StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Presentation about the case - Essay Example

Cite this document
Summary
Freeze-Time Flowchart Purchasing Process: First of all, Freeze-Time uses low-end accounting software package to prepare documents and reports. When employees need to purchase supplies, they inform either Benita or Rosa, who will give the employee a note. Then Benita or Rosa enters the order information into the accounting system and a purchase order is created…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.1% of users find it useful
Presentation about the case
Read Text Preview

Extract of sample "Presentation about the case"

Freeze-Time Flowchart Purchasing Process: First of all, Freeze-Time uses low-end accounting software package to prepare documents and reports. When employees need to purchase supplies, they inform either Benita or Rosa, who will give the employee a note. Then Benita or Rosa enters the order information into the accounting system and a purchase order is created. This purchase order is then faxed to the supplier of the goods. If the order is specialized, then Benita or Rosa will call the supplier to check if there are any problems.

Receiving Process: After the supplies have arrived at Freeze-Time’s factory, Benita or Rosa checks to see if the goods are correct and whether they are in good condition. A copy of the purchase order is used to authenticate this process. Once the goods have been given the green light, Benita or Rosa will enter the new inventory into the computer system. Payment Process: Rosa is in charge of paying the bills on fortnightly basis. She has to check the computer system for outstanding invoices and checks that the goods entered into the computer have actually been received.

If any information has not been entered into the computer, then Rosa does this and prints the checks from the accounting system. Freeze-Time then mails checks and remittance invoices to the supplier. Occasionally, portions of the vendor bill will be returned to the company. Possible Internal Control Weaknesses For the purchasing flowchart, there are not really any internal control weaknesses that stand out except for the fact that Benita Goldberg and her mother Rosa control the whole process.

There is nothing to suggest that any collusion is going on, but the flexibility in their roles (they take turns at different points in the process) and lack of accountability mean that the opportunity is there for them to engage in unethical conduct. To prevent any possible conspiracy from occurring, an outsider could be brought in to oversee the whole process. This way, both Benita and her mother would have to report to a CEO, who would be able to intercept any colluding between the pair. Also, Benita and Rosa need to have set roles so that the purchasing process remains transparent.

Not only would this provide some solidity to the workplace, but it would be help Freeze-Time to become more efficient as Benita and Rosa became used to their jobs. The use of a low-end accounting software package to prepare documents and reports is not very secure because the information could easily be tampered with. Freeze-Time should invest in better quality accounting software so that there is no chance of any recorded inventory being compromised. Finally, another internal control weakness could be due to the fact that either Benita or Rosa is entering order information into the accounting system and then creating purchase orders.

Ideally, there should be a separate accounting department that enters purchase order information into the system, which then creates an automatic purchase order. Once the purchase order is made, someone from the sales department should fax it to the supplier. By setting up the purchasing process this way, there is not one single or pair of persons that have a part to play in every step in the purchasing process. For the receiving flowchart, someone else other than Benita or Rosa should check the goods because those two were involved in the purchasing process.

It is possible that either of these two could change the records to show that a lesser quantity of goods was purchased and then they pocket the difference in price. The way that one of them could do this is because they enter the order information into the accounting system during the purchasing process and they also enter new inventory into the computer system during the receiving process. It would not be very hard just to change some numbers around to cover their tracks. For the payment flowchart, once again there is a problem of a lack of transparency.

Unlike the purchasing process, where at least Benita was involved too, Rosa is doing everything by herself. There should be someone else involved in the process to make sure that there is no unethical behavior going on or there are trading mistakes being made. Someone else should check the payments made because if Rosa does it then it is a conflict of interest. Benita could assist Rosa if there was no other option, but ideally someone else would be appointed to the role. Bringing in an outsider would have its downsides, like having to bring that person up to speed, which could take months, but at least there could be no complaints made against Rosa that she is conducting illegal business activities.

It is not clear who mails the checks to suppliers because the only information given is Freeze-Time. This could mean anyone, but most likely it is Rosa. Assumptions Some assumptions that I have taken include the fact that Benita and Rosa are colluding just for the fact that they are related. This could be considered unfair because two unrelated employees could also be helping each other to fudge the books. The problem is that there is no accountability for either of them because no one else is mentioned in the case except for general employees needing a note for supplies.

Another assumption is that Freeze-Time does not have any departments, such as for sales, accounting, and marketing. It may be that Freeze-Time does have these different departments, but from reading the case it sounds as though Benita and Rosa do everything. Of course, if the business only employees Benita and Rosa, apart from a few minor employees, there is very little need for either of them to steal from the company. However, if the company is ever going to expand, then Benita and Rosa will have to hire other employees to take on some of the tasks involved with the business.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Presentation about the case Essay Example | Topics and Well Written Essays - 750 words”, n.d.)
Presentation about the case Essay Example | Topics and Well Written Essays - 750 words. Retrieved from https://studentshare.org/finance-accounting/1458353-presentation-about-the-case
(Presentation about the Case Essay Example | Topics and Well Written Essays - 750 Words)
Presentation about the Case Essay Example | Topics and Well Written Essays - 750 Words. https://studentshare.org/finance-accounting/1458353-presentation-about-the-case.
“Presentation about the Case Essay Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.org/finance-accounting/1458353-presentation-about-the-case.
  • Cited: 0 times

CHECK THESE SAMPLES OF Presentation about the case

Health Program Evaluation Case Study

The problem as can be clearly seen from the case is his lack of involvement in guiding his ward carry out the task.... He suggests to Alyssa, his ward that in case she is unable to attend the presentation he can do it himself as he will be there in the presentation.... cope for Ben attending the seminar as Alyssa's Co author: In case Alyssa wants Ben to attend the seminar on her behalf on the condition that she accepted him as her co author and intimate the program authorities regarding the change then she comes across a problem of copy right because inorder to conduct the research work an external agency has funded her and she has to obtain the agency's permission to include him as a co author....
4 Pages (1000 words) Case Study

MS Office and Its Need at Educational Level

The paper "MS Office and Its Need at Educational Level" discusses that the new MS office facilitates the users with compatibility with all the previous versions of MS office due to which, the users of new versions are also able to check, view, edit, save and add old version files.... hellip; It is really essential to state that some businesspersons and other people are of the view that improvement in MS office provided little help to the businesses but the role of MS office in technology and advancement cannot be negated....
13 Pages (3250 words) Case Study

SWOT Analysis for World Cup

This is evident in the case of Qatar to host 2018 world cup yet the country has no traditions in football, unsuitable climate and almost no stadiums yet it beat other contesters that have higher potential.... k/football/blog/2013/jan/18/south-africa-africa-cup-of-nation> The information about the cost of the world cup event for South Africa is crucial as it reveals that 10 stadiums were built or refurbished to meet world-class standards at a cost of £687m while the total costs of the tournament were more than £2bn....
10 Pages (2500 words) Case Study

Case Management Presentation

the case study is set to address three presenting problems (Henderson and Thompson, 2011). We are going to look at barriers that children face in their… It I will involve reflecting on the various developmental theories discussed in Henderson and Thompson book such as Piaget's stages of cognitive development, Freud's psychosexual stages, Selman's descriptions and Erickson's theory of social Case Management Presentation Case Management Presentation (Case Study) Introduction This study is based on case management as leant on Henderson and Thompson book “counseling Children," chapters 1-7....
1 Pages (250 words) Case Study

Barbara Printup and Metabical Drug

As far as pricing is concerned, people are not worried about the price and prefer to take prescribed drugs rather then non-prescribed drugs irrespective of the price of the drug.... In the paper “Metabical case study” the author analyzes the effects of metabical, a drug which has been confirmed to be safe and efficient in stimulating loss of excess weight for those people who are moderately overweight....
3 Pages (750 words) Case Study

The Representation of Business in Erin Brockovich (2000) and Other Peoples Money (1991)

Such is in case of Erin Brockovich and Other People's Money that focus on business as a theme.... nbsp; Despite the focus of both films on this idea, they present very different attitudes about business, how it functions and the way it impacts society.... This paper "The Representation of Business in Erin Brockovich (2000) and Other People's Money (1991)" discusses films that are used as a vehicle to communicate ideas and representations to a wide audience....
8 Pages (2000 words) Case Study

Research Methods in Education

The author of this case study "Research Methods in Education" casts light on the social life of the teenager and its impact on education.... It is stated that use of statistics and quantitative techniques in research work in social science is something well established....  … The main driving force behind going for a quantitative research work is that the findings can be quantified and therefore can be compared with those of the other contemporary researcher works and even with the historical work with similar nature to see if there is any trend in the findings with time....
5 Pages (1250 words) Case Study

The Conduct of the Police Officer

hellip; This will include an effective understanding of the research scope a case in which the researcher identifies the research target and maps out n effective way of reaching them.... This requirement authenticates the inclusion of England and Wales which compel the title to read as follows: Police officers' attitudes towards punishment: A case study of police officers ( all ranks) in England and Wales....
8 Pages (2000 words) Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us