Duplox Copiers Canada Limited is a wholly owned subsidiary of Duplox Copiers Incorporated as well as a multinational firm based in the United States. Duplox Copiers Canada Limited (DCCL) follow the classical management strategy which slightly shifts to human relations strategy in some aspects. Currently, the reputation of DCCL is
Each of the five components of an internal control system is important. Let us focus on the control activities. These activities are the backbone of the company’s efforts to address the risks it faces, such as fraud. The specific control activities used by a company will vary depending on management’s assessments of the risks faced. The six principles of control activities are as follows:
Page 1 of 47 4 Student: _______________________________________________________________________________________ 1. To have a strong internal control system, a business must have good administrative controls. Administrative controls include: A. B. C. D. the reconciliation of the bank statement. the accuracy of the recording procedures. assessing compliance with company policies. maintenance of accurate inventory records.
Internal control has different control principles, establishing responsibility focuses on allotting different tasks to a concerned person, like each sales person should have an individual sales register. Different controls on physical, mechanical and electronic should be exercised as this will help in reducing the unauthorized use of different resources, this is essential for safeguarding assets and
1. Overall Strength: in general, the article provides structure to a concept that is very intangible by: (a) describing the nature and the functions of control; (b) segregating the MCS into categories: core control system, organizational structure, and organizational culture; (c) illustrating how to apply the control model (satisfied my approach) (d) provides a basis for designing and evaluating the system. The manner, in which the model is presented, with its use of figures, further emphasizes the structure of the model. See below on further emphasis on parts (a) -(c).
The objective of the fair and square strategy was to simplify JC Penney’s pricing structure by dropping the current high-low pricing strategy and changing it for an “every day low price” strategy. In theory, this would make pricing simple both for JC Penney and the consumer, with less sales and
During this paper we will analyze how the department store industry has evolved and more important how companies are managing new strategies to remain competitive. Moreover we will use the case of JCPenney as a main focus to see how successful their strategies are. To provide a good analysis, we first need to understand how the industry has evolving and what the major companies like JCPenney are doing to continue in the industry.
Sunbeam is an old established brand of appliance-maker. Their growth was too slow and they want to increase their profit, so they hired Al Dunlap as their leader to be the savior. Aggressive Reconstructive plan is Al Dunlap style. He put shareholder in the first place and emphasized the cost cut-cutting in the company’s operation. Under his leadership and management, Sunbeams’ strategy is increasing their profit and rapid their growth through cutting the exceed cost. At the same time, focused core business, develop new products and expanding overseas markets.
8 Internal Control and Cash Chapter STUDY OBJECTIVES After studying this chapter, you should be able to: 1 Define internal control. 2 Identify the principles of internal control. 3 Explain the applications of internal control principles to cash receipts. 4 Explain the applications of internal control principles to cash disbursements. 5 Describe the
COSO cites the control environment of the organization as the foundation of any internal control structure. The control environment reflects the overall attitude or actions of the board of directors, management, and others concerning the importance of internal controls in the organization. This overall attitude of upper management sends a message to the rest of the organization referred to as the “tone at the top.”For example, if upper management stresses high-quality products, a strong positive message is sent to the organization. This would create a strong internal control environment. On the other hand, if upper management has a reputation of looking the other way regarding policy violations, a negative message is
Organizations have set up good internal control systems for effective governance. Good governance requires that efficient and adequate internal control systems should be introduced across the organization and the systems should be regularly reviewed and revisions made to make them practical and flexible with the changing business environment. In prevention of corruption and fraud at the workplace, these systems will ensure proper checks to control fraudulent practices in organizational functioning.
TABLE OF CONTENTS 1.0 INTRODUCTION 2 2.0 Role of internal control 2 2.1 Management: 2 2.2 Board of Directors: 3 2.3 Auditors: 3 2.4 Staff and junior managers 4 3.0 NEW RULES OF INTERNAL CONTROL 4 4.0 THE GOOD AND THE BAD 10 5.0 RECOMMENDATIONS 12 6.0 REFERENCES 14 1.0 INTRODUCTION Internal control is defined as a process affected by an organization 's structure, work and authority flows, people and management information systems, designed to help the organization accomplish specific goals or objectives. It is a means by which an organization 's resources are directed, monitored, and measured. It plays an important role in preventing and detecting fraud and protecting the organization 's
Control Mechanisms Control mechanisms are necessary in order for any business to run smoothly and ensure that things are going as planned. These controls help the business determine the activity and direction of its employees in a manner that helps the company meet its goals (Bateman & Snell, 2007). There are three basic types of controls: bureaucratic, market, and clan. Bureaucratic control basically consists of the formal rules and regulations that establish authority, set standards, and regulate behaviors (Bateman & Snell). Market control regulates activities by examining the competition, analyzing profit and loss, and utilizing economic information (Bateman & Snell). Clan control differs from the previous two controls in that
Contents Introduction 1 Analysis of the internal controls 1 Conclusion 4 Introduction Internal control is the process designed, implemented and maintained by those charged with governance, management and other personnel to provide reasonable assurance about the achievement of an entity’s objectives with regard to reliability of financial reporting, effectiveness and efficiency of operations, and compliance with applicable laws and regulations. The term “controls” refers to any aspects of one or more of the components of internal control. (Ifac, 2010, p. 264)