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

Globalization and the Decline of the State Essay

Globalization and the Decline of the State - Essay Example In practice, then again, the assurance of nearby businesses may demonstrate to be favorable just to a little minority of the populace, and it could be disadvantageous to the rest. Since the mid-twentieth century, countries have progressively lessened tax boundaries and coin confinements on global trade. Different boundaries, notwithstanding, that may be just as successful in ruining trade incorporate import standards, expenses, and differing method for financing local commercial ventures. (Editors; Brittanica, 2014) Most economists consider Free Trade to lead to a growth in the economy through a better allocation of local resources. Any restrictions on Imports generally create a bias that is not favorable to Exports either. This happens due to rise in the price of imported goods relative to the exported goods. (Aggio & Tussie, n,d p. 91). If this is corrected, it will result in resources being shifted from the manufacturing of the substitutes that could be imported to the manufacturing of goods that can be exported. (Aggio & Tussie, n,d). It shall lead o growth in the near future as the State will alter its allocation of domestic resources more efficiently and competitively. However, this process is not easy, nor is it cheap. This process will create adjustment costs which may outweigh the comparative advantages in the short to medium term. (Aggio & Tussie, n,d) i. Increase in production: Free trade lets countries concentrate in manufacturing goods in which they have an advantage. With these advantages of specialization, production is more efficient and hence larger with economies of scale. It also leads to lower Average and Marginal Costs due to the markets now available to a producer has increased internationally, with more supply and a cut in costs, he is expected to supply (Produce) more, and his business becomes more profitable as

State System Planning Research Paper Example | Topics and Well Written Essays - 1500 words

State System Planning - Research Paper Example The concept of alternatives has been echoed by Amekudzi and Meyer who say that â€Å"an important step in planning and thus a component of conceptual framework is analyzing alternatives† (3). State system planning can take the form of many projects for example the roads and the air transport system. The planning system is considered as smart growth because of the way it helps in strengthening the government. The concept of planning has various factors driving it; according to the OECD, â€Å"the movement is being driven by growing public concern† (133). This was in reference to the spatial system planning; the book further describes other leading reasons for the development of the planning system as highway congestion, land consumption, need for infrastructure, and other costs of sprawl. This is the sector of high interest and is considered most by the state because of the many benefits that it offers the citizens. Washington state department of transport has this as one of its priorities; the Washington state policy has broadened its interest in many modes of transport. According to a report by the Washington State Department of Transport, this body has the role of advocating for the safeguarding of aviation facilities, safety in air transport, ensuring that air transport meets the required capacity, as well as getting rid of environmental impacts (wa.gov). For this to be achieved, the authority has to ensure that there is advocacy and partnership. Another similar project is the one in Minnesota which was named â€Å"State Aviation System Plan† as reported by the department, â€Å"the primary objective of the Minnesota state aviation system plan is to provide the state with excellent planning tools to assist in making informed decisions guiding the developm ent of Minnesota’s system of airports and expending funds in a cost-effective manner† (Washington State

Understanding How God Calls Essay Example | Topics and Well Written Essays - 500 words

Understanding How God Calls - Essay Example As such, God uses His word to communicate with humans. Upon reading the scripture, individuals gain insight of their purpose in the world. The Word gives meaning to life and an understanding of how God wants humanity to live. In Proverbs 6:22, humanity is assured that the Word of God shall talk to them when they awaken. As such, God uses the scripture to call on His people. Spiritual People God uses spiritual people to call. In the past, the prophets were believed to be used by God to communicate with people. They were regarded highly and people respected them. In the modern world, people seek inspiration from spiritual people. In addition, the spiritual people offer counsel on how to live life according to God’s will. In 1 Corinthians 2:13, Paul assures humanity that they speak word taught to them by the Spirit to explain spiritual realities. It is important to acknowledge God’s call through spiritual people as a means of communication to humanity.Creating Needs for Hu manityIn Ecclesiastes 3:1-15, Solomon writes about how everything in the world has its time. This can be interpreted as a means used by God to call on his people. Different events are attributable to God’s manner to communicate. As such, He creates different needs as a means to call. For instance, in times of laughter, God calls on His people to give thanks. However, in times of crying, He calls on His people to seek help from Him. Everyday humanity undergoes different needs that call for God’s intervention.

Laboratory 4 Report ( HMST 2530 ) Essay Example | Topics and Well Written Essays - 2500 words

Laboratory 4 Report ( HMST 2530 ) - Essay Example nvolved an assessment of the effects of practice with the dominant hand on the performance in tracing the star through a mirror view with the non-dominant hand. The results indicated that the practice group performed better than the control group. Overall, the data suggest that the means of training may impact the learning processes associated with the acquisition of fine motor skills. The study of motor control involves an empirical assessment of the neurological factors critical to the acquisition of motor skills. The development of motor skills requires the ability to execute learned movements toward a directed result. This process requires learning. Skills require accuracy and the ability to execute motor functions in a controlled fashion. The study of motor behaviour involves an attempt to ascertain the mechanism by which motor skills are produced. This area encompasses motor development, control and learning. Fine motor skills require little actual movement but require precision and control of fine muscle activities involving the manipulation of tools or objects. The experiments conducted in this laboratory practicum have explored principles of fine motor control in an experimental setting to assess critical factors associated with learning new fine motor skills. Skilled motor performance requires an organized sequence of movements associated with temporal organization. Other components of fine motor skills include accuracy and consistency of performance to produce purposeful activity. Learning may be defined as a change in behaviour that results from experience and practice; it is not an innate behavour. Learning is generally assessed by evaluating changes in performance. Performance may be defined as observable behaviour. Important measurements of learning include rate of response, error, reminiscence, and trials. The most important assessment tool of learning is retention, which involves the ability to perform after a period in which no

Madness Essay Example | Topics and Well Written Essays - 1000 words

Madness - Essay Example Finally after years of hospital visits, therapy, and lots of different types of medicine, Mayra found a routine that has worked for her so far. Like Mayra has proven and other people with Bipolar disorder know, this illness has no cure. It is a lifelong process of taking medicines to alleviate the symptoms of the disorder. Over the years the more doctors have learned about being Bipolar. When Mayra was first diagnosed, she got a generic Bipolar diagnosis. Now there is two different types of Bipolar; Bipolar I and Bipolar II. It was once thought that a person had long manic phases and long depressed phases, but as Mayra has shown her moods changed daily. Today doctors know more, but more research and study is needed. Like many people with Bipolar disorder, Mayra self medicated since her adolescence. Alcohol to come down or take the edge off her manic phases, pills to chase away the blues. After being hospitalized for her eating disorder, Mayra stopped taking pills. However her alcohol intake increased for years. She was also a cutter. After an almost near death experience after slitting her veins, she stopped regular cutting. Mayra did not receive help sooner than her thirties, even though diagnosed with Bipolar ten years earlier, because she did not take the disease seriously. Finally Mayra had to face the fact that she was never going to be normal, but with medicine could live with the disease. Once she stopped drinking, she still did not take the disease seriously. Only after addressing her illness, did Mayra find a tenuous balance with medicine and therapy. wards, medicine, detox, AA, and therapy. At first diagnosed with anorexia/bulimia, Mayra was hospitalized for that. The goal for treating anorexia/bulimia is to get a patient to eat. The weight Mayra gained or lost was more important than her mental state. They grouped her with other anorexia/bulimia patients that were depressed. The medicine Prozac might have helped Mayra with

Operational Management Contexts Essay Example | Topics and Well Written Essays - 2750 words

Operational Management Contexts - Essay Example The first phase was to shift to assemble to order planning (ATO), the second was de-integrating the manufacturing facility, and finally, rationalization- that is reducing the range of family of products to two that are most profitable for the company. These are innovations to be implemented depending on the market conditions. There were factors and aspects of innovation to consider. Firstly, what type of innovation is needed to proper address the main objective of the "phase changes", secondly, when is the right time the innovation should be implemented in the market life cycle, thirdly, an analysis on the implication of change in the supply chain, and finally, what are the trade-offs to take into consideration and how to address them to optimize the effect of phase changes. The planned "phase changes" of AB Machine Tool is meant to basically address profitability and the ever challenging market. The need for this is inevitable considering the fact that the market share of the company is getting smaller because of fierce competitions. The need to attract more investment is one of the options in order to maintain the economic viability. But to attract more investments means showing the potential investor the strength and capabilities of the company through changing times and turbulent market conditions. ... It is for this reason, AB Machine Tool ought to consider the need to introduce changes tactically and strategically but how it will affect the entire organization positively remains to be seen. Timing, type of innovations, trade-offs are some of the things that we should be looking into and this is our objective. "Mundane Taxonomy" of Innovation Types Moore (2004) enumerated the different types of innovations and gave description to each one of them but more importantly gave emphasis when it is to be applied during the market life cycle of the organization. He also emphasized its importance as it determines the economic viability and existence of an organization. Figure 1, Aligning Innovation with the Life Cycle, shows the eight types of innovations and when each one is supposed to be implemented in the market life cycle.Figure 1. The Market Development Cycle The Innovations as defined by Moore (2004) are as follows: Disruptive Innovation. Characterized by a great deal of attention particularly in the media, product appears as if from nowhere, creating a massive new sources of wealth. Application Innovation. Takes existing technologies into new markets to serve new purposes. Product Innovation. Takes established offers in established markets to the next level.The focus can be on performance increase, cost reduction, usability improvement, or any product enhancement. Process Innovation. Makes processes for established offers in established markets more effective or efficient. Experiential Innovation. Makes surface modifications that improves customers' experience of established products or processes. Marketing Innovation. Improves customers touching processes, be they marketing communication or