The Problem Facing The Small Manufacturing - 1569 Words

One of the ways to prevent fraud in any organization is to eliminate opportunities for fraud. This is done through a â€Å"good system of internal controls, discourage collusion, have a whistle-blowing system in place, create an expectation of punishment, and engage in proactive fraud auditing† (Albrecht, Albrecht, Albrecht and Zimbleman, p 105). In this case, the main problem facing the small manufacturing is the fact that there is no effective internal control system. The internal control system is a process company uses to achieve their organization’s objectives in operational effectiveness and efficiency. Also, a good internal control includes proper physical control of company’s assets, proper authorizations, separation of responsibilities, checks and balances, and proper documentation. However, a weak internal control will definitely lead to opportunities for fraud. In this case, a firm only has one purchasing agent who is also responsible for a vendor’s account. Because of this weak internal control system, the opportunities are ceased by the perpetrator (Purchasing agent) to fraud the company. The lack of proper segregation of duties led to the misappropriation of the company’s assets and distorts accounting records as a direct result of insufficient employees. Although a small firm may not be able to pay for the cost of proper segregation of duties, but such firm should think of its benefits and at least get a less expensive segregation of duties that can still preventShow MoreRelatedCase Study Toyota Motor Corporation Australia1739 Words   |  7 Pagesand body panels and gradually expanded its operation to exporting and manufacturing new models. Finally, the local operations were unified as Toyota Motor Corporation Australia in 1998. Toyota appeared to be a local market leader for the first time in 1991 and remained top marke t share in Australia for 11 years continuously since 2003. Since the domestic market was thin, Toyota followed a three-pronged strategy that manufacturing vehicles domestically, importing some components from cheaper sourcesRead MoreToyota Case1057 Words   |  5 Pages#1. Problem: The major problem that Toyota is facing with its Tundra plants in North America is the sharp drop in demand of pick-up trucks. As the global demand shifted from trucks to smaller cars, sales of the Tundra had been down by 53%. Toyota also faced the problem of overstocks of the 2008 Tundra models due to the unexpected sharp drop in demand. As Toyota emphasizes on its knowledge management system, the five principles of challenge, kaizen, genchi genbutsu, respect and teamwork become theRead MoreThe Impact Of Liberal Economy On India1520 Words   |  7 Pagesare major barriers or problems related to finance, labour and marketing. There is a need to improve technology, and there is a need to provide financial support by the government in terms of subsides, tax benefits, etc. to improve the financial condition of power loom sector. Key Words: Power loom industry, Financial, Labour, Marketing problems. 1. INTRODUCTION The power loom industry is one of the important industries in India with massive raw material and textile manufacturing base. The structureRead MoreDesigning A Smart Device Storage Hub With Additional Locking And Angled Viewing Support1648 Words   |  7 Pagesproduct that complements its current catalogue while augmenting their existing designs. Figure 9: Tablock Front-View Figure 10: Tablock Rear-View 18 5.3 Tangible Product Materials Manufacturing The Tablock smart storage will be fundamentally composed of Isotactic Polypropylene materials. Their current manufacturing partner Axium Plastics will provide both the mould and polypropylene for our product. This will ensure maximum compatibility with Furnware’s company operations and minimise any disruptionsRead MoreAdvantages Of Ford Motor Company901 Words   |  4 PagesArts and Technology July 23, 2017 Abstract This research report is on Ford Motor Company. It is an international company and every year the company releases different new model vehicles into the market. The Ford Motor Company facing many issues like transmission problems, low fuel efficiency, a high cost of maintenance, lack of creative designs and poor marketing system which are making company fall behind in present day market among its competitors. This report gives the overview of drawbacks,Read MoreCase Study : Bombardier Inc.1034 Words   |  5 PagesTable of content: 1. Introduction 2. Problem and Incident 3. Discussion 3.1 Problem Statement 3.2 improvement of lean in problem 3.3 solution 4. Conclusion ABSTRACT 1. Introduction Bombardier inc. is a world-leading manufacture of innovative transportation solutions, ranging from regional aircraft and business jets to rail transportation systems and solutions. The company is a global corporation headquartered in Montreal 29 JanuaryRead MoreTata Fiat1340 Words   |  6 PagesMotors (TM) and Fiat Auto S.p.A (Fiat) are large auto manufacturers. It is described as the transformation of TM from a commercial vehicle manufacturing company to a leading passenger car company in India, and its forays into global markets. The case details the growth of Fiat, the problems the company faced, and the strategies it adopted to tackle these problems. It discusses the alliance between the two companies, and the benefits and costs from the alliance for each company. India The fiat Group’sRead MoreCase 28ID: A Case Study of Cisco Systems1538 Words   |  6 PagesCase Analysis #28 Cisco Systems, Inc.: Acquisition integration for manufacturing Who are the main players? The main player in this case study is Cisco Systems, Inc. Cisco is one of the largest and most diverse technological firms in the IT industry at the time when the case study was set (in the mid 1990s). The other key player is Summa Four, a mid-sized technology firm that Cisco desired to acquire. In the 1990s, Ciscos dominance was legendary. It had played a critical role in forming the architectureRead MoreWhy Manufacturing Is Important?799 Words   |  4 PagesIntroduction Manufacturing has undergone disaggregation over the past few years in the effect of globalization. Manufacturing process once vertically integrated is being distributed into globally decomposed network in search of efficiency. This new approach of managing manufacturing has caused raise of new markets and new competitors. A combination of disruptive technologies (Robotics, ICT, 3D printing), Macroeconomic developments (Financial Crisis), Government policies (Clusters, Tax benefits,Read MoreThe And Management Of Euro Manufacturing Technologies ( Emt ) Essay820 Words   |  4 PagesINTRODUCTION As a lean manufacturing consultant at BSE Partners Ltd, I’m writing this report for Hrvoje â€Å"Hervie† Cukeric, chief executive officer (CEO) of Tesu SZZ (Tesu), and the management of Euro Manufacturing Technologies (EMT). Tesu Szz is a welding equipment manufacturing company which originated in 1856 in a shipyard in the port city of Pula, Croatia. It is a small privatized company with its 70 employees as shareholders. It manufactures welding equipment for use in the shipbuilding industry