Engro foods Pakistan
Short Introduction:
Engro Foods is among the biggest and fastest growing companies in Pakistan with a vision to cater to local needs with products conforming to global standards.
Highly passionate about providing millions of people across the length and breadth of Pakistan and beyond with the ultimate brand experience, our product portfolio comprises some of the country's biggest and best selling brands including Olper's, Olper's Lite, Omore, Dairy Omung, Olper's Lassi and Tarang.
But whether it is our thick, creamy all-purpose milk, scrumptious ice-cream high on nutrition content or refreshing range of beverages, our approach remains largely the same as we strive to keep product innovation at the forefront of our guiding
…show more content…
Provide management with the capability to monitor and assess the level of compliance with organizational internal controls.
Management’s Responsibilities for Internal Control System:
The management of Engro Foods is responsible for the preparation and integrity of the accompanying consolidated financial statements and for maintaining a system of internal control. These checks and balances serve to provide reasonable assurance to shareholders, to the financial community, and to other interested parties that transactions are executed in accordance with management authorization, that accounting records are reliable as a basis for the preparation of the consolidated financial statements, and that assets are safeguarded against loss from unauthorized use or disposition.
In fulfilling its responsibilities for the integrity of financial information, management maintains and relies on the Company’s system of internal control. This system is based on an organizational structure that efficiently delegates responsibilities and ensures the selection and training of qualified personnel. Management believes that to date, the internal control system of the Company has provided reasonable assurance that material errors or irregularities have been prevented or detected and corrected
…show more content…
Information and Communication
The information system consists of the methods and records used to record, maintain, and report the events of an entity, as well as to maintain accountability for the related assets, liabilities, and equity. Requirements:
1. Identify and record all business events on a timely basis.
2. Describe each event in sufficient detail.
3. Measure the proper monetary value of each event.
4. Determine the time period in which events occurred.
5. Present properly the events and related disclosures in the financial statements.
Internal Control Procedures:
Control activities are the policies and procedures the organization uses to ensure that necessary actions are taken to minimize risks associated with achieving its objectives. Controls have various objectives and may be applied at various organizational and functional levels.
Control Usage -Prevent, Detect, and Correct
1. Preventive controls focus on preventing an error or irregularity.
2. Detective controls focus on identifying when an error or irregularity has
Internal controls is defined as a process, effected by an entity’s board of directors, management, and other personnel, designed to provide reasonable assurance
WinCo Foods is a supermarket chain with headquarters in Boise, Idaho. It started in 1967 and has since expanded to include over 100 locations throughout the United States. Until 1999, all of its stores operated as Cub Foods or Waremart Food Centers, but the company now has its own branded locations. It also has five distribution centers. The stores and distribution locations employ more than 15,000 staff members in a variety of positions.
Whole Foods Market Inc. is a service provider in the grocery industry, which report in the US economy under the North American Industry Classification System NAICS 42441, General-line groceries merchants wholesalers, by the time the company started operations in 1980 supermarkets had a history of 51 years. Supermarkets unlike other type of retail is considered truly American in origin, self service grocery stores are traced back to 1912 in Memphis Tennessee, and it was in 1930 when Michael Cullen opened the first store of the King Kullen supermarket chain, it was around that time after the big depression that the independent stores which at that time only offered dry groceries started to transition to the supermarket model, including groceries, produce, and
Considering where Vegemite is in the Product Life Cycle, it is obviously a mature and established brand. With such an established brand, it is a constant process of revitalization to ensure it stays relevant in the contemporary market place, and “iSnack 2.0” is one of the outcomes.
The main competition for Panera Bread in the Food Service Industry is not necessarily restricted to coffee shops as I originally thought. Instead I consider Panera’s direct competition as including Bakery-Cafe restaurants such as Starbucks and Einstein Bros. but also Fast Casual such as Chipotle Mexican Grill, Panda Express, Baja Fresh, Q’Doba, and McCallister’s Deli. Panera and all of these restaurants are also in competition with Quick Service Restaurants such as McDonald’s and Jack-In-The-Box, and Casual Dining Restaurants like Applebee’s and Olive Garden. Panera’s competition is effected by buyer power, rivalry among competitive sellers, and substitutions by companies in other segments. There could also
Political Factors: in the late 1970s to 90s, the federal government relaxed economic regulation in a phased manner, particularly for aviation, transportation, electric power, telecommunications, natural gas and other traditional monopoly industry. Day cancelled or relaxed the limitation on prices, licenses and market access abolished or revised Roosevelt 's "New Deal" period. Many economic control regulations opened the market, competition. Government regulation aims only to provide a legal environment to maintain the market order, based on the market and based on the incentive regulatory procedures and methods. But now, many governments supported to pay attention to the environmental problem. In this year, many government officials will gather in Montreal and begin to talk about
Controlling in management is a function of management that is concerned with making sure that all other functions of the management are put in place and operated effectively. Controlling ensures that it has taken into consideration the monitoring of the output of the employees as well as the establishing standards of performance that will guarantee that the performance of the will always meets the set standards (Spellman,
ALMARAI is the main and essential brand which is the face of successes and dramatically growth from establishment. ALMARAI is producing four products which are firstly; diary liquid is produced two main line; fresh products such as fresh Laban and fresh milk, and another line is long life products such as milk and flavoured milk. Also, ALMARAI brand produced foods like many kinds of cheeses, cooking creams and butters. Moreover, ALMARAI also produces third type is fresh and long life juices. The fourth products of ALMARAI are yoghurts and
The oversight responsibilities of the board, the CAE lacking of expertise or broad understanding of financial controls and responsibilities, and the understaffed internal audit functions lacking of independence and direct access to the board of directors contributed to the absence of internal controls. To begin with, the board should be retrained to achieve financial literacy to review financial reporting. Other than attending formal meetings, the board of directors should be more involved with the management. For the Audit Committee, the two members who were recruited as acquaintances to Brennahan need be replaced with experts who are more sufficiently knowledgeable about accounting rules beyond merely “financially literate”. Furthermore, the internal audit functions need to expand with different expertise commensurate with the expanded activities of the organization, testing financial reporting rather than internal controls from an operational perspective. The CAE should be more independent and proactive to execute audit plans, instead of following orders from the CFO, and initiate a direct and efficient communication between internal audit and audit
It is traded on the stock market under the symbol ‘EFERT. Engro holds a vast, nationwide production and marketing infrastructure and produces leading fertilizer brands optimized for local cultivation needs and demand. Engro is also a leading importer and seller of Phosphate products, which are marketed extensively across Pakistan as phospatic fertilizers. Engro Fertilizers Limited was incorporated in June 2009, following a decision to demerge fertilizer concern from its parent company Engro Chemical Pakistan Limited. The continual expansions and diversifications in its enterprises
Brands like Milk Pak (owned by Nestle) and Haleeb Milk (from Haleeb Foods) had led the dairy market in the world’s fourth largest milk producing country for nearly two decades—without any real sustained competition. Engro Foods, in contrast, had only recently been established by Engro—a traditional giant in Pakistan's chemical and fertilizer (yes, chemical and fertilizer) industry.
The control process is the process to make sure that, whoever is in controlling in the company that the company is going to the right direction the management and operations controls the company is in the right condition before, during and after the control process. The strategy control is concerned about the strategy is being implemented, detecting problems areas and suggesting that the strategy is right or not right, making adjustment necessaries. Operational control is the oppositte of strategy control. Operations Control make sure the actions based on operating control have been implications for strategy controls.
Internal control is the most important business practice of the company, and it ensures the accuracy and reliability of financial reporting and protects the resources from any fraudulent activities. As technology grows, the number of computer based crimes and fraud increases; however, it is possible to control this computer based crimes with effective and efficient internal control systems within the company. According to Whittington & Pany (2014), the impact of IT on the auditing process is great; therefore, the auditors should consider and understand client’s internal control, data retention and processing policies in planning and timing of the audit. Some businesses might use more user-operated computers and think that it does not require
An information system incorporates a group of people, equipment and procedures. It is there to collect, record, process, store, retrieve and present information.
Control and system design to ensure that the activities and processes of the organization are conducted in accordance with the corporate rules and objectives