Audit of Alex Blenheim Samples for Students

The methods which are applied by an entity and which give promise to accomplish the aims and objectives set by an entity from its business processes are called as internal control system of an entity. It helps in attaining the goals of efficient and effective reporting by management and auditor about the affairs of the company, proper and timely compliance of rules and regulations lay down by government. The internal control weakness is defined as a deficiency in the systems designed and employed by an entity to ensure effectiveness in the working of an entity in relation to aim and objectives set by an entity. In the given case of Alex Blenheim Pty Limited, to assess the weakness in internal control system firstly the assessment of internal control environment and its effect on company policies and procedures is require to be done.   The control environment of an entity is base for efficient and effective reporting of the financial and non financial matters to the stakeholders of entity both internal and external for achievement of aim and goals set by strategic objectivities if an entity and it is the foundation of effective control system in an entity. The Alex Blenheim may objective is to reduce the cost of goods to company including the overheads costs or by achieving the high volume of sales as the company is low margin company. The company is planning to reduce the levels of inventory, early receipts from debtors and early payments to creditor to increase the working capital margins of the company. The company is maintaining very goods internal control policies in relation to Inventory of Raw Material, Work in Process and for finished goods. The company is maintaining the computerized system of internal control of inventory. It contains all the five elements which are required for good internal control system. The elements of good internal control systems are Control environment, Entity’s risk evaluation process, information system, control activities and review of internal controls to reduce the weakness of controls are presents in company internal control policy of inventory.(Scaldeo,2013) A good internal control in relation to inventory involves the controls which enables an entity to: If any of the above is followed in making controls of inventories, there is weakness in controls relating to Inventory. The following are weakness in the internal control of inventory in Alex Blenheim Company: The weakness could impact the working of an entity and hampers the ultimate objective of the company which the company is required to achieve by implementing the controls systems. The weakness can damage the effectiveness and efficiency of business control environment which are root causes for business risks in any business. Steps Taken To Reduce The Imapct Of Risk In Internal Control System The following are the steps taken by an entity to reduce the impact of risks in internal controls: Feng, M., Li, C., McVay, S. E., & Skaife, H. (2014). Does ineffective internal control over financial reporting affect a firm's operations? Evidence from firms' inventory management. The Accounting Review, 90(2), 529-557. Salcedo, C. A. G., Hernandez, A. I., Vilanova, R., & Cuartas, J. H. (2013). Inventory control of supply chains: Mitigating the bullwhip effect by centralized and decentralized Internal Model Control approaches. European Journal of Operational Research, 224(2), 261-272. Strand L, (2014) , â€Å"10 Common Internal Control Deficiencies Found in Small Business† available at https://www.lbahs.com/blog/bid/397513/10-common-internal-control-deficiencies-found-in-small-businesses accessed on 06/05/2017

Business marketing Essay Example | Topics and Well Written Essays - 9250 words

Business marketing - Essay Example Research is an activity that is intended to arrive at a solution for a question or set of questions. (Ghauri & Gronhaug, 2005). Therefore, research needs to be executed in a systematic way with proper planning. Saunders et al. (2007) perceive research as an onion with different layers (figure 3.1). Figure 3.1: The Research ‘Onion’ Source: Saunders et al., (2007) As per the research onion, the five layers of research are Research philosophy, research approach, research strategy, time horizon and data collection (Saunders et al., 2007). 3.2 RESEARCH PHILOSOPHY Research philosophy refers to the methodology and strategies used by the researcher based on the researcher’s individual assumptions. Saunders et al. (2007) states that a research philosophy is related to the nature and development of the knowledge. Thus, a research philosophy is mostly based on the researcher’s perception about knowledge and its development. A research process is influenced by three ma jor thinking’s of research philosophy which are axiology, ontology and epistemology. Axiology is the frame reference for scientific ethics (Edwards, 1995). As mentioned, axiology forms the study of the ethical part, that is, value and principles by using mathematical proof. Ontology is about the behaviour of social entities. Ontology is regarded with the nature of social entities, where it possesses the question whether social entities can and should be considered as objective entities that have a reality external to the social actors, or whether they can and should be considered social constructions build up from the perceptions and actions of social actors (Bryman & Bell, 2007). The two main theories of ontology are objectivism and contructionism. The third thinking Epistemology explains about knowledge. It raises the question as to what should be considered as the perfect knowledge in a discipline. (Bryman & Bell, 2007). Epistemology ensures whether an area of study is wor th the research. (Gill & Johnson, 2010). The three research divisions of Epistemology are positivism, realism and interpretivism. 3.2.1 Positivism Positivism could be considered as an epistemological position that supports the application of the methods to learning of a social reality and beyond (Bryman & Bell, 2007). Checkland (1999) explains that positivism is a method for procuring knowledge which can be tested publicly with a rational thinking supported by observation and experimentation tools. In a research with positivism, the researcher will adopt a philosophical approach for arriving at a solution. Saunders et al. (2007) Therefore, a rational and thoughtful experimentation is the primary focus of positivism. As per Kolb (1984), a researcher is an accommodator. This is based on the concept of ‘Learning Style Assessment.’ Such researcher falls under the category of positivists. (Figure 3.2). This shows the attitude and interests of the researchers in trying solvin g problems. Positivism stresses on data and observations that are quantifiable and that can be statistically analysed. (Remenyi et al., 1998). Through tools such as questionnaires, data will be collected and statistical tools will be used to analyse the same. Analysis will also be based on the situations. The researcher will prefer working with an evident social certainty and that the end

Materials Development Assignment Example | Topics and Well Written Essays - 250 words

Materials Development - Assignment Example A wool carpet manufactured using this innovative system is a completely natural and biodegradable product. At the end of its useful life the entire product can be shredded and turned into organic material, which can then be used, for example, as fertilizer for growing plants. The work has been carried out for the Netherlands companies Bond Textile Research, Best Wool Carpets and James, which own the four patents on which this new biological technology is based. The so-called "cradle-to-cradle" model has been central to the work done by the team led by Tzanko Tzanov, a researcher with the Molecular and Industrial Biotechnology Group at the Universitat Polità ¨cnica de Catalunya. BarcelonaTechs Terrassa Campus. The outcome is an enzyme-based biological technology that paves the way for three Netherlands companies to manufacture carpets that are much lighter, sustainable, biodegradable, and 100% recyclable. At the end of their useful life, the carpets can be used as fertiliser or subst rate for growing plants. The system saves a great deal of energy, completely closes the biological cycle for wool, and significantly reduces the final cost of carpet products. Universitat Polità ¨cnica de Catalunya (UPC). (2011, July 13). Innovative system for producing carpets.  ScienceDaily. Retrieved October 12, 2014 from