The firm also has 12 minor customers. Each member of the sales force maintains their own set of customer records using a variety of tools. Tracking of customers records in this way will create some difficulties because each sales member is using a variety of personal tools that will not mix or be compatible with the rest of the sales team members if needed. Also management or any other staff would not be able to use the sales data from each sales member due to the different tools being used. There needs to be a standard operating procedure using a company policy approved Customer Relationship management system.
Recommendation Brief for an Internal Accountant ACC/544 February 22, 2013 Fred Johnston Internal Auditor Recommendation Brief When a company like Whitfields has an out-of-control system they are subject to audits by the Securities Exchange Commission (SEC) regarding their financial statements. The company can form a hiring team. The hiring team can consist of three or more internal auditors. An internal auditor will add value and help improve the company’s operations. Some of the duties would be Evaluate controls, advising managers, evaluating risk, analyze operations, confirming information, and reviewing compliance with the SEC.
IT Outsourcing Week 2 Individual CMGT 578 Katherine Leigh Jason Breedlove August 5, 2013 The purpose of this paper is to discuss the various aspects of outsourcing the IT function of an organization. The factors for deciding to outsource as well as not to outsource will be discussed. The risks and benefits will also be discussed. The costs associated with IT outsourcing contract will be discussed along with the implications to the business organizational structure. Factors For Outsourcing There are various reasons a manager may consider outsourcing the Information Technology (IT) functions to a vendor outside the organization.
The purpose of the financial statement audit is to ensure the entity being audited is preparing the financial statements in conformance with General Accepted Accounting Principles (GAAP). The information is important to investors, managers, banks,
Team members received emails from Hugh McBride requesting to list his board of directors’ choice. The team members encouraged to develop “flowery” presentations for approval from Beltway Investments. Because the board of directors operates independently, the CEO has recommended items that would be considered as a conflict of interest and unethical. Team members Betty B. and Betty W. have been awarded the opportunity to be a whistle blower and not become part of the negative behavior. Each of the two should address the wrongs that have been asked of them.
Recording also will classify and summarize economic events. The bookkeeping function is included in the recording of economic events. Accounting reports are then communicated to interested internal and external users by means of financial statements. Internal interested users are individuals inside the company who plan, organize and run the business. These users can be comprised of finance directors, marketing managers, human resources, or management.
What may also be different in B2B is the way they repay for what they have bought may be different. Businesses may be offered different crediting facilities allowing them to use this product/service to make revenue and paying back once they start making a return. Promotions would be advertised internally when marketing B2B; they would use internal trade journals, emails, letters and advertising in similar product magazines that are published only for organizations. The marketing company may carry out demonstration open days for businesses to see the product/service in use. Distribution channels would be altered and potentially privatized as some products/service may be seen as top secret.
This expression is also used as a general evaluation of a firm's overall financial health over a given period of time, and can be used to compare related firms across the same industry or to compare industries or sectors in aggregation. While evaluating financial performance for our companies we can take help of the financial ratios as well. According to Barron the performance of a business enterprise is affected by its strategies and operations in market and non-market environments. (Baron, 2000) Financial ratios are an important element in determining the performance of an organization. Financial ratios should be analyzed by a professional accountant.
Internal users that use the financial statements would be accounting personnel, departments heads, corporate auditors, business unit leaders, and top management. These financial statements provide specific and varying data to all the internal users. For the accounting personnel, the objective is to prepare and present any accurate and complete data according to the norms. Department heads and leaders bring different perspectives to financial issues by undergoing accounting reports. Internal auditors, these accounting reports light on the tools a company uses to comply with all the rules.
A good _________ enables an accounting manager as well as auditors to follow the path of the data recorded in transactions form the initial source. 14. A control activity of an internal control system that focuses on structuring work assignments among employees so that one employee's work activities serve as a check on those of another employee is called ______________. 15. What kind of analysis should be performed when considering if an internal control procedure should be implemented?