Essays on Principals Of Internal Auditing Assignment

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IntroductionEvery organization looking towards doing business has to evaluate the various alternatives and the different directions where they have to work so that risk can be assessed. This will help to prepare strategies based on which risk can be reduced or mitigated and the business is placed better. This will thereby ensure that the overall efficiency of the business experience is enhanced and a mechanism is developed through which better controls can be exercised. This report looks towards presenting the different objectives that the business is looking towards ensuring which will thereby help to ascertain the different risk in different directions.

Based on the identification of risk strategies have to be identified through which risk is controlled and the business is able to witness efficiency in dealing with the risk and controlling it. This will thereby help to determine an overall strategy based on which maximum gain and benefit for the business can be identified. ObjectivesThe different objectives which the business will look towards accomplishing so that maximum benefit can be reaped over a longer period of time and efficiency gained are asProper supply of goods and services so that customers become satisfied and become loyal to the company which will require understanding the wants and requirements of the customersHave the best quality workforce to ensure that better services can be provided which will help to maximize the satisfaction level of customersTo ensure proper cash management techniques so that there is profitability at the same sufficient liquidity so that if the business requires certain things it can be managed quicklyEnsure proper marketing strategies which will look towards creating awareness about the product or services so that customers are able to product better and based on it bring a change in their purchasing behaviorEnsure that the goods and services are supplied to different places and having a sound distribution network so that the penetration level in the market is high and the business is able to ensure maximum customer footfallRisk DeterminationThe different objectives that has been highlighted shows the different things which the business wants to achieve but has to deal with the risk and complication while looking to achieve it and are asRisk Relating to Product Supply & Quality: This is a risk as the business has to ensure consistency in supplying quality products which will require that quality product is purchased and at the same time it is delivered to the customerRisk relating to human resource: The business faced a risk of employee turnover which will make it difficult for the business to ensure that they have the best employees to provide services and will increase the cost of hiring new employees each timeRisk relating to finance & cash flow: This is a major risk as the business while looking to deliver quality product and services have to ensure that they maintain sufficient liquidity which will require proper forecasting and developing a parameter based on which the expenses will be madeRisk relating to marketing & competition: The business has to face competition that is prevalent in the market and while looking towards dealing with it has to choose the best marketing strategies which keeps them ahead of competition and also provides a specific direction based on which the they are able to create awareness about their productRisk relating to sales & marketing: The business has to ensure that the product reaches to far of places which creates a risk associated with the development of new channels and partners through which the goods can be made available and will require identification of correct channel which is difficult as competitors look towards exploring the same making it difficult to sustain the market

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