informs the reader on when the business was founded, who founded it, what products and services the business offers, and how many customers have used their business.
This includes ensuring customer service practices are well established and followed by customer service employees as well as ensuring excellence in customer service (General Electric, 2012). The duties of the customer service manager are vast and will include several aspects that must be applied on a daily basis. One of these aspects is that of establishing an environment in which trust, teamwork, and self confidence can be applied by all employees. Employees are also be empowered to take ownership of the tasks that they are given and apply their skills in their individual job functions so as to perform well for their division under the guidance of his or her manager. A second duty of the customer service manager is to create and implement programs that stimulate employees and
As we are involved in an organizational setting, our main duty is to perform our work smoothly and perfectly. Most professions have internally enforced codes of practice that members of the profession must follow to prevent exploitation of the client and to preserve the integrity of the profession. This is not only for the benefit of the client but also for the benefit of those belonging to the profession. Disciplinary codes allow the profession to define a standard of conduct and ensure that individual practitioners meet this standard. Professional ethics or behavior whatever we call it can be defined through the bellow encompasses criteria.
The third section will provide an in depth analysis of Caterpillars publicised strategies from 2001-2010. As evidence to the success or failure of these strategies, this analysis will include financial information and reports as an indicator of the influence that they have had on the Caterpillars bottom line over the last decade. Finally, the conclusion will aim to summarise the report and to give an opinion on both the successfulness and the extent of the influence of strategy on performance and profitability in an increasingly globalised world. Strong links to business strategy theory will be present throughout the report, and comparisons to competition (Komatsu)