• Management may be spread too thin – All managers were pressed by the requirements of everyday business. • Management group works informally with a minimal amount of structured reports and controls. • Overall, mgmt. appears stretched very thin – may lead to stagnant innovation, employment turnover, etc. • Specialty manufacturers in the international market are succeeding – domestic manufacturers not innovating • Manufacturing system is run primarily on estimates and requires constant change – possible use for a JIT inventory system?
This also decreases fraud by ensuring that many different people in different departments are handling company business. Segregation of Related Activities states that making one individual responsible for related activities increases the potential for mistakes. This again decreases the potential for fraudulent activity. Segregation of Record Keeping from Physical Custody states that the accountant should never have physical custody of an asset nor should they have access to it. In addition, the custodian of the asset should not have access to accounting records.
Regularly do risk assessments so that they can minimise and identify any potential risk that could hard staff or service users. To make sure that I am safe at all times and I don’t put others at risk due to my actions. Make sure that we only do things that we are trained to do and the way that we have been trained to do so. Keep our training all up to date and make sure that we make note of any changes passed on by our manager. To make sure that all employees are health and safety trained and keeps them all up to date with any changes.
Objectivity and independence remain free from conflicts of interest and other questionable business relationships when conducting accounting services. Not doing so may hamper an accountant ability to provide honest opinion about a company’s financial information. Due care requires accountants to observe all technical or ethical accounting standards. Ethics Case 1-8 (concluded) Ethical issues or challenges: 1. Fairness is one because auditors should treat every company the same way no matter what.
The reason C&V would keep their records up to date is to ensure that they have received all of their payments from customers but also to ensure that they pay their suppliers. Having records also means that you can see how the business is doing in terms of overall sales. A company should always keep an eye on their bank balances to ensure that they have sufficient funds to meet their day-to-day expenses.
MEMO TO: Leon Lassiter FROM: Elbay Aliyev SUBJECT: Midsouth Chamber of Commerce (B): Cleaning Up an Information Systems Debacle One of the first mistakes on behalf of MSCC was the fact that nothing was learned from past mistakes and the company relied on DMA too much. Even though any company can go through financial difficulties, much larger organizations could have a big capability of handling such difficulties and provide long-term support of a product for their clients. Another major source of the problems within the MSCC has come from negligent decision making of Gramen. The company has made the decision to move on from UNITRAK once Gramen was hired to replace Kovecki. The reason why Gramen was not a good candidate for a position is that he was extremely familiar with HP system, whereas the currently operating systems have been running on IBM AS/400.
The employees must keep company’s tangible assets and knowledgeable things. The company and its employees have obligation to protect their tangible and intangible assets. Generally, the protection of assets is most important part in profit entities. County of San Diego and G.M Financial conduct their businesses that elementally trust employees. Nevertheless, the reason that company adopts the code of ethics is forbid to fraud, theft, and corruption by
Historically, bureaucracy referred to government administration managed by departments staffed with nonelected officials. In modern parlance, bureaucracy refers to the administrative system governing any large institution Your Answer: * Define the Bureaucratic Personality: B Person who has bureaucratic personality is methodical, prudent, disciplined but also narrow minded and one-dimensional.ureaucratic personality Your Answer: * Define Groupthink: Groupthink occurs when the pressure to conform within a group interferes with that group's analysis of a problem and causes poor group decision making. Individual creativity, uniqueness, and independent thinking are lost in the pursuit of group cohesiveness, as are the advantages that can sometimes be obtained by making a decision as a group—bringing different sources of ideas, knowledge, and experience together to solve a problem. * Your Answer: 2. Examine a time that you have encountered Bureaucracy.
The company’s management. 25. The audit report states that the audit provides: a. a guarantee of quality. b. complete assurance that the financial statements are free from misstatements. c. absolute assurance that the internal control environment is operating effectively.
Some are more customer service oriented where employees deal directly with customers that are present most of the time. Other type of industries are totally the opposite, their workplaces are basically a space full of employees and maybe some visitors than show up occasionally. Employees of the first type are supposed to act and feel that they are monitored because they are surrounded by people who would pay attention to anything you do or say that might be unethical, unprofessional, and unacceptable in the environment where it was done. Especially if the workplace has a stock area, that is definitely a place where everything will be monitored and the level of privacy is zero, for good’s security reasons. In other industries where employees have desks or offices they tend to expect more privacy in that space given the fact that they do their work on their own little private space/area and nobody is out there to oversee that other than the coworkers.