Transcript and Recommendations

.pdf

School

University of Technology Sydney *

*We aren’t endorsed by this school

Course

48012

Subject

Accounting

Date

Apr 3, 2024

Type

pdf

Pages

Uploaded by rossanne

22522 Assurance Services and Audit - Spring 2023 Assessment Task 2 - Option 2 - Interview Main Topics: accounts receivable and accounts payable process and payroll process Interview questions: Client: Before we dive into your role, could you tell me a little about your background and how you got started in iPoles? Can you describe your current role and responsibilities within the company, along with your primary objectives and key performance indicators? Can you provide an overview of the company client, including its industrie, and geographic locations? Sales/revenue: How does your business generate income? Where does the profit come from? How does Ipole’s ensure its pricing strategies align with customer value and market competition while maximizing revenue? Could you discuss any challenges or obstacles Ipole has encountered in achieving its revenue targets and the steps taken to overcome them? Regarding future growth, what are the company's revenue targets and strategies to achieve them, especially in within the market conditions and market demands? Payroll Process: How do you manage payroll-related tasks, such as year-end reporting and any discrepancies? How do you ensure accurate and timely processing of payroll? Accounts Receivable and Accounts Payable Process: Could you explain your accounts receivable process, including invoicing, payment collection, and other policies you may have? What strategies or methods does Ipole's use to ensure timely payments from customers, and how do you handle instances of late or overdue payments? Recommendations: International Poles, an Australian business, specializes in manufacturing and distributing a diverse range of poles for various applications. Their product range consists of utility poles,

lighting poles, communication poles, and flagpoles. They prioritize maintaining high-quality standards and design their products to withstand severe weather conditions. They serve domestic and international markets, catering to industries such as telecommunications, transportation, construction, and government sectors. In this report, we will offer recommendations to enhance their internal control processes. One suggestion to enhance the internal control process of International Poles is to highlight the significance of maintaining precise and comprehensive documentation for financial transactions and operational activities. This entails keeping detailed records of purchases, sales, inventory movements, and other relevant transactions, which aids in efficient tracking and auditing. Additionally, it is important to regularly review control documentation, conduct testing procedures, and identify any control deficiencies or areas requiring improvement. This approach enables an assessment of the effectiveness of the internal control process. Moreover it is vital for businesses to focus on enhancing their internal control procedures to minimize any errors, within the organization. During our conversation with Rowena David, an accountant manager at International iPoles we discovered that having a workforce can contribute to business success. Initially iPoles had a staff of 20 or more employees; however due to the companys decline they had to downsize and currently have than 10 employees. Surprisingly the business is now operating better than before. Based on our interview findings at iPoles we recommend implementing measures. Before engaging with customers it is essential to conduct due diligence in order to evaluate their financial stability and internal control processes. It is crucial that they meet your companys control standards. Additionally organizing training sessions and awareness programs for employees can help educate them about the significance of controls and how to identify potential issues as well as current trends and global changes. Monitoring performance indicators (KPIs) related to controls—such, as the time taken to resolve discrepancies or the frequency of control infringement is also recommended. Finally committing to a review of internal control policies and procedures ensures that they remain relevant and effective within the business in following the current global trends and issues. We have learned more about business operations thanks to Rowena David of iPoles’ interview. As suggested, their internal control procedures should be modified to take into account the particular requirements and risks of iPoles. For the purpose of creating and putting into place an efficient internal control framework, it is crucial to conduct a thorough assessment and collaborate closely with stakeholders.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version