Summary of Riordan Manufacturing
Riordan Manufacturing Inc. is in the field of plastic injection molding. A leader in plastics designs in many different areas, with state of the art capabilities in developing innovative products for their customers. The company was founded by Dr. Riordan, a professor of chemistry, working with processing polymers into high strength plastic articles. Dr. Riordan obtained patents and licensing to start manufacturing plastic fans in the plant at Pontiac, Michigan in 1992. This summary will cover Riordan’s mission, the four plant description, and the companies finance and accounting.
Mission-Riordan Manufacturing is a global plastic manufacturer to include plastic beverage containers, automotive, and aircraft parts. The Research and Development (R&D) department continues to provide solutions for their customers using polymer materials to create new and creative products. Riordan is a Fortune 1000 enterprise and a Six Sigma leader in R&D standards and remains the industry leader in identifying innovating trends.
Description- The Riordan Company has four plants that produce a variety of different items. The Albany, Georgia plant produces plastic beverage containers for the beverage makers and bottlers. Customized plastic parts for the appliance manufacturers are produced at the Pontiac, Michigan plant. Plastic fans for the automotive parts manufactures are fabricated at the facility in Hangzhou, China. The R&D is in development of different items for the Department of Defense and are conducted at the corporate headquarter in San Jose, California.
Riordan has three operating facilities and they all have their own financial systems. The three facilities provide data input in the consolidate...
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...ting such documents to the Government will also be easier. A suggestion of
purchasing software that keeps up with all updates to the Government Accounting Standards
Board and the Federal Accounts Standard Advisory Board will make for a complete and up to
date Comprehensive Annual Financial Report or CAFR.
When all suggestions are implemented the need for costly and time wasteful audits will
be a thing of the past. Information that has been funneled to Accounting headquarters thru
matching software will end most too all data RE entry errors that were occurring. This in
turn will make for accurate Financial Reports and the need to go back and fix problems should
be nonexistent.
Works Cited
University of Phoenix. (2004). Riordan Manufacturing Inc [Computer Software]. Retrieved from University of Phoenix, Simulation, BSA310 BUSINESS SYSTEMS website.
Employee motivation and rewards are effective means to retain employees. When an employee is motivated, his or her needs are being met. When an employee is unmotivated, his or her needs are not being met which results in a high employee attrition rate. Riordan Manufacturing is experiencing a high attrition rate. Riordan Manufacturing has 3 plants and employs 550 people. Recently, Riordan hired Human Capital Consulting to perform an analysis on the underlying issues that are causing the decreasing employee satisfaction and to recommend courses of action that will address the underlying issues. Research has been done to identify the issues and opportunities, the stakeholders and ethical dilemmas, and the end state vision. A gap analysis has also been performed to determine the gap between the current situation and the end state goals. Riordan Manufacturing will use this information to determine the best way to proceed towards improving its working environment for the employees.
Although Riordan Manufacturing has a generic strategic direction, a comprehensive strategic plan reevaluation and development must occur after the move to China. Environmental scanning, strategy formulation, strategy implementation, evaluation, and control are fundamental to the creation of a strategic plan (Wheelen & Hunger, 2010). Because, strategic planning is integral to the corporate strategy and success of Riordan the board of directors' requesting Team B formulate a comprehensive strategic plan for their organization.
Throughout the past several years major corporate scandals have rocked the economy and hurt investor confidence. The largest bankruptcies in history have resulted from greedy executives that “cook the books” to gain the numbers they want. These scandals typically involve complex methods for misusing or misdirecting funds, overstating revenues, understating expenses, overstating the value of assets or underreporting of liabilities, sometimes with the cooperation of officials in other corporations (Medura 1-3). In response to the increasing number of scandals the US government amended the Sarbanes Oxley act of 2002 to mitigate these problems. Sarbanes Oxley has extensive regulations that hold the CEO and top executives responsible for the numbers they report but problems still occur. To ensure proper accounting standards have been used Sarbanes Oxley also requires that public companies be audited by accounting firms (Livingstone). The problem is that the accounting firms are also public companies that also have to look after their bottom line while still remaining objective with the corporations they audit. When an accounting firm is hired the company that hired them has the power in the relationship. When the company has the power they can bully the firm into doing what they tell them to do. The accounting firm then loses its objectivity and independence making their job ineffective and not accomplishing their goal of honest accounting (Gerard). Their have been 379 convictions of fraud to date, and 3 to 6 new cases opening per month. The problem has clearly not been solved (Ulinski).
As the concept evolved by early nineteen century manufactures had improved, so did the variety of materials and techniques used to create the difference of shapes that have historically ...
Harley Davidson’s approach to the manufacture of motorcycles creates value as raw materials evolve into sellable products. The 40,000 square meter plant in Kansas City, Missouri is laid out in a fashion that permits the backward integration of components within the production facility. From the fabrication of parts to the production of engines onsite, a single V-Rod is built by the 1,100 employees of this factory in less than 3 hours from start to finish.
BARS is Deutsche Banks spreadsheeting tool for world wide capture and sophisticated analysis of customers financial statements. The application offers to Deutsche Banks credit officers access to 200.000 customers and 1.6 million financial statements stored in a central database. In order to facilitate data capture and to further streamline the credit process the application will be equipped with an XBRL-import interface.
Subsequent to the Active Directory (AD) implementation discussion, this proposal addresses possible user accounts and group organizations for Riordan Manufacturing. This document discusses user and group accounts available through AD, and addresses possible implementation plans for the parent domain of riordanmanufacturing.com. These plans could also be implemented in the child domains for the four Riordan facilities, though addressing the actual implementations for those sites falls beyond the scope of this document.
...r financial reporting were efficient and the maintenance of records is in reasonable detail, accurate and fairly reflect the transaction and the disposition of the company’s assets. It also provides reasonable assurance of the transaction recorded which made it possible to prepare the financial in accordance with GAAP. Also the expenditure has properly authorized and provides assurance of any violation to be present in the company and provide assurance regarding timely detection of unauthorized acquisition which could material effect on the financial statements.
One of the most debatable topics in the accounting industry today is the extent in which we should make the financial statements understandable to the general population. The FASB currently gears its reporting standards toward...
product for big scale manufacturing. They do this by designing a plant to produce the item on large
Accounting: From Clay Tablets to the Cloud, How Technology has Changed the Accounting Profession Every business professional knows that accounting is the language of business. The language of business has especially been transformed in the last 38 years due to the almost constant change in technology and technology. Accounting professionals have become the interpreters for the language of business, a language that all business professionals must understand to be successful. in today’s highly competitive market.
The principle territory we are planning to address is accounting fraud and how it could impact an organization by answering, the who, what, when and how. Its goal is to increase the awareness of accounting fraud and fraud counteraction. The intriguing thing about accounting fraud is that little disclosure as a rule usually leads to an enormous increase in fraud. A number of categories and sub-categories can be divided up for fraud.
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