Internal auditors guarantee that the internal controls are sufficient and calculate the company’s financial and information systems for accurateness. A series of audits such as financial statements, fraud, compliance, and operational can be made with the hiring of an internal auditor. The most beneficial audit for Whitfields Company would be an operational audit. Operational Audits can be done if upper-level management thinks that there is a need for operational improvements. It is a review of management and how operating procedures work.
Specific roles will have to be given to individual team members and allocate resources that help goals to be achieved. Afterwards we will need to identify sales target and reporting procedures and expected outcomes. Lastly we will need to let them know the actions they will need to take and how their actions will impact the work of other team members. Performance against the the organization’s quality and delivery standards will involve collecting data that relates to the actual performances of employees and mapping it against the expected performance. It is then possible to determine the extent to which actual performance meets intended performances.
True (f) The objective of financial reporting is the foundation from which the other aspects of the framework logically result. True E2-4 Instructions Identify the appropriate qualitative characteristic(s) to be used given the information provided below. (a) Qualitative characteristic being employed when companies in the same industry are using the same accounting principles. Comparability (b) Quality of information that confirms users’ earlier expectations. Confirmatory value (c) Imperative for providing comparisons of a company from period to period.
BSBCUS501C: Manage Quality Customer Service Assessment 2: Why is it necessary to clearly identify, before designing product and service offerings, customer needs, and what are some of the less obvious service aspects that might inform purchasing decisions? Customers are fully aware that if a company is not able to provide them with a service or offering to meet their needs, one of the competitors will be able to. With this in mind, it is essential for business’ to research and communicate with their customers to gain the relevant feedback required prior to development. Development should reflect research findings and should meet customer and market needs. Internal and external customers provide business with information about how their products are used, new opportunities for their business, trouble-shoot issues with their product, and organise workloads.
Evaluations of this information provides insight regarding a company’s ability to productively useeconomic resources as well as providing a basis for further shareholder assessments of prospective risks and returns. Based on this, one may conclude it is an extraordinarily basic yet important element of financial infrastructure. These evaluations consist of three reports that provide a company options for communicating the state of the internal control structure. The options can be evaluated under established criteria commonly found in Committee of Sponsoring Organizations (COSO), Control Objectives for Information and related Technology (COBIT), and International Organization for Standardization (ISO) 17799/27002
Reporting Practices and Ethics Christy Breaux HCS/405 Wilfred Dourrieu No matter it is a nonprofit or for-profit company, financial management is difficult, but using the next four elements of the financial management organizes the company easier. With these four elements the correct accounting principles can be disclosing the financial status. The financial management team is responsible to be precise, up to date, and incorporate financial report principles by the mission statement and code of ethics of the company. A company responsibility and needs the honesty to reveal the correct financial status the public or any of its shareholders. Monetary problems may occur if the report has
Pro forma financial information is generally used to illustrate the effects of transactions such as business combination, and change in capitalization. There are countless reasons on why companies use pro forma statement in their business, the most significant is the planning and control received when using pro forma. The process of using pro forma statements are less time consuming, they help businesses evaluate and make a better distinction between business plans (Scarborough, Wilson, & Zimmerer, 2009, p. 196). Pro forma statements are an excellent outlet for resources that will help a business forecast expected earnings should the company chose to merge with another company or even if the company wanted to sell off part of it operations (Scarborough, Wilson, & Zimmerer, 2009, p. 196). The pro forma statements are commonly used when applying for a business loan.
A procedure can be build to help the managers and consultant at the customer interface achieve new insights into the customer’s requirements and favorites. Lastly, customer-focused strategy is to enter industry that has strong strategic relations to the core adjoining industries. This is a mainly tempting alternative when the core industry is moving toward its operating effectively, produce surplus cash for reinvestment and full capabilities. Therefore industries are most situated to this strategy because it creates relationship with the customers. The executive growth strategy- The three customer-focused growth strategies explains the need supporting infrastructure to raise the chance of victorious implementation.
Financial Management There are four elements of financial management; planning, controlling, organizing and directing and decision making. Each element is based on the purpose of each task. By using these elements it makes the manager’s choices more informed and effective. In the planning stage a manager needs to identify what steps and tasks need to be accomplished for this task. Controlling is when a manager makes certain that a plan is in place and followed by each affected area of the organization.
Verizon: External/Internal Factors MGT/330 January 28, 2012 Verizon: External/Internal Factors The four functions of management continue to guide Verizon through internal and external factors successfully. Of course, management needs to work creatively in problem solving and execute all the four functions in order to attain the objectives and goals in a way that the cost of accomplishment is viable for the company. Some of the internal and external factors that Verizon must effectively and efficiently guide themselves through are globalization, technology, innovation, diversity, and ethics. Verizon will need to continually adjust how they use the four functions of management to handle the strategic, tactical and operational decisions for the organization, and a crucial tool that Verizon uses to do so is delegation. How Internal and External Factors Affect the Four Functions of Management Like many others successful organizations, Verizon still stands on the four functions of management (planning, organizing, leading, and controlling) to guide them into the future.