Management Control - 1719 Words

Case 2 Case 2 is divided into two independent parts. You have to complete both parts. ï‚ · ï‚ · Part 1: Case â€Å"Spice is right† (Hall, Chapter 4, Internal control case) (max 1-2 pages) Only point c (COSO), not a, b, and d. Part 2: Case â€Å"Vouch and Trace† (max 2-3 pages) Vouch and Trace You are a new accounting graduate and this is your first week on the job at the Los Angeles office of a CPA firm. You are still adapting to Los Angeles and to your new job in this fast-paced and exciting environment. Here you are, plucked from a small city located among farmland in the Midwest, adjusting to the big-city lifestyle. You earn more than you ever imagined and you live in an overpriced, tiny apartment. Last night, you couldn’t fall asleep because of†¦show more content†¦The room starts filling up. Ms. Rogers says: ‘‘I look forward to continuing our conversation during lunch, if you would care to join me at my table. But now I need to start this session.’’ Ms. Rogers walks to the front of the room, welcomes the firm’s newest employees, allows the employees to introduce themselves, and jumps right into training mode. ‘‘I want to see how much you learned in college,’’ she says. ‘à ¢â‚¬ËœYou will start by auditing reported revenue at College Business Computers (CBC) for the year ended December 31, 2008. In our training simulation, CBC is a private company. We first train you to audit private companies. For these companies, we must comply with the auditing standards of the American Institute of Certified Public Accountants (AICPA). In subsequent training sessions, we will focus on public companies that are regulated by the Public Company Accounting Oversight Board (PCAOB). Here is a printout of the CBC sales journal. I will now tell you about the client’s sales process.’’ Ms. Rogers pauses as we turn on our laptops to take notes. ‘‘This is what I know,’’ she continues. ‘‘CBC creates a sales order when a customer places an order by telephone. The sales department forwards one copy of the sales order to the warehouse and a second copy to the accounts receivable department. When the goods are shipped to th e customer, the warehouse creates a shippingShow MoreRelatedManagement Controls And Management Control Systems1464 Words   |  6 PagesAccording to Malmi, T., Brown, D in 2008, â€Å"management controls include all the devices and systems managers use to ensure that the behaviours and decisions of their employees are consistent with the organisation’s objectives and strategies†. An MSC which stands for management control system is a system which collects and uses information to evaluate the performance of several organizational resources like human, physical, financial as well as the organization as a whole considering the organizationalRead MoreManagement Control System1357 Words   |  6 PagesIntroduction Management control system (MCS), as a vital part of an organization, which purpose allows organizations to ensure that their activities achieve the objects they desire. The process of designing and improving MCSs requires addressing three basic questions. What is desired? What is likely to occur? And What is the effect of contextual factors ?Then managers must address each of these questions. What controls should be used? In recent years, contingency-based research has maintainedRead MoreThe Function Of Management Control1387 Words   |  6 Pages (Control Issues) Prepared by: Nirendra Adhikari Student no. 11401185 Timing: Tutorial on Monday 9am – 11pm, LA-T1 Tutor: Katerina Pantzikas Due date- 19th Jan 2015 Table of Substance: ïÆ'Ëœ Introduction...................................................................................................Page 3 ïÆ'Ëœ Feedforward Control..................................................................................Page4 ïÆ'Ëœ Concurrent controls......Read MoreManagement Control System At Eversheds1203 Words   |  5 PagesManagement Control System at Eversheds ABOUT EVERSHEDS: Eversheds is an global law firm with a clear vision of the future. Eversheds is one of the largest legal/law firms in the world with more than thousand legal advisors around the globe. Eversheds has more than 50 offices globally. Eversheds is a firm that is adapting to new demands and business pressures. A firm that understands what clients need today and, equally important, what they will need tomorrow. We, at Eversheds, have recognizedRead MoreManagement Control Systems : Management Systems Essay1478 Words   |  6 PagesManagement Control Systems Introduction In the rapidly changing business environment, there is enormous pressure to conduct activities in a better, controlled and efficient manner. The accelerating change creates uncertainties and complexities thus creating challenges for management in their strategic plans. Management cannot continue to rely on Management Accounting Control Systems whose primary emphasis is on financial targets since such traditional analytical approaches can fail to adapt to theRead More7-Eleven Management Control1601 Words   |  7 PagesGlobal 7-Eleven Management Control INTRODUCTION. Control. In management control is a critical fuction. Management control problem can lead to large loses and possibly even to organizational failure. (Kenneth and Van Der Stede, 2004). Why controlling became the crucial thing on an organization or company? it because controlling handle the process of monitoring, comparing, and correcting work performance. (Robbins and Coulter, 2009). So, what the impact to the company or organization ifRead MoreThe Management Control System ( Mcs ) Essay1568 Words   |  7 Pagesthere have been a lot of studies and researches focussing on the management control system (MCS). Although, we have a far better understandings of management accounting practice now compared to the 1970s and 80s (Broomwich and Scarpens, 2016, p.4). There are many control systems developed, but it is rather unclear which one is the best method. Some believes with the use of contingency theory could help in achieving the best control methods, David Otley is one of the re searchers that focussing onRead MoreDefinition Of Management Control Systems Essay1543 Words   |  7 PagesSimons (1995) defines management control systems (MCSs) as formal, information-based routines and procedures used by managers to maintain or adjust patterns in organisational activities. The quality of control systems is referred to their effectiveness, regardless the type, either they exist in positive or negative form. The characteristics portrayed by individual companies are not identical, hence each of them may require different type of controls. Variation in firm’s objectives, strategies, culturesRead MoreManagement Control System13700 Words   |  55 PagesCorporation: Xerox Corporation   Ã‚   Question   No.1   Outline   the  management  control   system  at  XEROX.  Ã‚  What   Are  the  elements  that   makes  the  system  work  ?    Management   Control  System  at  XEROX   Conditions   prior  to  1970. * Rigid System * Emphasis on Accuracy * Setting Unrealistic targets * Inadequate data analysis * Reporting amp; planning process was very long and bureaucratic. Management   Control  System  at  XEROX   Problem   raised  during  1970  Ã¢â‚¬â€œÃ‚   1980 * PatentRead MoreManagement Access Control At Lan Essay1221 Words   |  5 Pagesare limited. Management level in a LAN configuration and the type of equipment involved in the running no need to manage access to it over the network, and it is important to protect the network from hacking and virus attack. Management Access Control at LAN : Access control to the main function and that is to control the members of the network LAN to use the data from the area. LAN users do what they can access resources on a system; they specify what activities it offers management. For example