The document discusses inherent limitations of internal control systems and recommends improvements for Amazing (Pvt) Limited. It identifies three main limitations: collusion between employees can enable fraud; the costs of additional controls may outweigh benefits; and controls may not address non-routine transactions. It recommends Amazing (Pvt) adopt monitoring of accounting activities, effective communication systems, a productive control environment, and strong password protection to strengthen controls and address deficiencies like unapproved timesheet changes.
Streamlining the hr processes with leave management software leave management...OfficeTimer
the top 5 pain points plaguing the human resource department apart from recruiting resource manpower, retaining the resources, ensuring compliance to policies, managing diversity in workplace, change management and fostering the tier-2 leadership. So, before the discussion boils down to how leave management software streamlines the HR processes, it is imperative that we deep dive into the leave management challenges and how its mismanagement serves as a recipe for disaster.
Streamlining the hr processes with leave management software leave management...OfficeTimer
the top 5 pain points plaguing the human resource department apart from recruiting resource manpower, retaining the resources, ensuring compliance to policies, managing diversity in workplace, change management and fostering the tier-2 leadership. So, before the discussion boils down to how leave management software streamlines the HR processes, it is imperative that we deep dive into the leave management challenges and how its mismanagement serves as a recipe for disaster.
The Top 6 Reasons to Go Enterprise-wide with Automated Staffing and Schedul...API Healthcare
Automating healthcare staffing and scheduling is the cornerstone of workforce optimization. Nurses make up the largest single component of hospital staff, so it makes sense to start staffing automation efforts with nursing. Learn the top 6 reasons to automate healthcare staffing and scheduling.
This research brief looks at the trends influencing workforce rostering today and how rostering interacts with other critical workforce management systems, including payroll, time and attendance, and absence management to achieve business results.
Total Workforce Management 2013: The State of Time and AttendanceADP Marketing
The paper looks at addressing critical workforce management issues, it looks at the trends influencing time and attendance today, and how time and attendance interacts with other critical workforce management systems, including payroll, rostering, and absence management.
Total workforce management 2013 the state of time and attendanceADP Marketing
Find out how organisations are responding to today’s challenges in workforce management. This report looks at how time and attendance factors in employee engagement, what savings businesses are making with integrated systems, and how time and attendance plays a role in business improvement.
Customized for the students of CA-IPCC.
This study notes will give you the detailed knowledge about Business Process and from the basic also explain what is process its types and more, in addition, this will take you towards the automated process how it will create and why we need automated process. In addition study notes also show you the business process flow. It also defines Enterprise Risk Managment with all relevant Risk and Control. It also includes the IT Act and its requirement. This chapter also covers the Flowe Chart, Data Flow Diagram and more.
Expenses and business activities go hand in hand. In order to ensure that the project or task is beneficial, the organization should incur cost of acquisition.Some of the most crucial expense management best practices that benefit an organization and show visible positive changes.
Maximizing Efficiency The Intersection of HR, Finance, and Payroll - Ignite H...ignite HCM
Integrating HR, Finance, and Payroll is crucial for operational efficiency, and Ignite HCM offers a comprehensive solution to streamline these functions. Ignite HCM centralizes data management, automates workflows, and ensures compliance with real-time updates. This integration enhances data accuracy, reduces manual errors, and supports better decision-making through detailed analytics. Employee self-service portals and scalable features further empower organizations to manage their workforce effectively, adapt to growth, and maintain compliance. With Ignite HCM, businesses can achieve seamless coordination between HR, Finance, and Payroll, driving productivity and cost savings.For more info visit us https://www.ignitehcm.com/blog/hr-and-finance-working-together
A Payroll Management System is software that streamlines the process of paying employees. It automates recurring tasks like calculating pay and managing taxes and benefits. A Payroll System can save time, reduce errors, and improve employee satisfaction. Moreover, it ensures that the business complies with legal regulations to avoid penalties. Employees may mistrust the company's economic stability if salaries are not paid on time or if there are any unjustified delays. Furthermore, it may have an impact on the morale of the company's workers, which can ultimately reduce productivity. So, it becomes crucial to implement a payroll system to streamline the payment mechanism in the company.
Know more details here: https://sites.google.com/view/nyggs-payroll-system/home
A guide through the performance management process_2.pdfSidra Aslam
A person spends one third of his life at work. All that human life equates to the time required by businesses and corporations to realize their agendas and profits. However, the relationship between the employer and the employee is not one-sided, on the contrary, that relationship should be two-way.
Running head ACCOUNTINGACCOUNTING 2Internal control a.docxjoellemurphey
Running head: ACCOUNTING
ACCOUNTING
2
Internal control and accounting systems
Course
Lecturer
Institution
City, State
Date of submission
Content page and report outline
Title page
Terms of reference
Executive summary
Methodology
1.0
Introduction
2.0
Analysis and evaluation of current system
2.1
Reviewing and evaluating accounting system
2.2
Conduct an ethical evaluation of the accounting systems
2.3
Conduct a sustainability evaluation of the accounting systems
3.0
Identifying weaknesses and making recommendations for improvement
4.0
Cost-Benefit analysis
References
Appendices
I. Appendix 1: Cost-Benefit analysis
II. Appendix 1: Organization Chart
III. Appendix 1: SWOT Analysis
Terms of reference
The terms of reference of this document is to examine the current responsibilities of the internal control procedures versus the accounting systems as an obligation to detect and report the ever dynamic financial frauds that continue to dominate the integrated and contemporary commercial world. This document covers the academic demands of level four ISYS as a unit in accordance with the AAT accounting qualifications. In extension, the report critically reviews the Chic Paints limited especially its degree of commitment towards sustainability and equally highlights any possible issues are ethical in nature and prevails in the current commercial world. Finally, this report examines the matters surrounding the standards that are eminent in the Chic paints limited as well as the accounting practices thereby suggesting recommendations to assist arrest the situation.
Executive summary
This report addresses various internal control guidelines in light of the accounting systems that Chic Paints ltd organization uses especially when preparing its financial statements. In the first section, the document presents an analysis of the role taken by the accounting department within the Chic Paints ltd organization. Here, matters surrounding the accounting systems such as structure, organization and procedures regarding the accounting systems, the various functions of the financial statement as well as the external relationship and business environment are vividly developed. In the proceeding section, the use and the significance of the internal control in regard to external regulations is discussed. This part also shades more light on the possible causes, common kinds of financial frauds, techniques of detecting financial misstatements as well as the inherent impacts to the organization. Conversely, the essence of devising control types that dictate company compliance with the organizational together with regulatory requirements in support of the systems of accounting, are explored.
Section three opens out the discussion of Chic Paints ltd's accounting systems in addition to its possible areas of emphasis and improvement. A critical review, evaluation and assessment of systems of record keeping, risk areas and operating methods for sp ...
The Top 6 Reasons to Go Enterprise-wide with Automated Staffing and Schedul...API Healthcare
Automating healthcare staffing and scheduling is the cornerstone of workforce optimization. Nurses make up the largest single component of hospital staff, so it makes sense to start staffing automation efforts with nursing. Learn the top 6 reasons to automate healthcare staffing and scheduling.
This research brief looks at the trends influencing workforce rostering today and how rostering interacts with other critical workforce management systems, including payroll, time and attendance, and absence management to achieve business results.
Total Workforce Management 2013: The State of Time and AttendanceADP Marketing
The paper looks at addressing critical workforce management issues, it looks at the trends influencing time and attendance today, and how time and attendance interacts with other critical workforce management systems, including payroll, rostering, and absence management.
Total workforce management 2013 the state of time and attendanceADP Marketing
Find out how organisations are responding to today’s challenges in workforce management. This report looks at how time and attendance factors in employee engagement, what savings businesses are making with integrated systems, and how time and attendance plays a role in business improvement.
Customized for the students of CA-IPCC.
This study notes will give you the detailed knowledge about Business Process and from the basic also explain what is process its types and more, in addition, this will take you towards the automated process how it will create and why we need automated process. In addition study notes also show you the business process flow. It also defines Enterprise Risk Managment with all relevant Risk and Control. It also includes the IT Act and its requirement. This chapter also covers the Flowe Chart, Data Flow Diagram and more.
Expenses and business activities go hand in hand. In order to ensure that the project or task is beneficial, the organization should incur cost of acquisition.Some of the most crucial expense management best practices that benefit an organization and show visible positive changes.
Maximizing Efficiency The Intersection of HR, Finance, and Payroll - Ignite H...ignite HCM
Integrating HR, Finance, and Payroll is crucial for operational efficiency, and Ignite HCM offers a comprehensive solution to streamline these functions. Ignite HCM centralizes data management, automates workflows, and ensures compliance with real-time updates. This integration enhances data accuracy, reduces manual errors, and supports better decision-making through detailed analytics. Employee self-service portals and scalable features further empower organizations to manage their workforce effectively, adapt to growth, and maintain compliance. With Ignite HCM, businesses can achieve seamless coordination between HR, Finance, and Payroll, driving productivity and cost savings.For more info visit us https://www.ignitehcm.com/blog/hr-and-finance-working-together
A Payroll Management System is software that streamlines the process of paying employees. It automates recurring tasks like calculating pay and managing taxes and benefits. A Payroll System can save time, reduce errors, and improve employee satisfaction. Moreover, it ensures that the business complies with legal regulations to avoid penalties. Employees may mistrust the company's economic stability if salaries are not paid on time or if there are any unjustified delays. Furthermore, it may have an impact on the morale of the company's workers, which can ultimately reduce productivity. So, it becomes crucial to implement a payroll system to streamline the payment mechanism in the company.
Know more details here: https://sites.google.com/view/nyggs-payroll-system/home
A guide through the performance management process_2.pdfSidra Aslam
A person spends one third of his life at work. All that human life equates to the time required by businesses and corporations to realize their agendas and profits. However, the relationship between the employer and the employee is not one-sided, on the contrary, that relationship should be two-way.
Running head ACCOUNTINGACCOUNTING 2Internal control a.docxjoellemurphey
Running head: ACCOUNTING
ACCOUNTING
2
Internal control and accounting systems
Course
Lecturer
Institution
City, State
Date of submission
Content page and report outline
Title page
Terms of reference
Executive summary
Methodology
1.0
Introduction
2.0
Analysis and evaluation of current system
2.1
Reviewing and evaluating accounting system
2.2
Conduct an ethical evaluation of the accounting systems
2.3
Conduct a sustainability evaluation of the accounting systems
3.0
Identifying weaknesses and making recommendations for improvement
4.0
Cost-Benefit analysis
References
Appendices
I. Appendix 1: Cost-Benefit analysis
II. Appendix 1: Organization Chart
III. Appendix 1: SWOT Analysis
Terms of reference
The terms of reference of this document is to examine the current responsibilities of the internal control procedures versus the accounting systems as an obligation to detect and report the ever dynamic financial frauds that continue to dominate the integrated and contemporary commercial world. This document covers the academic demands of level four ISYS as a unit in accordance with the AAT accounting qualifications. In extension, the report critically reviews the Chic Paints limited especially its degree of commitment towards sustainability and equally highlights any possible issues are ethical in nature and prevails in the current commercial world. Finally, this report examines the matters surrounding the standards that are eminent in the Chic paints limited as well as the accounting practices thereby suggesting recommendations to assist arrest the situation.
Executive summary
This report addresses various internal control guidelines in light of the accounting systems that Chic Paints ltd organization uses especially when preparing its financial statements. In the first section, the document presents an analysis of the role taken by the accounting department within the Chic Paints ltd organization. Here, matters surrounding the accounting systems such as structure, organization and procedures regarding the accounting systems, the various functions of the financial statement as well as the external relationship and business environment are vividly developed. In the proceeding section, the use and the significance of the internal control in regard to external regulations is discussed. This part also shades more light on the possible causes, common kinds of financial frauds, techniques of detecting financial misstatements as well as the inherent impacts to the organization. Conversely, the essence of devising control types that dictate company compliance with the organizational together with regulatory requirements in support of the systems of accounting, are explored.
Section three opens out the discussion of Chic Paints ltd's accounting systems in addition to its possible areas of emphasis and improvement. A critical review, evaluation and assessment of systems of record keeping, risk areas and operating methods for sp ...
What influences working capital managementSachin Karpe
Applying an effective funds control system is an excellent way for many companies to improve their returns. Funds management ensures a company has sufficient proceeds to meet its short-term debt debts and operating expenses
Globally, Governments encourage SMEs to deliver digital, and the adoption of automated processes in the organization’s HR department has become increasingly important. Time and travel are often overlooked by businesses that focus exclusively on boosting external growth, leaving employees without development. An outdated system can be difficult to use and lacks the various features that the new system has. System instability can have a detrimental effect on the company’s future growth prospects and the current foundation. Real growth occurs in businesses led by management who think over time. While marketing is important, business owners should also realize that creating efficient systems that allow HR and other internal teams to operate effectively is equally important. Connect HRMS is providing best services in Pakistan. We’re providing best HR services, many people think HR Software price in Pakistan is too much high, they think wrong because we’re best cheap services provider in Pakistan. HCM module is a cost-effective way of centralizing employee data, engaging employees, Managers, and empowering the HR Department. It is built using the latest technologies by industry top experts and professionals to manage end-to-end HR across the organization.
The importance of using a computerized information system becomes a vital urgency to be resolved.
The existence of this need is based on the status quo condition or problems in the company, especially related to
real-time data and quality control conditions that affect decision-making for companies that are currently in a
"developing" condition with an "entrepreneur" -based leadership style where fluctuations and policy changes
can happen at any time.
One of the fastest ways to derail employee engagement and satisfaction is to make a mistake with payroll. Late salary payments, inaccurate holiday pay and miscalculated benefits can undermine morale and reduce
productivity.
So why do so many business leaders still regard payroll as a routine administrative procedure that is a cost centre? A typical company spends between 50 and 80 percent of its expenditure on payroll, and the costs of
preparing and administering these payments are significant. Despite this, a recent survey found that less
than half of businesses measure the efficiency of their payroll function, and three quarters said that they had no plans to investigate implementing a payroll strategy to reduce costs and add value to their business during the downturn.
In the UK today, relatively few organisations see payroll as a strategic function, with half of companies handing over full responsibility for payroll to the finance function, with one in five opting to outsource the function completely.
It is about time that the payroll department is recognised as having a vital role to play in helping businesses to survive and thrive in a tough economic climate.
Contact us on 01582 714 810 to find out more about the payroll technology available to help your payroll department become the value driver of the organisation.
Description of the Problem Statement In this assignment, theLinaCovington707
Description of the Problem Statement
In this assignment, the organizational problem that will be addressed is the operational
inefficiency in businesses. Business operations are the activities that keep on running in a
business. Thus, operations entail the work of managing the inner workings of a business to
ensure that it runs as efficiently as possible. Some of the processes that are involved in business
operations include production of the products, inventory management, selling of the final
products, and all the other necessary operations to make the production of goods a success.
Operational efficiency is a measure that is used to measure the relationship between the output
that is produced in a business and the input that is used to run the business (Saranga & Nagpal,
2016). When a business has operational efficiency, it has a high output to input ratio. On the
other hand, when a business had a low output to input ratio, it is termed as having a low
operational efficiency, or in short, operational inefficiency. Operational inefficiency affects
inventory management, the process and quality of the products produced by a company, and the
controlling and improvement of the production process.
Operational inefficiency is not desirable for a business. It leads to decreased profits,
decreased productivity, and at times low-quality products. That may lead to a business losing its
loyal customers, which would have a more adverse effect on the business (Invernizziet al., 2018).
Some of the common causes of operational inefficiency include improper planning, poor
scheduling, poor team quality control and supervision, and poor data management systems.
Operational inefficiency mostly begins during the planning stage of a project or when
setting the goals and objectives of an organization. Some activities such as the neglect of the
resource deficiencies or redundancies in a business’s operations may lead to operational
inefficiency in a business. Failure to develop operational contingencies may also lead to
operational inefficiencies in a business.
2
Operational inefficiency in a business may also be caused by poor scheduling. Without
proper scheduling, activities are not done as they should be done thus decreasing a business’s
efficiency. The activities and processes that are carried out in a business should be clear.
Moreover, the responsibilities of the employees should also be clear to ensure that all the
activities are carried out as it is required. That promotes business efficiency. Poor team quality
control and supervision also promote operational inefficiency. That occurs when the teams in an
organization are not effective. They may be taking too long to complete tasks due to lack of
coordination or other issues, missing the set deadlines, or providing poor quality work. That
affects the operational efficiency of an organization.
Poor data management systems may also ...
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...Amil baba
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
1. Running head: AMAZING (PVT) LIMITED 1
Amazing (Pvt) Limited
Student’s Name
University Affiliation
2. AMAZING (PVT) LIMITED 2
Task 1
Inherent limitations of an internal control system.
According to the Auditing Standard Board, companies should have a strong internal control
system to help in giving guidance on how to running the accounting and other related activities of a
company. The primary aim of internal control systems in an organization is to guarantee compliance
with the professional standard when reporting about financial activities (Arwinge, 2015). Despite the
presence of these control systems, some inherent limitations reduce their effectiveness.
Collusion and management override
In most instances, evenif employees of a company are well, trained, and adequately understand
the setaccounting internal control systemsworks, it doesnot meanthat all employees will work together
to follow them. In some instances, employees assigned specific duties may work together to commit
fraud rather than doing what their engagement letter states. Such acts reduce that efficiency of the
internal control systems of companies. In the case of Amazing (Pvt)Limited, the approval of time sheets
is not in the system but is on the hard copy of the time sheet which can easily be changed by employees
in charge (Arwinge, 2015). Such activities can encourage committing of frauds, which reduces the
effectiveness and compliance with the internal control system as required by the Auditing Standard
Board.
Cost-benefit considerations
Cost-benefit consideration is another inherent limitation that influences the efficiency of the
internal control systemsin many organizations. In some casesofsmall companies, a pragmatic approach
need to be considered to enhance the smooth running of activities. Such approaches are like the total
cost of engaging extra accounting professionals to promote efficient segregation of duties among
experts might overweigh the maximum benefits that can be derived from improving the efficacy of
internal control systems (Lee, 2019). In the case of Amazing (Pvt) Limited, even if the company
increases the number of accounting staffs to perform specific tasks, the benefits and efficiency derived
from this might not correspond to amount of cost incurred to employ new accounting staffs. Therefore,
3. AMAZING (PVT) LIMITED 3
it is only appropriate to re-trained the current accounting of Amazing (Pvt) Limited to enable them to
perform their duties effectively rather than recruiting new employees.
Ability to cope with non-routine transactions
Non-routine transactions are financial activities that a company may incur unexpectedly and
are essential to help running business activities of an entity. In many instances, companies fail to have
the ability to predict the likelihood of occurrence of non-routine transactions arising ways that are likely
that the internal control systems are appropriate to cope with such transactions. In the cases Amazing
(Pvt)Limited, the ability to deal with the non-routine transaction canbe some of the issuesthat company
is facing which reduces the effectiveness of the control systems (Lee, 2019). For instance, the
procedure for updating the timesheet system might not be effective because the company could not cope
with the non-routine transaction due to extra cost attracted. Therefore,for the company deal with non-
routine transactions, the management should have supplementary allocations to cater for any
unexpected spending.
Task 2
Recommendation of appropriate internal controls systems for Amazing (Pvt) Limited
Internal control systems refer to a combination of policies and procedures that are set by the
management of an organization to give guidelines of how various activities should be carried out.
Accounting policies and procedures implemented by the management of any company should conform
to rules of the Generally Accepted Accounting Standards. These guidelines are adopted by companies
to enhance smooth running of activities as well as ensuring compliance with professional guideline
while performing accounting tasks (Hopkinson, 2017). Similarly, Amazing (Pvt) Limited should
implement appropriate internal control systems that conform to the guidelines of accounting Standard
Board to help to eliminate the deficiencies that the company is currently facing. In doing so, the
company should adopt the following internal control systems.
Monitoring and evaluation of all activities performed by accounting staffs. Continuous
supervision, monitoring, and evaluation of accounting activities. In doing so, the top management of
the firm will be able to make an audit trail to ensure that all procedures are followed while performing
4. AMAZING (PVT) LIMITED 4
all accounting activities. Consequently, this will to eliminate the deficiency where the approval of time
sheets is not updated in the system, yet they are available in hard copy.
Secondly, the company should adopt useful information and communication systems to help in
proper updating communication of all accounting information as required by regulations of the
Accounting Standards Board. Presence of adequate information and communication systems will help
to ensure that accounting staffs perform their work to completion and effectively communicate that
information to relevant authorities asaccounting standards (Hightower, 2017). Similarly, this will help
Amazing (Pvt) Limited to eliminate deficiencies such as cases where the procedure of updating the
timesheet system is not documented and communicated, thus, resulting in erroneous updates of
accounting information.
Also, the company should put in place appropriate productive control environment for all
activities in different departments. Creating a favorable environment in an organization help to ensure
that accounting activities are performed according to the guiding principles (Sanusi, Johari, Said, &
Iskandar, 2015). In the case ofAmazing (Pvt) Limited, having effective control environment will assist
in making should that there is the authorization of copies of information used in hard copy and what is
entered to the system.
Lastly, setting strong passwordsand userlogins to the systemsto accessaccounting information
will help to safeguard accounting information used in different departments. For instance, in the case,
Amazing (Pvt) Limited, the login to the system has a common username and password that is used by
all employees ((Hightower, 2017). As such,confidential accounting information cannot be adequately
safeguarded as required by the accounting standards. Therefore,setting strong and different passwords
to log to the system by employees is a way of protecting confidential accounting information and
document from unauthorized access.
5. AMAZING (PVT) LIMITED 5
References
Arwinge, O. (2015). Internal control: A study of concept and themes. Pearson Education, Inc.
Cohen, J. R., & Simnett, R. (2014). CSR and assurance services: A research agenda. Auditing:
A Journal of Practice & Theory, 34(1), 59-74.
Franzetti, C. (2016). Operational risk modeling and management. Chapman and Hall/CRC.
Ghaleb, A. (2018). Effective Internal Controls for Recognizing Contracting Revenues.
Hightower, R. (2017). Internal controls policies and procedures. John Wiley & Sons.
Hilton, R. W., & Platt, D. E. (2015). Managerial accounting: creating value in a dynamic
business environment. McGraw-Hill Education.
Hopkinson, M. (2017). The project risk maturity model: Measuring and improving risk
management capability. Routledge.
Lee, G. J. (2019). Internal Control Strategies for Compliance with the Sarbanes-Oxley Act of
2002.
Mahadeen, B., Al-Dmour, R. H., Obeidat, B. Y., & Tarhini, A. (2016). Examining the effect
of the Organization’s Internal Control System on Organizational Effectiveness: A
Jordanian empirical study. International Journal of Business Administration, 7(6), 22-
41.
Sanusi, Z. M., Johari, R. J., Said, J., & Iskandar, T. (2015). The effects of the internal control
system, financial management, and accountability of NPOs: the perspective of mosques
in Malaysia. Procedia Economics and Finance, 28, 156-162.