Child Abuse Example Essay Example

stamped invoices and endorsed official receipts. Additionally, when goods are delivered to customers, a delivery order (DO) should be issued and it must be confirmed that the details in the DO match those in the invoices. Furthermore, individuals receiving the goods must also sign the DO.

Each sale must also be recorded in the general ledger, stamped and signed by the recipient for the OR. It is important to reconcile the personal customer's account with the account receivables general ledger. To address the second issue, segregation of duties is necessary to ensure that the person collecting money is not responsible for updating cash payments in the ledger. This prevents potential theft, where the person collecting money could conceal some of it and update the ledger with a lower amount. Encik Kassim handles the company's finances and marketing plan. However, problems may arise if he is responsible for both functions.

To illustrate, a marketing budget will be created. Funds must be allocated from the operating budget for advertising, promotional, and other marketing expenses. The allocation can be of any desired amount. Nevertheless, the financial approval for the marketing plan may differ from the budgeted amount. It is crucial to have separate individuals handling the company's finances and responsible for the marketing plan. In this scenario, Encik Kassim should only be assigned one role, either in finance or marketing.

However, Encik Kassim, who is a qualified accountant with good auditing experience, is more suitable for overseeing the company's finances. Therefore, EPM will need to hire another person to handle their marketing strategy. When selecting candidates for the marketing position, it is important to focus

on individuals who have specialized in marketing. This approach will help minimize unemployment and ensure that they hire someone with expertise in the field of marketing. Despite having reached their credit limit, the marketing department continued supplying products to Cold Gold Sdn Bhd. It is crucial to carefully review and verify each credit sale in order to prevent customers from exceeding their credit limit.

Customers who exceed their credit limit must settle the outstanding balance before making additional purchases. If customers need to borrow money despite reaching their credit limit, they should seek approval from Ms Choy in the credit control department and top management. To address this issue, it is recommended to withhold product supplies from Cold Gold until they have paid for previous transactions. If Cold Gold still needs to borrow money after reaching their credit limit, the decision to extend their credit should involve top management. If there are concerns about Cold Gold's ability to repay the borrowed amount, provisions for doubtful debt should be considered.

To enhance payment collection, EPM should adopt a more proactive approach. Instead of waiting until the end of the financial year, monthly statements ought to be sent to all customers as reminders for outstanding amounts and to prevent payment defaults. Additionally, specific reminders and incentives like prompt payment discounts should be extended to long-standing customers. It is also crucial for EPM to allocate provisions for doubtful debts concerning debtors unlikely to fulfill their obligations.

Regarding a discrepancy between Mr. Siva's owed amounts according to his records and EPM's records, it is imperative that Encik Munir be located in order to verify Mr. Siva's

payments.

Siva. If Encik Munir confessed to stealing the cash, they must reclaim the payment from him. If he refuses, the company can press charges against him for theft. * However, the main reason for this problem is weak internal control. By implementing stricter internal control policies, this problem can be prevented. * One effective internal control measure in this situation is to use proper documentation when receiving cash payments from customers. EPM can provide an official receipt (OR) whenever they receive payments.

It is important that the OR (official receipt) has a numbering system for future reference. Two copies of the OR are needed, one for the customer's record and another for EPM's record. Another internal control measure is to have separate individuals handling cash payment and issuing ORs from those updating the amounts in EPM's account. If the same person handles both functions, there is potential for cash theft and incorrect updating of amounts. Additionally, the operating cash has been consistently low according to financial statement analysis.

This problem is attributed to several factors, including poor cash collections, increased reliance on short term borrowing to meet financial obligations, and an increase in the price of chicken feed. * The issue of poor cash collections can be demonstrated by the fact that Cold Gold continued to supply goods to customers who had reached their credit limit. To address this, Cold Gold can incentivize customers to make full or early payments by offering discounts. Additionally, EPM should consider seeking out potential customers who can provide higher profits in the future.

In order to find a credit provider with a strong track

record and higher profitability, it is important to consider the following factors. One possible reason for this issue could be an increase in immediate financial obligations. Short-term loans tend to be more expensive due to their lack of collateral, resulting in higher interest rates as a way to compensate for the associated risks. EPM can benefit from utilizing long-term loans instead, as they provide a more stable method for managing debt compared to short-term loans. Moreover, long-term loans require less maintenance and oversight, which ultimately reduces workload and associated expenses.

One way to address the high cost of chicken feed is by considering alternative feeding methods, such as providing oats, wheat, and grasses, which are more affordable for chickens. If there is a fenced garden area accessible, it can serve as a place where chickens can scratch and dig for grubs, eat weeds and grass, and help clear any remaining plant material. In case a fenced garden area is not available, using a portable chicken tractor can confine the chickens within a specific section of the garden. This approach helps eliminate pests and reduces expenses associated with feeding.

The chickens will not only be healthier and the eggs more nutritious, but their waste can also be converted into fertilizers for sale. In addition, EPM has the chance to expand its product range by offering profitable organic eggs. Furthermore, the feathers of the chickens can be sold to handicraft makers for valuable crafts. Even though Encik Selamat's reputation is well-known, it is essential for the director of EPM to prioritize serving the company's overall interests when making decisions. These interests should take precedence over

any longstanding relationships with employees or third parties.

To address the issue, it is important for the top management to be decisive and take action against Encik Selamat for the problem he caused to EPM. They can either ask him to take responsibility for the long outstanding amount from Cold Gold by either claiming payment from them or deducting it from his salary. In the future, it is crucial to ensure that the individuals hired, especially board of directors, possess the necessary skills and strong dedication to serve the company's interests. Conducting background checks and ensuring their independence in appearance is essential. Their decisions must be fair and prioritize the company's welfare. Corporate governance plays a critical role in this context. FLFAM has called for a higher chicken price, but some members have complained about a decline in demand. This clearly indicates a conflict of opinion. It is crucial for FLFAM to consider all members' opinions when making decisions. To make informed choices, FLFAM should analyze the impact of rising chicken feed costs on the industry and observe the demand for chicken.

Other than that, FLFAM must gather opinion from all members based on their studies. After gathering opinions, they must file petition based on the members request. In the end they should make the best decision which will satisfy the interest of all stakeholders. To address the issue, FLFAM need to revise their decision to increase the chicken prices and taking the above mentioned decision making steps. | | Encik Selamat instructed the marketing department to further expand the credit to Cold Gold Sdn Bhd although it has reached its credit limit.

The

general manager has a responsibility to lead and serve as a role model for the lower staff. Instructing them to extend credit without seeking further approval from top management could create a misunderstanding among the staff that it is acceptable to provide credit to all customers, even if they have exceeded their credit limit. It is also the general manager's duty to ensure that company processes are functioning properly. Encik Selamat should not solely base his decision on his relationship with Cold Gold but should seek further approval from top management before extending credit in the future.

Furthermore, the marketing department staff should be familiar with the company's internal control policy which prohibits supplying goods to customers who have reached their credit limit. They should not blindly follow Encik Selamat's instructions but instead have the courage to question any unethical actions and be willing to report them to top management.

While Encik Selamat has delegated certain tasks to capable staff members including Encik Kassim, he should not grant complete power and trust for every task assigned.

Despite his talent, it is not a guarantee that he can perform everything flawlessly. Due to his lack of experience, regular supervision and monitoring by higher-ranking staff or Encik Selamat himself are necessary for this crucial job within the company. Any mistakes or errors committed by him have the potential to cause damage and put the company's well-being at risk. Encik Selamat must establish guidelines for Encik Kassim to adhere to in order to prevent him from deviating from his assigned tasks. Furthermore, arranging training sessions or enrolling him in relevant programs is essential as he lacks practical knowledge.