Answer1.1.1- METHODOLOGIES
1. Develop an organizational culture that would endorse honesty and truthfulness in workers and in the workplace.
2. Make a sufficient data control system that would allow inter-department cross-referencing to ensure that the checks and balances are all correct.
3. Adapt and sustain appropriate accounting standard to use in preparing accounting records and statements.
4. Make a double check of all the cheques issued and cancelled and monitor all the credits and debts that are continuously incurred by the company.
5. Secure the assistance of eternal auditors that could provide them with complete and truthful auditing services.
6. Give sufficient to focus and time on checking on the bank statement incurred …show more content…
Implementation should be initiated by CEO and CFO going to the top and middle management to be participated by all employees in the accounting, sales personals, and 96cashier and supply departments. It should be well checked by the external auditor to ensure transparency and accountability in the budget operation. Once the methodology is designed it should be verified and checked by company’s high positioned personalities that it divides the work load equally and help company boosting the …show more content…
Accounting police
It can be easily determined and concluded that the company did not follow the appropriate policies and accounting standards because the 3 executives in Pefro Zen Company did false recordings of accounts intentionally. - To avoid this all proper accounting standards needs to be formulated reliably and completely. Usable financial reports should be formulated as well.
2. Generally accepted accounting principles
(GAAP) was not practiced as the act of manipulation proved it.
- Auditing report should include the auditor’s opinion which should be addressing the application of generally accepted accounting principles or not, this can help to make sure honesty.
3. Governance police
The corporate governance policies and procedures to govern the company were not followed by Pifco Chen Limited Company.
- Good governance system, policies and procedures should be implemented to administer in Pifco Chen limited Company towards good governance.
Answer 2.3 Strength, weakness’ and recommendations
Strength Weakness Recommendations
Hard working executives Lack of transparency Every situation should have
1. Develop an organizational culture that would endorse honesty and truthfulness in workers and in the workplace.
2. Make a sufficient data control system that would allow inter-department cross-referencing to ensure that the checks and balances are all correct.
3. Adapt and sustain appropriate accounting standard to use in preparing accounting records and statements.
4. Make a double check of all the cheques issued and cancelled and monitor all the credits and debts that are continuously incurred by the company.
5. Secure the assistance of eternal auditors that could provide them with complete and truthful auditing services.
6. Give sufficient to focus and time on checking on the bank statement incurred …show more content…
Implementation should be initiated by CEO and CFO going to the top and middle management to be participated by all employees in the accounting, sales personals, and 96cashier and supply departments. It should be well checked by the external auditor to ensure transparency and accountability in the budget operation. Once the methodology is designed it should be verified and checked by company’s high positioned personalities that it divides the work load equally and help company boosting the …show more content…
Accounting police
It can be easily determined and concluded that the company did not follow the appropriate policies and accounting standards because the 3 executives in Pefro Zen Company did false recordings of accounts intentionally. - To avoid this all proper accounting standards needs to be formulated reliably and completely. Usable financial reports should be formulated as well.
2. Generally accepted accounting principles
(GAAP) was not practiced as the act of manipulation proved it.
- Auditing report should include the auditor’s opinion which should be addressing the application of generally accepted accounting principles or not, this can help to make sure honesty.
3. Governance police
The corporate governance policies and procedures to govern the company were not followed by Pifco Chen Limited Company.
- Good governance system, policies and procedures should be implemented to administer in Pifco Chen limited Company towards good governance.
Answer 2.3 Strength, weakness’ and recommendations
Strength Weakness Recommendations
Hard working executives Lack of transparency Every situation should have