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Topic 6 - The Internal Audit (Part 1) (Cultural Products (Values,…
Topic 6 - The
Internal Audit (Part 1)
Internal
Audit
Require gathering, assimilating and prioritising information about firm's:
Management
Marketing
Finance
Accounting
Production / operations
Research and Development
Management information system operations
Provide more opportunity for participants to understand of how the whole firm work
Resource
Based - View (RBI)
Internal resources are more important for a firm than external factors in achieving and sustaining competitive advantages
Categories
Physical Resources
Location
Technology
Plant and factory
Human Resources
Employees
Training
Skills
Organisational Resources
Patent
Trademark
Copyright
Organisational
Culture
A pattern of behaviour that has been developed by an organisation
Being taught to new members as correct way to perceive, think and feel
Cultural
Products
Values
Beliefs
Rites
Ritual
Ceremonies
Myths
Metaphors
Management Basic
Activities
Planning
Forecast
Establish objectives
Devise strategies
Develop policies
Organising
Organisational design
Job specialisation
Job description
Job design
Job analysis
Coordination
Motivating
Leadership
Communication
Work group
Employee morale
Managerial moral
Staffing
Wage and salary admin
Interviewing
Hiring
Employee benefit
Employee safety
Controlling
Quality control
Financial control
Sales control
Inventory control
Expense total
Reward and sanctions
Marketing
Definition
Process of defining
Process of defining, anticipating, creating and fulfilling customers' needs and wants for products and services
Functions
Customer Analysis
Examination and evaluation of consumer needs, desire, and wants
Involve
Admin customer surveys
Analyse customer information
Develop customer profile
Selling Products and Services
Advertise
Sale promotion
Publicity
Personal selling
Customer relation
Dealer relation
Products and Service Planning
Test marketing
Devise warranties
Packaging
Features
Style and quality
Deleting old products
Pricing
Consumers
Government
Suppliers
Distributors
Competitors
Distribution
Warehousing
Distribution channels
Distribution coverage
.4. Transportation carriers
Whole selling
Retailing
Marketing Research
Systematic gathering, recording and analysing data about problems relating to the marketing of goods and services
Cost / Benefit Analysis
Steps Required
Compute total cost associated with a decision
Estimate total benefits from the decision
Compare total cost with the total profit
Finance and
Accounting Decision
1. Investment Decision
(Capital Budgeting)
Allocation and reallocation of capital and resources to projects, products, assets and decision of an organisations
2. Financing Decision
Determine the best capital structure for the firm
Examine various methods by which the firm can raise capital
3. Dividend Decision
Concern Issue
Percentage of earnings paid to stockholders
Stability of dividends paid over time
Repurchase or issuance of stock
Production / Operations
Consist activities that transform input into goods and services
Management deal with inputs, transformation and output that vary across industries and markets