ICAS Report Plan
Name
Email address
Phone number
1.
Sandwich Master Limited (SML) was established over seventy years ago by the Graham family. It makes and sells sandwiches and savouries to the general public.
The company’s head office is on industrial estate just outside of Nottingham. A central savoury production centre is in Leicester a few miles away. Products are sold through a nationwide chain of over eighty street shops, and six regional bakeries.
Department which is going to be reviewed is Sales Ledger (Accounts receivable). 80 % is made cash sales and the remaining 20 % on open credit terms. 2.
A bank reconciliation statement is produced monthly which reconciles the cashbook to the bank statements.
…show more content…
Customers are given open credit terms of 30 days, but in reality average payment is over 60 days. Also monthly credit limit for each account is set to £4,000 pounds which is more than the customer needs and more than is stated in company’s policy. | It’s having massive impact on the liquidity of the company (20% of the company’s revenue) and the trade receivables collection period. | The Payroll’s run by Payroll Clerk are usually based on incorrect information (estimated figures). It’s leading to situation where majority of employees are complaining about payments received. | It’s demotivating. Employees are being less enthusiastic about a job which is leading to inefficiency. Cost of work is increasing and the potential margin will be lower.As a result financial statements produced may contain incorrect figures. | Company policy relating to its IT systems is not followed by the employees. Majority of them is unaware of damages it may cause.Many of the shops may still have the same original password. There is no checks ever been carried out. | Potential loss of data or destroy of software might be really cost effective. Employees has a access to important information which shouldn’t been known or might alter figures leading to falsify the data. | Fraud
Area of risk |
An employee should uphold the confidentiality of information assigned to them by the company and its customers, except when revelation of such information is authorized or required by applicable laws, rules or regulations. “Confidential information” includes all records, non-public information related to the company and its business, customers, or vendors that come to an employee in the course of carrying out the employee’s duties and that can be value to competitors or damaging to the company or its business if revealed.
When planning assessment you need to gauge a clear idea of what level the candidate is at to see if they are ready to complete your planned assessment. There are many ways of achieving this knowledge. One method is observation in performance or another by taking an initial assessment test which have seven levels with the basic entry level 1 being the first.
Employers have to monitor employees for security concerns relating to intentional or accidental release of sensitive data. Mohl, shows in a 2006 survey by Proofpoint Inc.
Mission: One church, one heart one purpose advancing health awareness and providing people with tools to take responsibility for their health through early detection and prevention. The project is a public health intervention event with interactive and educational information with screenings and basic preventive medicine for the community.
Policies are important in the work place because they help make sure that all of the organisation’s information is held securely, along with other things. Policies are only internal and don’t effect anything outside of the organisation, however some policies may coincide with some laws or other general rules from outside of the organisation. In this case, policies are used to control the maintenance of computer systems. Policies are used to protect things such as sensitive information which could be used for things other than its intended purpose. Organisations usually make their employees sign an agreement to make sure that they abide by their policies. This helps protect the
Finally, organizational charts display the structure of the Accounting, Finance and the Human Resources functional areas of Atha Corporation.
Now, looking at the uncollected balances schedules as of the end of March and June, do these schedules properly measure customers’ payment
Personal data should be processed fairly and lawfully, this can be achieved by asking the employees to use their information, on the employment contract.
Liberal credit policies that does not require credit check of a customer is a risky business decision. This might probably caused the increase of accounts receivable by $360,453 in 2015 (Cash Flow Statement). This could leave them vulnerable to liquidity problems. If they do not have enough cash, they may have problems paying their short term debts.
Accurate payroll reporting is not only crucial regarding the employer but for the employee as well. In the eyes of the employer, they do not wish to pay their employees more than they have to and definitely not for work or hours they did not do. Further, if a company has a reputation for inaccurate payroll or late payroll, it can cause employees to leave for companies who do not have these issues as well as deter other individuals from working for the company to begin with if they are aware of these issues. Further, repeated inaccuracies with payroll could result in frustrations for the payroll department as they have to put time and effort into fixing past mistakes which likely will cause further mistakes to occur. Additionally, inaccuracies
b. Trace the line item “Balance per Bank Statement” – Accuracy and Existence (AU-C 315.A114 a-iii, b-i)
When I was a little girl my friends and I always talked about what we were going to be when we grew up. Some said a teacher; others said a nurse, secretary, and even a mom. I knew what I was going to be, but what we don't think about is how we get to be these things. We float through elementary school, having small children fun. Next we go to middle school trying to find our ways in the world, some of us worries about grades, and some don't. Not many thinking ahead of high school, let alone college. In high school we soon realize that grades are very important and better grades give you a better chance at better colleges. So those of us who want to go to college start cramping down on our studies so we can get those desirable grades. I may have not been the perfect student throughout high school. My Study habits could have been better, but one thing I do know is that I want to do more with my life than just a high school diploma.
The Claims Processing Centers Program has been asked to evaluate the current CPC structure and configuration in light of declining premiums, decreasing claims inventories, and changing real estate options, and based on the findings, to make strategic recommendations that will optimize CPC operations over the next three to five years.
Generally, employers are concerned about the various issues that could transpire in the workplace such as poor performance, viewing of inappropriate and derogatory things on the organization's equipment, lower productivity, and injuries on the job (“Managing Workplace Monitoring”, 2016). Therefore, “employers also have a duty to their employees to protect the privacy and confidentiality of the personal information gathered and maintained in the course of employment (“Managing Workplace Monitoring”, 2016, para. 1). Moreover, the main reason for monitoring employees is solely tied into limiting the amount of litigation the organization can potentially be subjected to. Therefore, to minimize exposure and risk to
1. Currently, the collection period of Oracle is at 137 days which is higher than the industry average of 62 days. The company must reduce credit terms implementing tighter credit control activities