Hence, human resource strategies may be an especially important source of sustained competitive advantage".
The mission of the organization is to "provide quality bakery products at competitive prices". The quality consciousness in reflected in the policies of the management in the production, marketing and customer service. But on the other hand the management should also try to evolve new methods to evaluate the cost of various operations more stringent. The assurance of quality should not be increasing the cost and this will tend to push the prices up and high prices will not help the bakery to achieve its mission.
The vision of the bakery is "To be a leading bakery in major cities of the country". The vision of J Co is not clear and it is very ambiguous in its definition of the exact terms. This kind of vision statement will not help in aligning the organization to wards achievement of goals.
Based on the mission and vision, the management of the company has formulated the objectives. The annual objective of J Co bakery is to increase the sales by 10% in the year 2008. To achieve the target growth first an analysis of the planning activities and organizing activities is necessary. The audit of the plans show that J Co has planning done extensively for increasing the sales. But it is lagging behind in its lack of planning in the area of projection of resources required to achieve the sales. The plans do not allocate budget effectively for each retail outlet but only a general allotment of money on a whole. Hence, the personnel in each outlet do not have a clear picture about the allotment of money to carryout their operations and at the end of the year, it will also be difficult for the management to control the personnel.
A detailed SWOT analysis of J Co Bakery reveals that its strengths lie in the product range and its taste. Customer loyalty is high. Another major strength is the location of the retail outlets. Competitive pricing is another added advantage. Yet another key strength of the company is its strong financial position. The company has reaped high profits continuously over a period of time.
The weakness of the company lie in its weak orientation of the human resource towards the objectives of the organization. The employees are not aware of the significance of their role in delivering the product to the customer. Also, the budgeting of resources is ambiguous. Another major weakness noticed during the audit is that the objective that has to be achieved is not translated
Jacob & Sons Bakery is also called as J Co bakery. J Co Bakery is a very leading bakery with four branches and two kiosks in the town. The bakery is very famous for its pastries and desserts and it is in the business for a long time. The company currently enjoys a good return on its investment and is planning to expand in the coming years…
Inherent risk This is the likelihood of material misstatement of a claim before taking into consideration the client’s internal control. Factors that influence this arise from the nature of the consumers and its environment, or from the accounts nature.
The author states that auditing process is considerably broader than the definition of an audit of historical financial statements and encompasses many attestation and assurance service activities. The concern is with determining whether recorded information properly reflects the economic events that occurred during the accounting period.
Proper resources and capabilities are to be aligned properly in order to exploit the opportunities and handle the threats. Such capabilities and resources are to be understood and evaluated carefully. Such a process is defined as Strategy Audit.
Wal-Mart is the largest retail chain in the world and the largest corporation in the world.
Operations management also involves managing resources, distribution of products and services to clients and the examination of the queue systems. Hill (2005) describes operations management as "the field of study that focuses on the effective planning, scheduling, use and control of a manufacturing or service organization through the study of concepts that affects the organization".
They include: an evaluation of the manual and computerized control activities, internal control existing and lacking in the present system, internal control limitations and risks, concerns as to why the previous auditing firm resigned, a recommendation of controls to prevent and detect financial misstatements, a recommendation of controls to assure the separation of duties, recommendations for detecting employee fraud concerning cash and an explanation of how to prevent employee theft and controls which can be implemented to prevent this from occurring.
The audit quality as well as the investor confidence was greatly affected when the audit firm Arthur Andersen seriously failed to truly represent the shareholders. One of the major causes behind the occurrence of that incidence was the uncompetitive nature of audit market where only four firms dominate the whole market and provide audit and non-audit professional services to their clients for several years.
Growth was also visible in the net profitability of the company which was $5.8 billion or 16.7 percent in 2005. Hence in 2005, the company succeeded in acquiring 10% market share in US in core appliance sector.
cated no problem, but despite some competence on the part of the auditing company, Mitchell & Moss, a failure to comply with GAAS led Mitchell & Moss audit to be deficient. I have been apppinted by Thaxton to audit Whitlow and Companys accounts following their
The management requires an analysis of the total overhead cost for the month of January as done below.
Using the data for December (the actual variable and fixed cost = $ 658,711 and the standard direct labor hours allowed =
2 pages (500 words)Case Study
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