Your boss has developed the following set of questions you must answer to explain the U.S. financial system to DellaTorre. a. Why is corporate finance important to all managers? Corporate finance is important to all managers because is the basic on how to run a business. All management needs to know if the company has a risk of bankruptcy.
Consistency is the accountants duties they must stay the same in the methods and techniques and it must remain the same throughout the year. Regularity makes sure the notes, books, and accounts are updated and the tax returns and other information are given when needed. Sincerity comes in effect where the accounts must remain truthful and accurate on the information that they are giving to the clients to keep them financial stable. Continuity is when any assets is accepted over time and the value change and then it can be taken as collateral. Periodical they should report everything overtime to with all transactions.
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.
1. Preventing and detecting Payroll Fraud A combination of the following steps will help prevent and detect payroll fraud: • Segregation of duties at all times — separate payroll preparation, authorization and distribution functions. • Monitoring payroll records for unusual "accounting" adjustments, such as excessive payments without deductions, large payroll reversals near year-end, etc. • Minimal use of cheque payments and increased use of payments by direct deposit. • Monitoring payroll records for duplicate names/addresses or postal codes, incorrect identification numbers and other anomalies.
Good communication will ensure that the organisation is running smoothly and that the managers can ensure the Heads of Shift work accordingly. Managers: The registered and care managers need to be able to communicate all information that is essential for the business to run effectively to the Senior carer and other staff members. It is their responsibility to communicate all the information that is required to ensure that all staff are able to complete their jobs to an expected standard. They need to communicate well with the directors to ensure that they also have the necessary information to carry out their roles efficiently. Senior carer: It is their responsibly to provide accurate information from the managers to ensure that they are able to communicate with the Care Practitioners.
Employees must respect the clients’ information and the bank’s reputation. Bank employees must keep accurate records, use bank computers appropriately, and be honest when questioned and when no one is watching. Respect Others The handbook asks customers to “deal with others—including your fellow employees and our customers, vendors, shareholders and competitors—as you would like
a) Citibank is correct in shifting from a strictly financial based evaluation system to one that includes non-financial measures. Although the new performance scorecard includes a customer satisfaction section, the current method of evaluating customer service poorly designed and is inconsistent with a properly balanced scorecard. As it currently stands, measuring customer satisfaction across all clientele is too broad. The needs of the patrons vary substantially and generic questions in the telephone interviews will not suffice. Instead there should be questions geared towards business customers and a different set of questions for individual customers.
Documentation is also important too because you need to keep records of any financial reports for the company for internal and external auditing that is done, it should kept on file as well on file in with the computer too for safety reasons. Independent internal verification would be put into place because you have to make sure that the data is correct for your business, and if anything is wrong it should be reported and corrected right away. Lastly I would want to bond my employees because I would want to make sure that my employees can be trusted to handle money and if any were to happen I everything would be covered for everyone involved. The way that my managers would use the financial information would be to determine how much salaries would be for employees as well as how much money would go into purchasing goods for the company too. All these things would determine how much revenue would come into the business and how much we lose as well.
Fraud There are many reasons that someone would commit fraud and only those people will ever know what pushed them to do so. The three main factors that contribute to fraud are opportunity, financial pressure, and rationalization. If the workplace does not have proper controls in place to deter people from wanting to commit fraud, it makes it easier to do so. The financial pressure portion of this can sometime be fueled by nothing more than greed. Mostly this occurs because an employee has financial issues and believes that the company would not miss even a little bit of money.
AICPA Code of Professional Conduct ETH/376 October 20, 2014 Katherine Parks Today, business is conducted faster than ever, in every corner of the world. As such, it’s important for business professionals to have a strong moral and ethical code to guide them through their careers. For accountants, this means following the AICPA Code of Professional Conduct at all times. While accountants will not necessarily be held legally accountable for following the code, it is expected of them by employers and the public alike. The AICPA Code of Professional Conduct covers everything that is expected of an individual in an accounting position and covers six main principles: responsibilities, public interest, integrity, objectivity, due care, and scope or services.