Adult Program Design Part II Essay Example | Topics and Well Written Essays - 1000 words

Adult Program Design Part II - Essay Example But the systems in every business also need to be audited in terms of their suitability and credibility. Before a business can be audited, it is wise to construct an audit design that will aid in the process of audit and not only look at the existing flow of transactions and their recording and reporting on financial statements and other records, but also recommend improvements and needed changes that will serve in terms of clarity, veracity and meet the laws and principles of the land. In this assignment we are going to design tests of controls, substantive tests of transactions, and analytical procedures for the acquisition and payment of the business called Apollo Shoes. The Acquisitions and Payments Process at Apollo Shoes It Is evident that we can only design an audit procedure or process around the existing flow of transactions and their processes at Apollo Shoes. Only in the case of massive fraud or circumstances warranting a detailed investigation would the complete revamping of existing procedures be understandable. According to the present Accounting and Control Procedure Manual as indicated in the Case Study details, all cash disbursements /payments are made by check, signed by the Treasurer, including those for petty cash transactions. Checks are always made out to a defined payee, never to cash. Blank checks remain in the custody of the Accounts Payable Department and the treasurer is not allowed to sign blank checks. Additionally, we see that checks are recorded in the cash disbursements journal using the date of the check, and in the general journal using the month of the check as a factor for recording these entries. Internal Control Procedures While it appears from the case study material especially the accounting and control procedure manual that some degree of internal control has been maintained over cash disbursements/ payments process, there are a few comments to be made. One factor is the separation of ownership and control. Since the tre asurer himself signs most of the checks, he can very well make them out to a fictitious vendor and then pocket the money himself after opening up an account in that name. The case of Comptronix as reported in Chapter 19 of the text indicates that collusion between unscrupulous individuals even in top management is not unheard of (Arens et al., 2006). Enron is another case in point. Secondly, the recording of transactions as per date made out on the check leaves some room for error and can result in reconciliation difficulties with the bank statement, as this is a common practice with nearly every business. It is better if a simple chronological order is followed date-wise in recording every transaction of whatever nature so that there is no ambiguity on this account. Concerning the purchase of fixed assets, the approval for the same is usually made in advance by top management. This ensures that they have approved the purchase. Budgetary allocation of funds is also evident, and all excesses of 10% or above to be signed off by the Treasurer. Payments once again are to be made by check. The automatic treatment of fixed assets of value of $5,000 and above as capital expenditure is questionable, and should be looked at on a case to case basis. Assessing Risk Factors Connected with the Acquisitions and Payment Process The risk factor involved due to concentration of the signing of all checks by the Treasurer has been indicated above. It is better that a combination of two signatures be required on every disbursed check. One can be the Head of Department or VP of the section of the business to which the check pertains, and the other would be the Treasurer. The

Marketing plan Assignment Example | Topics and Well Written Essays - 3250 words

Marketing plan - Assignment Example It is flourishing more than ever before. Consequently, fragrance has become a necessity rather than a luxury for women. The future of fragrance industry seems to be rosier than ever, but the possibility of downturn in luxury item market can not be ruled out due to widespread recession wave. Fragrance market is highly competitive with the presence of giant business corporations. Pink is a small but international company with a range of 6 brands which is divided into two main lines; Pink Divine and Pink Dew. Market in USA and Europe is saturated for Pink with chances of growth by extensive competitive strategy; on the other hand, opportunities are diverse in Middle East, Japan and China. Pink can have an edge through partnerships and research ventures with the established corporations. Pink’s marketing strategy is to innovate and play with the strengths. We have to focus on competitors in order to achieve our target of US$0.5 billion. Economic environment is volatile, due to recession period there is a downturn in world economy. In this situation demand for luxury goods, especially fragrances decrease. Consequently, women are spending lesser on expensive products especially fragrances are used occasionally rather than regularly. There is very little room for growth in over saturated markets like USA and Europe. In 21st century the marketing world has changed completely. With globalization markets are easier to approach as advanced communication means has shrunk the world to a village. To meet the needs of business in this fast-paced world there are much technological advancement. Internet has not only changed marketing techniques but also replaced inventory with information. To meet the requirements of modern customer we have to concentrate on technological advancements like nanotechnology in sunscreen products in future. Suppliers will be provided by the superior technical support. For Pink, to support customer needs and value creation through the products