ACCT002 Financial Accounting - 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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In the given case, we would be evaluating the key factors that would be dependent on the internal control and the assessments of a given company and how it can affect the external working of the organisation. It is important to understand the relation to the monitoring or conducting external inspections that can aim to understand how there is the third party which would be able to identify possible weaknesses
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).
The company is undergoing a pragmatic restructuring and also needs to sail from the internal control assessment and determine the rationality of the t0 weaknesses associated with the current internal control system. To understand from the given case there has to be each weakness associated with the corrective action that would require an inbuilt strategy to improve over the control of the identified weakness. It would further help to protect the company's cast along with the in build inventory assets which can deter and prevent unethical actions related to the employees.
The internal control factors are outlined as below-:
The role of signing the supplier checks should be done by the higher authority or the manager of the finance or accounts section, however, it is done by the assistant accountant, who is the junior most in the section. Another to look over it is Paul, who would be leaving the organization within 2 months of time.
Already has been a large outstanding of the bills and also few have stopped supplying goods to the Jonathan LLC since the last month. The credit period was extended on account of improving the sales and still, most of the customers have not settled their long pending dues and outstanding figures. Some of the customers are also untraceable form the given market, which has resulted in the cascading impact on the company.
To finance the current company conditions, the assistant accountant has advised the senior person to fund the company through the overdraft facility availed from the bank. This would further weaken the condition as there would be high interest overcharged and the company has to keep in lieu of the property or the liquid case to avail the facility (Bode, 2015).
It was also found from the internal auditor reports, that the company does not have an advanced level of the accounting system, and at present, it does not accept the more supporting increased number of the transactions.
The solutions to control the internal control weakness can be controlled from the below steps-:
This is also one of the factors that would progress into control procedures. It is also significant to understand how to identify the most probable failures which can make the business or organization to grow. There should be a control in the risk assessment and every time it should be mentioned along with the control.
As an accountant, the first step is also to look over the stock and asset inventories, along with the cash reconciliation and accounts payable. With the understanding of the cash reconciliation, it would also adequately mean how there can be an amount of liquid cash which would be owned by the company needs to be corrected and also to understand the comparison in between the income and expenditures (Anitha, 2016). To determine how there can be an auditing accounts payable that would help to interpret with the payments focus on the correct company or individual. With these steps, it would help to interpret the cross-referenced in relation to the financial statements which would be dependent on the internal (accounts department) and external (banks).
Train and Educate Staff
As an accountant, the role would be crucial to make the employees understand the sense of education and also providing a deep understanding of the modern internal control processes along with the required methods. Through the Internal controls, it is also anticipated how it would help to interpret the various aspects of our relation to the business which can make it constantly evolving. To understand how it would help to notify your employees that would be related to the prerequisite changes which can also keep them well trained. There can be a lack of knowledge and if required as an accountant need to step up and also provide training that can help to determine the internal control failures. It would also help to access and test workers' knowledge along with the key relations to hold review sessions with respect to the staff training.
To understand the correlation it has to step up and monitor internal control staff. It would be determined with the risk assessments which can be associated with the internal control. This is also in relation to the monitoring or conducting external inspections that can aim to understand how there is the third party which would be able to identify possible weaknesses. It can be purely due to the person or team in place that has also missed (Aruna, 2015).
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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.
In the present case study, the key requirement is to fund the company and also to meet the requirements of the RO 1,000,000. In order to fund the company and to fiancé the company within the 3 months of time, it has to go through the below procedures-:
If the company is gaining a new project and wants to fund from its own financial resources, not can also consider the savings account or careful assessment by financing through one own personal credit cards. It is also important to fund judiciously as the deployment of the dollar is critical at this stage (Ahammad, 2016).
Friends and Family
The funding can be supported through the additional funding - that can be done through the friends and the family support, it can also be done by understanding that in the case study, already the creditors and the lenders are no longer providing the support. The money is required to keep the cash flow in the process, hence to get the new project one has to get a loan from the family and friends, which would be a risk taker.
The funding can also be done through the support of the HNI that can help to approach and also churn out a steady rate of the revenue. It would be also important to approach the group of the investors or the angel investors that can prove to be affluent and also be done through the steady revenue that would be churning on the horizon. It also has to support extensively from the sophisticated "angel" investors if they are unable to find the funding Aguenza, 2018). They can provide capital in the form of direct funds, convertible debts, etc. It would further help to protect the company's cast along with the in build inventory assets which can deter and prevent unethical actions related to the employees.
Bank Loan/Venture Capital
As suggested to grow and also to streamline the process, the company can avail the bank loans or the overdraft facility to meet the short term liabilities. It can also get into the venture capital which would be growing with the given business, and it is also now-incorporated business that can help to consider the bank loan required for the various needs. It even includes the operating capital and long-term growth. They will consider collateral and the various assets to provide the extensive loan facility. It would be important to avail the additional loans at this point in time. To understand from the given case there has to be each weakness associated with the corrective action that would require an inbuilt strategy to improve over the control of the identified weakness.
In the give case study, we have evaluated the internal factors such as the working of the person or team that is lacking a clear vision, would lead to the confusion, lack of clarity and also can make the organization suffer. As there is also a lack of control, coordination and there is no clear direction, visionary ideas, hence the organization is suffering downturns unprecedented.
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