COLLEGE OF BANKING AND FINANCIAL STUDIES
DEPARTMENT OF UNDERGRADUATE PROGRAMME
B.Sc. in Accounting, Auditing and Finance &
Bachelor of Business Administration
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We would be examining the key factors connected to the given case study of the company Jonathan Goods, LLC, which has been going a transitional phase and there is a lack of the synchronization of the goals, objectives in relation to the external and the internal factors. The company has to examine the issues and the weakness in the company along with the solution to overcome it. Also as the company has to raise funds, it has to be provided with a reasonable solution.
The reason for the internal control weaknesses and what are the actions that you can proposed to the management improve the existing internal control system. You also need to state in your report what are the consequence of having weak internal control system in the organization. (Your report should be supported with proper explanations with reasonable number of examples).
In the given case study, the company Jonathan Goods, LLC is undergoing crises points. Though it is a short term, it has lead to a chaotic condition. The senior accountant Paul is leaving the company and is about to leave in the 2 months. There is no delegation to be done from his end, as he is leaving. There are a total of the given accountants who are part of the company, There are some of the weakness and the issues which can be identified here-:
The issues and the weakness in here are the-:
All the petty cash and the invoices are checked by the assistant accountant and then it is been signed along with the Paul (Johnson, 2002). As Paul is leaving within the 2 months, still the management has not approached to delegate the task. The current signing is checked by the assistant accountant who checks all the suppliers, vendors and the crucial details.
On further inspecting done by the internal auditors, it was also found that some of the transactions are not even recorded, as the company has old software. It has resulted in it in non-operation of the system. The company is not able to understand its progress, as the new transactions are not getting recorded. The company is still using the old accounting system (Kelly, 2011).
In here the company is also facing downfall due to the company large affected financial conditions and it has impacted due to the large footfall as some of the customers have been marked as a bad debt. It has a long-standing bill which needs to be aid to the creditors, suppliers and also to the various parties. There has been no money or contribution from them. It has resulted in the long cascading effects on the company, due to the pending bills.
It is important that the company auditor in such case steps up and also takes the financial decision of the restructuring and control the situation, Not only in the current company conditions, the company auditor has also, the assistant accountant has along itht he senior person are already asking for the overdraft facility.
To correct the given situation it can be done with the help of the-:
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Risk Implementation and the Assessment
It is one of the factors which would also lead to control of the situation and also with the help of determining eh accurate and related control that would examine how it can result in the correct control on all the factors.
The company has to appoint an internal auditor which can review and view all the transactions along with the there elated understanding of the receipts and the outstanding, it would determine how it can have an evaluation to the stock and asset inventories, which would also have an effect on the cash reconciliation and accounts payable. All the transactions should be matched with the given code of the balance sheets, cash reconciliation, and it should also keep a check on the liquid case, outstanding creditors bills, bad debts and the issues of the mismanagement. the internal auditor can keep a check on all such pointers it would help to estimate with the given control on the situation. it would also help to relate to the internal (accounts department) and external (banks).
Also, the company should also have an external auditor team which can work according to the internal auditor. it would act as a second pair of the eyes, which would also examine how the suppliers, vendors and the related parties are able to access the situation. It can help to determine the internal control assessment and the related weakness of the company.
Guiding the staff
Most of the resources and the misallocation of the funds would be done by the staffs who would have a lack of the controls. It would . also be able to have a gain control and it can help to determine the loss and the benefit with the cost invested. Over a period of time, it would help to determine control, and it would help the staff contribution which can limit the control on the wastage of the funds. it would also help in tackling the staff and the related issues. This would help to examine the approach with the accountant and the rea; and staff issues.
This is a step to also monitor and examine through the regular coordination to the internal and the external auditor's team, it would also h=be helpful to access the situation and interpret with the given company dimensions. It needs to be controlled with the internal and the external inspection that can be examined in the lieu of the company allocation of the funds.
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There are many ways to fund any projects in businesses. Based on the given case identify what are the possible ways of funding Jonathan LLC to meet the requirements of RO 1.000.000. Justify what is the best method of obtaining finance for the new project and justify your suggestion with proper reasons.
To understand how the company would be able to churn out the funds and also use the RO 1,000,000 within its company allocation of the funds, it has to also determine the company relation and the understanding of the funding issues.
The company can understand the key requirements of the new funding protocols and it has to also understand the related conditions that can result in the funding and the issues. Often the company has to examine how it can take out the case, which would be best-controlled format the given situation of monitoring and controlling it (Jin, 2011).
Borrowing funds form the family or the close ones
The company can ask for the favors from the close stakeholders and also pump in the ore funds, As externally asking for the funds, it would result in the paying of the extra loan interest amount and delaying would lead to the penalty and the other related issues. It has to examine all the consequences of the borrowing funds externally and if the internally through friends and families or the stakeholder's it is able to recover, and then it can help to sort out the situation.
Through the Funding Angels support
It can gain funds with the help of the support of angel's investors. , it was also found that some of the transactions are not even recorded, as the company has old software. It has resulted in it in non-operation of the system. The company is not able to understand its progress, as the new transactions are not getting recorded. The company is still using the old accounting system. These are the investors who invest in the start-up company or the projects and let them money grow, before asking for their money back. It is one of the factors which would also lead to control of the situation and also with the help of determining eh accurate and related control that would examine how it can result in the correct control on all the factors. The company has to avail in lieu of the other supporting investors worth and the funding, It can help to examine the pros and the cons of the related funding before it would result in the debts or the bad loans.
The company can get the new funds from the bank borrowing, but it would be more like in lieu of the given funds, it would lead to the bad affected loans. Often the case of the bank loans can lead to a tough situation, as the bank loans are for the limited period of time and it can only be available at short intervals of the time (Jandt, 2017).
In the given case study, we have identified how there can be problematic challenges and the various factors that can affect the uncertainty in relation to the given company. Not only the company is unable to use its own funds, but it is also unable to decide the funds raising strategies and for this an accountant is hired.
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