The Consumer and Industrial Products, Inc a company where their headquarters is based in the United States , also doing business internationally with facilities in Europe, Asia and South America. They are a manufacturing company what produced well known products to individuals and industries. This company is experiencing a great deal of trouble with their internal Payable Audit System (PAS) and how it would purchase goods; receive goods and pays for them. They are challenged with the redundancy and the lack of productivity to their system. They were finding ways to lower costs and eliminating steps in how these processes are getting accomplished. They decided that they needed to change their system and the way they did things at their business. There are some people, their roles and departments that will be closely involved with the process of this project. Some of these important roles will come from Ted Anderson director of disbursements, Peter Shaw the user project manager and Linda Watkins project director for the Payable Audit System (PAS). In addition, the Steering Group and the IS management department will have some important roles to the project too. Finally, there will be several major problems with the development of the project and how the one person would deal with these issues. There are several important people involved with this project and will help with the necessary changes needed for the Payable Audit System (PAS). Each person has a very detailed job description and the skills that would be used to make the changes to the system. First, Ted Anderson the director of disbursement began to notice how their current system was very labor-intensive. He knew of other ways to increase the productivity to the system and he would help in the plan to transform these changes. First, he changed the mind-set of how the system would work, and he organized a difficult training course with a 9 month duration designed for the employees. With his role on this project the company will make several fundamental changes, to pay the invoices in their tolerance. Keeping all history transactions, they would adopt a quality-control approach. Also eliminating all their paper files they would develop a Document Control System (DCS), where they would scan all of their documents into their computer system.
Middleton Mutual is a large insurance company that is seeking innovation. The Chief Information Officer, Dennis Devereaux, and Vice President of Information Systems, Max Vargo, are trying to push for a new expert system to ease up the underwriting process of their company. The issue that arises in the company is that certain higher ups aren’t willing to fund this one million dollar project without proof of return. Within the next year, the company will be losing two underwriters. Devereaux has his hands full with trying to get the company’s financial approval.
The deal is a bold move by P&G Chief Executive A.G. Lafley, who has led the company out of dark times over the past four years. Moving too fast on a restructuring plan implemented by former CEO Jager, the company posted several disappointing quarters and its stock lost more than half its value in 2000. The merger, would create a company with revenues of more than $60 billion that would have even greater clout against mass-market retailers like Wal-Mart Stores Inc., which have been pressuring consumer product suppliers to keep costs low. Lafley was optimistic that the company would not be forced to divest many properties as part of an antitrust review.
or this action step, it is necessary to start this transformative process immediately so that the new software upgrade is centered around this change. You, the CIO, should recommend this decision as it falls under your domain, and the end decision shall be improved by the individual CEO. Jane Simpson, head of accounts payable and materials procurement should be consulted as this re-design shall directly affect her department. The rest of the department team and well as business information managers should be informed of this decision. F
This case examines issues of asset control for Ben & Jerry’s Homemade, Inc., in light of the outstanding takeover offers by Chartwell Investments, Dreyer‘s Grand, Unilever, and Meadowbrook Lane Capital in January 2000.
HanesBrand Inc. produces and sells clothing on an international level. The company website states they are a, “socially responsible manufacturer and marketer of leading everyday basic apparel” (Hanesbrand Inc.). The company is proud that they practice ethical business practices within the workplace. They own the majority of the facilities where their products are manufactured and produced meaning they are able to control the working conditions and wages within the facilities. They are the only apparel manufacturer to be distinguished by the Great Place to Work Institute for the facilities in the Central American and the Caribbean (Hanesbrand Inc.). The company has earned several notifications and awards from organizations
To counter this problem, computer assisted audit techniques have been developed. These systems are able to provide a more in depth analysis of the utilized billing systems. Computer assisted audit techniques also enable highly efficient assessment of transactions. By utilizing this system, an auditor could gain a clearer picture of the revenue reporting mechanisms that are being utilized by the business office. Once the information is derived, however, its interpretation, while simpler, will still require an individual that is knowledgeable in regard to the revenue cycle
I have taken the time to review last year’s audit and made note of the minor problems dealing with human error and also noted that correction have been made. Because of this problem I would like to start my review here to test the controls for eliminating human errors. The IT specialist will be reviewing the internal controls of your electronic systems and
• Horizontal snapshot (Service provide, revenue, industry, CEO, and more) of the client under the banner picture
A good internal audit mechanism helps in detecting the frauds at an early stage so that the financial losses may be minimized. Operational audits can be taken up to review the effectiveness, efficiency, and economy of operation. It helps in identifying the risks faced by the organization and has an opportunity to improve controls. The external auditor should also try to obtain sufficient and appropriate audit evidence to be able to draw reasonable conclusions using which audit evidence is provided. Sudden checks have to be planned by the management to keep the staff alert and updated. The audit unit should be established separately, and proper vigilance and guidance are to be provided to them in order to check the frauds at an early stage. The staff, management and the executive officers of the organization have to work for the common good of all the stakeholders of the organization and should follow moral and ethical values while carrying on their
Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate a selected business transactions.
Through innovation and consistency, Procter and Gamble (P&G) has created some of the most dominant brands across several markets. They have been fully committed to their mission of improving lives in small, but meaningful ways for several years, and have been rewarded for their excellence with loyal customers and high brand recognition. No other company has been able to produce as many top quality products as P&G with as high a success rate. Therefore, investing in Procter and Gamble is a sound decision with potential for great return.
As the production cost in China is lower, Sport Shoes. Inc decided to manufacture their product there. One of the advantages of China over western suppliers is their relatively low labour cost. Overall, everything produced in China tends to be cheaper. Cheap manual labour will be provided in China because low wages are paid to the labour and this is the reason why Sport Shoes. Inc chooses to manufacture their product there instead of other countries. As much as having cheap labour in China, quality control will be in issue. People nowadays prefer to buy American products especially those high demand consumer over Chinese product due to their bad reputation of using cheap material and low quality material. And for this reason, it will affect
The following essay aims to analyse in depth a computerised accounting system and its aspects such as its history, what technologies is based on, and how it has developed since its beginning. Other aspects such as the current state of the system and the interactions with other systems and the future of the system will also be covered in this paper.
During my industrial training at Aljafree & Co, there are several significant problems that might be occur during the gathering information of audit evidence and the problems that incurred can cause the auditing works cannot to proceed very well. The problems that have to consider are:-
Ben Cohen and Jerry Greenfield founded Ben & Jerry's Homemade Ice Cream in 1978. Over the years, Ben & Jerry's evolved into a socially-oriented, independent-minded industry leader in the super-premium ice cream market. The company has had a history of donating 7.5% of its pre-tax earnings to societal and community causes. Ben and Jerry further extended their generosity by offering 75,000 shares at $10.50 per share exclusively to Vermont residents, so that they may help those who first supported the company; Ben and Jerry's wanted residents to profit from their venture as well. In addition, steady growth and a widely recognized brand name helped Ben and Jerry's obtain 45 percent of the premium ice-cream market, yet the company stock price remained stagnant at $21 a share for several years.